Frequently asked questions
What is an Instalment Plan?
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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 three ways:
- a) Statement Instalment – 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 – Convert unbilled retail purchases of $50 or more into an Instalment Plan.
- c) Cash Instalment – Allows you to access cash from $500 or more within your available credit limit. Repay in Monthly Instalments at a fixed rate over a set term.
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Is the Instalment Plan amount part of my existing credit card limit?
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The Instalment Plan uses part of your existing credit limit, your credit limit doesn’t change. As you pay off your Instalment Plan amount/s, the amount/s you pay off will become available for you to use again as part of your credit limit and will be subject to the standard Annual Percentage Rates applicable on your account.
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Can I have more than one Instalment Plan?
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Yes. You can have more than one Instalment Plan as long as each request is within your available credit limit. However, if you have an outstanding balance we will limit the Instalment Plan amount to only your available credit limit amount and you will not be able to request up to 100% of your credit limit until your outstanding balance is paid.
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Is there an Instalment Plan fee?
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We may charge an Instalment Plan fee and the details will be specified in the offer that we send you.
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How do I make the Monthly Instalment repayment?
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Your Monthly Instalment repayment will appear on your statement and is included in your Payment Due amount each month.
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How does my Instalment Plan appear on my statement?
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An additional section is added to your statement called Fixed Payment Option Summary, which will outline the details of your Instalment Plan(s).
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Do I keep my interest free period with an Instalment Plan?
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The interest free period applies when you pay your full closing balance from your last statement by the Payment Due Date (excluding any Instalment Plan balance which isn’t due for payment by that Payment Due Date). No interest free period is available on Cash Advances or Balance Transfers. Whilst you have a Balance Transfer you will be charged interest on your daily unpaid balance.
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What happens if I fail to make a Monthly Instalment repayment by the Payment Due Date?
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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).
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Can I change the term of my Instalment Plan?
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Yes, you can choose to change the term of your Instalment Plan if you wish to however this will change your Monthly Instalment repayment amount. Simply contact us on 1300 669 648.
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Can I cancel my Instalment Plan anytime?
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You can pay off your Instalment Plan at any time without early repayment fees. Simply contact us on 1300 669 648.
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