Gem Visa Credit Card

Gold Award

The Gem Visa credit card charges 0% p.a. interest for the first 6 months on purchases $250 or more T&Cs apply. It has a very high purchase rate of 29.49% and an annual fee of $65. The Gem Visa card also allows you to access long term finance with even longer interest free periods with participating retailers but a $55 establishment fee applies to long term finance.

An alternative to the Gem Visa card is the Amex Airpoints credit card which also offers 6 months interest free (with no mininum spend limits), charges no annual fee, earns you Airpoint rewards on purchases and has much lower interest rate than the Gem Visa. We recommend comparing all credit cards in NZ on our website to help you make an informed decision about which credit card to get.

Key Features

Purchase Rate: 29.49% plus 0% interest for 6 months on purchases $250 or more. T&Cs apply.
Cash Advance Rate: 29.95%
Balance Transfer: Not Offered
Annual Fee: $65 plus $55 establishment fee
Interest Free Days: 55 days for purchases under $250
Minimum Repayment:
Card Reward Details:
Credit Limit:
Other Fees:

IMPORTANT NOTE: please review the credit card details on the provider's website again before applying.

Gem Visa Credit Card Review

Pros and Cons

We've compiled below the pros and cons of the Gem Visa Credit Card to help you decide.

Pros

0% interest for 6 months on purchases $250 or more
Cash back but only on some purchases
Long term interest free deals

Cons

Very high interest rate (even for credit cards)
Annual Fee
$55 establishment Fee for Long term finance
Cash back is limited to some purchases which makes it difficult to understand
2% international transaction fees
Intrest free period only applies to purchases over $250

What We Like About the Gem Visa Credit Card

Interest-Free Periods

One of the standout features of the Gem Visa is the interest-free periods. You can enjoy up to 6 months interest-free on everyday purchases over $250. This allows you to avoid paying interest if you clear the balance within the specified period.

Wide Acceptance Across Retailers

The Gem Visa is widely accepted across numerous retailers in New Zealand. This means you can use your card for a variety of purchases, both in-store and online, making it a versatile option for your shopping needs.

Long term finance option

Option for even longer interest free period with select retailers.

What is Not So Great About the Gem Visa

One of the major drawbacks of the Gem Visa is the very high interest rate that kicks in after the interest-free period ends. Currently, the interest rate stands at 29.49% per annum. This can quickly add up if you are unable to pay off your balance in full before the interest-free term expires.

The Gem Visa comes with a $55 establishment fee and an annual fee of $65, which is charged in two instalments of $32.50 every six months. These fees can be a burden, especially if you are not a frequent user of the card.

Using your Gem Visa for cash advances is not advisable due to the high costs involved. The interest rate for cash advances is 29.95% per annum, and there is an additional fee of $2 for each cash advance transaction. These costs can accumulate rapidly, making cash advances an expensive option.

Application and Activation Process

To apply for a Gem Visa, you need to follow a few simple steps:

Apply Online: Click "Apply Now" on this page to visit the Gem Visa website and fill out the online application form. Make sure you meet the eligibility criteria.
Wait for Approval: After submitting your application, you will receive a response within 60 seconds. If more information is needed, it may take up to 5 business days.
Start Shopping: Once approved, you can start shopping immediately using the instant cardless payment feature.

After your application is approved, setting up your account is straightforward:

Receive Your Card: Your physical Gem Visa card will be mailed to you. This usually takes a few business days.
Activate Your Card: Follow the instructions provided to activate your card online or over the phone.
Create an Online Account: Register for an online account to manage your card, view statements, and make payments.

Your credit limit is determined based on several factors:

Income and Expenses: Your income and monthly expenses will be reviewed to assess your ability to repay.
Credit History: A check of your credit history will be conducted to determine your creditworthiness.
Responsible Lending Criteria: Gem Visa follows responsible lending practises to ensure you can manage your credit limit effectively.

Is the Gem Visa Right for me?

Before deciding on the Gem Visa, consider your spending habits. If you frequently make large purchases and can pay them off within the interest-free period, this card might be beneficial. However, if you tend to carry a balance, the high interest rates post interest-free period could be a drawback.

