Gem Visa Account Fees

[loveofyhwh]

I've been scouring their website, T&Cs, FAQs for information but to no avail.

Its a simple question really. I understand that they charge their account fees half-yearly ($27.5 every 6 months). The question is, when do these 6 monthly fees get charged?

Is it:-

(A) as soon as you open the account, meaning there will be two charges $55 establishment fee & $27.50 account fee;

(B) when you activate your card;

(C) after your first transaction using GEM (i.e. you get the account in Feb but only start using it for purchases in March, so account fees will be charged from March onwards?)

Thanks in advance

 

[thatgirloncfforums]

@loveofyhwh I opened my gem card in December. I have only been charged the establishment fee so far, so I think the first half yearly charge will be in June.

 

[loveofyhwh]

@thatgirloncfforums Have you already done transactions with your card? I always thought that they'd charge the account fees in advance (i.e. at the start of the 6 month period, not at the end of it).

Otherwise how would they deal with people who cancel their account in between the half year period (i.e for your case, if you cancel your card in April, will they charge you the full half yearly fee then or pro-rate it or not charge it at all)?

 

[thatgirloncfforums]

@loveofyhwh Yep, heaps of transactions. Honestly, Gem card is probably the best credit card I've found.
Presumably if I close the card they would charge me a closure fee or something. Haven't really looked into it. This is just what has happened to me.

 

[bertchen]

@loveofyhwh Our experience is the establishment fee gets charged straight away and then the first 6 month fee gets charged 6 months after that date.

So our card was opened in August 2022 and then we were charged the 6 month fee in early Feb 2023.

We've since paid it off and closed it.

 

[wpjo]

@loveofyhwh It's charged 6 monthly and in arrears. On opening the account you'll get charged the establishment fee in your first statement and then the first $27.50 6 months after.