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How to pay off your credit card

Struggling with credit card repayments? Discover your options to make the process less painful.

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Paying off credit card debt can be tough, but it's significantly easier when you know your options. Even though you only get a statement once a month, you can make payments whenever and however you want – as long as you meet your monthly minimum repayments.

We'll cover the ways you can repay your credit card as well as a few tips to paying off your debt easier and faster.

How can I make credit card repayments?

Like any transaction these days, there are many ways to make your credit card repayments, which you'll find listed on your credit card statement. Some options may take a couple of business days to process – especially if it's by post – so ensure your payment is lodged a few days before it's due. You'll find the due date listed on your credit card statement as well.

  • BPAY. BPAY payments can be made from an Australian transaction account using internet, mobile, or over-the-phone banking services. Enter the BPAY biller code, your credit card number and how much you want to pay.
  • Internet banking. Apart from BPAY, if you have a transaction or savings account with the same bank as your credit card, you may be able to use your Internet banking platform to make a one-off payment on your credit card. This method is offered by many banks including ANZ, CommBank, NAB, Westpac, Bankwest, Bendigo Bank and Citi. You can check if your bank offers this type of repayment by calling or logging into your Internet banking account to view payment options.
  • Autopay or direct debit. Instead of doing a one-off transaction, you can set up a recurring payment from an Australian bank account. Choose between the minimum repayment value, the full amount, or another sum that will be taken out every month. An added benefit to this option is that you won't be late with your payments.
  • Australia Post. Present your credit card, statement and method of repayment (e.g. cash, cheque, debit card) at the post office. This is a relatively slow method of repayment and usually incurs an extra fee of a few dollars (the fee varies depending on your card provider).
  • At a branch. Visit your bank and pay your credit card bill by cash, cheque or debit card.

How much do I need to pay off my credit card bill?

Your monthly credit card bill will list your closing balance plus your minimum repayment amount. The minimum payment amount is usually around 2-3% of your closing balance, with a flat dollar amount of around $30-$50 depending on the card.

Technically, you only have to pay the minimum amount each month to avoid marks against your credit, but this won't reduce your debt significantly. Instead, you should figure out how much you can afford to pay each month (such as by using our credit card repayment calculator) and budget around it. This can shave years off the time taken to repay your debt, as well as save you a whole lot of money on interest in the long run.

When can I pay off my credit card?

Though statements are only issued monthly, you are entitled to make payments whenever you want. Weekly or fortnightly payments might suit you better, or align nicely with your paydays.

Just make sure that you've paid the minimum amount by the due date. If you're struggling to meet this deadline, here's a guide to what might happen and what you can do about it.

How can I pay off my credit card faster?

Unless you happen to win the jackpot, you probably can't just pay off all your debt outright. Here's a few different steps you can take to get rid of it more quickly and avoid extra interest.

  • Consolidate debt. Transferring all your debt to a new card with 0% introductory interest can help reduce the amount you'll end up paying. But be aware that at the end of the 0% p.a. period, a higher interest rate is charged for any unpaid debt that is left on the card.
  • Pay more than the minimum. We've mentioned this before, but making minimum repayments means it will take years to clear your card's debt. Instead, look at how much you usually earn and spend so you can find a comfortable monthly payment level for you.
  • Focus on the highest interest debt first. Prioritising high-interest debt lowers your overall repayment costs, because once that debt is cleared, you won't be charged interest on it (unless you make new purchases with that account).
  • Access financial hardship/payment plans. Check with your provider and see if they have any advice or payment plans you can access to help you manage your debt.
  • Consider using savings. Credit card debt isn't static – it increases over time. Determine whether digging into savings now to reduce future interest will still leave you with enough money for any unexpected costs.

What if I can't afford repayments?

If you're experiencing financial difficulties, contact your credit card provider as soon as possible to explain the situation. This will help you and your provider work out a plan that is affordable based on your circumstances.

Another great option for anyone struggling with financial debt is to find a financial counsellor. These counsellors can provide free, confidential and independent suggestions on improving your current situation, accessing government assistance, and managing your finances.

The following list of contacts can help provide financial counsel:

Financial CounselContact Number
National debt hotline1800 007 007
Financial Rights Legal Centre1800 007 007
Tasmania - Consumer Credit Helpline (Hobart Community Legal Service)1800 232 500
Victoria - MoneyHelp 1800 007 007 and Consumer Action Law Centre03 9629 6300
South Australia - Consumer Credit Law Centre08 8342 1800
Western Australia - Consumer Credit Legal Service08 9221 7066
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