FAQ | Kogan Credit Card

Frequently Asked Questions

Additional Cardholders

You can add up to 4 additional cardholders to your Kogan Money credit card account. Each additional cardholder must be an Australian resident and 16 years or older.

You can add up to 2 additional cardholders during the application process. You can add subsequent additional cardholders (to a total of 4) afterwards through your online account.

Please ensure that the additional cardholder is aware they are being added and they agree to be added to the account.

Application

The Kogan Money Credit Cards Terms and Conditions can be found here.

We’ll let you know if we need you to upload additional documents, such as pay slips and bank statements, to support your application. Applicants may need to supply ONE document from each of the address and residency categories.

Address Category

•Current Driver’s licence (copy of front and back)
•A utility bill in your name, with your current address (under 90 days old)
•A current year council rate notice in your name, with your current address
•A bank statement with your current address (under 30 days old)
•A Tenancy Agreement, under 3 months old (prepared by a real estate agent, and not handwritten)
•A Welcome letter from an Energy or Water Company (under 90 days old, confirming your name, address and account number)
•A Proof of Age card (NSW, SA, NT and TAS only)

Residency Category

•Medicare card (Interim or Reciprocal Health Care Agreement Medicare Cards aren’t accepted)
•Australian Passport
•Australian Permanent Residency
•Current Australian Defence Force photo ID

Applicants may also need to supply ONE document from the relevant income/employment category below based on employment status.

Permanent

•Most recent computerised pay slip, no more than 45 days old
•Bank statement (in your name) from the last 3 months showing your regular income
•Employment contract, signed by your employer (no more than 60 days old)
•A letter from your employer confirming your current employment, length of employment and gross income details (should be signed by your employer and be less than 30 days old)
•Your most recent Individual Tax Return (less than 15 months old)
•Your most recent PAYE Payment Summary (less than 15 months old)

Casual

•All pay slips from the last 2 months
•Employment contract, signed by your employer (no more than 60 days old)
•A letter from your employer confirming your current employment, length of employment and income details (should be signed by your employer and be less than 30 days old)
•Your most recent Individual Tax Return (less than 15 months old)
•Your most recent PAYE Payment Summary (less than 15 months old)

Contractor

•All pay slips in the last 2 months
•Your most recent Individual Tax Return (less than 15 months old)
•Your most recent PAYE Payment Summary (less than 15 months old)

Self employed

•Two most recent years Individual or Company Tax Returns
•Two years Business/Company Profit & Loss Statements

Retiree

•A bank statement from the last 3 months showing regular Centrelink payments
•An annual superannuation statement showing your pension amount
•A letter from your superannuation fund/s confirming the amount you have invested and your likely pension amount
•A letter from Centrelink showing your Permanent Government Pension amount

If you have documents showing other income this could also support your application. For example:
•Investment income
•Trust income
•Dividend income
•Rental property income
•Centrelink Allowance/Benefits

We will let you know during the application process what documents you need to upload depending on the selections you have made. Please note that we may need to contact your employer and/or your accountant to confirm your income and employment details. Please let them know in advance so that we can finalise your application.

Once you’ve submitted your online application, you’ll receive a confirmation email containing your Application Reference Number, and a link which you can use to check the status of your application online.

If you are using a Mac
1. Open the image in ‘Preview’
2. Click on Tools > Adjust Size
3. Ensure ‘Scale proportionally’ is checked and then either select a smaller size from the ‘Fit into dropdown’ or enter a smaller Width or Height
4. Check the ‘Resulting size’ area to see if the image is now below 2.5MB
5. Click OK

If you are using Windows
1. Open the image in Microsoft Paint
2. Select Home > Resize
3. Ensure ‘Maintain aspect ratio’ is checked and then enter a smaller horizontal % and click OK
4. To save the new image, click File > Save
5. Go to Windows Explorer and check if the image is now below 2.5MB

It should take around 10 minutes to apply, if you have all of your personal information handy. If you need to, you can save your partially completed application form, and continue right where you left off at any time within 21 days.
Once you have submitted your application, you will receive a confirmation email to your primary email address that you registered, containing your application number and a link which you can use to check the status of your application online. If your application needs further assessment, we’ll also advise you when you can expect to hear from us.

You can apply online in a few easy steps, and it normally takes around 10 minutes.

