Why consider an Instalment Plan?
Instalment Plans are available to help you to manage your credit card repayments – from new purchases to balances already on your statement. You can turn larger amounts into smaller monthly repayments at a lower interest rate than your standard interest rate. It’s a practical way to manage repayments and plan ahead.
Easy Application
Turn payments into Instalments with no extra paperwork or credit checks.
Predictable
Fixed monthly repayments make it easier to take control of your expenses and know what’s coming.
Flexible
No early repayment fees if you cancel or pay off your plan early.
Keep your Interest Free Days
To keep your interest-free period, pay the Interest Free Days Payment from your last statement by the due date. Instalment amounts not yet due don’t need to be paid.
Your Instalment Plan options{yellow-border}
Find what works best for you {sub-heading}
Statement Instalment Plan
Keep things manageable
Split a portion of your statement into fixed monthly repayments that work for you, and pay it off over a set term.
Take control of your repayments
Convert from $500 – it’s flexible, simple and helps you stay on top of things.
Transaction Instalment Plan
Buy now, pay it off over time
After you transact, convert eligible purchases of $50 or more into an Instalment Plan.
Great for life’s bigger spends
From home updates to everyday treats, spread out your payments without the stress.
How you can use Instalment Plans{yellow-border}
Car expenses
Cover repayments for car registration or servicing month by month, instead of one big hit.
Holiday bookings
Lock in flights or accommodation now and pace the repayments over a set time frame.
Unexpected costs
Cover surprise expenses such as home fixes or vet bills with repayments scheduled over a set term.
Paying off your Instalment Plan{yellow-border}
Your Instalment Plan repayment appears on your monthly statement and is included in your Minimum Payment Due for your account.
To pay your monthly Instalment, just make a repayment to your account. The amount you pay will be used to pay off your Instalment first and then other balance types due.
Please note: opening an Instalment Plan means that payments may be applied in a different order.2
Frequently Asked Questions{yellow-border}
What is an Instalment Plan?
An Instalment Plan allows you to make your repayments in monthly instalments at a fixed rate over a set term. You can use an Instalment Plan in two ways:
- (a) Statement Instalment Plan – Convert retail purchases from your current statement. A minimum conversion of $500 applies. Excludes fees and charges, Balance Transfers, Cash Advances and existing Instalment Plans.
- (b) Transaction Instalment Plan – Convert unbilled retail purchases of $50 or more into an Instalment Plan. Repay in monthly instalments at a fixed rate over a set term.
Is the Instalment Plan amount part of my existing credit card limit?
Can I have more than one Instalment Plan?
Is there an Instalment Plan fee?
How do I make the monthly instalment repayment?
How does my Instalment Plan appear on my statement?
Do I keep my interest free period with an Instalment Plan?
What happens if I fail to make a monthly instalment repayment by the Payment Due Date?
If you fail to pay the Minimum Payment Due or any other amount by its Payment Due Date:
- (i) We charge interest on any unpaid Instalment, Instalment Fee or Initial Interest Charge component (and any interest calculated on any of them, and any interest on that interest) from the day after the Payment Due Date. It will be calculated using the daily retail rate and the Daily Calculation Method until they are repaid in full.
- (ii) We may also cancel the Instalment Plan. We will tell you if an Instalment amount is overdue before we cancel the Instalment Plan(s).