Pay using an Instalment Plan at Kogan.com

You must complete the self-enrolment process, using the details of your Kogan Money Credit Card before you are able to pay using an Instalment Plan at Kogan.com. You may only link one Eligible Credit Card at any time. You may unlink your Account at any time. If you are an additional cardholder on someone else’s credit card, you can’t link to pay using an Instalment Plan at Kogan.com. Any information submitted via Kogan.com is held in accordance with the Kogan Australia Pty Ltd (Kogan) privacy policy. After you are linked, Kogan will be able to display products which are eligible to be paid for using an Instalment Plan.

Instalment plans are subject to eligibility criteria and are only available if your Account is and remains in good standing (for example - your Account is not in default, suspended or closed). The general terms for an Instalment Plan are included in your Credit Card Terms and Conditions and Other Important Information booklet under the heading “Instalment Plans, Balance Transfers and Special Promotions”. Some of these terms are summarised below.

How an instalment plan works

The available credit on your credit card account will reduce by the purchase that you select to pay by Instalment Plan.

Your Instalment Plan can only be set up once the purchase is processed to your Account. This can take up to 5 business days. If you’re not in an interest free period, interest will be charged on your purchase at the Annual Percentage Rate (APR) for retail purchases until the transaction has been processed.

While it continues, the Instalment Plan will have a different APR than the standard Retail Purchase APR, which is the rate that would have applied to the purchase if it weren’t part of an Instalment Plan.

Warning – having an Instalment Plan means us applying payments in a different order. By requesting an Instalment Plan, you request and if we set it up, we agree that payments will be applied first to Instalment Plan amounts that are overdue and due in the current statement period before being applied to other amounts which may have a higher APR than an Instalment Plan. As a result, you may be liable to pay an amount or rate of interest that is greater than the amount or rate of interest you would be otherwise liable to pay if payments had been applied to balances with higher rates first.

How do I make repayments?

You can keep making your monthly credit card repayments the same way you usually do.

Your Instalment Plan repayments (including any initial interest charge, Instalment Fee or monthly instalment) will be included in your Minimum Payment Due on your statement each month.

You will still be eligible for an interest free period on retail purchases outside of your Instalment Plan if you pay the interest free days payment by the payment due date.

How will my repayments be applied to my card?

By requesting an Instalment Plan, you request and if we set it up, we agree that any payments you make to your credit card will be applied first to Instalment Plan amounts that are overdue and due before being applied to other amounts as set out in section 5 of the credit cards terms and conditions under the heading “Instalment Plan – Application of Payments”.

As a result, you may be liable to pay an amount or rate of interest that is greater than what you otherwise would under credit laws if payments had been applied to balance that have a higher rate first, for example, purchases or cash advances that are not in an Instalment Plan.

You can withdraw your request to apply payments differently at any time, but if you do, we will cancel your Instalment Plan.

What If I don’t pay on time?

If you don’t pay an instalment amount by the due date, you’ll be charged interest on the overdue instalment amount at the Retail Purchase rate. The Kogan Money Credit Cards Terms and Conditions explain the meaning of overdue instalment amount and how interest is calculated and charged on this amount. The interest charged will be added to the Minimum Payment Due on your next statement.

We may also cancel your Instalment Plan. We will tell you of any overdue amounts before we cancel the Instalment Plan.

Can I cancel my instalment plan?

Yes. You can cancel your Instalment Plan at any time without cancellation fees.

If an Instalment Plan is cancelled early, and your Instalment Plan rate is more than zero, then we’ll charge the pro-rata interest that has been accrued since the last statement date until cancellation. Any interest charged on cancellation will be treated like a Retail Purchase and incur interest at the Retail Purchase rate after it is debited to your Account (unless you’re in an interest free period). Any instalment fees charged will not be refunded.

Any outstanding main Instalment Plan balance will revert to the Retail Purchase rate. 

Can I make extra payments or repay my Instalment Plan early?

Yes. You can make extra payments or repay your Instalment Plan early to reduce the interest you pay on your Instalment Plan.

However, you will need to pay all other amounts owing on your credit card first before extra payments will be made to instalment amounts not yet due.

There are no early repayment fees.