Interest Free Finance

WHAT ARE INTEREST- FREE PURCHASES AND HOW DO THEY WORK?

Once Credit has now made in possible for you to buy the jewellery you truly deserve interest free*, and pay off your purchase over time.

A Once line of credit allows you to borrow an amount of money for a purchase without accruing interest. No interest is payable on the amount of the purchase during the interest-free period and if the balance is paid off in full before the interest free period ends, you won’t pay any interest on the purchase at all. You can also re-use your account for other interest-free purchases in store or online at participating Once Credit merchants.

To finance your next RB Diamond purchase, simply apply for interest-free finance in-store or apply via the online at https://www.skyecard.com.au/

CAN I APPLY?

You can apply if you are:

  • 18 years of age or over at the time of application
  • Currently employed and earning at least $30,000 gross p.a.
  • A permanent Australian resident
  • Not a discharged or current bankrupt
  • No current Credit Defaults or outstanding Writs or Summons

 

WHAT IS THE MINIMUM PURCHASES REQUIRED?

  • For 22K and 24K Gold Jewellery:
    • Minimum purchase is $500.00  Interest free days = 6 months.
  • For Diamond Studded Jewellery:
    • Minimum Purchase $500.00 for Interest free days upto 6 months
    • Minimum Purchase $2000.00 for Interest free days upto 12 months
    • Minimum Purchase $3000.00 for Interest free days upto 18 months
    • Minimum purchase $4000.00 for  Interest free days upto 24 Months.
    • Minimum purchase $5000.00 to get interest free days upto 36 months

 

HOW MUCH CAN I BORROW?

Finance is usually available for amounts up to $20,000 for in-store purchases (subject to lending criteria).

ARE THERE ANY FEES AND CHARGES?

There is a $99 Annual Fee charged on the account open date and annually on the anniversary of the account open date. The Interest Rate (currently 22.99pa as at March 2017, subject to change) is applicable after the interest free term expires

Other fees and charges may apply as set out in the contract.

WHAT HAPPENS ONCE MY APPLICATION IS APPROVED?

When your account has been approved, you will receive a welcome pack and, if eligible, you will be issued a complimentary Once Visa Debit card. The Once Visa card provides access to your funds so you can shop online, overseas or over the phone. You can also withdraw cash from your account at any ATM or via EFTPOS. No ATM withdrawal fee will apply if you use the rediATM network.

WHEN DOES MY INTEREST FREE PERIOD START?

The interest free period starts from the date the account is established.

WHEN IS MY FIRST PAYMENT DUE?

The first repayment is due one (1) month after the documents are settled by Once Credit unless there is a payment deferred period. If there is a payment deferred period, the first repayment is due at the end of the deferred period.

WHAT IS ANNUAL PERCENTAGE RATE?

The applicable Annual Percentage Rate (APR) will be specified in the Credit Offer. This is the rate that will be charged for Visa transactions and purchases using the Once Visa card, as well as cash advances and withdrawals. After the interest free period expires, interest will be payable on any outstanding balance at the APR.

WHAT IS THE MINIMUM REPAYMENT REQUIRED?

The minimum monthly repayment (MMP) is equal to 3% of the outstanding balance of the account or $30.00 whichever is greater. E.g. If the outstanding balance is $5,000, then the MMP is $150. You will receive a monthly statement setting out the amount and repayment date.

HOW CAN I MAKE A REPAYMENT? CAN I MAKE EXTRA REPAYMENTS?

Repayments can be made by Direct Debit from their nominated bank account weekly, fortnightly or monthly at no charge. Alternatively, payments can be made via BPAY, POSTbillpay or by cheque. A non-direct debit fee of $2.50 applies per transaction.

Yes you can make extra repayments at any time.

CAN I PAYOUT THE LOAN AT ANYTIME? WHAT HAPPENS AFTER THE ACCOUNT IS SETTLED?

Yes, no penalties apply for early termination of the account. Upon settlement of the account, you will receive a welcome letter followed by a Once 55 Day Visa card and PIN within 7-10 days.

 

HOW OFTEN WILL I GET MY STATEMENT?

A statement will be issued to you on a monthly basis approximately two weeks prior to the payment due date. You may receive your statement by email if you prefer.

 

HOW CAN I OBTAIN A CREDIT LIMIT INCREASE?

Call Once on 136623, Monday to Sunday, from 9:00am to 7:00pm (Sydney time) to request a limit review.

 

CAN I VIEW OR ACCESS MY ACCOUNT ONLINE?

Yes. You can manage your Once Line of Credit 24/7 by logging into Once Online Access using your Customer Number and the Password that you selected during the application process. You can view transaction details, account balances, your available credit, and make BPAY or EFT payments.


Visit https://www.skyecard.com.au/ to find out more about Once Credit.