Guide to credit cards

Credit cards are an incredibly convenient way to pay for the things you need but it’s important to understand how your credit card repayments work so you are always in control of your finances.

Minimum payments

The minimum payment is the compulsory amount you must pay by the due date. This amount is $25 or 2% of the closing balance, whichever is greater. If your closing balance is less than $25, you pay the whole of the closing balance.

If you don't pay the minimum payment by the due date, you may be charged a late payment fee, and your account may be suspended or closed.

How to make a repayment

You can make a repayment in any one of the following ways:

• Online via NetBank: use Autopay to set up an automatic direct debit from your savings or transaction account to cover your minimum payment each month or pay off the total balance. You can also download the direct debit request form and take it into any branch.
• Phone: call 13 2221 and follow the automated service
• Mail: complete and mail your statement payment section along with your cheque or money order
• ATM: use any Commonwealth Bank ATM to transfer funds from your linked cheque and/or savings account
• In person: pay over the counter at any branch or Australia Post outlet

 

Set up payment reminders

You can set up custom alerts and payment reminders so you’ll receive an SMS or email from us five days before your credit card payment is due¹.

Struggling to repay your credit card

If you fall behind with your payments, the first step is to stop using your credit card and ask any additional cardholder to do the same.

You should also contact your nearest Commonwealth Bank branch, or call 13 14 31 from 8am to 8pm, 7 days a week. The Commonwealth Bank may be able to assist in times of financial difficulty and will consider a full range of options for dealing with your individual situation. We can help you manage your debt and create a payment plan budget if necessary.

Like to know more?

• Managing your money
• Understanding credit
• Smarter money - take control and stay on top of your finances
• Dealing with debt

 Watch our video about managing your credit card.

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