Table of Contents
GEM Finance — also known in New Zealand as Gem Visa, Gem Money, or Latitude Gem Finance — is one of the country’s most widely used consumer finance brands. Known for offering personal loans, Visa cards, instalment finance, and retailer payment solutions, GEM has positioned itself as a flexible alternative to traditional bank lending. Check out alternative articles.
But with multiple finance products, variable interest rates, and different loan structures, deciding whether Gem Finance is right for you requires understanding how its loans work, what fees you may face, and how it compares with other New Zealand lenders.
This in-depth guide covers everything you need to know about Gem Finance in NZ — including types of finance available, interest rates, eligibility criteria, pros and cons, and how it stacks up against other non-bank lenders. Read more about NZ finance providers.
What Is GEM Finance?
Gem Finance is operated in New Zealand by Latitude Financial Services, a major Australian-based lender with millions of customers across Australasia. In NZ, GEM is a well-known provider of:
- Personal loans
- Credit cards and store cards
- Interest-free retail finance
- Instalment plans at major retailers
- Online shopping finance
- Large-purchase deferred payment deals
GEM markets itself as a fast, flexible, and accessible finance option for everyday New Zealanders who want quick loan approvals or promotional interest-free payment plans.
Unlike traditional banks, GEM specialises in consumer finance and retail credit — meaning approval processes are often automated, and funds can be released faster than most standard bank loans.
What Financial Products Does GEM Finance Offer?
GEM provides a range of finance solutions designed for personal spending, large retail purchases, and general borrowing.
Below is a detailed breakdown of each product.
GEM Personal Loans
Personal loans are one of GEM’s primary lending products. Borrowers can apply for funds to cover:
- Home improvements
- Travel expenses
- Debt consolidation
- Medical or dental treatment
- Vehicle repairs or upgrades
- Household items or furniture
- Emergency costs
- Wedding or event expenses
GEM offers unsecured personal loans, meaning no asset (like your car) is required as collateral. Loans typically range from small amounts up to $30,000 or more, depending on income and credit.
Because these loans are unsecured, interest rates are higher than secured loans from traditional lenders — but the trade-off is faster approval and less documentation.
If a visitor to your site wants to compare unsecured loans with alternatives, you can naturally connect them to your relevant internal resource:
For borrowers comparing alternatives, our NZ guide to personal loans explains the differences between secured and unsecured lending and helps you choose the right option.
GEM Visa (Credit Card)
Gem Visa is one of New Zealand’s most recognised store and shopping cards. Features typically include:
- Interest-free periods on standard purchases
- Long-term interest-free deals at partner retailers
- No-interest instalment plans
- Reward programs on selected promotions
- Optional payment protection insurance
GEM Visa is popular among shoppers who frequently use retailers offering “24 months interest-free” or “buy now, pay later” style deals for big-ticket items.
However, outside promotional periods, standard interest rates can be significantly higher than traditional banks — so understanding the fine print is essential.
GEM Buy Now Pay Later & Retail Finance
GEM is a major finance partner for retailers across NZ, offering financing directly at checkout. This includes:
- Electronics and appliances
- Furniture and home goods
- Computers and technology
- Fitness equipment
- Jewellery
- Travel bookings
Consumers often choose Gem retail finance because it provides longer interest-free periods than BNPL services like Afterpay or Zip.
Examples include:
- 12 months interest-free
- 24 months interest-free
- 36 months interest-free on large purchases
- Deferred payment plans (“Pay nothing for 6 months”)
These promotions attract buyers looking to spread large purchases over time without immediate interest — as long as repayments are made on time.
Interest Rates & Fees
Understanding the full cost of borrowing is essential before taking any loan or card product from GEM.
Below is a comprehensive breakdown of rates, fees, and total repayment costs.
Personal Loan Interest Rates
Interest rates for GEM personal loans typically vary based on:
- Borrower credit score
- Income stability
- Loan amount
- Loan term
- Debt level
- Past repayment history
Typical GEM personal loan rates may include:
- Low-risk borrowers: Rates may start around 12.99%–15.99%
- Average-risk borrowers: Often 16.99%–22.99%
- Higher-risk borrowers: 23.99%+
As an unsecured lender, GEM pricing is higher than banks — but approval criteria are often more flexible.
