How do Easy Instalments work?

It’s a payment plan that lets you pay off a big purchase or a large credit card balance in manageable monthly repayments.

Only the primary cardholder can set up or cancel a plan.

You can have up to five plans per account.

To keep any interest free days on purchases, you’ll need to pay your monthly instalment amount (including any that are outstanding), plus any statement balance or balance transfer amount not on an Easy Instalments plan, by your due date.

No, your credit limit won’t change if you set up an Easy Instalments plan.

We’ll email you within two business days to let you know whether your plan has been approved. We’ll also send you a Bankmail in online banking.

There’s no obligation to make your monthly Easy Instalments payment, but you’ll need to pay the minimum monthly payment for your credit card (found on your statement) to avoid a late payment fee.

Any repeating or scheduled payments you have won’t change. If you want, you can update your payments to include your instalments.

When you apply for an Easy Instalments plan, you’re requesting we apply your credit card payments first towards your monthly instalment amount (including any that are outstanding). This means any other amounts that attract a higher interest rate (like a cash advance and any purchase not on a plan) may be repaid later, which could result in you paying higher interest charges.

You can, but if you have any balance that’s not on a plan, your payments will go towards paying that down first.

You can track your plan by tapping on your credit card in the accounts list, then going to the ‘manage’ tab. You’ll also see your plan details on your monthly statement.

Not all transactions are eligible – things like balance transfers, cash advances and gambling transactions can’t be put on a plan.

If you’ve recently made a purchase, it might still be marked as ‘authorisation only’, so it’s best to check back in once the transaction has processed.

No, each offer can only be used for one transaction. Once you redeem the offer, it can’t be used again.

Learn more about Easy Instalments Transaction Plans

The portion of your purchase balance that you put on the plan will be charged at a lower interest rate, so you’ll pay less interest on that amount for the life of the plan.

It’s the combination of purchases and interest currently on your credit card. It doesn’t include balance transfers or cash advances.

This will accrue interest at your credit card’s current purchase rate subject to any interest free period on purchases which may apply.

Learn more about Easy Instalments Balance Plans