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Changes to the Warehouse Money Mastercard and Red Card Terms and Conditions

2020 changes to Warehouse Money SmartGuard credit card repayment insurance

What improvements have been made?

AIA regularly reviews its products to ensure they are providing you with good value. The recent changes are a positive enhancement to your policy, at no additional cost to you, effective 10 December 2020.

A summary of some of the key changes is set out in the table below. To review the detailed changes, please click here.

Benefit Enhancement
Permanent Disablement
  • Reduction in the wait period from 6 months to 3 months
Temporary Disablement
  • The limit for the maximum amount you can claim has increased from $50,000 to $60,000.
  • The assessment criteria for employed and self-employed customers has been improved and their claim for Temporary Disablement will be assessed on their inability to perform the key income producing duties of their role for at least 10 hours per week for 30 days.
  • The assessment criteria for unemployed customers has been improved and their claim will be assessed on their inability to carry out normal household duties for at least 10 hours per week for 30 days.

Please click here to read the full policy document

2017 changes to The Warehouse SmartGuard credit card repayment insurance

As a The Warehouse SmartGuard policyholder, you have the peace of mind that comes with knowing that your credit card repayments can be taken care of in the event of serious illness, injury, redundancy, bankruptcy or death, under the terms of your policy.

The important news is that your insurance cover is about to get an upgrade. From 1 September 2017 your policy will change and will include the following new benefits:

  1. New Death or Terminal Illness of a Spouse or Child benefit. Up to $5,000 paid off your card balance in the event that your spouse or child dies or are diagnosed with a terminal illness and given less than 12 months to live.
  2. Improved Temporary Disablement benefits. We’ve widened the employment definitions under the temporary disablement benefit, to give homemakers (as defined in the policy wording) a greater ability to claim under this benefit.
  3. Improved Permanent Disablement benefits. We’ve changed the way we assess disablement under the permanent disablement benefit, so if you’re under 70 and not working you may still be eligible to claim.

This information is a summary only. Full terms and conditions, including exclusions and stand downs apply; please refer to your policy document.

How does the change affect claims?
The new policy wordings apply on the 1 September 2017. However; if the event that you’re claiming for happens on or after 1 June 2017, if it’s beneficial to you, your claim may be assessed using the enhanced definitions. It’s as easy as that.

What do you need to do now?
Please take a few minutes to review the updated policy document. As there are a number of changes, please read it carefully, you are able to download the policy document here and a paper version can be supplied upon request. If you have any questions, please call us on free phone 0800 801 808. Other than that, there’s nothing you need to do – your updated policy wording will automatically replace your current policy wording from 1 September 2017.

2016 changes to the MasterCard and RedCard

The Warehouse Financial Services Limited has appointed SBS Money Limited (operating under Warehouse Money brand) to manage The Warehouse MasterCard and Red Card Accounts.

The Warehouse Mastercard and Red Card 

As a result, The Warehouse MasterCard and Red Card Conditions of Use are changing throughout November and December, to reflect the change of management. You’ll be notified by mail about these changes and the exact dates the changes will take effect. The key changes are:

  1.  All terms and conditions relevant to the accounts will change. From the effective date (which you will be notified of by mail) the new terms and conditions can be found here
  2. In particular, the terms and conditions relating to the following will change:
    1. the amount of the interest rates and how any interest charges are calculated and applied
    2. the amount and method of calculation of payments to be made in relation to the accounts
    3. the amount, frequency, time for payment and method of calculation of fees and charges in relation to remaining balances
    4. your Credit limit can no longer be increased or decreased.
  3. In addition, there will also be changes to:
    1. your available balance, which is now nil (and will not change despite payments)
    2. the ways to pay us
    3. the way you contact us
    4. the way to make complaints
    5. what you need to do if you are having trouble paying
    6. what information we’ll collect and ask for, what we’ll use if for, who we can share it with, what information we can tell credit reporting agencies about you, and what they’ll do with that information.
  4. The full details of these changes, and all of the other changes resulting from the new terms and conditions, can be found in the terms and conditions.
  5. A summary of changes to the terms & conditions can be downloaded here

MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated.

2016 changes to SmartGuard credit card repayment insurance

From 1 December 2016, there will be a reduction in the premium you pay for SmartGuard. Here’s what’s changing:

1. Your premiums: Your premiums will reduce. Currently, you are paying 78c for every $100 (pro-rated) on the amount you owe on your account. Your new premium charge will be 74c for every $100 (pro-rated) that you owe.

2. Your policy document: The policy document has been updated to reflect the new premium charge. A copy of the policy document can be found  here.

Important things to note 

While your premium and policy document are changing, your benefits, level of cover and who is covered will not be changing. Your SmartGuard cover will end if you choose to cancel it or once you’ve paid off what you owe on your account and your account is closed.

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