Terms & conditions
1A Coles Instalment Plan is subject to eligibility and only available if Your Account is and remains in good standing. Your Coles Instalment Plan uses part of your existing Credit Limit. As you pay off your Coles Instalment Plan, the amount you pay off will become available for you to use again as part of your Credit Limit at the standard Annual Percentage Rate (APR) applicable to your Account.
If Your Coles Instalment Plan(s) are cancelled, the full outstanding balance of Your instalment plan(s) will also revert to:
i. the Retail Purchase rate for transaction instalment plans and statement instalment plans and
ii. the Cash Advance rate for Coles cash instalment plans.
If You make a payment which exceeds the Minimum Payment Due plus any Overdue and Overlimit Amount:
- the excess amount will be applied first to pay the balance of Your Account excluding any Main Instalment Plan Balance; and
- 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 Coles Instalment Plans, unless You otherwise direct, We will apply Extra Payments to Coles Instalment Plans in the order of Instalment Plan APR (first to the Instalment Plan(s) with a higher APR), and if more than one has the same Coles Instalment APR first to the Coles Instalment that is set up earlier.
During the cycle in which the Coles Instalment Plan is set up, you will be charged an initial interest charge on the main Coles Instalment Plan balance. Subsequent cycles will have an instalment for each month of the term. Interest will be charged on Instalment Plan from when the Coles Instalment Plan is created until it is cancelled or repaid in full.
If, you fail to pay the minimum payment due and any Overdue and Overlimit amount by their payment due date, interest at the retail APR will be charged on any unpaid instalment or initial interest charge component (and any interest calculated on them). We may also cancel the Coles Instalment Plan. If your Instalment Plan is cancelled, any main Instalment Plan balance will revert to the underlying balance type and the APR and interest.