Credit cards with instalment plans

Credit card instalment plans let you convert eligible purchases to a fixed repayment plan, helping you take control of your finances.

By   |   Verified by David Boyd   |   Updated 4th July 2022

Comparing credit cards with instalment plans

Bankwest Zero Platinum Mastercard

On Bankwest's website

Balance transfer

34 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • No annual fee.
  • 0% p.a. for 34 months on balances transferred (2% balance transfer fee applies). Reverts to 14.99% p.a. thereafter.
  • No foreign transaction fees and complimentary international credit card travel insurance.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • No annual fee to pay — ever.
  • Very long interest-free balance transfer offer.
  • No fees on purchases in a foreign currency.
  • Complimentary international travel insurance.

Cons

  • There is a 2% fee on balance transfers.
  • You can't earn rewards points.
American Express Qantas Ultimate Credit Card

On American Express' website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$450.00 p.a. ongoing

Highlights

  • Receive up to 100,000 bonus Qantas Points. That’s 75,000 bonus Qantas Points when you apply online by 23 August 2022, are approved, and spend $3,000 on your new Card within the first 3 months. Plus, an additional 25,000 bonus Qantas Points in your second year upon fee renewal. T&Cs apply. New Card Members only.
  • Earn 1.25 Qantas Points for every $1 spent on card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
  • Get 2 complimentary Qantas Club lounge invitations each year.

Pros

  • Earn up to 100,000 bonus Qantas Points when you meet the criteria.
  • Excellent earn rates on everyday spend. Earns points on payments to the ATO.
  • Access to the American Express Lounge Sydney and Melbourne airport after your first card spend on the card for Qantas products and services each anniversary year.
  • 2 complimentary Qantas Club lounge invitations each year.
  • $450 Qantas Travel Credit each year (conditions apply).
  • Add cards for up to four family and friends at no cost.

Cons

  • The annual fee of $450.
  • There is no concierge service, even though it's a high end card.
  • Balance transfers are not possible.
  • Transactions in a foreign currency attract a fee.
American Express Explorer Credit Card

On American Express' website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Receive 100,000 Bonus Membership Rewards Points when you apply online, are approved and spend $4,000 on your new Card within the first 3 months. T&Cs apply. New Amex Card Members only.
  • Receive a $400 Travel Credit each year towards any flights, hotels and car hire when you book online with this card.
  • Earn 2 Membership Rewards points per $1 spent on purchases except government bodies in Australia where you will earn 1 point per $1 spent (uncapped).

Pros

  • The 100,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • $400 travel credit every year.
  • Get 2 complimentary airport lounge passes per year.

Cons

  • The $395 p.a. annual fee.
Qantas American Express Discovery Credit Card

On American Express' website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn 0.75 Qantas Point for every $1 spent on Card purchases, except spend at government bodies in Australia where you will earn 0.5 Qantas Points per $1 spent.
  • Pay no annual card fee.
  • Up to 4 Additional Cards for family members or friends with no extra fee.

Pros

  • Ongoing $0 annual fee, a rarity among rewards credit cards.
  • Earn 0.75 Qantas points per $1 spent and 0.5 Qantas points per $1 for government spend.
  • No cap on the number of points you can earn.
  • Add up to 4 additional cards for family members or friends with no extra fee.
  • Complimentary Card Purchase Cover and Card Refund Cover.

Cons

  • There is a 3% foreign transaction fee.
  • Lacks complimentary travel insurance.
  • There is no access to a concierge service.
American Express Cashback Credit Card

On American Express' website

New offerApply by 27 July 2022

American Express Cashback Credit Card

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$120.00 p.a. ongoing

Highlights

  • Receive a $150 credit on your Card when you spend $200 or more at Amazon.com.au on your new Card within the first 3 months plus get a 5% Bonus Cashback within the first 3 months (up to $200) when you apply online by 27 July 2022 and are approved. T&Cs apply. New Amex Card Members only.
  • For every $ 1 spent, enjoy 1% cashback on all purchases excluding government bodies in Australia.
  • Enjoy Binge Basic subscription, valued at $10 per month.

