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What is an Instalment Plan?

It’s an option we might offer on your account to let you pay off larger purchases in fixed monthly instalments. You can also set up an Instalment Plan to pay down a balance if your 0% on balance transfers offer has come to an end and you have a balance remaining. Please note, only the main card holder can set up a plan.

If instalment plans are available to you, we’ll let you know via our mobile banking app by adding an ‘eligible Instalment Plan flag’ to your transaction or as a notification when your 0% Balance Transfer has expired. We’ll tell you more about any available plan, including fees, via the app before you take it out.

How do I know if I’m eligible for an Instalment Plan?

There are a number of factors that contribute to being eligible for this payment option. These include having a transaction between £100-£3,000 (not cash or gambling) either on your latest statement or applied to your account since your last statement was produced, an expired 0% Balance Transfer offer, a credit card with an APR above 6.9% and your account is within your credit limit. Please note availability is also subject to eligibility criteria and you will be able to search for eligible transactions in the mobile app.

What should I consider when I choose what term I should take my Instalment Plan over?

You should choose the term which best suits your financial needs. The Instalment Plan monthly payment will be in addition to the minimum monthly payment you normally make towards your main credit card balance. This payment must be paid to keep on track with your Instalment Plan. You can consider how much your minimum payment normally is and ensure you can also afford the monthly payment which would be due on any Instalment Plan.

Can I set up an Instalment Plan by telephone, branch or via Online Banking?

You can only set up and manage an Instalment Plan using your Mobile App. You will only be able to use Online Banking to see your Instalment Plan payment options and pay your credit card, if you have a current account with us.

How do Instalment Plans work?

If we tell you you’re eligible to move a transaction to an Instalment Plan you’ll have a set amount of time to tell us you want to do this. If you’re eligible to move a Balance Transfer you can do this at any time after the promotional period has expired. We’ll then move the transaction or Balance Transfer amount to a plan, and you’ll pay a monthly fee and a fixed instalment on top of your normal monthly Minimum Payment. We don’t charge any interest on Instalment Plan repayments or Instalment Plan fees.

I’ve got a 0% Balance Transfer offer expiring soon, can I move my balance onto an Instalment Plan?

To move a balance onto an Instalment Plan, the Balance Transfer offer period must have expired. If you are eligible to set up an Instalment Plan we will let you know via the mobile app.

Can I still take out cash?

You can’t set up a plan until you have repaid a cash balance. Therefore, we suggest you don’t withdraw cash on your card while you have Instalment Plans in place, as it’s likely to be more expensive.