How much you owe. That's the closing balance, which you can repay in full.
The due date. That's the date you need to pay off the balance before you get charged interest.
The minimum payment amount. That's the minimum you need to repay. You can make a part payment that is bigger than the minimum amount.
A part payment is more than the minimum payment but less than the full closing balance.
Finder survey: How stressed are Australians of different ages about their credit card debt?
Response
Gen Z
Gen Y
Gen X
Baby Boomers
Somewhat stressed
39.33%
26.9%
26.32%
9.66%
I don't have credit card debt
34.83%
25.27%
27.3%
37.5%
Not at all stressed
23.6%
38.32%
39.14%
51.7%
Extremely stressed
2.25%
9.51%
7.24%
1.14%
Source: Finder survey by Pure Profile of 1113 Australians, December 2023
How do I pay off part of my credit card balance?
To make a part payment on your account, choose the amount you want to pay off your card and then use one of the repayment methods listed on your credit card statement. For example, BPAY or direct transfer from a bank account.
You can make a part payment once, before the due date listed on your statement, or make several part payments throughout the month.
Can I pay off my credit card bill with another credit card?
The short answer is no: you can't use one credit card to pay for another. But this depends on the card and the payment method. You might be able to use BPAY to pay your credit card bill using another card.
But most card companies consider this a cash advance. Which means you'll get charged a really high interest rate right away. It's a really bad idea.
There is another option: a balance transfer. This involves taking out a new credit card, applying for a balance transfer, and then paying off the outstanding credit card balance with the new card.
Balance transfer offers give you a period of 0% or low interest to help you repay the balance on the new card.
Is paying my credit card bill in part a good idea?
Making part payments can be useful if you can't afford to pay off your entire balance at once.
You will get charged interest. And the longer you take to pay off a credit card balance, the more the interest charges cost you.
But making part payments is still better than just paying the minimum amount due on your statement. As credit card interest is charged daily, making more frequent payments will help you reduce your balance and interest charges for the next billing period.
Example: How a part payment could help you pay off your credit card
You have a $5,000 balance on a credit card with a 19.99% p.a. interest rate and a minimum payment amount of $150 or 3% of the balance (whichever is greater). You can't afford to pay it all off in one go.
If you only made minimum payments, it would take you around 4 years and 2 months to clear the balance. You'd also pay around $2,357 in interest charges.
But if you made a bigger part payment of $400 per month, it would take you about 2 years and 3 months to pay off the balance and cost you around $653 in interest. This would save you around 1 year and 11 months and $1,704 in interest charges.
How can I save on interest charges while making part payments?
There are a few tips and strategies you can use if you want to keep credit card interest to a minimum while you pay off the balance. These include:
Paying as much as you can off the balance. Even if you can't pay the full balance on your credit card, paying the highest amount that's affordable for you will help you reduce the debt and save on interest as a result. You can use a credit card repayment calculator to see how much different part payments will help you save.
Consolidating your accounts. If you have more than one credit card, consolidating them into one account could help you save on both fees and interest charges. You can learn more about debt consolidation options in this guide.
Setting up an instalment plan. Some credit cards may offer a promotional low or 0% interest rate if you set up an instalment plan for your balance. You can see if this option is available by logging in to your credit card account or by calling the number on your card or account statement.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 553 Finder guides across topics including:
Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio
Amy's expertise
Amy has written 579 Finder guides across topics including:
Find out how you can enjoy the luxury and services of airport lounges all around the world with a credit card that offers complimentary airport lounge access.
When you apply for a credit card online, you could receive a response within 60 seconds. Find out how you to find a card that you're eligible for and increase your chances of approval.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