Pros

  • Get a 5% Bonus Cashback and a $150 Credit when you meet the spend criteria.
  • Complimentary Smartphone Screen Cover.
  • Free monthly BINGE subscription valued at $10/month.

Cons

  • Purchase rate is at 20.74% p.a.
The American Express Essential Credit Card

On American Express' website

Balance transfer

N/A

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get $200 back when you apply, are approved and spend $1,500 on your card in your first 3 months of Card Membership. T&Cs apply. New Amex Card Members only.
  • 0% p.a. annual fee.
  • Earn 1.25 Membership Rewards Gateway points for every $1 spent on everyday purchases, utilities, insurance and telecommunications.

Pros

  • Get $200 back when you meet the criteria.
  • $0 p.a. annual fee with the ability to earn points on your everyday spend.
  • Membership Rewards points can be transferred to several airlines for greater choice when redeeming for flights.
  • Comes with up to $500 of Smartphone Screen Cover.
  • Low 14.99% p.a. on purchases and up to 55 days interest-free when you clear the previous balance.

Cons

  • Doesn't come with travel insurance.
  • No access to concierge services.
  • There is no introductory balance transfer offer.
The Low Rate Credit Card from American Express

On American Express' website

Balance transfer

N/A

Purchase rate

8.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Enjoy a low 8.99% p.a. interest rate on purchases.
  • $0 annual fee for as long as you have the card.
  • Up to 55 days interest free.

Pros

  • Low 8.99% p.a. interest rate on purchases and $0 annual fee.
  • Comes with Card Purchase Cover and Card Refund Cover.
  • Up to 55 days interest free.

Cons

  • There are no rewards program for this card.
Bankwest Breeze Platinum Mastercard

On Bankwest's website

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 15 months (0% BT fee, 9.90% p.a. thereafter).
  • 0% p.a. for 15 months on purchases (reverts to 9.90% p.a.)
  • First-year annual fee waiver. $69 p.a. thereafter.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • 0% p.a. on balance transfers for 15 months.
  • 0% p.a. for 15 months on purchases.
  • First-year annual fee waiver. $69 p.a. thereafter.
  • No foreign transaction fees.

Cons

  • There is no rewards program on this card.
St.George Vertigo Visa

On St.George's website

Offer extendedApply by 31 August 2022

St.George Vertigo Visa

Balance transfer

32 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% for 32 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Pros

  • 0% p.a. for 32 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 32 months.
  • There are no rewards program for this card.
Qantas Premier Platinum Credit Card

Apply by 29 September 2022

Qantas Premier Platinum Credit Card

Balance transfer

18 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$225.00 for 1st year

Highlights

  • Receive 80,000 bonus Qantas Points when spending $3,000 or more on eligible purchases within 3 months of approval.
  • Enjoy 0% on Balance Transfer for 18 months with a 1% Balance Transfer fee. Reverts to Cash Advance rate, thereafter. No interest-free days apply on retail purchases while you have a balance transfer.
  • Save with the reduced annual fee of $225 p.a. for the first year. Ongoing annual fee of $299 p.a. applies in the 2nd year.

Pros

  • The 80,000 bonus Qantas Points (Terms and Conditions apply).
  • 0% p.a. for 18 months on balance transfers.
  • Additional savings with the $225 first-year annual fee ($299 p.a. thereafter).
  • Comes with complimentary travel insurance.

Cons

  • There is a 1% balance transfer fee.
BankSA Vertigo Credit Card

On BankSA's website

Offer extendedApply by 31 December 2022

BankSA Vertigo Credit Card

Balance transfer

32 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% for 32 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Pros

  • 0% p.a. for 32 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 32 months.
  • There are no rewards program for this card.
Bank of Melbourne Vertigo Visa

On Bank of Melbourne's website

Offer extendedApply by 31 August 2022

Bank of Melbourne Vertigo Visa

Balance transfer

32 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% for 32 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Pros

  • 0% p.a. for 32 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • $0 first-year annual card fee ($55 p.a. thereafter).

