FAQS FOR CREDITCARD PLUS REFUNDS
CreditCard Plus (CCP) insurance protects customers’ credit card repayment obligations against death, terminal illness, disability and involuntary unemployment. Following a review of our customer records, we have identified that CCP was sold to a number of customers who may have been unemployed when they bought the policy. This has resulted in some customers paying premiums for benefits that they may not have been eligible to receive. Therefore we are refunding impacted customers.
We will provide a refund to customers we have identified as being either not employed or a student when they purchased the policy. This applies for policies purchased between 19 October 2011 and 15 May 2015 (or 18 August 2017 if purchased online).
- For customers who were students when they purchased the policy: If you have a current, eligible transaction account with Commonwealth Bank at the time the refund is to be paid, your refund will be credited directly to your account. The transaction will be labelled as “CreditCard Plus Premium Refund” in your account statement. If you don’t have a current eligible account, you will receive a bank cheque sent by Auspost to the postal address we have on record.
- For customers who were not employed when they purchased the policy: You will receive a letter asking you to contact us on 1800 882 748 (or +612 80580353 from outside Australia) regarding your refund. Once you contact us, we will arrange a refund (if eligible) via the most appropriate payment method.
- For customers who were not employed when they purchased the policy, we will refund 75% of premiums paid by the customer until they became employed.
- For customers who were a student when they purchased the policy, we will refund all premiums paid up to four years. If the customer was a student for longer than four years they can contact us on 1800 882 748 (or +612 80580353 from outside Australia) Monday to Friday 8am – 8pm AEST so we can arrange an additional refund.
Customers who were not employed when they purchased the policy are getting 75% of their premiums paid and not 100% as they were still eligible to claim for other benefits of the product – namely Death and Terminal Illness.
You may want to keep your CCP insurance policy if you believe you need to be insured for associated benefits. You should consider your own circumstances and ensure this product is right for you. For further details regarding CreditCard Plus, please visit our dedicated customer website.
You may cancel your policy at any time by contacting 1800 882 748 (or +612 80580353 from outside Australia) Monday to Friday 8am – 8pm AEST. Your policy will remain active up until the time it’s cancelled. You also can continue to make claims for incidents before that time, but you can’t claim for any incident which happens after you cancel.
Any existing claims you’ve made are not affected.
You can call us on 1800 882 748 (or +612 80580353 from outside Australia) Monday to Friday 8am – 8pm AEST if you have any questions.
If we have not responded to your complaint or you are not happy with how we have tried to resolve it you can ask for your complaint to go through our dispute resolution process. You can do this by contacting our Customer Service Team and ask for your complaint to be escalated to one of our Dispute Resolution Specialists.
CommBank is also an member of the Financial Ombudsman Service (FOS). If we take more than 45 days to respond to your complaint or you’re unhappy with how we’ve resolved it, you can contact FOS directly by visiting www.fos.org.au or calling 1800 367 287.
Accepting a refund won’t affect your right to complain or go to FOS.
ASIC’s MoneySmart website has some useful information about consumer credit insurance that may help you decide if you should keep this policy.