Cards on application reverts to the american express velocity platinum

Credit Card Conditions, Card Member Privacy Statement, Information Statement, Credit Guide and Financial Services Guide

• Terms and Conditions effective until 31 October 2023 (inclusive)
• Terms and Conditions effective from 1 November 2023 (inclusive)

Summary Only:
The information below is a summary of the key changes only. The Card Member Agreement wording and layout has also been updated for clarity, including grammatical changes to key terms, amendments to sentence structure etc. To view both the existing and new Credit Card Conditions, Card Member Privacy Statement, Information Statement, Credit Guide and Financial Services Guide, please use the hyperlinks above.

Section 3 – Interest – How we calculate interest on your Account:

• Added “in accordance with the section titled 'Making changes to this Agreement'.” per following paragraph -
  When interest is payable on Charges, we will charge it at the annual percentage rates set out in your Financial Table or as later notified to you in accordance with the section titled 'Making changes to this Agreement'

Section 4 – Payments - You must pay at least the minimum payment by the due date:

• Clarified your minimum payment will include Over Limit Amount per following paragraph -
  You also agree to pay us any amount by which you have gone over your credit limit ('Over Limit Amount'), which we will include within your minimum payment.

Section 4 – Payments – How we apply payments:

• Clarified how we apply payments per following paragraph -
  Here is how we apply payments:
  Firstly, we will apply your payments to amounts included in the closing balance on your latest statement, from the amounts having the highest interest rate, and then to amounts having the next highest interest rate, and so on, with amounts having the lowest interest rate paid last. Thereafter, we will apply your payments to amounts that have not appeared on your statement.

Section 5 – Account safety & security:

• Added subheading per below -
  "Warning: Failure to comply with your obligations to protect your Account or to notify us of a lost or stolen Card may make you liable for unauthorised Charges."

Section 5 – Account safety & security – When you are liable for unauthorised Charges:

• Added “What constitutes an 'unreasonable delay' will be determined on a case by case basis.” In following paragraph -
  Through unreasonably delaying reporting of the misuse of your Account, loss or theft of your Card or breach of security for your PIN or other security codes. What constitutes an 'unreasonable delay' will be determined on a case by case basis.

Section 6 – Ending this Agreement & suspending or cancelling your Account – How to end this Agreement:

• Added the following paragraph -
  You may also be entitled to a refund of your annual fee in certain circumstances. If you are ending this Agreement because you do not agree with changes we are making to this Agreement and those changes are detrimental to you, we may give you a pro-rated refund of your annual fee provided you give us notice that you intend to end your Agreement within 30 days of us telling you about the relevant changes to this Agreement.

Section 7 – General – Making Changes to this Agreement:

• Added the following paragraph -
  You may also be entitled to a refund of your annual fee in certain circumstances. If you are ending this Agreement because you do not agree with changes we are making to this Agreement and those changes are detrimental to you, we may give you a pro-rated refund of your annual fee provided you give us notice that you intend to end your Agreement within 30 days of us telling you about the relevant changes to this Agreement."

Section 7 – General – Payment to third parties:

• Updated “amount up to $400” in the following paragraph -
  If your Account application was obtained from or promoted by a third party or your Card is co-branded with another business, we may pay them a fee or commission. In some cases we pay an amount up to $400.

Section – American Express Card Member Privacy Statement:

• Updated with Privacy Statement effective September 2022.

Section – Information Statement – Question 8:

• Updated notice period from “20 days” to “30 days” per below -
  You get 30 days advance written notice for: - a change in the way in which interest is calculated; or - a change in credit fees and charges; or - any other changes by us; except where the change reduces what you have to pay or the change happens automatically under the contract.