Credit cards FAQ

A: You can request to close your Visa credit card at any time by contacting our Member Service team, emailing info@gcmutual.bank or completing an online form.

We will notify you of any pending transactions or outstanding balances that need to be paid prior to closing the account. Once the account is closed Visa cards issued in relation to that account will also be cancelled.

A: To help you control how you use your card, you can request to decrease your credit card limit at any time by contacting our Member Service team, emailing info@gcmutual.bank or completing an online form.

To decrease your limit:

• your credit card cannot be blocked;
• you must not have an outstanding balance more than the new lower limit on your card;
• when selecting your preferred new credit limit, it can be equal to, but must not be less than, the minimum credit limit applicable to your credit card product.

Please note decreasing you card limit means you will have a permanently lower limit. You would need to apply for a credit limit increase in order to increase that limit again at a later date.

To get a credit limit increase you will need to reapply and provide information and supporting documentation on current employment, income, assets, liabilities and expenses. We will then verify the information and assess your request.

A: A credit card account only has one credit limit which applies to all cards and cardholders. Only the primary cardholder can apply to change the credit limit of their credit card account.

A: Interest is charged to your account on the last day of your statement period. The easiest way to avoid paying interest is to always pay your statement’s closing balance on time, and not make any cash advances.

If you've been paying interest on purchases, you can regain your interest-free period by:

• Paying your account balance in full to get interest-free on all purchases from that day. This is everything you owe up until today, including any purchases you’ve made since your last statement.
• Paying your closing balance in full by the due date shown on your statement to get interest-free on new purchases in your next statement period. This is the amount you owe from your last statement period.

Some other tips to help you minimise interest include:

• Pay off as much as you can every month, as soon as you can, don't wait for the due date
• Set up automatic payments to pay off your credit card
• Only use your credit card to pay for things you can afford to pay back
• Be careful of late payment fees if you don’t pay at least the minimum payment on your credit card by the due date. Avoid the fee by paying on time. Set yourself a reminder before the due date to make sure you don’t forget.