You’ll need to have the following handy:

  • Employment and income details
  • Household expenses, such as rent and other living expenses
  • Financial commitments such as home loan and credit card repayments

We’ll let you know if we need you to upload additional documents, such as pay slips and bank statements, to support your application.

To be eligible to apply for a Kogan Money Credit Card, you must:

  • be at least 18 years old
  • earn at least $35,000 per year
  • be an Australian permanent resident
  • have an Australian residential address and mobile phone number
  • have a valid email address
  • have a good credit rating

Complaints

We record the necessary details of your complaint and develop a report for senior leaders who drive initiatives to address customer feedback. Of course, your privacy is respected and the specific details of your complaint will remain confidential.

The report provides the following information:

  • A description of your complaint
  • The products and or services you raise as a concern
  • How long it takes us to resolve your complaint
  • Actions taken to resolve your complaint

If despite our best efforts, you believe that we have not dealt with your complaint fairly, or you believe the outcome to be unfair you can seek an independent review. We ask that you provide us with the opportunity to resolve your complaint (outlined in step 1 and 2 of the Complaints Section) before seeking an external review:
Citibank Customer Advocate – customeradvocate@citi.com
Australian Financial Complaints Authority – www.afca.org.au
Office of the Australian Information Commissioner – www.oaic.gov.au

Respecting and protecting our customers privacy is a key part of our commitment to you. We endeavour to be transparent with you and make sure that you have access to information we hold about you. For more information on complaints relating to your privacy or credit reporting, please visit the Citibank Privacy Policy at www.citibank.com.au/australia/privacy/ or www.citibank.com.au/aus/footer/privacy/privacy-aus.html.

In the event that you are not happy with the handling of your privacy complaint you can seek external assistance through the Office of the Australian Information Commissioner (OAIC). The OAIC is an independent government organisation which can assist you with privacy and information handling complaints and enquiries.
Online: www.oaic.gov.au
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
Mail: Office of the Australian Information Commissioner (OAIC) , GPO Box 5218, Sydney NSW 2001

We review each complaint on a case by case basis, taking into account the facts that resulted in the complaint, contractual obligations, any applicable laws and ASIC guidance and regulations that apply to credit products.

In making a decision on a complaint we will consider the following:

  • What is fair and reasonable
  • Code of Banking Practice
  • National Consumer Credit Protection Act (NCCP)
  • Other applicable legislation
  • Relevant industry guidelines

Provide as much detail as you can regarding your complaint including dates, times and key events
Be specific and provide relevant supporting documentation
Tell us what you believe to be a fair resolution to the concerns you raise.

Where possible we will try to resolve your complaint on the spot, however, depending on the nature of your complaint we may need more time to work through it with you:
If we are not able to resolve your complaint within 4 days we will let you know by email and will continue to keep you updated on the progress.
If your complaint is not resolved within 21 days we will write to you to provide you with an update and an explanation for the delay.
Under exceptional circumstances it may take up to or more than 45 days to resolve your complaint. If this happens we will write to you to provide a further update.
We take into consideration any timeframes for responding to complaints or disputes as set out in relevant legislation, regulatory guidelines or industry code of conduct.

Step 1: Let us know
Tell us about your concern and allow us the opportunity to assist you in resolving any concerns you may have. To expedite the resolution of your complaint we suggest you provide as much detail as you can such as dates, times, key events.
Phone: 1300 415 445 or +612 8288 2061 if outside Australia

Step 2: Escalate your complaint
The first thing to do is contact us regarding your concerns. We will try to resolve your complaint to your satisfaction and if not, you can escalate it to a manager.
Email: customerrelations@cards.koganmoney.com.au
Phone: 1300 350 525 or+612 8288 2062 if outside Australia
Mail: Customer Relations Unit, GPO Box 204, Sydney NSW 2001

Step 3: Seek an Independent Review
If you feel the dispute resolution process was not fair, you remain unhappy or your complaint is not resolved within the appropriate timeframes you may seek further assistance.

The Customer Advocate
We have appointed an impartial Customer Advocate to assist in reaching fair outcomes during the complaint process to make it easier for customers when things go wrong.
Email: customeradvocate@cards.koganmoney.com.au
Mail: Customer Advocate,
GPO Box 204, Sydney NSW 2000

Australian Financial Complaints Authority (AFCA)
AFCA offers an independent dispute resolution process to individual customers who have been through the banks complaints process.
Online: www.afca.org.au
Phone: 1800 931 678 (free call) or Fax: 03 9613 6399
Mail: Australian Financial Complaints Authority (AFCA), GPO Box 3, Melbourne VIC 3001

Deceased Estates

The Estate is responsible for the debts of the deceased customer.