GEM Visa Interest Rates
While promotional periods can offer 0% interest, standard purchase rates outside those periods are significantly higher.
Customers must pay close attention to:
- Standard purchase interest
- Cash advance interest
- Retroactive interest if promotional terms are broken
- Late payment penalties
- Annual card fees
Missing a promotional repayment deadline can cause the entire purchase to revert to full interest — a common pitfall for many borrowers.
Fees to Expect From GEM Finance
Common fees include:
- Establishment fee (for personal loans)
- Monthly or annual service fees
- Payment dishonour fees
- Late payment penalties
- Account keeping fees
- Card replacement or cash advance fees (GEM Visa)
- Early settlement fees may apply depending on product type
Because GEM relies on unsecured lending, fee structures are an important part of their model.
Borrowers wanting to compare their potential repayments can be directed to your calculator:
To estimate how GEM’s interest rates and fees may affect your repayments, try our online finance calculator for accurate budgeting.
GEM Finance Approval Criteria
To qualify for GEM Finance, borrowers typically must meet:
- Minimum age of 18
- NZ residency or visa eligibility
- Regular employment or income
- Good credit history (for lower-rate loans)
- Bank statements showing stable financial behaviour
- Absence of major defaults or recent bankruptcies
Since GEM is a risk-priced lender, applicants with strong credit and low debt tend to receive much better rates.
How GEM Finance Works: Application Process
Applying for a GEM loan or credit product typically involves:
- Online application via secure portal
- Credit check and identity verification
- Income and expense assessment
- Automated approval or manual review
- Digital signing of contract
- Funds released (for personal loans)
- Account set-up (for credit cards)
Approval times range from minutes (automated) to 24–48 hours (manual review).
GEM Finance Pros & Cons
Here is a clear breakdown of the advantages and disadvantages.
Advantages
✔ Fast Approvals
Automated assessors make decisions quickly for many borrowers.
✔ Interest-Free Retail Deals
GEM offers some of NZ’s longest interest-free periods, making it attractive for large appliance or furniture purchases.
✔ No Security Required
GEM personal loans are fully unsecured, so no vehicle or asset is needed.
✔ Flexible Loan Options
Borrowers can choose terms, restructure payments, or consolidate debt.
✔ Ideal for Retail Purchases
GEM partners with many large NZ retailers.
Disadvantages
❌ Higher Interest Rates
Unsecured lending comes with higher costs than banks.
❌ Fees Add Up
Late fees, dishonour fees, and promotional penalties can significantly increase loan costs.
❌ Interest-Free Promotions Can Be Misleading
If payments are missed, retroactive interest can apply.
❌ Risk of Over-Spending
Retail credit cards can encourage impulse purchases.
❌ Not Ideal for Large, Long-Term Borrowing
Interest costs may outweigh benefits for multi-year loans.
How GEM Finance Compares to Other NZ Lenders
When stacked up against other non-bank lenders:
| Feature | GEM Finance | MTF Finance | Avanti / UDC |
|---|---|---|---|
| Loan Type | Unsecured | Secured + Unsecured | Secured |
| Rates | Higher | Medium | Medium |
| Approval Speed | Fast | Fast | Standard |
| Best For | Retail purchases | Vehicle/asset finance | Vehicle/business |
Borrowers needing vehicle finance may find better options with lenders specialising in asset-backed loans. You can help them navigate alternatives:
If you’re comparing options for your next vehicle purchase, visit our detailed car finance guide to learn how non-bank lenders stack up in NZ.
Is GEM Finance Right for You?
