Manage your credit card
All you need to know about managing your credit card
It's important that you make at least your minimum monthly payment on time to avoid affecting your ability to get credit in the future.
- If you have a direct debit set up for your monthly payments, you can cancel that via the mobile app or through Anytime Banking. You can still make one off payments every month to ensure you pay at least your minimum monthly payment.
- If you are finding it difficult to pay your monthly credit card payments as a result of coronavirus, then remember that you can reduce payments to the minimum amount. If you still feel that you cannot pay the minimum, then we could provide a credit card payment break without impacting your credit score. This would mean for 3 months, you will only pay £1 per month. Interest will still be applied during this time so your minimum payment may be higher than usual once the payment break ends.
To apply, log into our mobile app, simply tap 'Help' at the bottom of the screen followed by 'Message us' and quote 'coronavirus credit card' in your message.
Find out how to get the app
Paying your minimum monthly payment can help you reduce your costs in the short term, however it means that it would take longer to pay off your credit card debt. If you are able to pay more than the minimum monthly payment you could clear your balance sooner and prevent interest from building up.
Icon expand What is a credit card payment break?
A credit card payment break will mean you only need to make a £1 monthly payment to your credit card for 3 months. Over the break, interest will still be added to your bill each month, so your credit card balance will increase over the payment break.
Icon expand Will taking a payment break impact my credit score?
No, you don’t need to worry, taking a payment break and reducing your payment to £1 will not impact your credit score as long as you pay the £1 each month.
Icon expand Can I still use my credit card if I take a payment break?
Yes, you can continue spending as normal but please ensure your balance stays within the limit.
Icon expand When will the payment break start?
Once we have received your request, we will review it and contact you within 7 days with the outcome of your request.
Icon expand I currently pay my credit card by Direct Debit, do I need to do anything?
If your direct debit is set to the minimum payment, then you will not need to do anything. If your direct debit is set up to pay in full or a fixed amount we will amend this for you to take the minimum payment. However, if your full or fixed payment direct debit is due to be taken in the next 6 working days this is likely to still be taken.
Icon expand How do I make my £1 payment?
If you don’t have a direct debit set up, then you must still make your £1 monthly payment by your due date. You can only make this in the mobile app or Anytime Banking.
Icon expand I have several Ulster Bank credit cards, can I take a payment break on them all?
Yes you can, please include each card when you apply.
Icon expand Will I still receive my monthly statement?
Yes, if you set up the payment break you will still get your statement, however your monthly payment due will show as £1 (if you apply and are accepted for a payment holiday).
Icon expand What happens if I have an instalment plan set up?
Your instalment plan will be cancelled and your remaining balance will be added to your overall credit card balance.
A credit card has many benefits but to get the best from it, you need to be organised with your monthly payments otherwise you could end up paying fees and charges.
There are two main fees you need to know about. Both of these fees are £12.
- Late payment fee - if you're late paying your monthly bill
- Over limit fee - if you go over your credit limit
Here are some tips on how to avoid paying charges and interest on your credit card:
Icon expand Late payment fee
Keep on top of your payments. Your statement will tell you when the minimum payment has to reach your account each month.
There are many ways to pay your credit card bill. Make sure you have enough money in your account before a payment is due to come out and send it in plenty of time.
If your statement date or payment date doesn't suit, give us a call and we can change it to one that works for you.
Icon expand Over limit fee
Keep track of your credit limit and how much you have available to spend. You can do this any time by registering for online banking or calling 0345 742 4365.*
If you've already gone over your credit limit make sure that your minimum payment is enough to bring you back within your credit limit, otherwise you'll need to pay more to avoid another over limit fee.
If you need a higher or lower credit limit we're happy to discuss this with you. A credit scoring system based on your current financial status is used to decide the fairest and most appropriate amount for you. If you think you'll have difficulty covering your credit card borrowings, please let us know immediately and we'll give you all the help we can.
*Lines open: 7 days a week 8am – 8pm (Automated service 24/7). Calls cost up to 10p per minute plus up to 16p connection charge from BT lines. Calls from other networks may vary. Calls may be recorded.
Icon expand Interest
If you pay your full balance, and you paid the full balance shown on the previous month's statement by the payment dates, we will not charge you interest on the purchases on the statement.
In an emergency it can be useful to withdraw cash from an ATM using your credit card but it may be cheaper to use your debit card. We charge interest from the date the advance is charged to your account. This is higher than the rate charged for purchases.
Going on holiday, or taking a business trip? Your credit card can be a safe and convenient payment method to make transactions abroad.
Our credit cards are widely accepted at millions of overseas retailers and ATMs. To use your credit card, just look for the Visa and MasterCard logos in retailers or on cash machines next time you are abroad, then use your card as normal.
Find out more about using your card abroad and the associated costs.