Credit Cards with Instalment Plans

Credit card instalment plans let you convert eligible purchases to a fixed repayment plan.

Verified by David Boyd   |   Updated 28 May 2024

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Comparing credit cards with instalment plans

Bankwest Zero Platinum Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Annual fee waived.
  • 0% p.a. interest for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% p.a. thereafter.
  • No charges for foreign transactions.
  • Offer valid for new customers within a specified timeframe. Additional fees and terms and conditions apply.

Pros

  • No annual fee to pay — ever.
  • Very long interest-free balance transfer offer.
  • No fees on purchases in a foreign currency.

Cons

  • There is a 3% fee on balance transfers.
  • You can't earn rewards points.
Westpac Low Rate Credit Card

Balance transfer

28 months at 0% p.a.

Purchase rate

13.74% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. for 28 months on balance transfers with a 1% balance transfer fee. Reverts to variable cash advance rate of 21.49% p.a.
  • Low 13.74% p.a. interest rate on purchases.
  • $0 first year annual card fee ($59 p.a. thereafter).

Pros

  • 0% p.a. for up to 28 months on balance transfers.
  • Low 13.74% p.a. interest rate on purchases.
  • $0 first year annual card fee ($59 p.a. thereafter).

Cons

  • Balance transfer reverts to cash advance rate of 21.49% p.a. after 28 months.
  • You won't earn rewards with this card.
Bankwest Breeze Platinum Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$69.00 p.a. ongoing

Highlights

  • Experience 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (reverting to 12.99% p.a.).
  • 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 12 months.
  • 0% p.a. for 12 months on purchases.
  • 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 2% BT fee.
American Express Explorer Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Obtain 50,000 Bonus Membership Rewards Points upon application approval and spending $4,000 on your new Card within the initial 3 months. T&Cs apply. Exclusive to New Amex Card Members.
  • Enjoy a $400 Travel Credit annually for flights, hotels, and car rentals when booked online using this card.
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • The 50,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • Receive a $400 travel credit every year.
  • Earn 2 Membership Rewards points per $1 spent on purchases except for government bodies in Australia where you will earn 1 point per $1 spent (uncapped).
  • Get two complimentary entries per year to The Centurion® Lounge.

Cons

  • The $395 p.a. annual fee.
Qantas American Express Discovery Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Acquire 1.75 Qantas Points on eligible Qantas products and services.
  • Earn 0.75 Qantas Point for every $1 spent on Card purchases, except for spending at government bodies in Australia, where you will earn 0.5 Qantas Points per $1 spent.
  • Enjoy no annual card fee.
  • Obtain up to 4 Additional Cards for family members or friends with no extra fee.

Pros

  • Ongoing $0 annual fee, a rarity among rewards credit cards.
  • Earn 0.75 Qantas points per $1 spent and 0.5 Qantas points per $1 for government spend.
  • No cap on the number of points you can earn.
  • Add up to 4 additional cards for family members or friends with no extra fee.
  • Complimentary Card Purchase Cover and Card Refund Cover.

Cons

  • There is a 3% foreign transaction fee.
  • Lacks complimentary travel insurance.
  • There is no access to a concierge service.
Bankwest Zero Mastercard

On website

Balance transfer

28 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Avoid annual fees for the duration of card ownership.
  • 0% p.a. for 28 months on transferred balances (with a 3% balance transfer fee). Returns to 14.99% 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 current balance transfer offer is extremely competitive.
  • Interest on purchases is comparatively low.

Cons

  • Balance transfers incur a one-off fee.
  • You cannot earn credit card points.
American Express Cashback Credit Card

On website

Balance transfer

N/A

Purchase rate

21.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • When you apply online, are approved and pay $0 monthly fee for the first year (saving you $120). New Card Members Only
  • For every $ 1 spent, enjoy 1% cashback on all purchases excluding government bodies in Australia.
  • Enjoy Binge Basic subscription, valued at $10 per month.

Pros

  • $0 monthly fee for the first 12 months.
  • Complimentary Smartphone Screen Cover.
  • Free monthly BINGE subscription valued at $10/month.

Cons

  • Purchase rate is at 21.99% p.a.
Bankwest Breeze Mastercard

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

12 months at 0% p.a.

