What is interest free?
Interest free lets you take what you want now and pay for it over time all without paying any interest during the interest free period. So if you purchase a TV on 24 months interest free, all you need to do is pay the minimum monthly payment each month. Remember, to pay the purchase off in full within the interest free period, you will need to pay more than the minimum monthly payment to avoid paying interest on your purchase.
What interest free options are available?
Gem® Visa has a number of great interest free options.
6 months interest free on any purchase over $250
Every time you make a purchase over $250 on your Gem Visa card, you'll automatically receive 6 months interest free. That's every time you pay a bill,¹ buy a gift, update your wardrobe, eat out or shop for groceries – it's that simple.
Long term interest free for those bigger purchases
If you're making a large purchase such as a new 3D-TV, fridge or even jewellery, you might like a longer interest free period. There are more than 9,000 stores and healthcare providers who often offer longer interest free terms (one year, two years, or even more). Use the store finder to find your nearest store, check with them to find out what terms are available then present your Gem Visa to staff at point of purchase.
Plus up to 55 days interest free on your other Gem Visa card purchases²
Up to 55 days interest free is available on your Gem Visa purchases under $250.
What types of purchases are eligible for 6 months interest free?
Any purchase in a single transaction over $250 will be eligible for 6 months interest free. This also includes multiple items totaling more than $250 processed in the one transaction. For example, if you purchase a pair of jeans for $180 and a top for $70, the total purchase price is $250 and you'll automatically receive 6 months interest free.
Anywhere, anytime you make a purchase over $250 on your Gem Visa, even if you're just out shopping, booking a flight or accommodation, concert tickets or even buying groceries, you'll automatically receive 6 months interest free.
Cash advances or cash equivalent transactions have no interest free period.
Examples of purchases that receive 6 months interest free:
✔ $300 weekly grocery shop
✔ $260 on school uniforms and shoes
✔ $380 return flights for two people
✔ $412 Electricity bill
Examples of purchases that do not receive 6 months interest free because the purchase is less than $250:
✘ $200 grocery shop
✘ $150 pair of jeans
Can I use my card for everyday purchases as well?
Yes, your Gem Visa can be used for everyday purchases, just like a normal credit card and receive up to 55 days interest free.² You can use your Gem Visa anywhere Visa is accepted both in-store and online.
What types of purchases are eligible for longer interest free terms?
Longer interest free terms are available at participating stores including,
Solar and many more
We even have your healthcare covered, from people to pets, we provide flexible patient payment plans for the following health care services:
How do I make an interest free purchase?
Dentistry (including Orthodontics)
Vision Care (including LASIK)
Laser hair removal
Non-surgical cosmetic treatments
To receive 6 months interest free on any purchase over $250, all you need to do is pay using your Gem Visa credit card – it's that simple. The 6 months interest free is then automatically applied to your account.
If I spend over $250, how do I know that 6 months interest free has been applied?
For longer interest free terms, if you're already a cardholder, present your Gem Visa or your driver's licence at any participating stores. The sales person will advise you which interest free promotions are currently available. You can then purchase up to your available credit limit.
We'll send you a monthly statement which outlines all your transactions, where you'll be able to clearly identify your 'Gem Visa 6 months interest free purchases' and your 'Other interest free purchases' along with any other transactions.
I've heard the term 'buy now, pay later', what does this mean?
No matter how you use your Gem Visa card, all your transactions and interest free purchases will be clearly explained on your monthly statements.
'Buy now, pay later' is a repayment option that requires no payments during the buy now pay later promotional period.
Can I choose which repayment option I use?
The other repayment option is interest free, where monthly payments are required during the interest free period and which is also interest free during that period.
Interest free and buy now pay later repayment options are available, ask in-store at participating retailers about the interest free promotional offers and the repayment options that are currently available.
Can I only get long term interest free at the store where I initially made my purchase?
No, you can access a range of interest free promotions at over 9,000 stores around Australia and you can purchase again up to your available credit limit without having to re-apply.
What is the minimum purchase amount for interest free?
Your Gem Visa can also be used just like any other credit card at any store that accepts Visa.
For 6 months interest free on your Gem Visa purchases, the minimum purchase amount is $250 however for longer interest free terms, the minimum amount varies depending on the interest free term. Talk to the salesperson in the store to find out more. Up to 55 days interest free applies on all your other purchases.²
Do I have to pay off my interest free purchase before I can use my card again?
No. You can shop again, up to your available credit limit and make additional interest free purchases or just use the card as you would a normal credit card. If you wish to be charged no interest, you must pay off all long term interest free transactions before their expiry date. This may mean you have to pay off other balances too. See conditions of use booklet for details.
How do I avoid paying interest on my interest free purchases?
When you receive your monthly statement, your interest free purchases are outlined in detail. To avoid paying interest on these purchases, keep an eye on the page which lists your unexpired interest free and buy now pay later purchases. Here you'll see the outstanding balance that needs to be paid before the interest free expiry date.
What interest free period is available for purchases under $250?
You'll also need to consider the payments required for amounts which are due such as fees, charges.
Up to 55 days interest free is available on your Gem Visa purchases under $250. To receive up to 55 days interest free you must pay:
1. the proportion of your minimum monthly payment derived from your unexpired interest free purchases plus
2. your closing balance – which includes your under $250 purchase amounts - less any unexpired interest free and unexpired buy now pay later purchases in full every month.
Below is an example of the type of purchases:
Your closing balance
Unexpired interest free purchases
Unexpired buy now pay later purchases
The calculation would be
a) Total unexpired interest free promotions ($1,000) x 3% = $30 plus
b) Closing balance less any unexpired promotions which is $2,500 - ($1,000 + $800)
Payment required (by the due date on the statement listing the purchases) to receive up to 55 days interest free = $730