Flat Rate Credit Card
The information below summarises key product features and is not intended to replace any terms and conditions.
| APR type |
APR |
| Typical APR |
8.9% APR typical (variable)
|
| Other APRs |
9.9% APR (variable) and 12.9% APR (variable) and 14.9% APR (variable) |
Other Interest Rates
| Purpose |
Introductory Rate |
Monthly Rate |
Annual Rate |
| Purchases |
n/a |
0.716% or
0.792% or
1.017% or
1.167%
|
8.94% or
9.93% or
12.92% or
14.94%
|
| Cash Advances |
n/a |
1.736%
|
22.95%
|
| Balance Transfers |
n/a |
0.716% or
0.792% or
1.017% or
1.167%
|
8.94% or
9.93% or
12.92% or
14.94%
|
| Cheques |
n/a |
1.736%
|
22.95%
|
Interest Free Period
Maximum 59 days for purchases if you pay the balance in full and on time. There is no interest free period on cash advances, cheques and balance transfers.
Interest Charging Information
We charge you interest on purchases and cash advances from the date of the transaction and for cheques, balance transfers and all other amounts from the date we first charge the amount to your account. However, if you pay your total balance in full and on time each month, you will not be charged interest on purchases. If you do not pay the total balance shown on your statement each month, we will add the interest charged to your next statement balance.
Allocation of Payments
If you do not pay off your balance in full, we will allocate your payments to balances with a lower interest rate before balances with higher interest rates. For Full information on allocation of payments see section 3.6 of the terms and conditions.
Minimum Repayment
2% or £5 each month whichever is greater
Amount of Credit
Minimum Credit Limit : £500
Maximum Credit Limit : Subject to status
Fees
No annual fee.
Charges
| Charge type |
Charge |
| Cash Advance Fee |
3% (minimum £3) |
| Foreign Exchange Commission |
2.95% |
| Balance Transfer Fee |
3% or minimum £3 (on promotional rates except introductory offer) |
| Cheque Fee |
3% or minimum £3 (on promotional rates except introductory offer) |
| Minimum Interest Charge |
50p (in any month where interest charge is between 1p and 50p) |
| Late Payment Fee |
£12 |
| Overlimit Fee |
£12 |
| Returned Payment Fee |
£12 |
Cost of Borrowing
Interest Explained - based on the typical APR for purchases as indicated above.
We would not recommend paying only the minimum payment. Only making the minimum payment maximises the interest you will pay and length of time it will take to clear your balance, as highlighted in the example below.
Illustrative example for a purchase of £1,000 on your credit card...
Minimum Payment each month
| Question |
Answer |
| Taking into account any introductory rates, how much interest will you be charged in the first year? |
£81.00 |
| How much interest will you be charged in the second year? |
£69.00 |
| How long would it take to clear the balance? |
12 years, 4 months |
£50 each month
| Question |
Answer |
| Taking into account any introductory rates, how much interest will you be charged in the first year? |
£67.00 |
| How much interest will you be charged in the second year? |
£20.00 |
| How long would it take to clear the balance? |
1 year, 10 months |
The above examples assume the following: The transaction takes place on 1st January and you make no further transactions. You always make the payment each month on the 15th. Your statement is produced 31 days after you make the purchase.
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