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.

Andrew Boyd avatar
Written by   |  
David Boyd avatar
Verified by
Updated 24 Oct 2024   |   Rates updated regularly

Comparing of 8 credit cards with instalment plans

Bankwest Zero Platinum Mastercard

Balance transfer

6 months at 0% p.a.

Purchase rate

6 months at 0% p.a.

Interest-free days

55 days

Annual fee

$0.00 p.a. ongoing

Highlights

  • Annual fee waived.
  • 0% p.a. for 6 months on purchases and transferred balances (with a 3% balance transfer fee). Returns to 18.99% p.a. thereafter.
  • Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.

Pros

  • No annual fee to pay — ever.
  • Introductory interest rates on purchases and balance transfers.
  • No fees on purchases in a foreign currency.

Cons

  • There is a 3% fee on balance transfers.
  • You can't earn rewards points.
Bankwest Breeze Platinum Mastercard

Balance transfer

24 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$59.00 p.a. ongoing

Highlights

  • Enjoy 0% p.a. interest on balance transfers for 24 months, with a 3% balance transfer fee (then 12.99% p.a. thereafter).
  • Benefit from up to 55 interest-free days.
  • Offer exclusively for new customers within a specified period. Additional charges, along with terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 24 months.
  • No foreign transaction fees.
  • Plus, complimentary overseas travel insurance for you and your family.

Cons

  • There is no rewards program on this card.
  • There is a 3% BT fee.
Bankwest Zero Mastercard

Balance transfer

6 months at 0% p.a.

Purchase rate

6 months at 0% p.a.

Interest-free days

55 days

Annual fee

$0.00 p.a. ongoing

Highlights

  • Avoid annual fees for the duration of card ownership.
  • 0% p.a. for 6 months on purchases and transferred balances (with a 3% balance transfer fee). Returns to 18.99% p.a. thereafter.
  • Enjoy up to 55 days interest-free on purchases.
  • Offer exclusive to new customers for a limited time. Additional fees and charges, as well as terms and conditions, apply.

Pros

  • There is no annual fee for as long as you keep the card.
  • The introductory offer on purchases and balance transfers.
  • Interest on purchases is comparatively low.

Cons

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

Balance transfer

24 months at 0% p.a.

Purchase rate

12.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$49.00 p.a. ongoing

Highlights

  • Enjoy 0% p.a. interest on balance transfers for 24 months, with a 3% balance transfer fee (then 12.99% p.a. thereafter).
  • Enjoy up to 55 interest-free days on purchases.
  • Exclusive offer for new customers for a limited time. Additional charges, as well as terms and conditions, apply.

Pros

  • 0% p.a. on balance transfers for 24 months.
  • Low ongoing purchase rate of 12.99% p.a.
  • Up to 55 interest-free days on purchases.

Cons

  • There are no rewards on this card.
  • There is a 3% BT fee.
St.George Vertigo Visa

Apply by 30 November 2024

St.George Vertigo Visa

Balance transfer

28 months at 0.99% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$55.00 p.a. ongoing

Highlights

  • Benefit from a 28-month 0.99% interest period on Balance Transfers, with no balance transfer fee. Afterward, it switches to a cash advance rate of 21.99% p.a.
  • Enjoy a low variable interest rate of 13.99% p.a. on purchases.
  • The annual fee remains low at $55 p.a.

Pros

  • 0.99% p.a. for 28 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Cons

  • Balance transfer rate reverts to 21.99% p.a. after 28 months.
  • There is no rewards program for this card.
Qantas Premier Platinum Credit Card

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$349.00 for 1st year

Highlights

  • Earn up to 100,000 bonus Qantas Points. Receive 70,000 bonus Qantas Points when you spend $3,000 or more on eligible purchases within 3 months from card approval. Plus an additional 30,000 bonus points if you have not earned Qantas Points with a credit card in the last 12 months. Terms and Conditions apply.
  • Enjoy 0% on Balance Transfer for 12 months with no 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 $349 p.a. for the first year. An ongoing annual fee of $399 p.a. applies in the 2nd year.

Pros

  • Earn up to 100,000 bonus Qantas Points when you meet the criteria.
  • 0% p.a. for 12 months on balance transfers.
  • Additional savings with the $349 first-year annual fee.
  • Comes with complimentary travel insurance.

Cons

  • The annual fee increases to $399 p.a. after the initial year.
BankSA Vertigo Credit Card

Apply by 30 November 2024

BankSA Vertigo Credit Card

Balance transfer

28 months at 0.99% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$55.00 p.a. ongoing

Highlights

  • Receive up to $500 cashback on your supermarket purchase or benefit from 0.99% interest for 28 months on Balance Transfers with no balance transfer fee. Reverts to a cash advance rate of 21.99% p.a.
  • Enjoy a low variable interest rate of 13.99% p.a. on purchases.
  • 55 days interest-free on purchases.

Pros

  • Get 10% cashback on your supermarket shop or 0.99% p.a. for 28 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Up to 55 days interest-free on purchases.

Cons

  • Balance transfer rate reverts to 21.99% p.a. after 28 months.
  • There are no rewards program for this card.
Bank of Melbourne Vertigo Visa

Apply by 30 November 2024

Bank of Melbourne Vertigo Visa

Balance transfer

28 months at 0.99% p.a.

Purchase rate

13.99% p.a. ongoing

Interest-free days

55 days

Annual fee

$55.00 p.a. ongoing

Highlights

  • Enjoy 0.99% for 28 months on Balance Transfers with no balance transfer fee. Reverts to cash advance rate of 21.99% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Pros

  • 0.99% p.a. for 28 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Cons

  • Balance transfer rate reverts to 21.99% p.a. after 28 months.
  • There is no rewards program for this card.

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 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.

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.

    As seen on

    Media - The Sydney Morning Herald
    Media - Yahoo Finance
    Media - News.com.au
    Media - Daily Mail Australia
    Media - Australian Fintech
    Media - Dynamic Business