GEM is suitable for:
- Borrowers wanting fast approval
- People who do not have assets to secure a loan
- Shoppers wanting long interest-free retail financing
- Borrowers consolidating small debts
- People needing flexible, short-term personal lending
GEM may not be ideal if:
- You want the lowest interest rate
- You need a secured loan
- You’re prone to missing payments
- You are financing expensive, long-term purchases
Gem Visa 2026 Interest Rates and Fee Schedule
As of early 2026, the Gem Visa credit card continues to operate with a tiered interest structure tailored to different transaction types. While promotional interest-free periods are the primary draw, a high standard interest rate applies to any remaining balance once these terms expire.
Effective February 2026, the standard purchase rate for Gem Visa is 29.49% p.a., while cash advances carry a slightly higher rate of 29.95% p.a.. These rates are subject to change, and cardholders are typically notified of pricing adjustments at least 30 days in advance.
2026 Gem Visa Standard Fees (NZD)
| Fee Type | Description | Amount |
| Establishment Fee | A one-off fee charged when your account is first opened | $55.00 |
| Annual Fee | Charged in two half-yearly installments of $32.50 | $65.00 |
| Late Payment Fee | Applied if the minimum payment is not received by the due date | $15.00 |
| Paper Statement Fee | Charged per monthly statement if not using e-statements | $1.00 |
| Payment Handling Fee | Only for over-the-counter payments at NZ Post branches | $2.70 |
Application Eligibility and Documentation Requirements
Gem Finance, operated by Latitude Financial Services, adheres to the Responsible Lending Code under the Credit Contracts and Consumer Finance Act (CCCFA). This requires a thorough assessment of an applicant’s financial situation to ensure repayments are affordable without causing substantial hardship.
To be eligible for a Gem Visa, applicants must meet the following criteria:
- Age: Must be at least 18 years of age.
- Residency: Must be a New Zealand citizen or permanent resident, or have a visa allowing residency for at least the next 12 months.
- Income: Must have a stable income and be able to provide details of regular expenses, including rent, mortgage, and other debts.
- Identification: A valid New Zealand Passport or Driver’s Licence is required for identity verification.
- Financial Evidence: Applicants are often required to share bank statement data digitally or upload documents covering the last 90 days.
Long-Term Interest-Free Retail Partners
The core advantage of the Gem Visa in the New Zealand market is its extensive network of retail partners offering long-term interest-free (LTF) finance. These deals allow consumers to spread the cost of large purchases—such as electronics, furniture, or travel—over several months or years without incurring interest, provided the balance is paid in full before the term ends.
Common 2026 Interest-Free Tiers in NZ
| Retailer Category | Typical Offer Terms | Common Participating Brands |
| Electronics & Tech | 12 to 36 Months | Noel Leeming, Apple (NZ), Rockshop |
| Furniture & Home | 12 to 50 Months | Harvey Norman, Freedom Furniture |
| Travel & Holidays | 6 to 16 Months | House of Travel |
| Everyday Shopping | 6 Months (on $250+) | Valid anywhere Visa is accepted globally |
Hardship Care and Financial Difficulty Support
If a cardholder’s financial circumstances change due to unforeseen events—such as illness, injury, or redundancy—Gem Finance provides a formal Hardship Care process. Under the CCCFA, lenders must treat borrowers reasonably and ethically when they are struggling to meet repayments.
The Hardship Care application can be completed online and typically takes about 20 minutes. Possible outcomes for approved applications include:
- Short-term payment relief: Reduced repayments for a set period while you recover.
- Contract variations: Extending the loan term or postponing debt repayments (payment holiday).
- Interest suspension: Temporary freezing of interest charges in extreme circumstances.
Gem Finance aims to provide an outcome for hardship applications within 20 calendar days. During the assessment period, cardholders are encouraged to continue making whatever repayments they can afford to minimize the impact on their credit score.
Gem Personal Loans: Secured vs. Unsecured
Beyond the Visa credit card, Gem Finance offers structured personal loans for larger expenses like home renovations or debt consolidation. Unlike the credit card, these loans feature fixed interest rates and fixed repayment amounts for the life of the loan.
- Unsecured Loans: Interest rates currently range from 9.99% to 29.99% p.a..
- Secured Loans: By providing an asset (like a vehicle) as collateral, rates are lower, ranging from 8.99% to 28.99% p.a..
