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What is an Instalment Plan?

It’s an option we might offer on your account to let you pay larger purchases off in fixed monthly instalments. If instalment plans are available to you, we’ll let you know via our mobile banking app by adding a ‘eligible instalment plan flag’ to your transaction. 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 £300-£3,000 (not cash or gambling) either on your latest statement or applied to your account since your last statement was produced, a credit card with an APR above 11.9% and your account is within your credit limit. Please note availability is also subject to eligibility criteria.

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 Digital Banking?

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

Can additional cardholders set up an Instalment Plan?

No, only the main cardholder can set up a plan via the mobile app.

How many Instalment Plans can I have?

You can have up to four Instalment Plans at one time. You’ll be able to set up one Instalment Plan on each working day.

How does it work?

If we tell you you’re eligible to move a transaction or eligible Balance Transfer to an Instalment Plan, you’ll have a set amount of time to tell us you want to do this.

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.

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.