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.

How do you work out my monthly repayment amount when I have an active Instalment Plan(s)?

Your minimum monthly payment is made up of:

Your minimum payment amount of your outstanding credit card balance
The fees for your Instalment Plans
Your agreed Instalment Plan amounts

What fees will I pay?

You'll need to pay a set monthly 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.

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 purchase rate, which is higher than your instalment plan fee.

Please note that once a plan is cancelled, you will not be able to set up a plan for the same transaction(s) again.

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

When is the first payment taken?

Once you have set-up an Instalment Plan, your next statement will give details of how much to pay (contractual minimum payment + monthly iPlan fees + monthly iPlan payment) as well as when the payment is due. Please note that the minimum payment on your latest credit card statement remains unchanged, and should be paid by the specified due date.

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 credit card payment, Instalment Plan payment and Instalment Plan monthly fee 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 Anytime Internet 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?

Since your monthly Instalment Plan payment is voluntary, missing it will not incur any fees nor will it affect your credit file. However you still need to make your minimum payment for your credit card, which can be found on your statement. Failure to do so will result in a fee and could adversely affect your credit file.

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 purchase rate, which is higher than your instalment plan fee.

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.

Please note that once a plan is cancelled, you will not be able to set up a plan for the same transaction (s) again.

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How do Instalment Plan repayments work?