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.
Your Instalment Plan details
Your overall instalment plan
Checking your Instalment Plan repayments on your statement
- Amount due: Monthly instalments will be included in your minimum payment due for your card on your monthly statement.
- Instalment plan details: The details will appear in the Instalment Plans section of your monthly statement. Information will include start date, reference, instalment number, annual percentage rate, original balance, monthly instalment and outstanding balance.
How you will be charged
When you set up your instalment plan, you will be charged either an initial interest charge or a once-off instalment fee. This amount will be included in the minimum payment due on your next statement for the cycle in which you set up your instalment. Each statement after that will show the monthly instalment amount, which includes the principal payment plus any interest that might apply, due for each month of the term.
Repaying Instalment Plans
Paying your monthly instalment
To pay your monthly instalment, you just need to pay off the Minimum Payment Due for your account each month, as the monthly instalment repayment is included in this amount.
Making a repayment that exceeds the minimum payment due
If you make a repayment which exceeds the minimum payment due plus any overdue amount, the excess amount will be applied towards payment of the balance of your account, excluding the outstanding balance of your instalment plan. If the instalment is your only outstanding balance, then any additional payment will be allocated to it.
Order of payments
When you pay down your account, the money you pay will generally first be used to pay off any initial interest charges, monthly instalments, instalment fees and related interest. This means that the monthly instalment is paid before your other balance types even if they have a higher rate of interest (e.g. balance transfers, retail purchases or cash advances).
Can I cancel my Instalment Plan early?
Yes, you can cancel your instalment plan at any time without any early repayment fees. To do this, select Instalment plans from the home screen of the MyCard App or MyCard Online. Select the instalment plan that you’d like to cancel and follow the prompts to cancel your instalment plan.
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FAQs
Your instalment plan repayment appears on your monthly statement and is included in your minimum payment due. You pay it in the same way you pay your monthly statement.
The instalment plan will appear on your statement which will include a summary of your progress.
During the cycle in which the instalment plan is set up, you will be charged either an initial interest charge or a once-off instalment fee, which will be included in the minimum payment due on your next statement. Each statement after that will show an instalment due for each month of the term.
A fee may apply to set up an instalment plan. It will form part of the minimum payment due and will be shown on your statement for the cycle in which you set up your instalment.
During the cycle in which the instalment plan is set up, you will be charged either an initial interest charge or an instalment plan fee which will be included in the minimum payment due on your next statement You will be charged your first monthly instalment on the subsequent statement.
You can find information about your instalments and payment due dates on your account statement via MyCard Online or the MyCard App.
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(s).
We will tell you if an instalment plan 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 the standard Annual Percentage Rate (APR) for Retail Purchases (for Statement Instalment and Transaction Instalment Plans).
Yes. You can make extra payments or repay your instalment plan early.
However, you will need to pay all other amounts owing on your credit card first before extra payments will be made to instalment amounts not yet due.
There are no early repayment fees.
You may still be eligible for interest free days if you pay the Interest Free Days Payment amount shown on your statement by the payment due date each month.
Please note, interest free days are not available on MyCard Ready Credit accounts or for cash advances or balance transfers on credit cards.