Credit Card Insurance

Credit cards are great when you want to spend, but if you lose your job, are unable to work or pass away, this is when credit card insurance can help.

Why take out credit card insurance?

Don’t miss out on a bargain

If one of your eligible purchases drops in price within 6 months at the same store, we’ll refund the difference1.

Repair, refund, replace

We'll cover the cost of any eligible purchases that are lost, stolen or damaged within 6 months of purchase (excludes Gem CreditLine)1.

Can’t pay? Don’t stress

We’ll be there to help if you find yourself unemployed or seriously ill, up to $50001.

If your card is reported stolen

We'll pay $200 to your account just for the inconvenience (excludes Gem CreditLine)1.

1 Terms, conditions and some exclusion apply. See the Product Information Brochure and Policy for the respective cards below for full details, including details of limits that apply to the cover. The insurance is issued by Hallmark Life Insurance Company Ltd. and Hallmark General Insurance Company Ltd. (incorporated in Australia and operating in New Zealand).

Protecting yourself is easy

New Customers

Add Shopper’s Protection Insurance when you
apply for your Gem Visa online.

Existing Customers

Add credit card insurance to your account online
or call us on 0800 500 505.

Gem Visa Gem CeditLine

Onecard Visa – call us on 0800 500 505.

Need to make a claim?

Call us on 0800 220 999 Mon - Fri 10:30am to 7:00pm. Or simply make a claim online today

The Insurers

Insurance is issued by Hallmark Life Insurance Company Ltd. (Hallmark Life) and Hallmark General Insurance Company Ltd. (Hallmark General), (incorporated in Australia and operating in New Zealand).

Hallmark Life and Hallmark General have both received Insurer Financial Strength Ratings of ‘BBB+’ from Standard & Poors.

'AAA' An insurer rated 'AAA' has extremely strong financial security characteristics. 'AAA' is the highest insurer financial strength rating assigned by S&P Global Ratings.
'AA' An insurer rated 'AA' has very strong financial security characteristics, differing only slightly from those rated higher.
'A' An insurer rated 'A' has strong financial security characteristics but is somewhat more likely to be affected by adverse business conditions than are insurers with higher ratings.
'BBB' An insurer rated 'BBB' has good financial security characteristics but is more likely to be affected by adverse business conditions than are higher-rated insurers.
'BB, B, CCC, and CC' An insurer rated 'BB' or lower is regarded as having vulnerable characteristics that may outweigh its strengths. 'BB' indicates the least degree of vulnerability within the range; 'CC' the highest.
'BB' An insurer rated 'BB' has marginal financial security characteristics. Positive attributes exist, but adverse business conditions could lead to insufficient ability to meet financial commitments.
'B' An insurer rated 'B' has weak financial security characteristics. Adverse business conditions will likely impair its ability to meet financial commitments.
'CCC' An insurer rated 'CCC' has very weak financial security characteristics and is dependent on favourable business conditions to meet financial commitments.
'CC' An insurer rated 'CC' has extremely weak financial security characteristics and is likely not to meet some of its financial commitments.
'R' An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favour one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations.
'SD or D' An insurer rated 'SD' (selective default) or 'D' is in default on one or more of its insurance policy obligations but is not under regulatory supervision that would involve a rating of 'R'.

The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action if payments on a policy obligation are at risk. A 'D' rating is assigned when S&P Global Ratings believes that the default will be a general default and that the obligor will fail to pay substantially all of its obligations in full in accordance with the policy terms.

An 'SD' rating is assigned when S&P Global Ratings believes that the insurer has selectively defaulted on a specific class of policies but it will continue to meet its payment obligations on other classes of obligations. An 'SD' includes the completion of a distressed exchange offer. Claim denials due to lack of coverage or other legally permitted defenses are not considered defaults.
'NR' An insurer designated 'NR' is not rated.

Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Refer to the Standard & Poor’s website for further details: www.standardandpoors.com.

Overseas Policyholder Preference

An overseas policyholder preference applies to Hallmark General. Under Australian law, if Hallmark General is wound up, assets in Australia must be applied to its Australian liabilities before they can be applied to overseas liabilities. To this extent, New Zealand policyholders may not be able to rely on Hallmark General’s Australian assets to satisfy New Zealand liabilities.

Both Hallmark Life and Hallmark General maintain solvency positions in excess of their current requirements or obligations. Refer to the tables below:

Hallmark General (as at 30 June 2017)

Prescribed Capital Amount (PCA)
NZ$ '000's
Capital Base
NZ$ '000's
Solvency Margin
NZ$ '000's
PCA Cover­age
29,201 108,868 79,667 3.73

Hallmark Life (as at 30 June 2017)

Prescribed Capital Amount (PCA)
NZ$ '000's
Capital Base
NZ$ '000's
Solvency Margin
NZ$ '000's
PCA Cover­age
Stat Fund 1:
809 15,049 14,240 18.60
Stat Fund 2:
282 4,673 4,391 16.58

NOTE: Hallmark Life and Hallmark General’s solvency calculations are based on APRA’s solvency requirements.

Didn't find what you were looking for?

Call our insurance specialists now on 0800 422 898
Mon - Fri, 8am-6pm
Weekends, 9am-5pm

Got a question ?

Email us at: gem.nz@gemfinance.co.nz

Frequently Asked Questions

Policy details

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