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Features and benefits

CreditCard Plus can pay a benefit if:

  • You become involuntarily unemployed
  • You become temporarily or permanently disabled
  • You become terminally ill or you pass away.

The major benefits include:

  • Paying 20% of your credit card balance, or 10 times the minimum amount due,  each month if you become involuntarily unemployed or temporarily disabled
  • Paying off your credit card balance, up to $25,000, in a single payment if you become permanently disabled, suffer a terminal illness or pass away
  • A cash payment, up to $25,000, for terminal illness, permanent disablement and death. For example, if a $25,000 permanent disablement benefit is paid to your credit card, an additional $25,000 lump sum will be paid to you or your estate.

It’s important you understand the benefits payable are based on your credit card balance at the time of a claim. For example, if your credit card balance is $2,500 at the time of a claim and you add another $2,000 to it in the months following the claim, you’ll only be covered for the initial balance of $2,500.

What it costs

Your premium is calculated based on your credit card’s closing balance. You’ll be charged $0.55 for every $100 on your monthly statement’s closing balance. For example, if your closing balance for the month is $1000, your premium will be $5.50. If your closing balance is $0 when the statement is generated, you won’t be charged a premium that month.

Some important points to note:

  • Your premium is calculated using the date your statement is generated, not the date your minimum payment is due
  • The premium will be charged to your credit card and will appear on your monthly statement.

How to apply

You need to be a primary Commonwealth Bank credit card account holder aged between 18 and 64 to be eligible for CreditCard Plus. If you have one, you can apply for CreditCard Plus:

  • Online
  • By visiting any branch
  • By calling 13 2221

If you don't have a CommBank credit card, you can learn more about our range of credit cards or apply online now.

FAQs and Support

To learn more about CreditCard Plus:

  • Browse our database of FAQs
  • Visit the Support Community where you can ask questions and search for answers.

How to make a claim

To make a CreditCard Plus claim, call 13 1056 (8am - 8pm Sydney/Melbourne time, Monday to Friday) as soon as possible.

Where possible, your claim will be processed over the phone. Otherwise, the claims team will send you a claim form and a letter outlining the supporting evidence required to assess your claim.

Learn more

FAQs

FAQs

If you need to make a claim, please call 13 1056 between 8am and 8pm (Sydney time) Monday to Friday, option 3, then option 1 and speak to a Customer Service Specialist.

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CreditCard Plus costs just $0.55 for every $100 of the closing balance on your monthly credit card statement date (that is, the date your credit card statement is issued) each month. This is different to the payment due date.

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Yes. If there is an outstanding balance on your credit card you will continue to be charged a premium.

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CreditCard Plus does not provide cover if you choose to resign from your job. You are only eligible to make a claim if you become involuntarily unemployed (i.e. because your employer terminated your contract or made you redundant).

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Talk to us

Explore the support community

Ask questions and get support from experts and customers.

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Important information 

This advice has been prepared without considering your objectives, financial situations or needs. Before acting on the advice, please consider its appropriateness to your circumstances.

CreditCard Plus is issued by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 AFSL 235035 (CMLA) and is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124. A Product Disclosure Statement (PDS) for CreditCard Plus is available online, from any Commonwealth Bank branch or by calling 13 10 56 (from overseas, call +61 13 10 56) and should be considered in making any decision about CreditCard Plus. You can also download our Financial Services Guide (FSG).

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