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How do Instalment Plan repayments work?

Each month, you’ll need to pay your agreed Instalment Plan amount (including the fee) as well as your usual minimum monthly repayment.

To make sure you don’t break your credit card agreement, we apply your repayments in this order:

  1. Your minimum repayment amount.
  2. The fees for your Instalment Plans.
  3. Your agreed Instalment Plan amounts.

If you overpay your plan, your monthly payments will remain the same each month, but your term will reduce and therefore your plan could get paid off early depending on how much you overpay and what your monthly payments are.

How do you work out my minimum monthly payments for an Instalment Plan?

Your minimum monthly payment is made up of:

  1. A payment towards the balance outside of your Instalment Plans (your main credit card balance).
  2. A payment you need to make to pay any Instalment Plans over the time you have chosen (your Instalment Plan payment).

What fees will I pay?

You’ll need to pay a set fee for each Instalment Plan you take out (up to 8 plans at any time.)

This fee will always cost you less than the standard rate of interest on your credit card. That’s it! There are no hidden fees for anything else.

You can even cancel the plan at any time with no charge. Any remaining balance reverts to your standard interest rate.

If you decide to cancel, any previous monthly fees that you’ve already paid won’t be refunded.

When is the first payment taken?

Don't worry, you won't be charged your first instalment or fee until your first statement. Your statement will also let you know your total minimum repayment amount for the month which will include your new plan.

Why should I set up a direct debit for an Instalment Plan and how do I do it?

When you set up a direct debit, we’ll always make sure you pay at least your minimum payment and Instalment Plan payment so you never have to worry about your plans being cancelled. But you’ll need to ensure you have sufficient funds available to cover your direct debit. You can set up a direct debit via Online Banking and the mobile app.

If you set up a direct debit for the following options, this is what we will claim in terms of your Instalment Plans.

  • Minimum – this will pay the minimum payment due towards your main credit card balance and Instalment Plan monthly payment
  • Fixed - this is a fixed amount of your choice. If the amount you choose doesn’t cover at least the minimum payment due towards your main credit card balance and Instalment Plan monthly payment, we will increase the amount we claim to cover this
  • Full – this will pay off your main credit balance and your monthly Instalment Plan payment. It will not pay off your full Instalment Plan Balance

Can I miss a payment?

If you miss your Instalment Plan payment there will not be any fees, however you still need to make your minimum payment for your credit card found on your statement. Failure to do so will result in a fee.

If you choose to skip a month or miss a payment by accident, that month’s instalment amount will be added to your normal credit card balance. That means it will be subject to your standard interest rate.

If you miss two payments then we will cancel your plan altogether and anything left to pay will also be subject to your standard interest rate.

If you miss an Instalment Plan payment, we will send you an email or letter to advise you.