Credit card instalment plans: Split your bills, ease your wallet, and keep the fun rolling

Pay off purchases at your own pace with an instalment plan credit card. You don't need buy now, pay later with one of these cards.

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Product AUCCF Purchase rate p.a. Balance transfer rate p.a. Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Finder Award
Virgin Australia Velocity Flyer Card - Balance Transfer Offer image
Purchase rate p.a.
20.74%
0% for 24 months with 1% balance transfer fee, then 20.99%
Annual fee
$149
Get 0% p.a. on balance transfers for 24 months (with 1% BT fee) and $129 Virgin Australia Gift Voucher.
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American Express Qantas Business Rewards Card
American Express Qantas Business Rewards Card image
Purchase rate p.a.
0%
Annual fee
$450
(ABN holders w/ $75k revenue). Earn 130,000 bonus Qantas Points when you spend $3,000 on eligible purchases in the first 2 months.
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Westpac Low Rate Card
Westpac Low Rate Card image
Purchase rate p.a.
13.74%
0% for 26 months with 2% balance transfer fee, then 21.99%
Annual fee
$59
Save with a 0% p.a. interest rate on balance transfers for 26 months (with a 2% BT fee). Plus, a low 13.74% p.a. purchase interest rate.
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American Express Explorer Credit Card
American Express Explorer Credit Card image
Purchase rate p.a.
23.99%
Annual fee
$395
Get 50,000 Membership Rewards Bonus Points and spend $4,000 on eligible purchases in the first 3 months.
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Qantas American Express Ultimate Card
Qantas American Express Ultimate Card image
Purchase rate p.a.
23.99%
Annual fee
$450
Get a yearly $450 Travel Credit and 50,000 bonus Qantas Points when you spend $3,000 on eligible purchases in the first 3 months.
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Westpac Low Rate Card - Cashback Offer
Westpac Low Rate Card - Cashback Offer image
Purchase rate p.a.
13.74%
Annual fee
$59
A no-frills card offering up to $350 cashback: $50 each month you make at least $1,000 of eligible purchases for the first 7 months.
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American Express Platinum Business Card
Finder Award
American Express Platinum Business Card image
Purchase rate p.a.
0%
Annual fee
$875 first year ($1,750 after)
ABN holders w/ $75,000 revenue. Get 250,000 Membership Rewards Bonus Points when you spend $12,000 on eligible purchases in the first 3 months. Plus, a first-year annual fee discount.
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Kogan Money Card – Exclusive Offer
Exclusive
Kogan Money Card – Exclusive Offer image
Purchase rate p.a.
9.99% for 18 months, then 21.99%
0% for 18 months with 1% balance transfer fee, then 22.74%
Annual fee
$0
Save with 0% p.a. interest on balance transfers (with a 1% BT fee) and 9.99% p.a. on purchases, both for 18 months, plus, an ongoing $0 annual fee.
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Coles No Annual Fee Mastercard
Coles No Annual Fee Mastercard image
Purchase rate p.a.
20.74%
Annual fee
$0
Get 10,000 bonus Flybuys points (worth $50 Flybuys dollars) when you spend $3,000 on eligible purchases in the first 3 months.
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American Express Business Gold Plus Card
American Express Business Gold Plus Card image
Purchase rate p.a.
0%
Annual fee
$395
ABN holders w/ $75,000 revenue. Get 150,000 Membership Rewards Bonus Points when you spend $5,000 within the first 3 months. Plus, earn up to 3 points per $1 spent at Xero, Google Ads, Meta, Amazon Web Services and Dell.
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American Express Velocity Escape Plus Card
American Express Velocity Escape Plus Card image
Purchase rate p.a.
23.99%
Annual fee
$95
Get 20,000 bonus Velocity Points when you meet the spend requirement, receive $50 statement credit and earn up to 1.75 Velocity Points per $1 spent.
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Westpac Altitude Qantas Black
Westpac Altitude Qantas Black image
Purchase rate p.a.
20.99%
Annual fee
$370
Up to 120,000 bonus Qantas Points (90,000 points in year 1 when you spend $6,000 in the first 120 days & 30,000 points after the first spend in year 2).
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St.George Amplify Signature
St.George Amplify Signature image
Purchase rate p.a.
20.99%
Annual fee
$199 first year ($295 after)
150,000 bonus Amplify Points (worth $675 in gift cards) when you spend $12,000 in the first 12 months. Plus, a first-year annual fee discount.
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Westpac Altitude Rewards Black
Westpac Altitude Rewards Black image
Purchase rate p.a.
20.99%
Annual fee
$200 first year ($295 after)
Earn up to 150,000 bonus Altitude Rewards Points (100,000 points in year 1 when you spend $6,000 in the first 120 days and 50,000 in year 2).
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Westpac Altitude Platinum Card
Westpac Altitude Platinum Card image
Purchase rate p.a.
20.99%
Annual fee
$99 first year ($175 after)
Up to 120,000 bonus Altitude Points (90,000 points in year 1 when you spend $3,000 in the first 90 days & 30,000 points after the first spend in year 2).
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American Express Velocity Platinum Card
American Express Velocity Platinum Card image
Purchase rate p.a.
23.99%
Annual fee
$440
Enjoy 60,000 bonus Velocity Points, up to 100 bonus Status Credits and up to 2.25 Velocity Points per $1 spent. Plus, a return domestic flight each year.
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Latitude 28° Global Platinum Mastercard - Rewards Offer
Latitude 28° Global Platinum Mastercard - Rewards Offer image
Purchase rate p.a.
27.99%
Annual fee
$96
Get $200 bonus Latitude Rewards when you spend $2,000 or more on eligible transactions every statement period in the first 3 months from approval. Offer ends 31 December 2024.
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St.George Vertigo Card - Cashback Offer
St.George Vertigo Card - Cashback Offer image
Purchase rate p.a.
13.99%
6.99% for 12 months, then 21.99%
Annual fee
$55
Get up to $500 cashback at eligible supermarkets and petrol stations in the first 180 days. Plus, a low interest rate for purchases.
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ANZ Rewards Black Credit Card
Finder Award
ANZ Rewards Black Credit Card image
Purchase rate p.a.
20.99%
21.99%
Annual fee
$375
Get 180,000 bonus ANZ Reward Points (worth $800+ in digital gift cards) and $150 back when you spend $3,000 in the first 3 months.
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ANZ Low Rate - Credit Back Offer
ANZ Low Rate - Credit Back Offer image
Purchase rate p.a.
13.74%
21.99%
Annual fee
$58
Get $250 back on your card when you spend $1,500 on eligible purchases in the first 3 months.
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What is a credit card instalment plan?

