Credit card payment plan

The credit card payment plan will increase your monthly Minimum Payment Due to help you pay down your credit card debt within 36 months.

Here’s how it works:

• Request: Complete this form to request a payment plan for your Macquarie credit card, subject to our approval.
• Spending block: On set-up, we’ll place a permanent spending block on your credit card account (and all cards linked to the account). This means you and any additional cardholders won’t be able to make new purchases or cash advances, or request a new card.
• Lower interest rate: We’ll reduce the variable interest rates on your credit card account to 9.95% p.a. This lower rate applies to the Balance Owing On The Account.
• Removal of Interest Free Period and Promotional Rate: Any promotional rate and interest free period applicable to your credit card account will be removed.
• No fees: There’ll be no more Macquarie fees (i.e. no more annual fees or late payment fees).
• Increased minimum repayments: Your increased monthly Minimum Payment Due will help you stay on track to repay your outstanding balance within 36 months. 
• Account closure: Once your balance has been paid in full, we’ll close your account

Please note, this payment plan is voluntary. However, once it has been set up on your credit card account, it cannot be reversed.

Your new monthly Minimum Payment Due will increase on the new plan.

If your closing balance is less than your Minimum Payment Due, your Minimum Payment Due will be equal to your closing balance (this is what you can expect for your final payment).

The higher monthly Minimum Payment Due, along with the lower variable interest rate, will help you pay down your credit card balance within 36 months.

The examples below shows what will happen if you are only making the Minimum Payment Due:

• Without the payment plan
• With the payment plan

Based on the examples above for a Macquarie Platinum Credit Card without and with the payment plan, here’s how the total repayments compare if you only make the Minimum Payment Due:

Yes, you can make additional repayments to your credit card account at any time.

Paying more than your monthly Minimum Payment Due is an effective way to reduce your credit card balance faster and reduce interest charged. You can make extra repayments using your usual payment method whenever you like; you don't have to wait for your statement to arrive.

It is important to remember that you are required to pay at least the Minimum Payment Due shown on your statement each month, even if you have made additional repayments in prior months. An extra repayment in one month will not count towards the Minimum Payment Due for the next month.

Please note that any additional repayments made to your credit card account will reduce your outstanding balance. You will not be able to access the extra funds you have paid.

The variable annual interest rate for the payment plan is 9.95% p.a, which applies to the Balance Owing On The Account.

In your Macquarie Credit Card Conditions of Use, this is referred to as your Annual Percentage Rate.

We may change any Annual Percentage Rate at any time in accordance with the Macquarie Credit Card Conditions of Use. We will act reasonably in changing any Annual Percentage Rate, and notify you in writing.

For the most up-to-date details on your current interest rates, you can always refer to your latest statement or contact us directly.

Please carefully consider whether this plan is right for you, and that you can comfortably make the higher monthly Minimum Payment Due amount. We do not assess this for you.

If you conclude that the plan is appropriate for you and your financial situation, we suggest you:

• Cancel any direct debit payments linked to your Macquarie credit card (For example, your gym membership, your phone bill)
• If you have an existing direct debit set up to repay your credit card by a set monthly payment amount which is less than your new Minimum Payment Due, this will need to be updated by completing a new Direct Debit Request form.
• If you have any additional cardholders on your credit card account, let them know that a permanent spending block will be applied to all cards on the account.
• Destroy all cards by cutting it into pieces across the chip and the magnetic strip.

After repaying your closing balance in full, your account will be closed by us.

Once you have paid down your closing balance in full and your account is closed, you may be able to apply for a new Macquarie Credit Card subject to our eligibility criteria and approval after 6 months.

If you’re unlikely or unable to make your monthly Minimum Payment Due by the due date, please contact us to discuss your options.
If you miss your monthly Minimum Payment Due, this will affect your credit score.

If you are unable to meet your monthly Minimum Payment Due as a result of a change in your circumstances, we encourage you to reach out to us as soon as you can, so we can work on a solution for you.

We understand that every situation is unique. Financial assistance will be considered on a case-by-case basis and offer support such as flexible payment arrangements (this could include deferring or reducing your repayments for an agreed period).

To find out more, visit our Financial assistance page.

If you opt in to the payment plan and you continue to make your new monthly Minimum Payment Due by your due date, this payment plan won’t impact your credit score in respect of your credit card account.

However, if you default on your new repayment obligation i.e. you do not meet your monthly Minimum Payment Due, this will affect your credit score in line with our reporting obligations. We may also take some or all actions set out in Part H of the Macquarie Credit Card Conditions of Use.

1. Complete the Credit card payment plan form
2. Submit the form to macquariecards@macquarie.com from the email linked to the primary card holder’s account.

Please note your request is subject to eligibility criteria and our approval.

No, once we've set you up on the credit card payment plan, you can’t opt out.

You’ll remain on the payment plan until you pay down your balance in full, after which we’ll close your account.