How much does CreditCard Plus cost?
Last updated 30 August 2016
Your premium is $0.45 for every $100 (or part of $100) of the amount owing on your credit card on the day your credit card statement is generated by the Commonwealth Bank.
For example if you owe $3,000 then your monthly premium will be $13.50 (i.e. $0.45 x $3000 / $100). This will be charged even if you pay off your credit card balance by the due date.
As we only cover an amount up to $25,000, we won’t charge a premium on an amount over this. This means we’ll never charge you a monthly premium of more than $112.50 ($0.45 x $25,000/$100).
Your CreditCard Plus premium will appear as a transaction on your monthly credit card statement, with the description “Card Repayment Insurance”.
As the premium is charged to your credit card monthly, you may pay interest on it if you don’t pay the total amount owing on your credit card in full each month.
Find out more about CreditCard Plus.