It's essential to compare the Gem Visa with other credit cards available in New Zealand. Look at factors such as interest rates, fees, and rewards programs. This comparison will help you determine if the Gem Visa offers the best value for your financial needs.

Think about your long-term financial goals. If you plan to use the Gem Visa for significant purchases and can manage the repayments within the interest-free period, it could be a good fit. However, if you foresee difficulties in paying off the balance quickly, you might want to consider other options to avoid high interest charges.

Managing Your Gem Visa Account

Online Account Management

Managing your Gem Visa account online is straightforward and convenient. You can access your account anytime through the Gem Visa website or mobile app. This allows you to view your balance, check recent transactions, and make payments. Setting up online access is simple and requires just a few steps. Once registered, you can also opt for electronic statements, which are more environmentally friendly and reduce paper clutter.

Payment Options

There are several ways to make payments on your Gem Visa account:

Internet Banking: Gem Visa is listed as a bill payee with most major banks. Simply select Gem Visa from your bill payments options and follow the instructions to set up regular payments. You'll need to include the payee name, bank account number, reference, and code, which can be found on your Gem Visa statement.
Direct Debit: Set up a direct debit to ensure your payments are made automatically each month. This helps you avoid late fees and keeps your account in good standing.
Automatic Payment: You can also set up an automatic payment from your bank account. This allows you to control the amount and frequency of your payments, whether weekly, fortnightly, or monthly.
PostShop: If you prefer, you can make payments in person at any PostShop location.

Customer Support Services

If you need assistance with your Gem Visa account, customer support is available to help. You can chat live online with a representative from Monday to Friday, 8:00am to 6:30pm. Alternatively, you can call the Gem Visa team at 0800 500 505 during business hours. Whether you have questions about your account, need help with a payment, or want to report a lost or stolen card, the customer support team is there to assist you.

Frequently Asked Questions

What are the age and residency requirements for the Gem Visa?

To apply for the Gem Visa, you need to be at least 18 years old and a permanent resident of New Zealand.

What documents do I need to apply for the Gem Visa?

You'll need to provide a valid passport or driver's licence, details about your income and expenses, your employer's name and contact information, and your email address.

What happens after the interest-free period ends?

Once the interest-free period is over, a prevailing interest rate of 29.49% p.a. applies to any remaining balance. For cash advances, the interest rate is 29.95% p.a.

Are there any fees associated with the Gem Visa?

Yes, there is a one-time establishment fee of $55 and an annual fee of $65, which is charged in two instalments of $32.50 every six months.

How can I manage my Gem Visa account online?

You can manage your account online through the Gem Visa website or mobile app, where you can view your balance, make payments, and access customer support.

Can I keep my Gem CreditLine card if I don't want to switch to a Gem Visa?

Yes, if you have a Gem CreditLine card and don't wish to switch to a Gem Visa, your card will still be valid at over 2,000 retailers across New Zealand for long-term interest-free deals.

Eligibility Requirements:

Your eligibility for this card would depend on a few criteria listed below. When you apply for a Gem credit card, Gem would ask you a few questions about the following criterias to determine your eligibility.

Income
Expenses
Debts
Assets
Savings
Investments

Documents:

In general the following documents are usually required for credit card applications.

Proof of Income

One of the following:

your most recent payslip or salary notice
copies of bank statements that show your pay or salary deposits
a letter from your employer confirming your income
an Inland Revenue Department (IRD) “summary of earnings” notice.

If you’re self-employed, you must supply:

signed financial statements for the past two years
a signed personal Statement of Financial Position
your personal tax return.

Proof of Identity:

A copy of one or two items from List 1. If you provide only one item from List 1, you must also provide one item from List 2.

List 1:

Current passport
New Zealand drivers licence
18+ card
Photo Credit Card

List 2:

Most recent bank statement
Debit card
Credit card
Community services card
Club or society card.

Are you interested in a credit card reward card? Compare ALL Rewards credit cards on our credit card rewards page.

More Info »

Apply Now »

What is the best credit card in New Zealand?

We've been asked this question a lot so we have compiled our pick of the best credit card in NZ but keep in mind that the best credit card for you depends on your personal circumstance and needs. To find the best credit card for you, we recommend that you compare all credit cards in NZ on our website or narrow down your search by popular credit card types as shown below. Use the top menu of the page to select more credit card types.