Read our Credit Card Terms and Conditions. Credit card fees and charges are payable. Approval and credit limit is subject to MyCard's credit assessment criteria. Information, including interest rates and annual card fees subject to change. Correct as at today. Please refer to the Target Market Determinations for our products. Credit cards issued by National Australia Bank Limited.
What are interest free days with Instalment Plans and balance transfers?
For eligible MyCard credit cards if you have an instalment plan or balance transfer on your MyCard credit card, you’re still eligible for interest free days on purchases so long as you pay the ‘interest free days payment’ by the due date as described in your statement.
Where can I find the ‘interest free days payment’ in my statement?
On your statement is a 'Payment details' section where you’ll see an ‘interest free days payment’ amount. You need to pay the amount shown by the due date to receive interest free days on your purchase transactions while you have an instalment plan or balance transfer.
Where can I find the outstanding Instalment Plan or Balance Transfer amount in my statement?
Your statement provides an 'Account Summary' section which will show your closing balance, including your outstanding balance transfer amount.
Instalment plan details can be viewed in the Instalment Plan section under the 'Balance and Interest Breakdown' section of the statement.
Balance transfer plan details can be viewed in the Balance Transfer section under the 'Balance and Interest Breakdown' section of the statement.
Paying off your Instalment Plan or Balance Transfer
In order to pay off your instalment plan early or balance transfer amount during your promotional period, you’ll need to make additional payments above your interest free day payment amount.
How are payments allocated?
The payments you make on your credit card will be applied firstly to any monthly instalment(s) due for an instalment plan, followed by the balances that make up your closing balance on your most recent statement, from those attracting the highest interest rate to the lowest interest rate.
Payments are then applied to balances that have not yet appeared on your statement in a similar fashion.
As the promotional interest rate offered for balance transfers is generally low, and may be 0%, you should assume that any payments will be applied to your other balances before they begin to reduce your transferred balance.
In most cases we will apply any payments to your other balances before they begin to reduce your transferred balance, except where you have agreed with us for a payment to be applied to a particular balance.
You can read your terms and conditions at mycard.com.au/terms for more details.
Examples of how the ‘interest free days payment’ works
Here are three examples if you have an instalment plan or balance transfer on your MyCard credit card.
1. I want to avoid paying interest on purchases
Lindsay has a current balance transfer amount of $500 and an instalment plan of $500 owing on her MyCard credit card. She makes a purchase of $200.
Lindsay ‘s account statement shows a closing balance of $1,200 ($500 balance transfer amount , $500 instalment plan amount, plus $200 purchase).
The ‘interest free days payment’ amount on her statement is $250 and is the due date is listed on her statement as the Payment Due Date.
Lindsay pays the $250 on or before the due date so she doesn’t pay any interest on that purchase. Her interest free period for purchases continues.
2. I want to pay part of my Instalment Plan early
Sabrina has a current instalment plan of $1,000 owing on her MyCard credit card. She makes a purchase of $200 which will register on her next statement.
Sabrina pays $300 to her account before she receives her next statement. We apply the $200 to the recent purchase and $100 of the payment to the current instalment plan of $1,000.
Sabrina receives her next statement with a closing balance of $900 ($900 instalment plan amount).
No ‘interest free days payment’ amount will be displayed on her statement
Sabrina pays the $250 on or before the due date so she doesn’t pay any interest on that purchase.
3. I want to only pay the minimum monthly amount
Anthony has a current balance transfer amount of $500 and a $500 instalment plan owing on his MyCard credit card. He makes a purchase of $200.
Anthony receives a statement with a closing balance of $1,200 ($500 balance transfer amount, $500 instalment plan amount, plus $200 purchase).
The ‘interest free days payment’ amount on his statement is $250 and is due 14 days after the statement date. His total minimum payment is $25.
Anthony only pays his minimum monthly payment of $25 on or by the due date. This is less than the full ‘interest free days payment’ amount of $200.
He starts to accrue interest (at the purchase interest rate) on the unpaid balance from the previous month, as well as any future purchases he makes. This is because he hasn’t paid his ‘interest free days payment’ in full.
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