The Snapshot section summarises some critical information and includes:
- What period your statement covers, which is used as part of the calculation for any applicable interest charges;
- What amounts you need to pay; and
- When you need to pay them.
Overdue Amount is any charge from a previous monthly statement that is now overdue. This must be paid off immediately so that your account remains in good standing.
Overlimit Amount is any amount you’ve spent over Your Credit Limit. For example, if your Credit Limit is $10,000 but you have spent $10,100 then the difference of $100 is due to be paid back to your credit card account immediately.
Closing Balance is the total amount owed at the end of the monthly Statement Period. If you pay this off in full, there won’t be any interest charges in the future for those payments that you have repaid. Paying off the Closing Balance also helps to maximise the Interest Free Days on purchases for your credit card account.
Minimum Payment Due is the minimum amount you need to pay which is calculated as follows (and is rounded to the nearest dollar):
(i) the card balance if it is less than $30; or
(ii) the greater of:
- $30; or
- 2.00% of card balance; or
- The sum of 1.00% of the card balance, Late Payment Fee (if any) and interest charged (excluding any interest included in amounts added back below as part of a Fixed Payment Option) for that month,
plus any Instalment, initial interest charge, or related interest that is part of a Fixed Payment Option for that month.
Minimum Payment Due Date is the date by which we must receive your payment. Late payment fees may apply if your payment exceeds this date.