Credit Card Protect

Helps make your credit card repayments if you can't

  • Helps meet your repayments if you unexpectedly lose your job, of if you can't work because of sickness, injury or disease
  • It also helps pay the outstanding balance owing on your credit card up to $50,000 if you pass away
  • Premiums are automatically debited from your credit card and will appear on every monthly statement that has a balance outstanding.

Credit Card Protect

  • Credit Card Protect helps meet your credit card repayments should something unexpected happen to you
  • Personal Credit Protect helps meet your personal loan repayments should something unexpected happen to you
  • Get Set Protect helps meet your get set loan repayments should something unexpected happen to you

Sickness, injury or disease

Helps meet your credit card repayments if you become unfit for work due to sickness, injury or disease.

Involuntary Unemployment

Helps you meet your credit card repayments if you lose your job unexpectedly (involuntary employment).

Death

If you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000.

Joint borrowers

If you and another person are joint borrowers on your card, either or both of you may apply for the protection. Discounts apply for the second borrower.

Easy to purchase

If you are eligible, with no paperwork required, you can purchase this protection when you apply.

Easy premium payments

The premium comes directly out of your credit card monthly, so you don’t need to set up any other special arrangements. Amounts may vary depending on your closing balance.

Claim benefits paid direct to your credit card

Benefits are paid directly to your credit card in the event of a claim.

Need more detail

Read the Product Disclosure Statement to make sure the credit card repayment insurance meets your needs.

The cover

It makes sense to protect your credit card repayments.

Should something unexpected happen to you, the last thing you or your family want to worry about is your credit card repayments. Bank of Melbourne Credit Card Protect helps make your credit card repayments if should you become sick, have an accident, lose your job un expectedly, or pass away.

  • Sickness, injury or disease - if you’re unable to work due to sickness, injury or disease, we’ll contribute to your credit card repayments until you are fit to return to work or until the amount owing at the time you became unfit for work has been paid, whichever occurs first
  • Involuntary Unemployment - contributes to your credit card repayments for up to 180 days or until you return to permanent and gainful employment, whichever occurs first
  • Death - if you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000.

Other benefits

  • No medical examination required at time of purchase
  • Convenient premium payments directly from your credit card
  • Claim payments are made directly to your credit card
  • Either or both joint borrowers can apply for this protection
  • Any benefits from another source, such as workers compensation, sick leave or Centrelink will not be impacted if you make a claim.

What’s not covered

It’s important to understand all of the exclusions under your policy if you do need to make a claim. For a list of all exclusions, please refer to the PDS for full details. Here are some exclusions that apply to your policy:

  • In the first 6 months of this policy, you will not be able to claim for any condition you have obtained medical advice for in the 6 months before the policy commences
  • You won’t be covered if you resign or take voluntary redundancy.

Need more detail

Read the Product Disclosure Statement to make sure Bank of Melbourne Credit Card Protect meets your needs.

How credit card protection could benefit you

Bank of Melbourne Credit Card Protect is easy to put in place when you apply for your new credit card at any of our branches or over the telephone.

Who is eligible

Bank of Melbourne Credit Card Protect is offered when you apply for your new Bank of Melbourne credit card at any of our branches or over the telephone if you are:

  • Aged between 18 to 65 years, and Australian residents:
    • in permanent and gainful employment, working a minimum of 15 hours per week and not under notice of dismissal, or
    • self-employed for 12 months, or in a partnership that has been trading for 12 months, prior to the commencement date of insurance

What it costs

The premium is automatically debited to your credit card account and will appear on every monthly statement that has a balance outstanding. The premium is only 60 cents for every $100 owing on your statement issue date ($1.05 for every $100 for joint borrowers).

Example:

Your monthly outstanding balance

Premium payable for that month (1 borrower)

Nil

Nil

$500

$3

$1,000

$6

$1,500

$9

What you get

In the event of a claim, any payments are made directly to your credit card. Here’s how this could work for you in the event of a claim.

Insured event

Example

Death

If you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000

Sickness, injury or disease

If you become unfit for work due to sickness, injury or disease, we will contribute up to 6% of the balance owing on your Credit Card at that time each month until you are fit for work, or until the amount owing at the time you became unfit for work has been paid, whichever occurs first.

Involuntary Unemployment

If you lose your job through Involuntary Unemployment, we will contribute up to 6% of the balance owing on your Credit Card at that time each month for up to 180 days or until you return to permanent and gainful employment, whichever occurs first.

Need more detail

Read the Product Disclosure Statement to make sure that Bank of Melbourne Credit Card Protect meets your needs.

How to Claim

Swann Insurance manages all Credit Card Protect claims. To obtain a claim form:

Call 1300 657 382, Monday to Friday 9.00am - 5.00pm (Sydney time), or visit your nearest Bank of Melbourne branch.

It’s important to lodge your claim as soon as possible. Until your claim is accepted, it’s still your responsibility to meet your repayment obligations.

Swann Insurance will send you a claim form which you should fully complete and return, within 14 days of receipt, together with any other additional information which may be required to support your claim.

All claim forms are to be mailed to:

      Swann Insurance (Aust) Pty Ltd

      PO Box 14459

      Melbourne VIC 8001

What happens when you claim

Swann Insurance will get back to you within 10 days to either:

  • Confirm whether your claim has been successful and provide payment details, or
  • Request additional information to help reach a decision on your claim.

Need assistance

If you have any questions, or would like assistance completing the claim form, please call Swann Insurance on 1300 657 382, Monday to Friday, 9.00am - 5.00pm (Sydney time).

The Detail

This information is current as at 11 July 2015. Bank of Melbourne Personal Credit Protect, Get Set Protect and Credit Card Protect are issued by Swann Insurance (Aust) Pty Ltd ABN 80 000 886 680 (who issues the Involuntary Unemployment cover and the Disablement cover) and St.George Life Limited ABN 88 076 763 936 (who issues the Death cover).  Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. St.George Life Limited is a subsidiary of the Bank. This information is general only and does not take into account your personal circumstances.  Read the relevant Product Disclosure Statement, available at Bank of Melbourne Personal Credit ProtectBank of Melbourne Get Set Protect and Bank of Melbourne Credit Card Protect, to see if this insurance is right for you.

(c) Bank of Melbourne – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 ACL 233714