Once we have received an official notification of death, we will reverse any interest and fees that may have been charged from the date of death.

If a balance is owed, we will send the “eligible representative” a letter confirming the balance as at the date of death, along with the most recent statement which includes payment details. If no balance is owed, we will simply close the account and send a letter confirming this. If the account is in credit, we will send a bank cheque to the executor of the estate along with a letter explaining why they are receiving the cheque.

Information on what is needed to finalise the Estate are included in the letter that we will send once we are initially notified of the deceased customer’s passing.

The “eligible representative” will need to provide a copy of at least one of the documents listed below, as well as the Individual Identification Form. These documents include:

  • Death Certificate
  • Solicitor’s or Coroner’s Letter
  • Grant of Probate
  • Letters of Administration
  • A certificate issued by the public trustee or Trustee Company authorised to do so.

The document(s) and completed Individual Identification Form, should be sent to us at:

Attn: Estate Management
GPO Box 40
Sydney NSW 2001

The eligible representative can request a list of all the direct debits and recurring payments on the account, over the past 13 months, by calling our Customer Support Team on 1300 415 445. We can also assist with cancelling direct debit transactions.

Only the “eligible representative” will be able to access information on the Account, after we have received and verified the required documentation. The following people can act as the eligible representative:

– Executor
– Next of Kin
– Solicitors acting on behalf of the Deceased Estate
– Public Trustees acting on behalf of the Deceased Estate

What happens once you notify us?

Once we have been advised of a customer’s passing, we’ll place a hold on the Account(s) held by the deceased customer, and no further purchases will be able to be made. If there are any Additional Cardholders on the account their card will also stop working.

We will also send a letter outlining the additional information we need to receive, which will include information on who can act as the eligible representative, and the supporting documents that we will need to receive from them. This letter will be sent either to the legal address of the deceased or, if requested by the person who provided us with the initial notification, to another address of their choosing.

If you need to contact us about the loss of a loved one you can do this over the phone or through mail. We are here to support you.

By Phone:

  • Within Australia: 1300 415 445
  • Calling from Overseas: +61 2 8288 2061

By Mail:
Attn: Estate Management
GPO Box 40
Sydney NSW 2001

You do not need to be acting in an official capacity, on behalf of the Estate, to provide us with initial notification of the deceased customer’s passing.

What happens when someone who holds a Kogan Money Credit Card passes away?

The loss of a family member or friend is a difficult time in your life and we are here to help.

Once we are notified that a customer has passed away, we will send a letter outlining the additional information we need to receive, which will include information on who can act as the “eligible representative” and the supporting documents that we will need to receive from them. At the same time, we will also place a hold on the card(s) on the deceased customer’s account, which means that any Additional Cardholder(s) on the Account will no longer be able to spend on their cards.

After we receive the required documents, we will work with the eligible representative to finalise the Estate.

Hardship

The first step is for you to provide us with detailed information about your current financial situation. You can do this by filling out a Personal Financial Summary form and sending it with supporting documentation to us at this address:

Shared Services
Citibank Australia
PO Box 3453
Sydney NSW 2001
AUSTRALIA

Or email it to hardship@cards.koganmoney.com.au by attaching it in a pdf or image format.

You may call our Debt Management Solutions team on 1800 133 397 from 9am-5pm, Monday – Friday (AEST) except public holidays, and we can help you complete the Personal Financial Summary (PFS) form over the phone and advise you what solutions we can offer and any next steps you may need to take. The sooner we have your completed PFS form the sooner we can assess your needs. In order to provide assistance, we may also require one primary and one secondary supporting document. The types of documents we may require are set out below.

If you have difficulty with providing supporting documents, you can discuss this with our Debt Management Solutions team and we may be able to provide alternate solutions.

