Instalment plans

A simple way to spread the cost of larger purchases over a term that suits you.

 

What is an instalment plan?

Instalment plans let you spread the cost of larger purchases over a term that works for you. You can spread the cost of eligible purchases into smaller, regular payments over an agreed period.

  • You won’t pay interest. Instead, there’s a fixed monthly fee.
  • You'll know exactly what you'll pay each month, helping you to budget with confidence.
  • Choose up to 5 eligible transactions to move into a plan.

Why choose an instalment plan?

  • Spread the cost of larger purchases.
  • Help you manage your finances.
  • Have no impact on your credit file.
  • Have up to 10 plans at the same time.

How Instalment plans work

  • An instalment plan can't be more than £5,000 in total.
  • Repayment terms range from 3 to 24 months.
  • The fixed monthly fee will always be less than your standard interest rate over the same period.
  • You’ll make 1 monthly payment covering both your plan and your regular credit card balance.
  • If you qualify, you can set up, review and manage your instalment plans within the mobile app or online banking.
  • You can cancel at any time with no fee.
  • Transactions must be between £100 and £5,000.
  • Transactions must be in your current or last statement period and fully processed.

A look at the details

  • To be eligible for an instalment plan, your transactions must:

    • be between £100 and £5,000 in value
    • be a qualifying retail purchase
    • have been added to your account during your current or last month's statement period
    • be fully processed. Pending transactions can't be added to a plan.

  • If you miss an instalment plan payment, we’ll return that month’s payment amount to your credit card balance at your standard interest rate.

    If you miss 2 payments in a row, we’ll cancel the plan and return the remaining plan value to your credit card balance.

  • It will be used to clear higher interest balances first.

    If your instalment plan is the only balance on your credit card, your refund will go towards reducing your balance. Any refunds won’t take the place of your regular instalment plan payment and you’ll continue to pay your normal amount.

    Once your plan balance is lower than your regular instalment plan payment, we’ll adjust your payment. This could mean you’ll pay your plan off early. You won’t be charged any remaining monthly fees if this happens.

  • You can cancel a plan at any time.

    If you cancel, your remaining plan value will be returned to your credit card balance at your standard interest rate.

    Any plan fees already charged won’t be refunded.

  • If your instalment plan is the only balance on your credit card and you pay more than your regular instalment plan payment, the extra amount will go towards reducing your instalment plan balance.

    Overpayments or extra payments won’t take the place of your regular instalment plan payment and you’ll continue to pay your normal amount.

    Once your plan balance is lower than your regular instalment plan payment, we’ll adjust your payment. This could mean you’ll pay your plan off early. You won’t be charged any remaining monthly fees if this happens.

    If you have any other kind of balance on your credit card, we’ll use any overpayments to clear higher interest balances first.

  • You can have up to 10 instalment plans at the same time. 

    This will depend on your eligibility when you apply.

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