Instalment Plans

Existing Credit Card Customers

Instalment Plans

What is an Instalment Plan?

An Instalment Plan allows you to pay off an eligible purchase over a term which best suits your needs. This can be between 6, 9, 12, 18 and 24 months.

You will not pay interest on any balance that is on a  plan but you will pay a set monthly fee over the selected term. You will pay the same amount each month for the duration of the plan.

  • The monthly amount and the monthly fee for the plan will vary dependant on the purchase amount and term of the plan.
  • You can set up, track and manage your plan in the Mobile App.
  • It’s a simple way to make regular payments against individual larger eligible purchases that you don’t want to pay off in one go.
  • An Instalment Plan is part of your existing credit limit and it does not free up additional funds when a purchase is moved to an Instalment Plan.
What are the eligibility requirements for this offer?

There’s a few points we take into consideration to ensure you are eligible for this offer: 

  • You must be an existing credit card customer with Ulster Bank.
  • Which ever Instalment Plan option you choose will be part of your existing credit card limit.
  • The type of credit card you currently have with us.
  • Your Annual Percentage Rate rate. The Instalment Plan should be lower than your usual repayment interest on your card. 
  • You cannot have a cash balance on your credit card account.
  • How you manage your finances and maintain your account. 
  • You must have the Ulster Bank Mobile App to set up an Instalment plan, as plans can only be set up via our Mobile App.

Please note: Your transaction needs to be either on your latest statement or applied to your account since your last statement was produced.

What else can we help you with?
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Icon expand Which transactions can I put on an Instalment Plan?

You can put eligible purchases between £300 and £3000 (inclusive) onto a plan. You must set up a plan for the whole purchase amount and you are unable to put multiple purchases into one plan. You can’t put some transactions onto a plan, eg Money Transfers, gambling or cash advances.

Check your Mobile app to see which transactions are eligible to put on a plan. You can have up to 4 Instalment Plans at one time. You’ll be able to set up one Instalment Plan on each working day.

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Icon expand How do I set up an Instalment Plan?

To set up an Instalment Plan:

  1. Log into your Mobile App and select your credit card.
  2. Click on view plan options.
  3. Look at the different plan options which show the term and associated monthly fee. 
  4. Choose the plan that suits your financial needs.
  5. Read the Instalment Plan Terms and Conditions and confirm you still want to proceed.
  6. Name your Instalment Plan.
  7. Your Instalment Plan will be set up on the next working day.
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Icon expand What fees and interest rates apply to my Instalment Plan?

There will be a fixed monthly fee charged for each month you have an Instalment Plan set up but there are no fees to cancel an Instalment Plan. There are no default charges if you don’t make your Instalment Plan Payment, but you will be charged if you don’t meet your usual minimum payment as shown on your credit card statement.

If you miss one payment, the missed instalment amount will no longer be included in the balance of your plan and will be subject to your standard interest rate. If you miss two payments, we will cancel the plan and you won't be charged any more fees. The remaining balance will be returned to your standard interest rate.

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Icon expand Can I cancel my Instalment Plan?

If you decide you don't want to repay in instalments any more, you can cancel your plan in the mobile app at any time and you won't be charged any more fees. Any fees which have already been charged will not be refunded. The remaining balance will be returned to your standard interest rate. 

We will also cancel your plan if you miss two Instalment Plan monthly payments across the duration of your Plan.   

If you pay by direct debit and cancel a plan, it will still take the amount shown on your statement, unless you cancel your direct debit as well. If you wish to cancel your direct debit or have any concerns relating to your Instalment Plan please call us on:

UK: 0345 300 4642

(24 hours, 7 days a week)

Overseas: 0044 126 850 8018

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Icon expand Will this impact my credit rating?

There is no additional paperwork to complete and we do not carry out any additional credit scoring for any of our Instalment Plan options.

Ready to set up a plan?

Instalment Plans can be set up only through our mobile app, and only if you are eligible for this offer.

To get started and set up, log into your mobile app and select your credit card. From there, you can view any purchases that are eligible to pay via an Instalment Plan and then view your plan options.

If you have received correspondence from us about this offer, but do not have our mobile app learn how to set up mobile banking. More price examples are also available.

 

 

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