Tip #1 — Don’t pay more fees than you have to
To avoid ‘over your limit’ fees:
- Know your credit limit – it’s printed at the top of your monthly statement.
- Be aware of any monthly charges – these could push you over your credit limit.
- Keep a close track of payments – this way you’ll stay within your limit. If you haven't already, register for Kiwibank Internet Banking. This will make it easier for you to monitor your balance and make payments whenever it suits you, if your payments are from another Kiwibank account. When you've completed a payment your credit card balance will automatically update the 'available balance'. The 'owing balance' won't update until the next business day. Public holidays don't affect the process of internal transfers. Please note that if payments are made at certain times outside of ordinary business hours, the update to your ‘available balance’ and/or ‘owing balance’ may be delayed by up to one business day.
- Take note of any direct debits – these could potentially push you over your limit and result in fees.
- Ask us to decline any electronic transactions that will take you over your credit limit - to set this up or to find out more, call us on 0800 521 521.
Note: We can still charge fees, costs and interest to your card account, even if this would mean your credit limit is exceeded. We can choose to honour a transaction even if it means you will exceed your credit limit. However, you may ask us not to honour electronic transactions where the merchant can check the avaliable balance in real time if it means you will exceed your credit limit.
If your credit limit is exceeded, you must pay the excess amount to us immediately.
To avoid late payment fees:
- Know when your monthly repayments are due – put the date in your diary then simply pop into your local Kiwibank, or pay online with Kiwibank Internet Banking.
- Set up a direct debit to pay your minimum monthly payment – it’s free to set up and means you can be sure your statement is paid on time each month.
- Make your monthly payments with enough time to cover delays – electronic payments from another bank can take up to two business days to process, so make sure you allow for this if you’re making your payment from another bank or by direct debit.
Tip #2 — Don’t pay more interest than you have to
Follow these simple steps to keep costs down:
- Make the minimum repayment at least – if possible, pay more than the minimum. The more you pay, the faster you can reduce your credit card debt
- Avoid paying interest on your purchases – do your best to pay off the closing balance on your card in full, each and every month.
- Minimum cash withdrawals on your credit card – when you take out cash, you don’t get any interest free days. Interest is charged from the date you take out the cash.
- Transfer your balance to a card with a lower interest rate – if you’ve got two or more credit cards, think about moving the outstanding balances to the card with the lowest interest rate. You’ll not only save money each month, but keeping track of just one statement can make life much simpler.
Tip #3 — Always keep your credit card safe
With a Kiwibank Mastercard, you’re protected with Mastercard’s Zero Liability policy. It’s one of the many card benefits and is a safeguard against fraud and unauthorised transactions.
Plus, here’s a few more helpful ways to keep your card safe:
- Only use secure internet sites when purchasing online – look for a web address that begins with https:// because the ‘s’ indicates that it’s a secure connection. A small padlock symbol should appear in the bottom right hand corner of your screen, indicating that it’s safe to transmit your credit card details
- Never let your credit card out of your sight when you make a purchase
- Cut or shred any credit card statements you don’t want
- Never give out your PIN number to anyone and avoid writing it down – don’t respond to emails or phone calls claiming to be from a financial institution if they ask for your PIN. Especially if they say they’re from Kiwibank, because we’ll never ask you for your PIN
- Remember to call us immediately if your credit card is lost, stolen or if your PIN is disclosed - phone 0800 521 521 and we’ll cancel the card straight away.
Tip #4 — Travel smarter with your credit card
Planning a trip overseas? Here are some important travel tips to help you spend more on souvenirs and less on bank fees.
While you’re overseas:
- Kiwibank Credit Cards are accepted at over 32 million locations worldwide
- Pay for items on your credit card to avoid taking out cash - this reduces your ATM withdrawal fees, and if you pay off the entire balance each month by the due date, you can benefit from up to 55 days interest free. If you have to make cash withdrawals, make as few as possible to avoid fees.
You can call us on +64 4 473 1133 if you have any problems while overseas.
Wherever you are, we’re only a call away.