Further terms of our agreement
We haven’t asked you or any other person to provide any form of mortgage, guarantee or other security for your agreement with us. Any security you (or another person) have provided to us (for example, as part of a home loan) won’t be applied to this agreement and, in the same way, will not be affected by this agreement.
If law makes a term of this agreement illegal, void or unenforceable, you and we agree that the affected term will be read down so this does not occur. If this can’t be done, you and we agree that only the affected term is to be excluded and the rest of this agreement should not be affected.
If this agreement uses the terms ‘includes’, ‘including’, ‘for example’ or similar expressions, anything referred to after those words does not limit what else may be included.
We can’t be responsible for additional services offered by third parties which can be used with your account (for example, digital wallets) unless of course in a particular circumstance the law makes us responsible.
Our agreement is governed by the laws of Victoria.
How we define some important words
You might also call it a glossary, definitions, or a list of important words and phrases. Either way, this section can help you make sense of any part of this agreement that feels a little unfamiliar.
|account||your credit card account|
|additional terms and conditions||terms and conditions referred to in the section titled ‘Additional Terms and Conditions apply’|
a day unless that day is:
a. withdrawing cash or transferring money from your account into another account; and
b. other transactions that we consider to be the equivalent of withdrawing cash from your account, including the purchase of travellers cheques, wire transfers or other similar substitutes for cash (such as crypto-currency)
|card||your credit card on your account|
|card scheme||Visa or another card scheme applicable to your card|
|closing balance||the amount shown as the closing balance of your account on a statement|
|gambling transaction||making a purchase in a gambling transaction or using money to lay a bet, including any form of gambling transaction with a casino, lottery operator, betting agency or an entity conducting any form of gambling business|
|legitimate interests||a. our legitimate funding, business, risk management, prudential or security requirements; or
b. any other requirements that are reasonably necessary to protect us against a material risk that a monetary default will occur.
|minimum monthly repayment||the required minimum monthly repayment amount that applies to your account as determined in accordance with the applicable credit limit at the end of the statement period and the Financial Information Table included in the offer details|
|monthly credit fee||the fee of that name described in the Financial Information Table included in the offer details|
|offer details||the letter or email you receive in the credit card welcome pack which offers you a NAB StraightUp card account and which includes the Financial Information Table|
|outstanding balance||the balance of your account (including any applicable fees and other amounts which have been charged to your account) which remains unpaid at any time|
|our agreement or this agreement or your agreement with us||the agreement between you and us, which is comprised of your offer details and this document and which may be amended from time to time as described in Section 13 of this document|
|purchases or purchase transactions||the transactions described as purchases in Section 1.3|
|total minimum payment||the amount shown as the total minimum payment in your statement. We explain how we calculate this amount in Section 3.4|
us, we and NAB
National Australia Bank Limited ABN 12 004 044 937, Australian Credit Licence 230686, and any of our successors and assignees
|you and your||the person who holds the account, being the person addressed as the cardholder in the offer details. It also includes any successors and assignees|
This is important information we are required by law to give to you.
Things you should know about your proposed credit contract
This statement tells you about some of the rights and obligations of yourself and your credit provider. It does not state the terms and conditions of your contract.
If you have any concerns about your contract, contact your credit provider and, if you still have concerns, the AFCA scheme, or get legal advice.
1. How can I get details of my proposed credit contract?
Your credit provider must give you a precontractual statement containing certain information about your contract.
The precontractual statement, and this document, must be given to you before:
- your contract is entered into; or
- you make an offer to enter into the contract; whichever happens first.
2. How can I get a copy of the final contract?
The credit provider must give you a copy of the final contract within 14 days after it is made. This rule does not, however, apply if the credit provider has previously given you a copy of the contract document to keep. If you want another copy of your contract, write to your credit provider and ask for one. Your credit provider may charge you a fee.
Your credit provider has to give you a copy:
- within 14 days of your written request if the original contract came into existence 1 year or less before your request; or
- otherwise within 30 days of your written request.
3. Can I terminate the contract?
Yes. You can terminate the contract by writing to the credit provider so long as:
- you have not obtained any credit under the contract; or
- a card or other means of obtaining credit given to you by your credit provider has not been used to acquire goods or services for which credit is to be provided under the contract.
However, you will still have to pay any fees or charges incurred before you terminated the contract.
4. Can I pay my credit contract out early?
Yes. Pay your credit provider the amount required to pay out your credit contract on the day you wish to end your contract.
5. How can I find out the pay out figure?
You can write to your credit provider at any time and ask for a statement of the pay out figure as at any date you specify.
You can also ask for details of how the amount is made up. Your credit provider must give you the statement within 7 days after you give your request to the credit provider. You may be charged a fee for the statement.
6. Can my contract be changed by my credit provider?
Yes, but only if your contract says so.
7. Will I be told in advance if my credit provider is going to make a change in the contract?
That depends on the type of change. For example:
- You get at least same day notice for a change to an annual percentage rate. That notice may be a written notice to you or a notice published in a newspaper.
- You get 20 days’ advance written notice for:
- a change in credit fees and charges; or
- any other changes by your credit provider,
except where the change reduces what you have to pay or the change happens automatically under the contract.
8. Is there anything I can do if I think that my contract is unjust?
Yes. You should first talk to your credit provider. Discuss the matter and see if you can come to some arrangement.
If that is not successful, you may contact the AFCA scheme. The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints.
The AFCA scheme can be contacted at:
Telephone: 1800 931 678 (free call)
Postal address: Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Alternatively, you can go to court. You may wish to get legal advice, for example from your community legal centre or Legal Aid. You can also contact ASIC, the regulator, for information on 1300 300 630 or through ASIC’s website at http://www.asic.gov.au, opens in new window.
9. What do I do if I cannot make a repayment?
Get in touch with your credit provider immediately. Discuss the matter and see if you can come to some arrangement. You can ask your credit provider to change your contract in a number of ways:
- to extend the term of the contract and reduce payments; or
- to extend the term of your contract and delay payments for a set time; or
- to delay payments for a set time.
10. What if my credit provider and I cannot agree on a suitable arrangement?
If your credit provider refuses your request to change the payments, you can ask your credit provider to review this decision if you think it is wrong. If your credit provider still refuses your request, you can complain to the AFCA scheme. Further details about this scheme are set out below in Question 12.
11. Can my credit provider take action against me?
Yes, if you are in default under your contract.
But the law says that you cannot be unduly harassed or threatened for repayments. If you think you are being unduly harassed or threatened, contact the AFCA scheme or ASIC or get legal advice.
12. Do I have any other rights and obligations?
Yes. The law will give you other rights and obligations. You should also read your contract carefully.
If you have any complaints about your credit contract, or want more information, contact your credit provider. You must attempt to resolve your complaint with your credit provider before contacting the AFCA scheme.
If you have a complaint which remains unresolved after speaking to your credit provider you can contact the AFCA scheme or get legal advice.
The AFCA scheme is a free service established to provide you with an independent mechanism to resolve specific complaints. The AFCA scheme can be contacted at:
Please keep this information statement, you may want some information from it at a later date.
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