- Establishment Fee: Personal loans carry a one-off setup fee of $240.
- Early Repayment: Gem does not currently charge a fee if you choose to pay off your personal loan ahead of schedule.
Updated 2026 Interest Rates and Fee Schedule
In 2026, Gem Finance (under Latitude Financial) has adjusted its pricing models to reflect the current OCR landscape in New Zealand. While known for interest-free retail deals, their standard rates for revolving credit and personal loans remain on the higher end of the market.
| Product Type | 2026 Interest Rate (p.a.) | Key Fees |
| Gem Visa (Standard) | 29.49% | $65 Annual Fee / $55 Establishment |
| Unsecured Personal Loan | 9.99% – 29.99% | $240 Establishment Fee |
| Secured Personal Loan | 8.99% – 28.99% | $240 Establishment Fee |
| Cash Advances | 29.95% | $2.00 (Over-the-counter) |
| Late Payment Fee | $15.00 | Per occurrence |
Gem Visa vs. Gem CreditLine: The 2026 Transition
For many years, New Zealanders held both Gem Visa and Gem CreditLine accounts. However, Latitude Financial has recently moved to streamline all accounts into the Gem Visa platform.
- CreditLine Phase-out: Existing CreditLine cards are being replaced with Gem Visa cards upon expiry or account “variation” notices.
- The Difference: Gem CreditLine was primarily a store-card for long-term finance. Gem Visa offers the same long-term interest-free features but adds the functionality of a standard Visa card for daily spending (up to 55 days interest-free).
- Action Required: If you still hold a legacy CreditLine card, your account number and physical card will change during the 2026 update, but your credit limit typically remains the same.
The “Interest-Free” Trap: Minimum Payments vs. Expiry
A common point of confusion for NZ consumers is the difference between the Minimum Monthly Payment and the Interest-Free Expiry.
- The Minimum: Paying only the 3% or $20 minimum required by Gem will not pay off your purchase before the interest-free period ends.
- The Result: If a $2,000 purchase is not cleared by the end of its 6 or 12-month term, the 29.49% interest rate applies to the entire remaining balance, which can lead to rapid debt escalation.
- Strategy: Divide your total purchase price by the number of interest-free months (e.g., $1,200 / 6 months = $200/month) and set up an automatic payment for that amount, rather than the minimum.
Security and PPSR Requirements
For larger Gem Personal Loans, particularly those used for vehicle purchases or debt consolidation over $10,000, Gem may require security.
- PPSR Registration: If your loan is secured against a vehicle, Gem will register a “Financing Statement” on the Personal Property Securities Register (PPSR). This costs approximately $8.05 to $16.10, usually passed on to the borrower.
- Asset Requirements: Secured assets must typically be no more than 15 years old at the end of the loan term and have comprehensive insurance with “Latitude Financial Services” listed as an interested party.
The following sections provide a deep dive into the operational aspects of Gem Finance and Latitude Financial, addressing specific user intents related to managing loans, credit limits, and customer support.
Comparing Gem Visa vs. Latitude Personal Loans
While both products are managed by Latitude Financial Services, they serve distinct financial needs. The Gem Visa is primarily a revolving credit facility designed for retail flexibility, offering 6 months of interest-free terms on purchases over $250. In contrast, Latitude personal loans (often branded under Gem Finance in NZ) are lump-sum installments. Personal loans are generally better suited for debt consolidation or large one-off expenses like home renovations, providing a structured repayment schedule that a credit card may lack.
How to Apply for a Gem Visa or Personal Loan
The application process for Gem products is streamlined for digital speed. For a Gem Visa application, you can typically apply online or in-store at partner retailers like Harvey Norman or PB Tech. You will need to provide valid NZ photo ID (Passport or Driver’s License), proof of income, and details of your expenses. Most applicants receive a response in under 60 seconds. For Latitude personal loans, the process involves an “Indicative Quote” which does not impact your credit score, followed by a formal application that usually funds within 24 hours of approval.