Annual fee

$49.00 p.a. ongoing

Highlights

  • Benefit from 0% p.a. interest on balance transfers for 12 months (with a 2% BT fee, then 12.99% p.a.).
  • 0% p.a. for 12 months on purchases (returning to 12.99% p.a.).
  • 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 12 months.
  • 0% p.a. for 12 months on purchases.
  • Up to 55 interest-free days on purchases.

Cons

  • There are no rewards on this card.
  • There is a 2% BT fee.
The American Express Essential Credit Card

On website

Balance transfer

N/A

Purchase rate

18.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Benefit from a low 18.99% p.a. interest rate on purchases and up to 55 days interest-free when clearing the previous balance.
  • Enjoy a 0% p.a. annual fee.
  • Earn 1.25 Membership Rewards Gateway points for every $1 spent on everyday purchases, utilities, insurance, and telecommunications.

Pros

  • $0 p.a. annual fee with the ability to earn points on your everyday spend.
  • Membership Rewards points can be transferred to several airlines for greater choice when redeeming for flights.
  • Comes with up to $500 of Smartphone Screen Cover.

Cons

  • Doesn't come with travel insurance.
  • No access to concierge services.
  • There is no introductory balance transfer offer.
American Express Velocity Escape Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Acquire Velocity Points while benefiting from a $0 annual card fee.
  • Points accrued on your card seamlessly transfer to your Velocity account monthly and are redeemable for various rewards such as flights, lodging, car rentals, gift cards, and beyond.
  • Earn 0.75 Velocity Points per $1 spent, except for transactions with Australian government entities, where you'll earn 0.5 Velocity Points per $1 spent.

Pros

  • No annual fee, but still earn points.
  • Earn 1.75 Velocity Points per $1 spent on purchases with Virgin Australia.
  • Get 0.5 points per $1 when paying tax to the ATO using the card.
  • 55 days interest-free on purchases when the previous balance has been cleared in full.

Cons

  • Doesn't come with complimentary travel insurance.
  • No complimentary lounge access.
  • No access to the concierge service.
  • There is no balance transfer offer for this card.
The Low Rate Credit Card from American Express

On website

Balance transfer

N/A

Purchase rate

10.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Benefit from a competitive 10.99% p.a. interest rate for purchases.
  • Enjoy a perpetual $0 annual fee with card ownership.
  • Access up to 55 days interest-free.

Pros

  • Benefit from a competitive 10.99% p.a. interest rate for purchases.
  • Enjoy a perpetual $0 annual fee with card ownership.
  • Access up to 55 days interest-free.

Cons

  • There are no rewards program for this card.
The Qantas American Express Premium Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$249.00 p.a. ongoing

Highlights

  • Obtain 20,000 bonus Qantas Points upon online application approval and spending $3,000 within 3 months. Exclusive to New Amex Card Members.
  • Enjoy 2 complimentary Qantas Club invitations annually (conditions apply).
  • Benefit from complimentary domestic and international travel insurance coverage.

Pros

  • 20,000 bonus Qantas points for signing up and hitting the spending target.
  • Earn points on your everyday spend. Also earns points at a reduced rate on government spend.
  • Give up to 4 of your friends and family a card — at no extra cost — to earn more points.
  • $450 Qantas Travel Credit, which is fairly easy to trigger with your first Qantas purchase each year.
  • Comes with complimentary card purchase cover and travel insurance.

Cons

  • There is an annual fee of $249.
  • The purchase rate is quite high, but can be avoided with responsible use.
  • No balance transfer facility.
St.George Vertigo Visa

On website

Apply by 31 July 2024

St.George Vertigo Visa

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Benefit from a 28-month 0% interest period on Balance Transfers, accompanied by a 1% balance transfer fee. Afterwards, it switches to a cash advance rate of 21.49% 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% 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 21.49% p.a. after 28 months.
  • There are no rewards program for this card.
Qantas Premier Platinum Credit Card

On website

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$349.00 for 1st year

Highlights

  • Get up to 100,000 bonus Qantas Points. Get 70,000 bonus Qantas Points upon spending $3,000 or more on eligible purchases within 3 months from card approval. Plus, an extra 30,000 bonus points if you haven't earned Qantas Points with a credit card in the past 12 months. Terms and Conditions apply.
  • Benefit from 0% on Balance Transfer for 12 months with no Balance Transfer fee. Returns to Cash Advance rate thereafter. No interest-free days are applicable on retail purchases with an outstanding balance transfer.
  • Benefit from the reduced annual fee of $349 p.a. for the initial year. An ongoing annual fee of $399 p.a. is applicable 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

