Terms & conditions
1An Instalment Plan is also called a Fixed Payment Option or FPO. Fixed Payment Option offers are subject to eligibility and only available if your Account is and remains in good standing. Your Fixed Payment Option uses part of your existing Credit Limit. As you pay off your Fixed Payment Option, the amount you pay off will become available for you to use again as part of your Available Credit at the applicable Annual Percentage Rate (APR) for Retail Purchases. A fee may apply to set up a Fixed Payment Option.
During the Cycle in which a Fixed Payment Option is set up, you will be charged an initial interest charge which will be included in the Minimum Payment Due on your next statement (not applicable if the Fixed Payment Option APR is 0%). Subsequent statements will include an instalment for each month of the term.
While you have a Fixed Payment Option, payments will be applied to your initial interest charge or instalment or FPO fee or related interest due or overdue in that period before all other balances, even if they attract a higher rate of interest. If you don’t pay the Minimum Payment Due and any Overdue Amount by the Payment Due Date, interest will be charged at the applicable APR for Retail Purchases on any unpaid instalment or initial interest charge. Your Fixed Payment Option may also be cancelled.
If your Fixed Payment Option is cancelled, the outstanding balance of your Fixed Payment Option will revert to the applicable APR for Retail Purchases for Transaction Instalment Plans and Statement Instalment Plans and the applicable APR for Cash Advances for Cash Instalment Plans.
For the full Terms and Conditions that apply to Fixed Payment Options, please refer to the Coles Mastercard Terms and Conditions and Other Important Information found at coles.com.au/mastercard-terms-conditions