Getting that card balance to zero.

It’s not always possible to pay off your credit card balance in full each month. Here’s six ways to pay it off that could be right for you, depending on your individual circumstances and objectives:

1. Leave your credit card at home 

It can be difficult to pay off your credit card balance if you're still spending on the credit card balance. If you want to focus on reducing your balance, trying not to use the card can make it easier. 

2. Pay more than the minimum 

If you're only paying the minimum repayment it will take longer to clear the credit card balance. The higher the repayment, the faster balance will be cleared and the less interest you will pay in total. Also look at how much interest you’re are being charged and try to repay more than the interest, so you are paying off the balance. 

3. Spend less

Spending less should mean you have more money to pay your balance off faster. By using a budget calculator, you can identify areas where you might be overspending, and how much you might be able to increase your repayments by.

4. Automating repayments 

Pay your credit card bill without thinking about it. Both Direct Debit and Automatic Payments can make it simpler to manage your money. If you have managed to save by reducing your spend or bills in other areas you can always make a manual payment to reduce your balance further.

5. A balance transfer 

This is a way to consolidate outstanding balances on hire purchases, store cards, another bank's credit card or a personal loan to a Westpac credit card. Balance transfers1 give you a special low interest rate period to help you pay off the balance(s) transferred to the credit card – offers and conditions vary. Moving all of your debts in one place means you make one regular payment.

Note that you can’t transfer a balance from a Westpac card or loan.

6. A personal loan

This gives you the ability to consolidate multiple debts into one personal loan and have one regular payment. Like a balance transfer, you can consolidate store cards, hire purchase, personal loans and credit cards. However, there are some key differences. With a personal loan, banks will often allow you to consolidate personal loans and credit card balances that are already held with them (often not the case with a balance transfer). Unlike a credit card, there’s no access to an open line of credit and you have a fixed end date with fixed scheduled repayments so you have some certainty about when you will clear the debt. With Westpac personal loans there are no fees for additional or lump sum repayment, allowing you to pay more than your agreed loan repayment and pay off your balance faster. 

We can help.

Balance transfers

Find out how to consolidate outstanding balances from hire purchase, store cards or another bank’s credit card to a Westpac credit card1.

Learn more

Personal loan for debt consolidation

Find out how a personal loan for debt consolidation could combine multiple monthly payments into a single loan.

Learn more

Managing Your Money webinars

Our Managing Your Money webinars cover a range of topics and allow you to learn about finances from home.

Learn more

Salary Splitter

Salary Splitter is a simple way to move your money into the accounts where you want it to go. You can set it to divide your income into as many as six different accounts.

About Salary Splitter

Things you should know.

Balance Transfer Terms and Conditions and lending criteria apply. All applications are subject to Westpac approval. You cannot transfer a balance from a Westpac card or loan. Payments made to your Westpac credit card will first be applied to charges and interest accrued, then to cash advances and purchases, followed by balance transfers. All new purchases, cash advances and any unpaid interest or fees will incur interest at the standard interest rate in accordance with the card's Conditions of Use. You can transfer up to 95% of your available credit card limit. Your card must remain within its credit limit after the balance has been transferred. Balances cannot be transferred to a Mastercard® BusinessCard/Purchasing Card. Balance transfers do not earn Airpoints Dollars™ or hotpoints®. You must close any facilities indicated in this application as being repaid by the balance transfer.

Credit Cards: Eligibility criteria, Lending criteria, terms and conditions apply. Conditions of Use for the applicable card apply. Rates, transaction and services fees apply. Overseas cash advances and foreign currency fees may apply. 

Personal Loans: Westpac’s eligibility criteria, lending criteria, terms and conditions apply. An establishment fee of $0 may apply. You’ll need to be 18 or older and a New Zealand citizen or permanent resident. If you’re not a New Zealand citizen or permanent resident but you’re working in New Zealand, or you don’t meet the other criteria, we still may be able to help.

This material on this page is provided for information purposes only, without taking your particular financial situation or goals into account.

Mastercard is a registered trade mark and the circles design is a trade mark of Mastercard International Incorporated.

You must be a member of Air New Zealand’s Airpoints™ programme to earn Airpoints.  Airpoints terms and conditions apply.

Hotpoints terms and conditions apply.