An instalment plan gives you a structured way to pay off what you owe in equal amounts, over a fixed period of time. This structure is common with buy now pay later (BNPL) services and is also offered on some credit cards as a way to help you plan for repayments.

Most credit card instalment plans also offer lower interest rates than the card's standard purchase rate, which means you could save on interest as well.

How do credit card instalment plans work?

Credit card instalment plans usually need to be set up or requested through Internet banking or your credit card's mobile app. Once you've done that, you'll pay a fixed amount off the balance when a payment is due – instead of paying some or all of your balance at the end of a statement period.

Depending on the credit card, you could set up an instalment plan for your entire account balance, part of your balance or for specific purchases. For example, if you have a Westpac credit card, you could use the SmartPlan service to set up an instalment plan for either a large purchase (over $500) or for a portion of your outstanding purchase, cash advance or balance transfer balance that’s worth more than $200.

What types of credit card instalment plans are available?

While some providers offer instalment plans for any credit card, others offer this type of repayment option for specific purchases at participating retailers. You can use this table to compare the types of instalment plans available through different credit card companies and cards.

Credit card companyEligible cardsSummary of instalment plan options
American ExpressAll American Express cards (except corporate or small business and charge cards)American Express Plan It:

  • Set up interest-free instalment plans through your online account or through the Amex App to repay new purchases over a set period of time, with a fixed monthly fee and terms over 3, 6 and 12 months.
  • Available for purchase balances of at least $150 or more listed on your most recent statement and check how much the monthly repayments are – including the monthly fee – before you commit to the plan.
  • Payment details vary based on factors including the repayment term, the card you have and the balance you want to pay off.
ANZPersonal ANZ cards
  • ANZ Instalment Plans can be set up through the the ANZ app and offer 0% interest on eligible purchases, with payment terms over 3, 6 and 12 months.
  • A set up fee applies based in the term you choose, which is calculated based on the purchase balance you apply to have enrolled in an instalment plan:
    • 3 month term: 1.5%
    • 6 month term: 3.5%
    • 12 month term: 6.5%
  • ANZ Instalment Plans are also available for part of your balance for terms of 3, 6 or 12 months. These offers may have lower interest rates than the card's variable purchase rate.
  • Applications for ANZ Instalment plans are typically processed within 2 business days.
BankwestAll Bankwest credit cards
  • Bankwest Easy Instalments are available for eligible credit card purchases worth between $500 to $10,000.
  • Offers fixed monthly repayments with a reduced interest rate for the instalment balance.
  • Check offers for eligible purchases and apply for a plan through the Bankwest app or online banking. Bankwest will contact you within two days to let you know whether the plan is approved.
Bank of MelbourneAll personal Bank of Melbourne credit cards
  • Bank of Melbourne offers two different instalment plans:
    • Purchase Plan&Pay: A 0% interest instalment plan that you can set up to pay off new purchases over 3, 6 or 12 months. You can set up an instalment plan for any credit card purchase over $200 that you've made in the previous 30 days, with an upfront fee of 1% for a 3-month plan, 2% for 6-month plans and 4% for 12-month plans.
    • Balance Plan&Pay: Pay off part or all of your existing balance over a period between 3 to 36 months. With this option, an interest rate may apply and will be shown to you when you log in to your account.
CitiAll Citi credit cards (subject to offer and eligibility)
  • Citi cardholders may be offered the following types of Fixed Payment Options:
    • Citi PayLite: Offers fixed repayment terms between 1 and 5 years for unbilled retail purchases. A minimum spend of $50 applies for this option.
    • Citi FlexiBill: If you have already made retail purchases of at least $500, this offer gives you a way to convert them to a fixed monthly repayment plan, with terms between 1 to 5 years.
    • Citi Quick Cash: Activate this offer and withdraw at least $500 cash to get a reduced interest rate and fixed repayment term of between 1 to 5 years.
  • If you set up one of these instalment plans, you'll be able to pay off your balance in monthly instalments at a fixed rate, over a set period of time that works for you.
  • You can check if a Fixed Payment Option offer is available by logging in to your Citi account and clicking on the "Offers" section. Alternatively, call Citi on 13 24 84.
ColesAny Coles credit card (subject to offer and eligibility)
  • Coles credit cards offer three types of instalment plans, depending on the type of spending or balance:
    • Statement instalments: Convert retail purchases from your closing balance into a structured payment plan, with a minimum of $500.
    • Transaction instalments: Convert new purchases of $50 or more to a payment plan before it shows up on your statement.
    • Cash instalments: Access a minimum of $500 and up to 90% of your available credit limit as cash for bills, study or anything else you need and pay it off in instalments.
  • As these offers are subject to eligibility, log in to your Coles credit card account to see what's available for you or call Coles Mastercard on 1300 066 985.
CommBankAll Commonwealth Bank credit cards
  • CommBank SurePay offers three different instalment plan options:
    • Large purchase: You can set up a SurePay plan for any purchase worth over $100 that was made in the past 14 days.
    • Cash advance balance: If you have withdrawn cash from an ATM or made another cash advance worth at least $600, you can request a SurePay plan to repay it over a set period of time, in equal instalments.
    • Card balance: If you owe $600 or more on your CommBank credit card, you can set up a SurePay plan for the entire balance (not including any existing SurePay instalment plans, cash advances or balance transfers).
  • You can select the instalment plan option in NetBank or the CommBank app. You can also cancel a plan at any time, and the remaining amount owed will be added to your purchase balance or cash advance balance (depending on the SurePay plan you set up).
  • Repayment details and costs vary between plans and cards. You can check this information when you're setting up the plan, and will see details of the different repayment options on your monthly account statement.
  • Note that when you have a SurePay instalment plan set up, any repayments you make will be allocated in the following order: instalment plan repayment/s, cash advances (if applicable), purchases, then the following month's instalment repayment (if what you pay has covered everything else).
Latitude Financial ServicesGem Visa
Go Mastercard
  • Instalment interest-free plans available at participating retailers.
  • Minimum spend required and varies depending on offer.
  • Equal monthly payments.
  • 0% interest offers vary by retailer and are subject to approval. Offers may also vary by card.
  • Instalment plan lengths vary between promotions and are only available during specific promotional periods.
  • Interest rates and fees may apply if you do not meet repayment requirements.
hummhumm90 Mastercard
  • Purchases of more than $250 can be converted to a humm90WRAP instalment plan, which offers interest-free, fixed repayments over 9, 12 or 15 months.
  • humm90WRAP instalment plans are subject to approval and attract an establishment fee that is calculated as a percentage of the purchase.
  • Exclusive instalment plan offers are also available at selected retail partners.
  • An expired promotional rate of 26.49% p.a. applies if you don't meet the repayments.
St.GeorgeAll personal St.George credit cardsSt.George Plan&Pay offers two interest instalment plans:

