Gem Finance

Updated 12 August 2020

Offering an alternative to a traditional bank, Gem offers a range of personal finance products, including personal loans, car loans, insurance and credit cards, with interest free finance options available.

Gem Visa

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Gem Finance Cards

Gem Finance

Who is Gem exactly? Gem is part of Latitude Financial Services, an Australian financial services provider with more than 2.5 million customers across New Zealand and Australia. But, while it may be smaller than a big bank, it still has plenty to offer, both in terms of its financial products and services, and its partnerships with some of the region’s most iconic and successful retailers.

With a strong belief that personal finance should be easy and flexible, providing choice to those who need it, Gem focuses on financial products that its customers want, suiting both their needs and their lifestyles.

Gem Credit Cards

Gem currently offers one credit card in New Zealand, the Gem Visa. As a shopper’s credit card, it provides three easy ways to save on interest day to day.

Up to 55 Days Interest Free

Like many credit cards, the Gem Visa offers an interest free period on purchases, as long as cardholders abide by certain stipulations. With this card, cardholders can benefit from up to 55 days interest free on purchases up to $250, as long as they pay the ‘Payment to reduce further interest’ amount shown in their monthly statement by the payment due date.

This can offer an easy way to access credit on everyday spending, while keeping interest costs to a minimum on purchases up to $250.

Six Months Interest Free

With the Gem Visa, cardholders can take advantage of interest free shopping on larger purchases, benefiting from six months interest free on purchases over $250. As a hassle-free option, it means all eligible purchases over $250 automatically receive a six month interest free period, so all cardholders need to do is keep track of their statements as they continue to pay their purchases off.

Extended Interest Free Deals with Partner Retailers

Through Latitude, Gem has created relationships with a wide range of partner retailers throughout New Zealand. This is great news for Gem Visa cardholders, who can take advantage of interest free finance over the longer term when shopping at these partners.

While interest free periods vary, and certain terms and limits apply, this can offer an easy way to access interest free finance on those larger purchases in life. Whether it’s a new lounge set from Harvey Norman or a new bed from Beds R Us, DIY essentials from Mitre 10 or a new TV from Noel Leeming, an upgraded vacuum cleaner from Godfreys or something sparkly from Michael Hill, the Gem Visa can make that purchase easier to deal with, to pay it off over the longer term.

Credit Card Features

With a focus on interest free finance options, the Gem Visa doesn’t offer much else in the way of features. Obviously, it provides payment features and security basics as standard. It also offers compatibility with Apple Pay, providing a fast and easy way for cardholders to pay at the checkout, as they leave their wallet at home.

Apart from that, Gem offers optional credit card insurance in the form of Shopper’s Protection. This can provide cardholders additional cover should they lose their job unexpectedly, become unfit for work, or die. Cover offers protection on purchases as well, with Purchase Protection, Merchandise Protection and Stolen Card Cover.

As an optional cover, it does come at an additional cost for cardholders who choose to add Shopper’s Protection to their Gem Visa. Premiums are calculated each month at 1% of their monthly closing Gem Visa account balance (limited to $50 per month). This premium is automatically debited to the card account, so there are no extra bills to deal with.

Balance Cover

  • Disability Cover: This cover can protect you if can’t work due to sickness or injury, wiping your account balance (up to $5,000).
  • Involuntary Unemployment Cover: This can protect you if you lose your job unexpectedly, or have to give up work to care for a family member, wiping your account balance (up to $5,000).
  • Life Cover: If you should die, this cover will pay off your balance (up to $20,000).

Shopper’s Cover

Price Protection: If you see an item that you purchased on your Gem Visa on sale at a reduced price at the same store (even if it’s a different location) within six months of purchase, this cover will pay the difference onto your card account

Merchandise Protection: If a new item that you purchased on your Gem Visa is broken, lost or stolen within six months of purchase, this cover will pay the cost of repair or replacement onto your card account.

Stolen Card Cover: If your Gem Visa is stolen, this cover will provide $200 just for the inconvenience.

Term, limits and conditions apply. As with any credit card insurance, read the PDS carefully.

Want to find out more about what the Gem Visa Credit Card can offer you? Click to find out all you need to know about fees, features and more.

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