Ideal for large and seasonal purchases, this lets you convert credit card purchases on your current statement balance into a single Instalment Plan at a personalised fixed rate.
From home essentials to luxury goods and wellbeing packages, break big eligible purchases on your credit card into smaller payments at a personalised fixed rate over a set term.
For big or unplanned expenses, access $500 or more within your available credit limit at a fixed rate and pay it down over a set term.
Having a consistent repayment amount of your Instalment Plan will help you work out your budget.
You can have multiple Instalment Plans on one credit card as long as each request is within your available credit limit.
You can still enjoy interest-free days on your other purchases made outside the Instalment Plan as long as you continue to pay off your closing balance for the purchases in full each month.
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:
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.
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.
We may charge an Instalment Plan fee and the details will be specified in the offer that we send you.
Your Monthly Instalment repayment will appear on your statement and is included in your Payment Due amount each month.
An additional section is added to your statement called Fixed Payment Option Summary, which will outline the details of your Instalment Plan(s).
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.
If you fail to pay the Monthly Instalment by the payment due date and you are a credit card account holder:
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.
You can pay off your Instalment Plan at any time without early repayment fees. Simply contact us.
1BOQ Instalment Plans are defined in the Credit Card Terms and Conditions as a Fixed Payment Option. Fixed Payment Option offers are subject to eligibility and only available if your account is and remains in good standing. Your Fixed Payment Option uses part of your existing credit limit. As you pay off your Fixed Payment Option, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account. For the full terms and conditions of your Fixed Payment Option, please refer to the Credit Card Terms and Conditions and Other Important Information.
2If you carry a balance on your credit card from month to month (exclusive of the Instalment Plan amount), the interest free period does not apply and you are charged interest from the purchase date. No interest free period is available on Cash Advances or when you have Balance Transfers.
Citigroup Pty Ltd ABN 88 004 325 080, AFSL No. 238098, Australian credit licence 238098 (Citigroup) is the credit provider and issuer of BOQ Credit Cards (Credit Cards). Bank of Queensland Limited ABN 32 009 656 740 (BOQ) AFSL distributes the Credit Cards under an agreement with Citigroup. BOQ does not and will not guarantee or otherwise support Citigroup's obligations under the contracts or agreements connected with the Credit Cards. The words "we", "us" or "our" will generally be read as a reference to Citigroup, but if the context requires these words to refer to BOQ, they will refer to BOQ undertaking relevant actions or making relevant decisions for or on behalf of Citigroup.