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 32 months.
  • There are no rewards program for this card.
Bankwest Zero Mastercard

On Bankwest's website

Balance transfer

34 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Pay no annual fee as long as you hold the card.
  • 0% p.a. for 34 months on balances transferred (2% balance transfer fee applies). Reverts to 14.99% p.a. thereafter.
  • Up to 55 days interest-free on purchases.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • There is no annual fee for as long as you keep the card.
  • The current balance transfer offer is extremely competitive.
  • Interest on purchases is comparatively low.

Cons

  • Balance transfers incur a one-off fee.
  • You cannot earn credit card points.
Bankwest Breeze Mastercard

On Bankwest's website

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 15 months (0% BT fee, 9.90% p.a. thereafter).
  • 0% p.a. for 15 months on purchases (reverts to 9.90% p.a.)
  • First-year annual fee waiver. $49 p.a. thereafter.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • 0% p.a. on balance transfers for 15 months.
  • 0% p.a. for 15 months on purchases.
  • First-year annual fee waiver. $49 p.a. thereafter.

Cons

  • There are no rewards on this card.
American Express Qantas Premium Credit Card

On American Express' website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$249.00 p.a. ongoing

Highlights

  • Receive 30,000 bonus Qantas Points when you apply online, are approved and spend $3,000 in 3 months. New Amex Card Members only.
  • Relax with 2 complimentary Qantas Club invitations every year (conditions apply).
  • Complimentary domestic and international travel insurance.

Pros

  • 30,000 bonus Qantas points for signing up and hitting the spending target.
  • Earn points on your everyday spend. Also earns points at a reduced rate on government spend.
  • Give up to 4 of your friends and family a card — at no extra cost — to earn more points.
  • $450 Qantas Travel Credit, which is fairly easy to trigger with your first Qantas purchase each year.
  • Comes with complimentary card purchase cover and travel insurance.

Cons

  • There is an annual fee of $249.
  • The purchase rate is quite high, but can be avoided with responsible use.
  • No balance transfer facility.
American Express Velocity Escape Card

On American Express' website

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn Velocity Points and enjoy $0 annual card fee.
  • Velocity Points earned on your card are transferred directly to your Velocity account each month and can be redeemed for a range of rewards including flights, accommodation, car hire, gift cards and much more.
  • Earn 0.75 Velocity Points per $1 spent, except government bodies in Australia where you will earn 0.5 Velocity Points per $1 spent.

Pros

  • No annual fee, but still earn points.
  • Earn 1.75 Velocity Points per $1 spent on purchases with Virgin Australia.
  • Get 0.5 points per $1 when paying tax to the ATO using the card.
  • 55 days interest-free on purchases when the previous balance has been cleared in full.

Cons

  • Doesn't come with complimentary travel insurance.
  • No complimentary lounge access.
  • No access to the concierge service.
  • There is no balance transfer offer for this card.

Overview

You can use a credit card instalment plan to repay in fixed instalments over time, often with no interest.

Learn more about how they work, what you can use them for, and more.

What is a credit card instalment plan?

A credit card instalment plan operates like a personal loan, in that they are repaid over a fixed period of time of your choosing, e.g. 18 months. You do not have to apply for the credit card again in order to use a credit card's instalment plan, but you will have to request one to be set up for you.

When an instalment plan is in place, you'll typically make fixed repayments until repaid.

How do credit card instalment plans work?

Credit card instalment plans can be set up by contacting the bank's customer services or from within online banking. If this is the first time you have set up a plan, here's how to do it.

  1. Compare available plans. If you don't have a credit card yet, find one with an instalment plan that fits your needs best using the comparison table above. If you already have a card, log into its online banking and compare what options there are.
  2. Choose what you want. Depending on the credit card, you might be able to set up an instalment plan for part of your balance, the entire balance, or to cover the cost of a specific purchase. Choose the plan that aligns best with your needs.
  3. Request set up. You may need to request the bank to set up the plan if you can't do it yourself. This can be done from online banking or with customer service.
  4. Repayments begin. With a fixed payment plan, you will pay off a set amount each month for the duration of the plan. Some plans allow you to repay early or extend the term.

What credit card has the best instalment plan?

Since instalment plans vary widely between banks, there are a number of things to compare when deciding which is best for you.