Managing Your Gem Visa Increase Limit
If your current credit limit is insufficient for a planned purchase, you can request a Gem Visa increase limit through the Latitude App or the Latitude Service Centre. To be eligible, your account typically needs to be at least six months old and in good standing.
- Step 1: Log in to the Latitude App.
- Step 2: Navigate to “Manage Account” and select “Increase Credit Limit.”
- Step 3: Update your financial information, including current income and monthly expenses.
- Step 4: Submit for a real-time assessment.
Gem Personal Loan Contact and Customer Support
For direct assistance with your account, the Gem personal loan contact number is 0800 422 898. This line is dedicated to loan-specific enquiries and is available Monday to Friday, 9:00 am – 6:30 pm. For credit card-specific queries, including Gem Visa support, the contact number is 0800 500 505. If you are experiencing financial hardship, Latitude provides a dedicated Hardship Care Team to help restructure your repayments.
| Feature | Gem Visa Credit Card | Latitude Personal Loan |
| Best For | Everyday shopping & Interest-free deals | Debt consolidation & Large projects |
| Interest-Free Period | 6 months on $250+ purchases | 3-month payment pause (optional) |
| Establishment Fee | $55 | $240 |
| Annual/Monthly Fee | $65 Annual Fee | Included in repayments |
| Repayment Type | Revolving (min 3% or $20) | Fixed or Variable Installments |
Final Thoughts
Gem Finance is a powerful and flexible lender for Kiwis seeking fast unsecured loans, retail finance, and interest-free shopping solutions. While interest rates and fees are higher than banks, GEM offers approval speed, convenience, and no-asset-required lending that many consumers value.
Used responsibly, GEM can be an effective and convenient finance option — but borrowers should always compare total costs, avoid missed payments, and evaluate whether another lender may offer more affordable long-term solutions.
FAQs
How does gem finance work?
Gem Finance provides unsecured personal loans, credit cards, and interest-free retail finance. Applications are completed online, assessed through credit checks and income verification, and approved loans are issued with fixed repayments. For retail purchases, Gem Visa allows interest-free instalments at participating stores as long as minimum payments are made on time.
How do I contact Gem Finance?
Customers can contact Gem Finance through their support phone line, online contact form, or by logging into their account to submit queries. Contact options vary depending on whether you hold a loan or a Gem Visa card.
What does gem mean in finance?
In New Zealand, “Gem” refers to a consumer finance brand offering personal loans, credit cards, and retail finance under Latitude Financial Services.
What is the interest rate for gem finance?
Interest rates depend on credit score, loan type and term. Personal loan rates generally fall within typical unsecured lending ranges, with higher rates for higher-risk borrowers.
What is the minimum payment on gem?
Minimum payments depend on the loan or credit card product. For Gem Visa, minimum monthly payments usually include a percentage of the balance plus any fees owing.
Can I withdraw money from Gem?
Cash advances are allowed on certain Gem Visa products, but they come with higher interest rates and additional fees.
What is the interest rate on a gem loan?
Gem personal loan rates vary based on creditworthiness, income stability and loan length. They are unsecured loans, so interest rates tend to be higher than secured loans.
What credit score is needed for a GEM Personal Loan?
Gem generally requires a moderate to good credit score. Higher scores may qualify for lower interest rates, while low credit scores may lead to declines or higher pricing.
Is there a downside to paying off a loan early?
The downside is that some lenders charge early repayment or break fees. Paying early may reduce interest but can trigger contract-specific charges.
How much interest on $1000 cash advance?
Cash advance interest varies by credit provider, but rates are higher than standard purchases. Costs depend on the specific card’s interest rate, fees and how long the balance remains unpaid.
How do I call gem NZ?
You can call Gem’s New Zealand support line through the customer service phone number provided on their official website or account portal.
How do I speak to someone at Latitude?
Latitude’s customer service team can be reached through their support phone lines, live chat options, or secure message center within the online account portal.
How do I contact Gems customer care?
You can contact customer care via phone, email or the online help system. Telco wait times vary based on the product and time of day.