  • Purchase Plan&Pay: Available for purchases over $200 made in the last 30 days, with 3-, 6- or 12-month plans. There is no interest for the plans but you'll pay an upfront fee of 1% for a 3-month plan, 2% for 6-month plans and 4% for 12-month plans.
  • Balance Plan&Pay: Available for some or all or your existing credit card balance. The terms and rates for these offers vary, so you need to log in to Internet or Mobile banking to see current options.
Virgin MoneyAll Virgin Money credit cards
  • Virgin Money Fixed Payment Options are available for unbilled retail purchases of $500 or more, with a reduced interest rate and terms between 1 to 3 years.
  • You can also get a Fixed Payment Option for cash by requesting a cheque of at least $500. These funds are deducted from your available credit limit. You can then pay off the cheque amount at a reduced interest rate for a term of between 1 and 3 years.
  • You can see if you're eligible for a Fixed Payment Option by logging in to your Virgin Money account, selecting "Rewards and Offers" and then clicking through to "My Offers".
WestpacAll Westpac credit cards
  • Large Purchase SmartPlan: You can set up a Large Purchase SmartPlan for any single purchase worth $500 or more as long as you made the purchase in the past 30 days. Reduced interest rates may also be available.
  • Credit Card Balance SmartPlan: You can set up instalments for any purchase, cash advance or balance transfer balance worth more than $200. Reduced interest rates may also be available.

Pros and cons of instalment repayments

Pros

  • Structured repayments. You’ll pay the same amount off your card each month.
  • Easier to budget. Instalment repayments are always worth the same amount, which can make it easier for you to work out your budget.
  • Account benefits. Depending on the card you get, you may be able to enjoy benefits such as discounted interest rates or debt-tracking tools.
Cons

  • Less flexibility. If you want the convenience of being able to pay a smaller amount off your card, an instalment plan may not be ideal.
  • Different interest charges. If your instalment plan only covers part of your card balance, different interest charges may apply to some of your debt. This could make it harder to budget for these costs.
  • Additional fees. Some instalment plans may apply establishment fees or penalty charges if you miss a payment.