On website

Apply by 31 July 2024

BankSA Vertigo Credit Card

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Receive up to $400 cashback on your supermarket purchase or benefit from 0% interest for 28 months on Balance Transfers with a 1% balance transfer fee. Reverts to a cash advance rate of 21.49% 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% p.a. for 28 months on balance transfers with a 1% 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 21.49% p.a. after 28 months.
  • There are no rewards program for this card.
Bank of Melbourne Vertigo Visa

On website

Apply by 31 July 2024

Bank of Melbourne Vertigo Visa

Balance transfer

28 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Enjoy 0% for 28 months on Balance Transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Pros

  • 0% p.a. for 28 months on balance transfers with 1% 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 21.49% p.a. after 28 months.
  • There are no rewards program for this card.

A credit card instalment plan allows you to repay a specified amount in fixed instalments over time, often with no interest. It functions like a personal loan, repaid over a chosen period, such as 18 months. You don’t need to reapply for the credit card but must request the instalment plan to be set up. Once in place, you will make fixed repayments until the debt is cleared.

How do credit card instalment plans work?

Credit card instalment plans can be set up by contacting the bank’s customer service or online banking. Here’s how:

  1. Compare available plans. If you don’t have a credit card yet, use a comparison table to find one with an instalment plan that fits your needs. If you already have a card, log into online banking and review your options.
  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 a specific purchase. Select the plan that aligns best with your needs.
  3. Request setup. If you can’t do it online or with customer service, you may need to ask the bank to set up a plan online 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 early repayment or term extension.

What credit card has the best instalment plan?

Instalment plans vary widely between banks. Consider the following factors:

  • Amount. Ensure the plan covers the amount you need, as different plans accept different minimum and maximum amounts.
  • Eligible purchases. Not all purchases qualify. For example, balance transfers generally cannot be moved to an instalment plan.
  • Interest rate. The instalment plan’s interest should be cheaper than the ongoing purchase rate.
  • Term. Terms vary between banks, ranging from 3 months to 5 years.
  • Flexibility. Look for options to change the plan’s length, cancel, or repay early, as your financial situation may change.
  • Fees. Compare establishment and monthly account-keeping fees.

What can you use credit card instalment plans for?

  • Repaying debt in a set period. Unlike credit cards with minimum repayments, instalment plans have fixed terms, making budgeting easier and helping you tackle debt.
  • Financing a specific purchase. Spread the cost of large purchases, like holidays or electronics, over time with assured repayment.

What banks offer credit card instalment plans?

  • American Express Plan It. Pay off $150+ from your most recent statement with interest-free instalments over 3, 6, 9, or 12 months.
  • Bankwest Easy Instalment Plan. For eligible purchases between $100 and $10,000 from your most recent statement, repaid interest-free over four monthly instalments.
  • Bank of Queensland Instalment Plan. Set up a plan for $500+ over 1-5 years, with personalised rates.
  • Citi FlexiBill. Convert $500+ of retail purchases from your latest statement.
  • Citi PayLite. For $50+ of upcoming expenses not yet on your statement.
  • Coles Instalment Plan. Convert part or all of your eligible purchases from your most recent statement into monthly repayments, minimum $500.
  • CommBank SurePay. For specific purchases ($100+), some or all of your balance ($600+), or to pay off a cash advance ($600+), with up to 10 plans and no additional credit checks.
  • humm90WRAP. For purchases of $250+, converted to an interest-free plan over 9, 12, or 15 months, with an establishment fee.
  • Latitude Financial Services. Offers plans with minimum monthly payments, fixed repayments, or flexible payments.
  • 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+ from your most recent 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 upcoming purchases ($50+).
  • Westpac SmartPlan. Set up to 8 plans at a time for specific purchases from your latest statement ($500+) or any part of your balance ($200+).

Help choosing a credit card with instalment plans

Take control of your finances with ease - find the right credit card with flexible instalment plans tailored to your needs.

  • Pros & cons

Pros

Tackle debt

Fixed repayments ensure your debt is paid off by the end of the plan.

Set a monthly budget

Fixed monthly repayments help with budgeting.

Cons

Fees

Some plans have establishment and monthly account-keeping fees.

Continued spending

With your credit card still available, you could continue spending and accumulate more debt.