Which bank owns Gem Visa?
Gem Visa is issued by Latitude Financial Services, not a traditional bank.
Which bank owns Latitude Finance?
Latitude Financial Services is not owned by a New Zealand bank. It operates as a multinational finance group serving Australia and New Zealand.
What is the time for gem support?
Gem customer support operates during standard business hours, with some extended hours depending on the product or department.
What is a gem loan?
A Gem loan is an unsecured personal loan offered by Gem Finance, typically used for renovations, travel, debt consolidation or unexpected expenses.
What does gem mean in PSA grading?
In PSA card grading, “Gem” refers to “Gem Mint,” which is a high grade indicating near-perfect condition. This is unrelated to Gem Finance.
Who is eligible for the $350 payment in NZ?
Eligibility depends on New Zealand Government criteria for cost-of-living payments and is unrelated to Gem Finance.
How much is a $20,000 loan for 5 years?
The monthly repayment depends on interest rate and loan fees. A finance calculator can provide exact figures based on the chosen rate and repayment schedule.
What is the interest rate for gem finance loans?
Gem Finance loan rates vary based on credit score, term length and affordability. As unsecured loans, rates tend to be higher than secured finance products.
What is the interest rate on Gem Visa after 6 months?
After promotional interest-free periods end, Gem Visa reverts to its standard purchase or cash advance interest rate, which is significantly higher than the promotional period.
What is the interest rate for a mortgage in 2025?
Mortgage rates vary by bank and economic conditions. Gem Finance does not offer mortgages, so borrowers should check NZ bank rate updates.
What is a good interest rate in NZ right now?
A good interest rate depends on the product. For car loans, lower single-digit rates are considered strong. For personal loans, good rates depend on credit score and lender type.
What is the payment on a $400,000 mortgage?
Monthly payments depend on the interest rate and loan term. A mortgage calculator provides the most accurate repayment breakdown.
Which bank is offering a 4.99 interest rate in NZ?
Interest rates change frequently and vary by bank promotions. Borrowers need to check current offers from major NZ banks.
What is the “6 months interest free” offer on Gem Visa?
Every purchase of $250 or more made with a Gem Visa, anywhere in the world where Visa is accepted, automatically qualifies for 6 months interest-free. You must ensure you pay the balance within 6 months to avoid the standard interest rate.
How do I apply for a Gem Visa card?
Applications can be completed online via the Gem Finance website or in-store at participating retailers like Noel Leeming or Harvey Norman. You will need a valid NZ photo ID and proof of income.
Can I use my Gem Visa for cash advances?
Yes, but cash advances incur a higher interest rate (currently 29.95% p.a.) from the date of the withdrawal, and a $2 fee applies per transaction. Cash advances do not qualify for interest-free periods.
What happens if I miss a payment?
If you miss the minimum monthly payment, a $15 late fee is charged to your account. Additionally, missing payments may negatively affect your credit score and could result in the loss of promotional interest-free terms.
Is there an annual fee for Gem Visa?
Yes, the annual fee is $65, which is billed to your account in two $32.50 installments every six months.
Can I transfer a balance to Gem Visa?
Gem Visa occasionally offers balance transfer promotions, but you generally cannot transfer a balance from another Gem-branded product. Standard interest rates apply to the transferred balance once the promotional period ends.
How do I contact the Hardship Care team?
If you are in financial difficulty, you can call the Gem Hardship Care team on 0800 433 033 (Mon-Fri, 8:30am – 5:00pm NZST) or email [email protected].
What is the minimum credit limit for a Gem Visa?
The minimum credit limit for a new Gem Visa account is typically $1,000.
Does Gem Finance offer car loans?
Yes, Gem offers both secured and unsecured personal loans that can be used for vehicle purchases, with terms ranging from one to seven years.
Where can I manage my Gem Visa account?
The easiest way to manage your account, track interest-free expiry dates, and make payments is via the Latitude App or the online Latitude Service Centre.
Would you like me to create a comparison table between Gem Visa and other New Zealand interest-free cards like Q Mastercard?
