Skip to main content Skip to accessibility page Skip to search input

Credit Card Protect

Please note Credit Card Protect is no longer sold. The information on this product is for existing Credit Card Protect policy holders.

Helps make your credit card repayments if you can't

  • Helps meet your repayments if you unexpectedly lose your job, of if you can't work because of sickness, injury or disease
  • It also helps pay the outstanding balance owing on your credit card up to $50,000 if you pass away
  • Premiums are automatically debited from your credit card and will appear on every monthly statement that has a balance outstanding.

Credit Card Protect

  • Credit Card Protect helps meet your credit card repayments should something unexpected happen to you

Sickness, injury or disease

Helps meet your credit card repayments if you become unfit for work due to sickness, injury or disease.

Involuntary Unemployment

Helps you meet your credit card repayments if you lose your job unexpectedly (involuntary employment).

Death

If you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000.

Easy premium payments

The premium comes directly out of your credit card monthly, so you don’t need to set up any other special arrangements. Amounts may vary depending on your closing balance.

Claim benefits paid direct to your credit card

Benefits are paid directly to your credit card in the event of a claim.

The cover

Should something unexpected happen to you, the last thing you or your family want to worry about is your credit card repayments. Bank of Melbourne Credit Card Protect helps make your credit card repayments if you become sick, have an accident, lose your job unexpectedly, or pass away.

  • Sickness, injury or disease - if you’re unable to work due to sickness, injury or disease, we’ll contribute to your credit card repayments until you are fit to return to work or until the amount owing at the time you became unfit for work has been paid, whichever occurs first
  • Involuntary Unemployment - contributes to your credit card repayments for up to 180 days or until you return to permanent and gainful employment, whichever occurs first
  • Death - if you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000.

Other benefits

  • Convenient premium payments directly from your credit card
  • Claim payments are made directly to your credit card
  • You can claim even if you’re entitled to other benefits from another source such as workers’ compensation, sick leave or Centrelink.

What’s not covered

It’s important to understand all of the exclusions under your policy if you do need to make a claim. For a list of all exclusions, please refer to the PDS for full details. Here are some exclusions that apply to your policy:

  • In the first 6 months of this policy, you will not be able to claim for any condition you have obtained medical advice for in the 6 months before the policy commences
  • You won’t be covered if you resign or take voluntary redundancy.
  • You won’t be covered if you return to permanent and gainful employment after a period of involuntary unemployment for which a monthly benefit is paid, and then become involuntarily unemployed again less than 12 months after the initial period of involuntary unemployment.

What it costs

The premium is automatically debited to your credit card account and will appear on every monthly statement that has a balance outstanding. The premium is only 60 cents for every $100 owing on your statement issue date ($1.05 for every $100 for joint borrowers).

Example:

Your monthly outstanding balance

Premium payable for that month (1 borrower)

Nil

Nil

$500

$3

$1,000

$6

$1,500

$9

What you get

In the event of a claim, any payments are made directly to your credit card. Here’s how this could work for you in the event of a claim.

Insured event

Example

Death

If you die, we will pay the outstanding balance owing on your Credit Card as at the date of your death, up to $50,000

Sickness, injury or disease

If you become unfit for work due to sickness, injury or disease, we will contribute up to 6% of the balance owing on your Credit Card at that time each month until you are fit for work, or until the amount owing at the time you became unfit for work has been paid, whichever occurs first.

Involuntary Unemployment

If you lose your job through Involuntary Unemployment, we will contribute up to 6% of the balance owing on your Credit Card at that time each month for up to 180 days or until you return to permanent and gainful employment, whichever occurs first.

How to Claim

Swann Insurance manages all Credit Card Protect claims. To obtain a claim form:

Call 1300 657 382, Monday to Friday 9.00am - 5.00pm (Sydney time), or visit your nearest Bank of Melbourne branch.

It’s important to lodge your claim as soon as possible. Until your claim is accepted, it’s still your responsibility to meet your repayment obligations.

Swann Insurance will send you a claim form which you should fully complete and return, within 14 days of receipt, together with any other additional information which may be required to support your claim.

All claim forms are to be mailed to:

      Swann Insurance

      PO Box 14459

      Melbourne VIC 8001

What happens when you claim

Swann Insurance will get back to you within 10 days to either:

  • Confirm whether your claim has been successful and provide payment details, or
  • Request additional information to help reach a decision on your claim.

Need assistance

If you have any questions, or would like assistance completing the claim form, please call Swann Insurance on 1300 657 382, Monday to Friday, 9.00am - 5.00pm (Sydney time).

The Detail

This information is current as at 1 September 2018. BankSA Personal Credit Protect and Credit Card Protect are issued by Insurance Australia Limited ABN 11 000 016 722 trading as Swann Insurance (who issues the Involuntary Unemployment cover and the Disablement cover) and Westpac Life Insurance Services Limited ABN 31 003 149 157 (who issues the Death cover).  BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 distributes the insurance, but does not guarantee the insurance. Westpac Life Insurance Services Limited is a subsidiary of the Bank. This information is general only and does not take into account your personal circumstances. Read the relevant Product Disclosure Statement, which can be obtained by calling 1300 657 382, to see if this insurance is right for you.

Important Update for Credit Card Protection Insurance

(c) BankSA – A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 ACL 233714