Convert all or part of the eligible balance of your statement into fixed monthly repayments.
Convert from $500 today and pay it off over a set term. You could be paying less interest.
No exit fees if you cancel or pay off your plan early.
Existing cardholders: Find out what you need to know about the move to MyCard including important information about managing your account and helpful FAQs.
New applications: Applications for new MyCard credit cards are coming soon.
Why consider an instalment plan?
Life can be unpredictable. Instalment plans are available to help you manage your finances, letting you lock in manageable monthly repayments at a lower interest rate than the standard interest rate over a set term.
Please note: eligibility criteria applies.
No credit checks
Split your repayments into instalments without any documents or credit checks.
Predictable repayments
Fixed monthly repayments so you know how much you need to pay every month. Monthly repayments include the principal amount and any applicable interest.
Lower interest rate
Repayment plans are offered at a lower interest rate than would normally apply. Your interest rate is defined at the time of the instalment plan offer.
No additional fees
No early repayment fees if you cancel or pay off your plan early.
Keep your interest free days
You remain eligible for the interest free period that applies to retail purchases when you pay the interest free days payment in full by the payment due date.
Your Instalment Plan Options
Explore our instalment plan options to find the one that suits you.
How does an Instalment Plan work?
From setting one up to the fees involved, here is how an instalment plan works:
- During the statement period in which you set up an instalment plan, you will be charged either an initial interest charge on the main instalment plan balance (calculated from the day the instalment plan is set up until the last day of the statement period) or a once-off instalment fee. The interest rate or instalment fee will be disclosed in the instalment offer at the time of setup.
- The initial interest charge or once-off instalment fee will be charged to your account at the end of the statement period and becomes part of the minimum payment due on the statement we send at the end of the statement period.
- Each statement after that will show the instalment for that statement period, which is due in the next statement period on the payment due date. There will be an instalment for each month of the term (E.g. 24 instalments for a 24-month term). Each monthly instalment includes a principal component plus interest charged on the main instalment plan balance for the statement period (if applicable).
What could you buy with an Instalment Plan?
Travel
Book a trip on short notice or have the freedom to spend as you like while overseas and pay it down in fixed monthly repayments.
Home repairs
If something essential breaks at home, don't stress. Repair it quickly and spread the repayments over time.
Wedding
Enjoy your dream day without worrying about cashflow and pay down your expenses over a term that suits you.
Applying for an Instalment Plan
If you’re an existing customer, you can check if you’re eligible for the following instalment plans and apply by logging into your MyCard account, opens in new window.
Paying off your instalment plan
Your instalment plan repayment appears on your monthly statement and is included in your minimum payment due for your account.
To pay your monthly instalment, just make a repayment to your account. The amount you pay will be used to pay off your instalment first and then other balance types due.
Please note: opening an instalment plan means that payments may be applied in a different order.
Help and support
Find advice and support to help you manage your money.
FAQs
If you are eligible for an instalment plan offer, you can see the offer by selecting instalment plans from the home screen of either the MyCard App or MyCard Online.
You can also get in touch with us on 1800 114 391 to see if there is an instalment plan offer available for you.
If you're eligible for an instalment plan offer, you can apply in a few easy steps via the MyCard App or MyCard Online.
To apply for an instalment plan, select instalment plans from the home screen of either the MyCard App or MyCard Online, and then select View instalment plans to see the instalment plan offers that are available to you. Or simply call us on 1800 114 391 to apply.
You can cancel your instalment plan at any time in either the MyCard App or MyCard Online.
Yes, you can have more than one instalment plan on your card if the total amount of all the plans and your outstanding balance, do not exceed the credit limit.
Yes, when you take up your transaction instalment offer, you will have the option to select multiple purchases to convert into the instalment offer.
Yes, the instalment plan uses part of your existing credit limit. Every time you make a repayment, the amount paid becomes available again as part of your credit limit, which is subject to the interest rate you pay on your MyCard credit card or Ready Credit account balance at the time.
For a transaction instalment plan, the minimum amount is $50.
For a statement instalment plan, the minimum amount is $500 for both a MyCard credit card and Ready Credit account.