Reason for HardshipPrimary Documents
Medical ConditionsDoctors Certificate or
Medical report or
Centrelink Disability Statement or
Work Cover Certificate or
Hospital Report or
Copy of medical related bill(s)
Reduction In IncomeCurrent payslip or
Payslip prior to income reduction or
Centrelink Statement or
Current year and prior years tax return or
Letter from Accountant confirming income reduction
Unemployment / RedundancyCentrelink Statement or
Separation certificate from employer
Divorce / SeparationCourt documents supporting divorce or
Letter from solicitor
Property Settlement / Pending fundsCopy of Contract of Sale or
Letter from Real Estate verifying property has sold / is on the market or
Copy of property advertisement
IncarcerationLetter from solicitor confirming incarceration, and length of incarceration or
Police or Court report confirming incarceration or
Letter from a Justice of Peace confirming incarceration, and length of incarceration
Unexpected Expenses / OvercommitmentStatements from other debtors reflecting balance and Min due or
Copy of unexpected bill(s) or
Copy of current payslip
Consolidation / RefinanceCopy of finance approval or pre-approval letter
Loss of Rental IncomeLetter from Real estate agent confirming recent rent income loss
Death in FamilyCopy of expenses incurred (e.g. funeral costs)
Natural DisasterNo documents required


Please provide any other additional documentation you feel supports your application for financial hardship. We may ask for further supporting documentation depending on your circumstances.

After we receive your application, our Debt Management Solutions team will assess your application to determine eligibility and solutions, and will contact you to discuss the next steps.

During this time, if your circumstances change or you want to discuss your application you can contact our Debt Management Solutions team on 1800 133 397 from 9am-5pm, Monday – Friday (AEST) except public holidays.

We are able to customise solutions based on your individual circumstances. We may be able to provide you:

  • Payment variations
  • Reduced payment plans
  • Reduced settlements

Managing your account

A Balance Transfer involves transferring the balance(s) on your other credit cards or loans to a Kogan Money Credit Card. The balances transferred will receive a promotional interest rate for a set period of time and can be a great way to save on interest charges.

Once your balance(s) has been transferred, you will need to close the other credit facilities you transferred balances from, as this will not occur automatically.
A Balance Transfer lets you:
•Use up to 80% of your Kogan Money Credit Card limit to transfer balances from other credit cards or loans, so long as you are transferring balances of $500 or more
•Take advantage of a lower interest rate for the period of the Balance Transfer

Whilst taking advantage of the above benefits, you should remember that no interest free days are applicable to Retail Purchases when you have a Balance Transfer. This means that any purchases you make will be charged interest at the APR for Retail Purchases from the date of the transaction.

You’ll enjoy up to 55 days interest free on all purchases, providing you repay the full balance on your Card each month, excluding any Fixed Payment Option balance which isn’t due for payment by that payment due date. Whilst you have a Balance Transfer, you will not be eligible for any interest free days. Interest free periods also don’t apply to Cash Withdrawals or Bank Cheques. These transactions will incur interest from the date the transaction’s made (regardless of whether the Account is repaid in full each month). You’ll be charged interest on retail purchases if the statement’s full closing balance is not repaid by the due date.

You can withdraw cash from an ATM/EFTPOS machine using your Kogan Money Credit Card and your Card PIN.

You can withdraw up to your available cash limit however there is a maximum of $1000 cash per day.

You can also withdraw cash at any Bank@Post Australia Post outlet with your Kogan Money Credit Card and your Card PIN and also over the counter at any bank in the world that displays the VISA symbol. You’ll also need some photo ID.

It’s important to remember that cash advance fees, and other fees and charges, may apply when withdrawing cash from your Kogan Money Credit Card Account. See the fees and charges that apply to your card.

Yes, it does. Visa payWave is a globally accepted contactless payment technology that makes making payments easy and convenient. Using Visa payWave means that you don’t have to enter a PIN or sign for transactions under $100. Instead, you simply hold your card against the contactless reader at the point of purchase to pay.

Online and Mobile Banking

Go to ‘Forgot Password’ on the Kogan Money Credit Cards Mobile App or the Kogan Money Credit Cards Online login screen and follow the prompts.

You can log in to the Kogan Money Credit Cards Mobile App using the username and password that you created during registration on Kogan Money Credit Cards Online or registration in the app itself. If your device supports biometric login, you can enable it via the ‘Settings’ section in the Kogan Money Credit Cards Mobile App

You can manage your Kogan Money credit card online at cards.koganmoney.com.au
If you are a first time user, you will need to register yourself and create a username and password.

