Credit Card Repayment Protection
Short summary:
the conditions limits and exclusions that apply. Credit Card Repayment ...... You are eligible to apply for credit card repayment protection only if the ...
Long summary:
Credit Card Repayment ProtectionPage 1Credit CardRepayment ProtectionProduct Disclosure Statementincluding Policy WordingThis Product Disclosure Statement (PDS)is dated 1 June 2006Page 2AN OVERVIEW OF CREDIT CARD REPAYMENT PROTECTIONWhat is it?Credit Card Repayment Protection is a form of consumer credit insurance which helps you to stay in control of your credit card repayments.How does it work?Credit Card Repayment Protection comes to your aid if you are unfit for work or if you become unemployed. It works like this:n if you become unfit for work due to sickness injury or disease we will pay triple your minimum monthly card repayment until you are fit for work;nif you become unemployed because your employer terminates your employment we will pay triple yourminimum monthly card repayment for 180 days or until you find another job whichever happens first.The repayments we make for you are based on the balance owing on your credit card at the date youbecome unfit for work or unemployed.Credit Card Repayment Protection will also pay off yourtotal card balance up to $50000 if you die.2 Credit Card Repayment ProtectionIMPORTANT: Words shown like this in this PDS have a special meaning see the definitions on pages11 and 12.Page 3What does it cost?The monthly premium is 52 cents for every $100 of the balance owing on your credit card.For your convenience the cost is automatically charged to your credit card at each monthly billing date. For example:Your credit card account Balance owingMonthly premium$nil$nil$1000$ 5.20$3000$15.60$5000$26.00The examples are illustrative only and should not be relied upon as indicative of the actual premium payable.Why should I have it?When you cant work because you are unfit for work or unemployed you may not have the funds to make yourmonthly credit card repayments. At such times Credit Card Repayment Protection can help by making your credit card repayments for you one less bill to worry about.If you die the amount owed on your credit ...
Source: www.westpac.com.au
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