Benefits of our Instalment Plans
Flexible
Choose your preferred instalment term with the monthly instalment that suits your budget.
Easier to budget
Budget better with fixed monthly repayments on the amount you convert.
Keep your interest free days2
You will be eligible for interest free periods on purchases not in an Instalment Plan if you pay off your closing balance by the payment due date each month, excluding any instalment balance which isn’t due for payment.
Types of Instalment Plans
Statement Instalment Plan
Break down a portion of your statement balance into monthly instalments and pay it off at a fixed rate over a set term.
More time to pay off your purchases
Convert from $500 today without another credit check
No exit fees if you cancel or pay off your plan early
Would you like to convert your purchases or find out more?
Call us
Cash Instalment Plan
Convert your available credit into funds and pay it back in monthly instalments at a fixed rate over a set term.
Get from $500 up to 90% of your available credit limit
Receive the funds within 3 business days without another credit check
No exit fees if you cancel or pay off your plan early
Would you like to request for funds or find out more?
Call us
Online
Log into Internet Banking > Cards Services > My Offers
Frequently asked questions
What is an Instalment Plan?
An Instalment Plan allows you to make your repayments in monthly instalments at a fixed rate over a set term.
You can use an Instalment Plan in multiple ways:
- a) Statement Instalment Plan – Convert retail purchases from your current statement into monthly instalments. A minimum conversion of $500 applies. Excludes fees and charges, Balance Transfers, Cash Advances and existing Instalment Plans.
- b) Cash Instalment Plan – Allows you to access funds from $500 to up to 90% of your available credit limit. Repay in monthly instalments at a fixed rate over a set term.
Is the Instalment Plan amount part of my existing credit card limit?
The Instalment Plan uses part of your existing credit limit, your credit limit doesn't change. As you pay off your Instalment Plan amount/s, the amount/s you pay off will become available for you to use again as part of your credit limit and will be subject to the standard Annual Percentage Rates applicable on your account.
Can I have more than one Instalment Plan?
Yes, you can have more than one Instalment Plan and different types of Instalment Plans on your account, as long as the total amount of all plans is within your credit limit. However, you can only set up one Statement Instalment Plan per Statement Period.
How do I make the monthly instalment repayment?
Your monthly instalment repayment will appear on your statement and is included in your Minimum Payment Due amount each month.
How does my Instalment Plan appear on my statement?
An additional section is added to your statement called Fixed Payment Option Summary, which will outline the details of your Instalment Plan(s).
Do I keep my interest free period with an Instalment Plan?
The interest free period applies when you pay your full closing balance from your last statement by the payment due date (excluding any Instalment Plan balance which isn’t due for payment by that Payment Due Date). No interest free period is available on Cash Advances or Balance Transfers. Whilst you have a Balance Transfer you will be charged interest on your daily unpaid balance.
What happens if I fail to make a monthly instalment repayment by the payment due date?
If you fail to pay the Minimum Payment Due or any other amount by its payment due date:
- We charge interest on any unpaid instalment, instalment fee or initial interest charge component (and any interest calculated on any of them, and any interest on that interest) from the day after the payment due date. It will be calculated using the daily retail rate and the daily calculation method until they are repaid in full.
- We may also cancel the Instalment Plan. We will tell you if an instalment amount is overdue before we cancel the Instalment Plan(s).
Can I change the term of my Instalment Plan?
You can request to change the term of your Instalment Plan if you wish to however this will change your monthly instalment repayment amount. For Cash Instalments, simply call us on 1300 884 748 and for Statement Instalments call us on 1300 720 758.
Can I cancel my Instalment Plan anytime?
You can cancel or pay off your Instalment Plan at any time without early repayment fees. For Cash Instalments, simply call us on 1300 884 748 and for Statement Instalments call us on 1300 720 758.
What if I already have a direct debit set up?
If you have a direct debit set up to pay off your full statement balance, you need to change the direct debit arrangement before you can set up a Statement Instalment Plan.
Things you should know
1An instalment plan (also called a fixed payment option or FPO) is a plan under which a particular balance is paid off in instalments. Instalment plan offers are subject to eligibility and only available if your account is and remains in good standing (for example - your account is not in default, suspended or closed). Your instalment plan uses part of your existing credit limit. As you pay off your instalment plan, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account.
A fee may apply to set up an instalment plan.
During the cycle in which an instalment plan is set up, you will be charged an initial interest charge which will be included in the Minimum Payment Due on your next statement (not applicable if the FPO APR is 0%). Subsequent statements will include an instalment for each month of the term.
While you have an instalment plan, payments will be applied to your initial interest charge or monthly instalment before all other balances, even if they attract a higher rate of interest.
If you fail to pay the Minimum Payment Due or any other amount by its payment due date, we charge interest on any unpaid instalment, instalment fee or initial interest charge component (and any interest calculated on any of them, and any interest on that interest) from the day after the payment due date. It will be calculated using the daily retail rate and the daily calculation method until they are repaid in full. We may also cancel the instalment plan. We will tell you if an instalment amount is overdue before we cancel the instalment plan(s).
If your instalment plan is cancelled, the full outstanding balance of your instalment plan will revert to:
(i) the retail Annual Percentage Rate (APR) for Statement Instalment Plans and
(ii) the cash advance Annual Percentage Rate (APR) for Cash Instalment Plans.
For the full terms and conditions that apply to instalment plans, please refer to the Credit Card Terms and Conditions and Other Important Information (Section 5).
2If you carry a balance on your credit card from month to month (exclusive of the instalment plan amount), the interest free period does not apply and you are charged interest from purchase date. No interest free period is available on Cash Advances or when you have Balance Transfers.
National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Suncorp Bank Clear Options Credit Cards. Suncorp Bank (Norfina Limited ABN 66 010 831 722) promotes and distributes Suncorp Bank Clear Options Credit Cards on NAB's behalf under an agreement with NAB. NAB has acquired the business relating to this credit from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Our/us/we means NAB unless the context otherwise requires it. Suncorp Bank will not guarantee or otherwise support NAB's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Bank Internet Banking and Telephone Banking).
The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence.Suncorp Bank (Norfina Limited) is not part of the Suncorp Group.