Latitude Finance Australia ABN 42 008 583 588 Australian Credit Licence number 392145 ("Latitude") has undertaken a review of its agreements and gives notice of the changes set below.
Part A of this notice sets out changes that take effect from 8 November 2023.
Part B of this notice sets out other changes that will take effect on 9 January 2024.
PART A - UNFAIR CONTRACT TERM CHANGES EFFECTIVE 8 NOVEMBER 2023
Applicable for Latitude 28° Global Platinum Mastercard®, Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Gem Visa, CreditLine available through Apple:
1) Acting reasonably
Where we have a discretion (for example to vary a term or authorize or decline a transaction), our discretion is qualified by words under which we may only exercise that discretion acting reasonably and to the extent reasonably necessary to protect our interests.
2) Set-off
Words have been included to expressly recognize certain rights of set-off you may have which cannot be excluded.
3) Limitation of Liability & Indemnities
Terms which:
a) limit Latitude's liability; or
b) require you to grant an indemnity in favour of Latitude,
have been qualified to ensure you will not be liable for losses to the extent caused by negligence, mistake, wilful default or fraud of Latitude or its employees or agents.
4) Card return
Terms which required the return of cards to Latitude on Latitude's demand or on cancellation or account closure have been removed — it is sufficient for the cards to be securely cut and destroyed.
5) Linked Credit Provider
The terms have been changed to expressly recognize that we may have responsibility as a linked credit provider for certain card transactions.
6) Default Events
Latitude has limited its ability to take enforcement action for certain events of default unless they are material or reasonably considered to have or likely to have a material impact on your ability to meet your obligations, Latitude's credit risk or legal or reputation risk or Latitude's ability to assess these things. This is not applicable to monetary events of default.
7) Clarification of drafting
Revisions have been made to clarify clauses by being more specific, to ensure consistency and to correct minor errors.
A copy of the updated Conditions of Use can be found online at: https://www.latitudefinancial.com.au/forms/
PART B - OTHER CHANGES EFFECTIVE 9 JANUARY 2024
Effective from 9 January 2024, the following changes will apply to the relevant credit card products issued by Latitude listed below. Any defined term will have the same meaning as in the relevant credit contract of the credit card product.
The cash advance fee will increase to the greater of 3.5% or $4.00 for Latitude 28° Global Platinum Mastercard®, Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Gem Visa, Buyer's Edge, CreditLine and Care Credit, Latitude Infinity Rewards Visa, Latitude Low Rate Mastercard®, Latitude Eco Mastercard® and Latitude Mastercard®.
The ability to make a direct credit transfer will be removed for Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude Eco Mastercard®, Latitude 28° Global Platinum Mastercard®, Buyer's Edge and CreditLine.
The $30 cap for a cash advance fee will be removed for Latitude GO Mastercard® / Latitude GO Platinum Mastercard®, Latitude 28° Global Platinum Mastercard®, Latitude Gem Visa, Buyers Edge and CreditLine.
These changes were advertised in The Australian newspaper on 8 November 2023.
A copy of the updated Conditions of Use can be found online at: https://www.latitudefinancial.com.au/forms/