Example: Paying off credit card debt with an instalment plan

To give you an idea of how credit card instalment plans work, let's say we have just used a credit card to pay for a $3,000 holiday package. We can’t afford to pay this off in one go, so we decided to set up an instalment plan to help budget for the repayments.

In this scenario, we're given three different instalment terms to choose from, each showing how much the fixed repayments will be worth:

  • 6 months with repayments of $500 per month
  • 9 months with repayments of $333.33 per month
  • 12 months with repayments of $250 per month

In this case, all of the instalment options offer 0% interest on the debt as long as we meet the repayment terms. So, if we knew we could afford to put $250 per month towards this trip, we would choose that option.

As most credit card instalment plans can be cancelled early without extra fees, we would also have the option of paying it off sooner if we found we could afford it.

What else do I need to know about credit cards with instalment plans?

Keep these features in mind to decide if a credit card that offers instalment plans will work for you:

  • Annual fee. Remember to weigh the credit card’s annual fee against its benefits to decide if the account will be worth it for you.
  • Interest rates. Make sure you check all the interest rates charged by the card, keeping in mind that some instalment plans may offer 0% interest for a fixed period of time before a higher rate applies. Also remember that interest may still be charged on any other balance that’s not included in the instalment plan.
  • Additional fees. Depending on the card, fees for late payments, missed payments or for establishing an instalment plan may apply.
  • Payment requirements. If you set up an instalment plan, you’ll need to make repayments at the specified rate for that plan. But if you have a balance that’s not included in your instalment plan, you may need to pay more than the fixed amount in order to cover your account’s minimum repayment requirements. So carefully read through the details of each balance and check your statement to make sure you know exactly how much you need to pay by the due date.
  • Eligible balances. Credit card instalment plans may only be available for specific types of payments or balances, such as individual purchases over $500 or balance transfer balances. This could mean not all of the balance on your credit card is included in the instalment plan. So remember to check what debts will be eligible for instalment repayments and decide whether this option will work for you.
  • Cancelling instalment plans. Each credit card that offers instalment plans will have different terms and conditions around cancelling the plan. Usually, repaying it before the end of the plan is fine. Some plans, such as Westpac’s SmartPlan, also allow you to cancel instalments at any time without additional charges.

What other repayment options can I consider?

As well as instalment plans, you could choose to pay off your credit card debt using one of the following options:

  • Regular repayments. Regular credit card repayments are due at the end of your statement period and usually require a minimum of 2-3% of your closing balance. This gives you the flexibility to vary how much you repay based on your financial needs.
  • Automatic payments. Most cards offer automatic repayments similar to direct debits. Depending on the credit card, you could choose to have the minimum amount, the total owed or a dollar amount of your choosing automatically deducted from your nominated bank account.
  • Balance transfers. If you already owe a lot on your credit card and are worried about interest costs, another option is to get a balance transfer credit card that offers a promotional 0% interest rate during the introductory period. Just remember that you’ll have to budget for repayments yourself, rather than relying on an instalment plan or the minimum repayment amount. Otherwise, a higher rate will apply to the balance at the end of the introductory period.
  • Personal loans. Personal loans usually offer structured repayment plans that allow you to pay off your debt over a fixed term. This is similar to a credit card instalment plan, except that your personal loan will be closed when you have paid it in full, while your credit card account remains open until you choose to cancel it. Still, you may want to consider this option if you already owe a lot on your card and want more structure for paying off the debt.

Getting a credit card that offers instalment plans gives you another way to structure your repayments and manage your budget. Just remember to consider the requirements of the instalment plan carefully before you apply and weigh up other repayment options so that you can find one that suits your needs.

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Amy Bradney-George's headshot
Editor

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 565 Finder guides across topics including:
  • Credit cards
  • Frequent flyer
  • Credit score
  • BNPL
  • Money management
  • Sustainability
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