Can I use Gem Visa at an ATM in New Zealand?
Yes, you can withdraw cash at any ATM that accepts Visa. However, a 29.95% cash advance interest rate applies immediately (no interest-free period), and a withdrawal fee of $1.00 to $2.00 is charged.
How do I activate the “6 months interest-free” on general purchases?
For any single purchase over $250, you must sometimes manually select the interest-free option in the Latitude App within 30 days of the transaction, though many partner retailers apply this automatically at checkout.
Does Gem Finance offer a “top-up” on existing loans?
Yes, existing personal loan customers can apply for a “Top-Up” through the Latitude Service Centre. This involves a new credit assessment and may result in a modified interest rate for the combined balance.
What happened to the 0% Apple financing?
Gem remains a key partner for Apple NZ. In 2026, they continue to offer 0% interest terms (often 12–24 months) on eligible Mac and iPhone purchases, provided the minimum spend requirements are met.
Can I pay my Gem Visa bill via the NZ Post Shop?
While direct debit and internet banking are preferred, you can still make over-the-counter payments at participating outlets, though a payment handling fee may apply compared to free digital methods.
How long does Gem take to approve a personal loan?
Initial “60-second” conditional approval is common online. Final approval and fund transfer typically take 1 to 3 business days, depending on how quickly you provide proof of income and ID.
Is there a fee for additional cardholders on Gem Visa?
No. You can add an additional cardholder (such as a partner or family member over 16) for $0, allowing them to share the account’s credit limit and interest-free benefits.
What is the “Latitude App” rating in NZ?
The app is currently rated approximately 4.8/5 on the App Store, serving as the primary hub for managing payments, viewing statements, and tracking interest-free expiry dates.
Can I get a Gem Visa on a work visa?
It is difficult. Gem generally requires applicants to be Permanent Residents or NZ Citizens. Temporary visa holders are often declined due to the revolving nature of the credit card.
Why was I charged a “Late Fee” when I paid on the due date?
Payments made via bank transfer can take up to 48 hours to process. Gem recommends setting up a Direct Debit or paying 2-3 days early to ensure the funds clear before the statement deadline.
Can I use my Gem Visa for cash advances?
Yes, but it is expensive. Cash advances on Gem Visa incur a higher interest rate (currently 29.95% p.a.) and a $2 fee per withdrawal. Interest starts accruing immediately with no interest-free period.
What is the minimum credit limit for a Gem Visa?
The minimum credit limit for a new Gem Visa account is typically $1,000, though this is subject to individual credit assessment and income verification.
Does Latitude Finance offer secured personal loans?
Yes, Latitude offers both secured and unsecured options. Secured loans often provide lower interest rates but require an asset, such as a vehicle, to be used as collateral.
How do I activate my new Gem Visa card?
Once your application is approved and the card arrives, you must activate it via the Latitude App. Simply log in, select the card tile, and follow the prompts to “Activate Card” and set your PIN.
Can I pay off my Latitude personal loan early?
For variable-rate loans, there are typically no early repayment fees. However, for fixed-rate loans, an early termination fee (currently $500) may apply if the loan is paid in full before the final three months of the term.
Is Gem Finance the same as Latitude Financial?
Yes. Latitude Financial Services is the parent company that operates under the “Gem” brand in New Zealand. All Gem Visa and Gem Loan products are issued by Latitude.
How long does it take for Gem Visa to approve an application?
Online applications usually provide a decision within 60 seconds. If manual intervention is required, it may take up to 3-5 business days for a final response.
Can I change my repayment date for a Gem Loan?
Yes, you can request a change to your repayment date to better align with your payday by contacting the customer service team at 0800 422 898.
What happens if I miss a Gem Visa payment?
A late fee of $15 is typically charged if the minimum payment is not received by the due date. Additionally, you may lose the interest-free status on certain promotional plans.
Can I have two Gem Visa accounts?
Generally, Latitude limits customers to one Gem Visa account per person. However, you can add an “Additional Cardholder” to your existing account for $0.