Note, if you have already registered on the Kogan Money Credit Cards Mobile App, then you do not need to register again and can use your username and password from the app to access your online account.

You can manage your credit card account through the Kogan Money Credit Cards Mobile App on your mobile device as well as online at cards.koganmoney.com.au

Both of these platforms are fast and convenient and allow you to perform functions such as:

  • Card activation
  • Review transaction history
  • Review and download statements
  • Make BPAY payments
  • Set up alerts
  • And more

You can activate your Kogan Money credit card through the Kogan Money Credit Cards Mobile App or online at cards.koganmoney.com.au

Within the Kogan Money Credit Cards Mobile App, tap on the card image and the activation page will be displayed. Please enter the CVV number on the back of the card.

Within your online account, select your card, then ‘Manage Card’, then ‘Activate’. Follow the prompts to enter the CVV number on the back of the card. A One-Time PIN code will be required. To get a One-Time PIN, you can request for it to be sent to you via SMS, or alternatively, you can generate it yourself through your Kogan Money Credit Card Mobile App by clicking on ‘Mobile Token’ on the login screen. Once you enter this code, your card will be activated and a notification will be sent to you to confirm this. At this point you will be prompted to create a Card PIN.

You can also manage your Card PIN by going to Settings and clicking on your card.

Payments

You can find the BPAY details on your statement.
The Kogan Money Credit Card Biller Code is 266650 and your 16-digit Card number is your Customer Reference number.

Your Minimum Payment Due is (rounded up to the nearest dollar):
1. the Card Balance if it is less than $30; or
2. the greater of:

  • $30; or
  • 2.00% of the Card Balance; or
  • the sum of 1.00% of the Card Balance, Late Payment Fee (if any) and interest charged for that month, plus any Monthly Instalment for that month.

Direct Debit Auto Pay helps you make your Kogan Money credit card repayments automatically each month. Your repayments will be automatically deducted each month from the bank account of your choice (must be in your name) so you’ll never have to worry about them. To do this, you need to set up a recurring payment in your online account at cards.koganmoney.com.au
Login, then click ‘My payments’, then ‘Pay my account’. Enter the details of the account in your name from which you wish to draw funds to pay your Kogan Money credit card account, and select the amount (Minimum Payment Due or Closing Balance) that you would like to be paid each month on the Payment Due Date on your statement. Please ensure there are sufficient funds in the account on the statement Payment Due Date to avoid any subsequent fees or charges.

You can use BPAY to pay bills using your Kogan Money credit card where you have been provided with both a BPAY biller code and customer reference number by the merchant that you need to pay.

You can make payments from another financial institution through BPAY using biller code 266650 followed by your 16-digit card number as your customer reference number.
You can also set up a Direct Debit from another account to make periodic payments to your Kogan Money credit card account. You can set this up through your online account at cards.koganmoney.com.au. The benefit of this is that your repayments will automatically be made on the statement Payment Due Date from your nominated bank account – avoiding the hassle of remembering to make repayments each month, and helping you prevent unwanted late fees. Please ensure there are sufficient funds in the account on the statement Payment Due Date to avoid any subsequent fees or charges.

Security

If you don’t recognise a transaction on your Kogan Money Credit Card, you need to tell us immediately. Please chat us via chat on your Kogan Money Credit Cards Mobile App or visit kogan.com/au/contact-us for the contact options available.

There are a number of ways we protect your Kogan Money Credit Card account, so you can rest assured that your financial data is in safe hands:

  • When you access your accounts and perform transactions in Kogan Money Credit Cards Online, your information is protected by 128-bit SSL encryption.
  • When you perform sensitive online transactions, such as money transfers, we will sometimes require a One Time PIN code which is sent only to your mobile phone.
  • Every time you sign on to Kogan Money Credit Cards Online, we display the date and time of your last visit so you’ll know if there has been unauthorised account access.
  • Account alerts are also sent to you when you make a change to your account to ensure that this is genuine. These alerts can be managed in your online account.
  • Session Timeout if you have signed on but are not using your online account for several minutes.

There are a number of ways we protect your Kogan Money Credit Card account so you can rest assured that your money is in safe hands:

  • We’ll contact you if we detect any irregular transactions on your Account.
  • When you make purchases online, Verified by Visa may provide you with an SMS Code to your mobile device only to complete the transaction at the checkout.
  • We also ask you to enter a password (One Time PIN) when you access features on Kogan Money Credit Cards Online that are considered high risk such as activating your card, choosing your PIN, viewing statements and notices, locking your card or reporting it lost or stolen. This provides an extra layer of security to help protect your account from unauthorised access.

