Representative exampleYour interest rate for purchases is 34.95% p.a variable with a representative 34.9% APR variable if you borrowed £1,200 and repaid it over 12 months
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If you stay within your limit and make your minimum payment on time, your rate will reduce by 5% each year for three years. For example, if you start with an APR of 34.9%, stay within your limit and make payments in time, it will get reduced by 5% after 12 months. This happens every year for three years, until your rate is down to 19.9% APR.
And all the while, you’re improving your credit rating, by showing you can be good with money.
|The information contained in this table summarises key product features and is not intended to replace any terms and conditions|
|Representative 34.9% APR (variable)||APRs (variable) 44.9% or 49.9% or 54.9% or 59.9%|
|Introductory Rate||Monthly Rate||Annual Rate|
|Purchases||N/A from date notified to you at time of offer||2.529% or 3.141% or 3.432% or 3.717% or 3.992%||34.95% or 44.93% or 49.91% or 54.95% or 59.95%|
|Cash Advances||N/A from date notified to you at time of offer||3.142% or 3.717% or 3.992% or 4.259% or 4.519%||44.95% or 54.95% or 59.95% or 64.95% or 69.95%|
|Balance Transfers||N/A from date notified to you at time of offer||2.529% or 3.141% or 3.432% or 3.717% or 3.992%||34.95% or 44.93% or 49.91% or 54.95% or 59.95%|
|Money Transfers||N/A from date notified to you at time of offer||2.529% or 3.141% or 3.432% or 3.717% or 3.992%||34.95% or 44.93% or 49.91% or 54.95% or 59.95%|
We may apply the standard interest rate to transactions before the end of the special promotion period if in any month you do not make at least your minimum payment by the payment date or if you exceed your credit limit at any time. Provided you pay at least your minimum payments on time, you do not exceed your credit limit and you have not told us you want to close your account, on the day after your first, second and third anniversaries you will receive a 5% reduction in the standard interest rates applicable on that date to all transactions.
|Interest Free Period|
|Interest Charging Information|
We charge you interest on all transactions 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.
|Purchases||Date debited to your account||Paid in full|
|Cash Advances||Date debited to your account||Paid in full|
|Balance Transfers||Date debited to your account||Paid in full|
|Money Transfers||Date debited to your account||Paid in full|
|Allocation Of Payments|
If you do not pay your balance in full we will allocate your payments to the balances with the highest rates before balances with lower interest rates. See Section 2.2 of the terms and conditions for full details.
Each month in which you have a debit balance outstanding on your account you must make at least a minimum payment equal to the higher of: a) £5 or your statement balance if this is less than £5; or b) the sum of (i) 1% of the total balance shown on your statement (including the interest payable, Default Fees and arrears) (ii) the amount of any interest and Default Fees added to your Account since your last statement plus (iii) the amount of any arrears, which are immediately repayable. You must repay any over limit amount immediately.
|Minimum Credit Limit||£250|
|Maximum Credit Limit||Subject to status|
|No annual fee.|
|Cash Advance Fee||3% of the amount of the transaction (£3 minimum)|
|Money Transfer Fee||3% of the amount of the transaction (£3 minimum)|
|Balance Transfer Fee||3% of the amount of the transaction (£3 minimum)|
|Payment Scheme Exchange Rate||Indicative rates can be found at Mastercard
|One or more of the following may apply:|
|Non-Sterling Transaction Fee||0% of the amount of the sterling transaction value|
|Cash Fee||3% of the amount of the transaction (£3 minimum)|
|Late Payment Fee||£12|
|Returned Payment Fee||£12|
|Cost Of Borrowing
Interest Explained - based on the representative 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...|
|Monthly Payment||Minimum Payment each month||£50 each month|
|Taking into account any introductory rates, how much interest will you be charged in the first year||£291.00||£266.00|
|How much interest will you be charged in the second year?||£257.00||£150.00|
|How long would it take to clear the balance?||19 years, 11 months||2 years, 6 months|
The above example assumes 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.