Many Australian banks and card companies offer credit card instalment plans to customers. This lets you pay off part of your card balance into equal payments over time.
You can usually set up instalment plans and avoid paying interest too. But there's a fee to pay, which makes it a lot like buy now pay later services.
Some card providers let you repay your whole balance in instalments, a percentage of your total credit limit or even specific purchases.
What is a credit card instalment plan?
An instalment plan gives you a structured way to pay off what you owe in equal amounts, over a fixed period of time. This structure is common with buy now pay later (BNPL) services and is also offered on some credit cards as a way to help you plan for repayments.
Most credit card instalment plans also offer lower interest rates than the card's standard purchase rate, which means you could save on interest as well.
How do credit card instalment plans work?
Credit card instalment plans usually need to be set up or requested through Internet banking or your credit card's mobile app. Once you've done that, you'll pay a fixed amount off the balance when a payment is due – instead of paying some or all of your balance at the end of a statement period.
Depending on the credit card, you could set up an instalment plan for your entire account balance, part of your balance or for specific purchases.
For example, if you have a Westpac credit card, you could use the SmartPlan service to set up an instalment plan for either a large purchase (over $500) or for a portion of your outstanding purchase, cash advance or balance transfer balance that’s worth more than $200.
Example: Paying off credit card debt with an instalment plan
Let's say you have just used a credit card to pay for a $3,000 holiday package. You can't afford to pay this off in one go, so you decided to set up an instalment plan to help budget for the repayments.
In this scenario, you card provider gives you three different instalment terms to choose from:
6 months with repayments of $500 per month
9 months with repayments of $333.33 per month
12 months with repayments of $250 per month
In this case, all of the instalment options offer 0% interest on the debt as long as you meet the repayment terms. There is a tiered fee for each repayment option (which is charged on the total amount you've chosen to pay off in instalments):
6 months: 1% of the total payment, which is $30
9 months: 2% of the total payment, which is $60
12 months: 4% of the total payment, which is $120
Which banks and card companies offer credit card instalment plans?
You can use this table to compare the types of instalment plans available through different credit card companies and cards.
All American Express cards (except corporate or small business and charge cards)
American Express Plan It:
Set up interest-free instalment plans through your online account or through the Amex App to repay new purchases over a set period of time, with a fixed monthly fee and terms over 3, 6 and 12 months.
Available for purchase balances of at least $100 or more listed on your most recent statement and check how much the monthly repayments are – including the monthly fee – before you commit to the plan.
Payment details vary based on factors including the repayment term, the card you have and the balance you want to pay off.
Bankwest Easy Instalments are available for eligible credit card purchases worth between $100 to $10,000.
Offers two types of Easy Instalments
Purchase Plans let you spread the cost of up to five eligible purchases over four monthly instalments.
Balance Plans allow you to pay off all or part of your purchase balance over a set term at a lower interest rate.
Check offers for eligible purchases and apply for a plan through the Bankwest app. Bankwest will contact you within two days to let you know whether the plan is approved.
Bank of Melbourne offers two different instalment plans:
Purchase Plan&Pay: A 0% interest instalment plan that you can set up to pay off new purchases over 3, 6 or 12 months. You can set up an instalment plan for any credit card purchase over $200 that you've made in the previous 30 days, with an upfront fee of 1% for a 3-month plan, 2% for 6-month plans and 4% for 12-month plans.
Balance Plan&Pay: Pay off part or all of your existing balance of $200 or more over a period between 3 to 36 months. With this option, an interest rate may apply and will be shown to you when you log in to your account.
Any Coles credit card (subject to offer and eligibility)
Coles credit cards offer three types of instalment plans, depending on the type of spending or balance:
Statement instalments: Convert retail purchases from your closing balance into a structured payment plan, with a minimum of $500.
Transaction instalments: Convert new purchases of $50 or more to a payment plan before it shows up on your statement.
Cash instalments: Access a minimum of $500 and up to 90% of your available credit limit as cash for bills, study or anything else you need and pay it off in instalments.
As these offers are subject to eligibility, log in to your Coles credit card account to see what's available for you or call Coles Mastercard on 1300 066 985.
CommBank SurePay offers three different instalment plan options:
Purchase plan: You can set up a SurePay plan for any purchase worth over $100 that was made in the past 14 days.
Cash advance plan: If you have withdrawn cash from an ATM or made another cash advance worth at least $600, you can request a SurePay plan to repay it over a set period of time, in equal instalments.
Card balance plan: If you owe $600 or more on your CommBank credit card, you can set up a SurePay plan for the entire balance (not including any existing SurePay instalment plans, cash advances or balance transfers).
