With BOQ Instalment Plans, you can break your purchases into manageable monthly instalments over a set term from 1-5 years.1
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 minimum payment due or any other amount by its payment due date:
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.
You can pay off your Instalment Plan at any time without early repayment fees. Simply contact us on 1300 669 648.
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 (for example – your account is not in default, suspended or closed). 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.
If you fail to pay the Minimum Payment Due or any other amount by its payment due date, 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. We may also cancel the Instalment Plan. We will tell you if an instalment amount is overdue before we cancel the Instalment Plan(s).
For the full terms and conditions of your Fixed Payment Option, please refer to the Credit Card Terms and Conditions and Other Important Information.