Gem Interest Free FAQs
Gem Interest Free offers flexible interest free payment plans to suit your needs. From 6-60 months, Gem Interest Free gives you access to a range of Interest Free offers at hundreds of retailers. Existing Gem Visa & Gem CreditLine customers can checkout using Gem Interest Free.
Gem Interest Free cards such as Gem Visa work like a normal credit card but offer the added functionality of Interest Free plans.
There are three different types of Interest Free payment plans:
1. Interest Free
$2000 TV on 24 months Interest Free = customer required to pay a minimum payment each month. The residual balance of the payment plan will incur interest once the Interest Free period is over. Customers can make extra payments at any time with no penalties.
2. Installment Interest Free
$2000 TV on 24 months Installment Interest Free = customer pays the purchase price in 24 equal monthly installments ($83.33). If paid on time the balance is cleared by the end of the Interest Free Plan period.
3. Interest Free deferred
$2000 TV on 24 months Interest Free deferred = Customer not required to pay any amount during the Interest Free plan period. Customers can make extra payments at any time with no penalties. The residual balance of the payment plan will incur interest once the Interest Free period is over.
Your approved credit limit will depend on your financial situation. The minimum credit limit for Gem Visa is $1,000, there is a $65 annual account fee (charged $32.50 half yearly) and a one off $55 establishment fee.
Look for the Gem Interest Free logo when browsing online or in-store to know what products are eligible. The minimum purchase amount is different across retailers. Gift cards are excluded.
You will receive a monthly statement that highlights the minimum payment required and the available payment options. Bank transfer, direct debit, debit card and BPAY are available.
You can manage your account from the Latitude Mobile App or the Latitude Service Centre. Search Latitude App in the App Store or Google Play.
*Credit and lending criteria and fees apply, including a Gem Visa $55 establishment fee and annual fees ($65 Gem Visa (charged $32.50 half yearly) / $65 Gem CreditLine (charged $32.50 half yearly)). Prevailing interest rate (currently Gem Visa 29.49% p.a/ Gem CreditLine 29.95% p.a.) applies after any interest free term ends. Paying only the minimum monthly repayment of 3% of the outstanding monthly balance or $20 (whichever is more), will not be sufficient to repay the purchase amount(s) within the promotional period. Amount payable will be shown on your monthly statement. For cash advances, an interest rate of 29.95% p.a. and fees of ($2 Gem Visa/$6 Gem CreditLine) applies. Further information on rates and fees can be found at gemfinance.co.nz. Available on participating Gem Visa or Gem CreditLine credit cards only. New customers must apply and be approved for a Gem Visa credit card. Credit provided by Latitude Financial Services Limited.