Credit card payment plan

This credit card payment plan makes several changes to your credit card contract (including updating your minimum monthly repayments) to help you pay down your credit card debt within 49 months.

Here’s how it works:

• Spending block: On setup, we’ll place a permanent spending block on your credit card account (and all cards linked to the account). This means you won’t be able to make new purchases or cash advances.
• Credit limit update: On set-up, Your Credit limit will be reduced to equal the Balance Owing on your Account, rounded up to the nearest $10.
• Lower interest rate: We’ll reduce the 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 Primary Annual Cardholder fee or Late Payment fee).
• New minimum repayments: Your new minimum monthly repayment amount will help you stay on track to repay your outstanding balance within 49 months i.e. just over 4 years.
• Account closure: Once your balance has been paid in full, we’ll close your account

Once the plan has been set up on your credit card account, it cannot be reversed.

Your new Monthly Minimum Payment Due amount will change to:

On this payment plan your credit limit will be reduced to an amount that is equal to your outstanding balance at the date we set you up on the payment plan, rounded up to the nearest $10.

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

The revised monthly minimum repayment, along with the lower variable interest rate, will help you pay down your credit card balance sooner.

The examples below shows what will happen if you pay down your credit card balance making the minimum repayment:

• without a 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:

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/credit criteria and approval after 6 months.

If you’re unlikely or unable to make a Minimum Monthly Payment Due before the due date, please contact us to discuss your options.

If you miss your monthly Minimum Payment Due, this will affect your credit score. Missed repayments and overdue days will be reported to Credit Reporting Bureaus and will remain on your credit file for 24 months.

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 miss a repayment, it will negatively impact your credit score. Missed repayments and overdue days will be reported to Credit Reporting Bureaus and will remain on your credit file for 24 months. Please see Credit reporting (CCR) for more information.

You can make additional payments at any time to reduce your balance faster. However, you are still required to pay at least the Minimum Payment Due shown on your statement each month. Please note that any additional repayment you make in one month will not count towards the Minimum Payment Due for a future month.

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.