Tools to help manage your credit card debt

Set out below are some strategies to help reduce your credit card balance.

1. Pay on time

Paying at least the Minimum Payment on time means you’ll keep you balance down, avoid any late fees and extra interest charges. It could also help maintain your credit score. If you’re unsure what the next due date and Minimum Payment amount are, you can find them on your latest credit card statement. Access your statement via Internet Banking or call us on 1300 630 266 for more information.

2. Pay as much as you can

You could repay as much as possible above the Minimum Payment shown on your statement each month to decrease your balance and save on interest. 

Use the Australian Government’s MoneySmart credit card calculator^~ to see how different repayment amounts could play out. 

3. Consider switching to a lower rate credit card

Depending on the type of credit card you have (e.g. a rewards credit card), there could be other credit cards available with lower purchase rates that could better suit your current needs. Make sure you read the Terms and Conditions for any new card, so you understand exactly what to expect.

4. Consider using instalment plans such as Balance Plan&Pay or Autopay

Balance Plan&Pay*

Balance Plan&Pay breaks repayments down into regular monthly instalments.

You can set one up for all or part of any balance over $200, and any type of existing balance – whether it’s a purchase, cash advance, or balance transfer. Choose your term (3, 6, or 12 months) and set a goal for how much you want to repay. The applicable interest rate on your Balance Plan&Pay will be confirmed when you set it up through Internet Banking.

For more information search ‘Plan&Pay’ on our website.

Autopay^

Autopay ensures that your repayments are on time each month. You can choose to pay the full closing balance, the Minimum Payment, a percentage of the closing balance, or a set amount of the closing balance.

Consider setting Autopay to the highest amount you can comfortably maintain above the Minimum Payment. If you set up an Autopay amount but don’t think you’ll be able to manage it, call us on 1300 630 266 to change or cancel it at least 2 business days before the statement closes.

For more information search ‘Autopay’ on our website.

Spend Tracker

This feature, available on both the St.George Mobile Banking and Online Banking categorises your transactions into predefined categories like “Food & Beverage” and “Transport & Travel.” This tool provides insights into your spending habits, allowing you to track and analyse your expenses over time. It also offers subcategories for more detailed tracking, helping you understand where your money goes each month.

For more information search ‘Spend Tracker’ on our website.

Other resources

• Check out repayment strategies from MoneySmart.
  

Experiencing financial difficulty?

Chat to our St.George Customer Assist team. They’ll help you find options for managing your repayments that are right for your circumstances.

Alternatively, you can contact the National Debt Helpline from anywhere in Australia for free independent advice from a Financial Counsellor.