As a rule, you should disregard any emails that:

  • Request personal information, including your name, address, PIN or account details.
  • Contain misspelled words either in the email itself or a linked website as this may signal a potential scam.
  • Seem too good to be true and are not from a trusted source.

Here are some tips to protect yourself online:

  • Make sure you have an up-to-date operating system, browser, firewall, email filter, anti-virus software and spyware filter.
  • Avoid accessing Kogan Money Online in a public place or using a shared computer, if at all possible.
  • Always type cards.koganmoney.com.au into your browser when accessing your online account.
  • Keep your Kogan Money Credit Card passcode and password secure and never disclose them to anyone.
  • Always click ‘Log out’ instead of closing your browser when you’re done.
  • Review your Kogan Money Credit Card statements as soon as you receive them and report to us any suspicious transactions immediately.

Special Offers

To activate your Kogan First Membership that comes with your Kogan Credit Card, you’ll need to link your Kogan Credit Card to your Kogan.com Account. 

When your Kogan Credit Card application is approved, we’ll create you a Kogan.com account if you don’t already have one. The account will be created using the email address used in your Kogan Credit Card application. You will need to set your password once your account is created.

To set your password:

  1. Visit Kogan.com and click the Login Button in the top right corner
  2. Click the “Forgotten your Password” link
  3. Enter the email address that was used when you applied for your Kogan Credit Card
  4. Follow the prompts in your email to set your password 

After you’ve set your password, click on the Card Rewards section of your account and begin to add your Kogan Credit Card details. At the bottom of the form, you’ll see a checkbox to activate your Kogan First Membership.

If you already have a Kogan.com account and the email address is the same as the one used on your Kogan Credit Card application, simply login to your account and navigate to the Card Rewards page to begin linking your card to your Account.

Once you’ve linked your account, you’ll be able to enjoy the benefits of your:

  • Kogan First Membership
  • Make purchases using Fixed Payment Options and,
  • Redeem your accumulated reward points as store credit to spend on future purchases on Kogan.com

Balance transfers can help:

  • Save you money on interest, if you are eligible for a promotional balance transfer rate
  • Reduce the annual fees you pay, if you consolidate multiple credit cards balances in one and close other cards
  • Combine multiple monthly payments into one, if you do a Balance transfer from multiple credit cards or personal loan products.

But you should remember, that they can’t:

  • Pay your debt faster; it’s up to you to pay off your credit card by repaying more than just the minimum amount every month
  • Eliminate all annual fees, as you may still be required to pay for the annual fee of the credit card you wish to bring all the balances to
  • Eliminate all interest, as you may still be charged interest on purchases you make or if you don’t repay your account balance by the end of the promotional period
  • Stop your monthly repayment obligations, as you will still be required to pay the minimum payment for the credit card you wish to make the balance transfer to

While you have an active balance transfer on your account, interest-free days do not apply on purchases. Once your balance transfer is paid off in full, interest-free days will apply on purchases in line with the Kogan Money Credit Cards Terms and Conditions.

How long will a Balance Transfer take to process?

Balance Transfers can take up to 10 business days to process and you should allow additional time for any cheques to be received at the other financial institution.

You can monitor your account through Kogan Money Credit Cards Online or the Kogan Money Credit Cards Mobile App to check if the balance transfer has been processed.

Balance Transfers do not collect Rewards Points.

Balance Transfers can only be processed up to 80% of your total Credit Limit. For existing Accounts, if a Balance Transfer request would result in exceeding your Credit Limit on the day it is processed, we will inform you so you can change your initial amount requested.

You can request a transfer for amounts between $500 and 80% of the available Credit Limit on your Kogan Money credit card. For example, if you are approved for a $10,000 credit limit, you can apply to Balance Transfer up to $8,000. Your Credit Limit is subject to our credit criteria.

A minimum of $500 applies per Balance Transfer request. You can transfer as much of the balance from your other credit card, store card, personal loan or lines of credit as you like, provided the amount is no more than 80% of the credit limit on your Kogan Money credit card. For example, if you are approved for a $10,000 credit limit, you can Balance Transfer $8,000.

