Why consider an Instalment Plan?
Instalment Plans are available to help you to manage your credit card repayments – from new purchases to balances already on your statement. You can turn larger amounts into smaller monthly repayments at a lower interest rate than your standard interest rate.
It’s a savvy way to stay on top of repayments and bring a little more structure to how you manage your money.
Your Instalment Plan options
Find what works best for you {sub-heading}
Statement Instalment Plan
Make repayments your way
Turn a portion of your credit card statement into smaller, monthly instalments – easy as that.
Choose what suits you
Convert from a minimum $500 or more, so you’re always in control of what works best.
Transaction Instalment Plan
Buy now, pay it off over time
After you transact, convert eligible purchases of $50 or more into manageable repayments over a set term.
Perfect for little upgrades or big moments
From new furniture to fresh décor, choose a term that works for you and pay it off with ease.
Some ways you can use Instalment Plans
Car expenses
Need to pay your registration soon? Spread the repayments over time instead of all at once.
Holiday bookings
Lock in flights or accommodation and smooth the repayments over the next few months.
Unexpected costs
Manage unexpected costs like vet bills or home repairs with repayments spread over time.
Applying for an Instalment Plan
If you’re an existing customer, you can call us on 1300 129 783 to check your eligibility and apply for an Instalment Plan.1
Frequently Asked Questions
Is a Virgin Money Instalment Plan available to me?
What are the benefits of a Virgin Money Instalment Plan?
Is the Virgin Money Instalment Plan amount part of my existing Credit Limit?
Can I have more than one Virgin Money Instalment Plan?
What happens to the interest free days available on my credit card?
Do I still earn Velocity Points when I have a Virgin Money Instalment Plan?
Are there any fees or costs involved in setting up a Virgin Money Instalment Plan?
How does my Virgin Money instalment Plan appear on my statement?
How do I make the monthly instalment repayment?
What happens if I don’t pay on time?
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 pay more than my monthly instalment repayment amount?
Yes, if you make a payment which exceeds the Minimum Payment Due plus any overdue amount,
- the excess amount will be applied first to pay the balance of your account excluding any main Instalment Plan balance;
- any further excess will be applied to pay the main Instalment Plan balance(s) (which results in an Extra Payment); and
- where there are multiple Instalment Plans, unless you otherwise direct, we will apply Extra Payments to Instalment Plans in the order of Instalment Plan APR (first to the Instalment Plans with a higher APR), and if more than one has the same Instalment Plan APR first to the Instalment Plan that is set up earlier.
If you would like the additional amount to be applied to your Virgin Money Instalment Plan, please contact us on 1300 129 783.
Note that where the Extra Payment is applied to your Instalment Plan and it only partially pays off your Instalment Plan, your monthly instalment amount will reduce. The term does not change. If the Instalment Plan is your only outstanding balance, then any additional payment will be allocated to it and there is no need to contact us.