You can select the instalment plan option in NetBank or the CommBank app. You can also cancel a plan at any time, and the remaining amount owed will be added to your purchase balance or cash advance balance (depending on the SurePay plan you set up).
Repayment details and costs vary between plans and cards. You can check this information when you're setting up the plan, and will see details of the different repayment options on your monthly account statement.
Note that when you have a SurePay instalment plan set up, any repayments you make will be allocated in the following order: first to your current monthly instalments (starting with interest and any setup fee), then to any balances not in a plan, and followed by your remaining instalment balance.
Equal Monthly Plan: Pay the same amount each month over an agreed term, with the flexibility to pay it off early at no extra cost.
Minimum Monthly Plan: Make your plan repayments when you pay your credit card's minimum payment each month.
Deferred Payment Plan: Make repayments at any time during the plan period, with no upfront payments. Interest applies on any remaining balance at the end of the plan period.
St.George Plan&Pay offers two interest instalment plans:
Purchase Plan&Pay: Available for purchases over $200 made in the last 30 days, with 3-, 6- or 12-month plans. There is no interest for the plans but you'll pay an upfront fee of 1% for a 3-month plan, 2% for 6-month plans and 4% for 12-month plans.
Balance Plan&Pay: Available for some or all or your existing credit card balance of $200 or more. The terms and rates for these offers vary, so you need to log in to Internet or Mobile banking to see current options.
Cash Instalment Plan: Convert your credit into cash, accessing from $500 up to 90% of your available credit limit.
Statement Instalment Plan: Convert $500 or more of eligible retail purchases from your last statement into monthly repayments that suit your lifestyle.
Transaction Instalment Plan: Convert eligible retail purchases of $50 or more (before they appear on your statement) into simple monthly repayments.
Large Purchase SmartPlan: You can set up a Large Purchase SmartPlan for any single purchase worth $200 or more as long as you made the purchase in the past 30 days. Reduced interest rates may also be available.
Balance SmartPlan: You can set up instalments for any purchase, cash advance or balance transfer balance worth more than $200. Reduced interest rates may also be available.
Pros and cons of instalment repayments
Pros
Structured repayments. You’ll pay the same amount off your card each month.
Easier to budget. Instalment repayments are always worth the same amount, which can make it easier for you to work out your budget.
Account benefits. Depending on the card you get, you may be able to enjoy benefits such as discounted interest rates or debt-tracking tools.
Cons
Less flexibility. If you want the convenience of being able to pay a smaller amount off your card, an instalment plan may not be ideal.
Different interest charges. If your instalment plan only covers part of your card balance, different interest charges may apply to some of your debt. This could make it harder to budget for these costs.
Additional fees. Some instalment plans may apply establishment fees or penalty charges if you miss a payment.
Our expert says: Watch out for instalment plan fees
"Some credit card companies like to advertise their instalment plan feature in a bid to compete with buy now pay later companies. But they don't always make the fee structure clear. Work out how much you'll get charged per instalment before deciding if this option is right for you. It's a good idea to compare the instalment plan versus making a monthly card repayment. The interest charges might be cheaper than the fee."
What other credit card repayment options are there?
As well as instalment plans, you could choose to pay off your credit card debt using one of the following options:
Regular repayments. Regular credit card repayments are due at the end of your statement period and usually require a minimum of 2-3% of your closing balance. This gives you the flexibility to vary how much you repay based on your financial needs.
Automatic payments. Most cards offer automatic repayments similar to direct debits. Depending on the credit card, you could choose to have the minimum amount, the total owed or a dollar amount of your choosing automatically deducted from your nominated bank account.
Balance transfers. If you already owe a lot on your credit card and are worried about interest costs, another option is to get a balance transfer credit card that offers a promotional 0% interest rate during the introductory period. Just remember that you’ll have to budget for repayments yourself, rather than relying on an instalment plan or the minimum repayment amount. Otherwise, a higher rate will apply to the balance at the end of the introductory period.
Personal loans.Personal loans usually offer structured repayment plans that allow you to pay off your debt over a fixed term. This is similar to a credit card instalment plan, except that your personal loan will be closed when you have paid it in full, while your credit card account remains open until you choose to cancel it. Still, you may want to consider this option if you already owe a lot on your card and want more structure for paying off the debt.
Getting a credit card that offers instalment plans gives you another way to structure your repayments and manage your budget. Just remember to consider the requirements of the instalment plan carefully before you apply and weigh up other repayment options so that you can find one that suits your needs.
Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024.
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