How do Instalment Plan repayments work?
Each month, you'll need to pay at least your contractual minimum monthly payment as well as your agreed Instalment Plan payment (including the fee). Please note that the Instalment Plan component of your monthly repayment amount is voluntary, and missing this payment will not constitute a breach of your credit card agreement or affect your credit file, provided that contractual minimum monthly payment is made.
However, please be aware if you miss two Instalment Plan payments then we will cancel your plan and anything left to pay will be subject to your standard purchase rate, which is higher than your instalment plan fee.
To make sure you don't break your credit card agreement, we apply your repayments in this order:
- Your minimum payment amount of your outstanding credit card balance
- The fees for your Instalment Plans
- Your agreed Instalment Plan amounts
Once this has been covered, any extra amount you repay will go towards your remaining outstanding credit card balance. Your Instalment Plan balance will be repaid more quickly than other balances charged at a higher interest rate.