  • Amount. Check that you can use an instalment plan for the amount you want. Different plans accept different minimum and maximum amounts.
  • Eligible purchases. Not all purchases are eligible to be repaid with an instalment plan. For example, it's generally not possible to move a balance transfer to an instalment plan.
  • Interest rate. The interest paid on an instalment plan should be cheaper than the ongoing rate charged on purchases.
  • Term. How long would you like to set up the instalment plan for? Available terms vary between banks and range from 3 months to as long as 5 years.
  • Flexibility. It's almost certain that your financial situation will change given enough time, so look for the ability to change the length of the plan, to cancel, or to repay early.
  • Fees. Compare what fees there are. Several plans charge an establishment fee, which can be a percentage of the amount. Some plans also charge a monthly account-keeping fee.

What can you use credit card instalment plans for?

There are several ways to use an instalment plan. These are the most common.

  • Repaying debt in a set period. Unlike credit cards where you can make minimum repayments and stay in debt for a long time, instalment plans are repaid over a fixed period much like a personal loan. The fixed nature of an instalment plan means you can tackle debt and budget more easily.
  • Financing a specific purchase. If you have made a large purchase — holiday, furniture, electronics, etc. — you could put it on a plan to spread the cost over time, but be assured that it will get repaid. Depending on the card, it might not be possible to convert purchases made before your most recent statement.

What banks offer credit card instalment plans?

  • American Express Plan It. Pay off $150 or more of purchases from your most recent statement with interest-free instalments over 3, 6, 9, or 12 months.
  • Bankwest Easy Instalment Plan. Available for eligible purchases between $100 and $10,000 from your most recent statement. Repay interest-free over four monthly instalments.
  • Bank of Queensland Instalment Plan. Set up a plan for $500 or more over 1 - 5 years. Rates are personalised.
  • Citi FlexiBill. Convert at least $500 of retail purchases from your latest statement.
  • Citi PayLite. For $50 or more of upcoming expenses yet to appear on your credit card statement.
  • Coles Instalment Plan. Convert a portion or all of your eligible purchases from you most recent statement into monthly repayments. $500 minimum.
  • CommBank SurePay. Available for specific purchases ($100+), some or all of your balance ($600+), or to pay off a cash advance ($600+). Up to 10 plans with no additional credit checks.
  • humm90WRAP. Available for purchases of $250 or more. Convert to an interest-free plan over 9, 12, or 15 months. An establishment fee applies.
  • Latitude Financial Services. Offers plans for minimum monthly payments with the option to pay extra (6 months+), fixed repayments so you always pay the same each month, or a flexible plan with the ability to make payments at any time.
  • Qantas Money Statement Instalment Plan. Convert eligible purchases from your most recent statement to an interest-free instalment plan.
  • St.George Plan&Pay. Convert purchases of $200 or more from your most recent credit card statement to an interest-free plan over 3, 6, or 12 months.
  • Virgin Money Instalment Plan. Convert up to 90% of your available credit into cash ($500+), purchases from your most recent statement ($500+), or purchases yet to appear on a statement ($50+).
  • Westpac SmartPlan. Set up to 8 plans at any one time for specific purchases from your latest statement ($500+) or for any amount of your credit card balance ($200+).

Pros and cons

Pros

  • Tackle debt. With fixed repayments, you know that your debt will be paid off when the instalment plan ends. If you have avoided dealing with your debt for too long, a repayment plan gives you a simple and structured path to being debt-free.
  • Set a monthly budget. Since monthly repayments are fixed, you can plan ahead.

Cons

  • There are fees. Some plans charge establishment and monthly account-keeping fees.
  • You can keep spending. With your credit card still available, you could keep spending and get further into debt.

Learn more about credit card instalment plans

Answers to some of the most common questions about using instalment plans on credit cards.

  • FAQs

Can cash advances be converted to an instalment plan?

It is generally not possible to convert a cash advance to a credit card instalment plan. However, some cards have instalment plans to convert some of your available credit to cash. Since instalment plans are often interest-free, they are a much cheaper alternative to a credit card cash advance.

Can you have more than one instalment plan at the same time?

Most credit cards allow you to have more than one instalment plan at any one time.

Do instalment plans hurt your credit score?

Repaying an instalment plan on time can help build your credit score. Late payments can damage your credit score.