Understanding Credit Card Repayments

Find out what you need to know about your Credit Card bill and how to manage it.

What are Credit Card repayments?

When your statement arrives, you’ll have a choice of repayment options. You can pay off the entire closing balance on, or before, the statement due date, in which case you’ll avoid paying interest. Or, you can choose to pay your closing balance over time by paying at least the minimum monthly payment amount. This option will mean you will be paying interest.

Opening balance: The balance on your account at the beginning of the statement period.

Closing balance: The amount you owe at the end of the statement period.

Minimum Payment Due: The minimum amount you have to pay by the payment due date. For American Express^® Credit Cards, this is set at 2.5% of your closing balance or $30, whichever is greater. It is not recommended as a long-term solution because if you make only the minimum monthly payment, you will pay more interest and it will take you longer to pay off your balance.

Payment due date: The day by which you have to pay at least the minimum monthly payment amount to avoid late payment charges.

How to pay your bill-Opening in new window How to pay your bill

What is a minimum repayment?

The minimum amount you have to pay by the payment due date. For American Express^® Credit Cards, this is set at 2.5% of your closing balance or $30, whichever is greater. It is not recommended as a long-term solution because if you make only the minimum monthly payment, you will pay more interest and it will take you longer to pay off your balance.

Your monthly Credit Card statement includes the closing balance and a minimum payment amount.

While the closing balance is the total amount outstanding, the minimum payment amount shows what you need to pay by the payment due date to keep your Account in good standing.

Although making minimum repayments can give you more breathing space to pay off your balance over time, it’s worth remembering that it can also result in ongoing debt.

Manage your repayments-Opening in new window Manage your repayments

What happens if I’m not able to pay the minimum repayment?

We understand that there are some things in life that are out of your control. If you are experiencing financial difficulty or hardship, we have a dedicated Customer CARE Team that is committed to finding ways to help.

If you’d like to discuss payment options, you can chat with our Customer CARE Team. Please call 1300 660 562 from 8.00 am to 7.00 pm AEST.

Can I set up an automatic payment plan?

Automatic payment plans are a great way to ensure that you pay your Credit Card bills on time. If you set up a direct debit to automatically pay a certain amount every month, you can have the peace of mind knowing you’ve made your payment. You can also opt-in for SMS or email alerts to remind you that a payment is due.

Log in and set up alerts

How will the type of payment I make affect the interest charged?

If you only pay the minimum repayment, you’ll still get charged interest. This will appear on your next statement. If you choose to pay the minimum payment amount for several months and then decide to pay in full, interest will still appear from the previous month’s closing balance. This is known as ‘trailing interest’ and is the amount of interest that accrues between when your Credit Card bill is sent and when payment is received.

Pay off your balance in monthly instalments

Plan It^™ Instalments offers you a flexible way to pay off your Credit Card balance in equal monthly instalments, with 0% p.a. interest and a fixed monthly fee^*. It’s already on your Card, so you can keep buying wherever you normally shop and pay later in instalments.

You can create an Instalment Plan as long as your account is in good standing. We may limit the amount that can be transferred to an Instalment Plan.

Each Instalment Plan will begin from the date it is successfully created, as communicated to you in your Online Account.

Payment of your first Monthly Instalment will be due in your next payment cycle.

You will be charged a Monthly Plan Fee for each Instalment Plan created.

This fee will be charged each month your Instalment Plan is active and will be notified to you before you create the Instalment Plan.

View the full Plan It^™Instalment Terms and Conditions here.

Learn more

What is a late payment fee?

A Late Payment fee is a fee incurred if you do not pay the minimum payment by the payment due date as indicated on your statement.

Choose how you pay your bill

You have options that will help you make repayments and manage your Credit Card balance effectively. You can choose to pay your bill via the Amex Mobile App, Online Services, Direct Debit, in person, by BPAY².

Paying your bill via cheque:

You can pay by cheque at any Australian Post Office.

To pay your bill in person, you just need to take your cash or cheque, your Card and your current posted Card Account statement to any Australia Post Office.

For payments at Australia Post, you will be charged a $3 handling fee and it can take up to 3 business days to process the payment.

Card Members who receive online statements are ineligible to pay their bill in person.

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