You cannot include the following in a Balance Transfer:

  • Account balances from financial institutions/stores outside Australia
  • Amounts greater than your available credit limit and/or greater than 80% of the credit limit of your Kogan Money credit card

You can request to transfer account balances from other financial institutions and stores, such as:
– Other credit cards
– Personal loans
– Other types of unsecured credit

The balances being transferred must be in the name of the Primary Accountholder of the Kogan Money credit card.

A Balance Transfer fee can be applicable on some promotional offers. This fee is calculated as a percentage of the total amount being transferred and is added to the Balance Transfer amount.

For example, a Balance Transfer amount of $10,000 with a 2% Balance Transfer Fee, will be charged a Balance Transfer fee of $200 and results in the outstanding balance of your Kogan Money credit card to increase by $10,200.

At the end of the Balance Transfer period, the interest rate on any outstanding transferred balance and the Balance Transfer fee will revert to the applicable Annual Percentage Rate for Cash Advances.

We will apply payments firstly to:

  • Monthly Instalment(s) for Fixed Payment Options due in the current Statement Period (if applicable); and then
  • to the portion of the Closing Balance of your most recent statement which attracts the highest interest rate; and then
  • to the portion of your balance which attracts the next highest interest rate;
  • and so on.

Payments are then applied to balances that have not yet been billed on your statement in a similar fashion.

Some of the benefits from closing your other credit cards and loans are:

  • It will help reduce the total amount of annual fees you pay
  • Simplifying your finances and decreasing the number of cards you hold
  • Reducing your ability to accrue additional debt, by decreasing the available credit options
  • Potentially increasing your credit rating by reducing the amount of unsecured debt recorded against your credit bureau record

To get the most out of your Balance Transfer it is important that you follow the below recommendations:

  • Make additional payments (more than the Minimum Payment Due) throughout the promotional period to reduce the amount you owe
  • Ensure you pay the outstanding balance prior to the end of the Balance Transfer offer. Any outstanding balances that were transferred will revert to the Annual Percentage Rate for Cash Advances at the end of the promotional period.
  • Track any additional spending on the credit card, which will not qualify for interest free days while you have a Balance Transfer
  • Close other credit cards and loan accounts once the balances have been transferred to your Kogan Money Credit Card.

When you apply for a Kogan Money credit card, you have the option to request balance transfer(s) within the application form. You can also chat with us through your Kogan Money Credit Cards Mobile App to discuss options should you wish to transfer a balance from another financial institution.

On Kogan Money Credit Cards, the minimum amount you can transfer is $500 and your total balance transfer may not exceed 80% of your credit limit the day the Balance Transfer is completed.

Any transferred balances that remain outstanding at the end of the promotional period will revert to the Cash Advance Rate stated on your Kogan Money credit card monthly statement.

Once a balance transfer is processed on your Kogan Money credit card, the interest charges will be as follows:

  • during the promotional period, balances transferred across will be charged an interest rate as per the balance transfer offer you accepted;
  • there will be no interest free days, so this means all purchases will be charged interest at the applicable Retail Purchase Rate; and
  • any transferred balances that remain outstanding at the end of the promotional period, will revert to the Cash Advance Rate.
  • For example, if your balance transfer rate is 0 % p.a. for 12 months, during the 12 months all additional purchases will be charged interest at the Retail Purchase Rate and at the end of the 12 months, any outstanding balances from the balance transfer will revert to the Cash Advance Rate. The additional purchases made throughout the promotional period will remain at the applicable Retail Purchase Rate.

A balance transfer lets you:

  • Use up to 80% of your Kogan Money credit card limit to pay down your balances on other credit cards or loans.
  • If applicable, lets you take advantage of a lower interest rate for the promotional period of the balance transfer.
  • Whilst taking advantage of the above points, you should remember that no interest free days are applicable to retail purchases when you have a balance transfer. This means any additional purchases will be charged interest at the Retail Purchase Rate. Also, when the promotional period ends, the balance transfer balance remaining at that point in time will revert to the Cash Advance Rate.

Statements

Kogan Money credit card statements will be sent to your primary email address, and will not be mailed to your residential address. So it is important that you always have a valid working email address as your primary email address. If at any point your email address changes, make sure you update it through your online account at cards.koganmoney.com.au. Go to ‘My Settings’ under your profile image.

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