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Instalment Plans
What is an Instalment Plan?
Our Instalment Plans allow you to pay off eligible purchases or an expired 0% balance transfer over a term which best suits your needs. This can be between 3, 6, 12 or 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 fee for the plan will vary dependant on the 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 eligible purchases that you don’t want to pay off in one go.
- You can set up one easy to manage Instalment Plan for up to 5 individual transactions.
- You can also set up an Instalment Plan to help pay down an expired 0% balance transfer.
- An Instalment Plan is part of your existing credit limit and it does not free up additional funds when a purchase or balance transfer is moved to an Instalment Plan.
- By taking out an Instalment Plan it could mean that you pay the plan balance back quicker than other balances on your card.
- Payments to your Instalment Plan are voluntary and you can cancel your plan at any time without penalty.
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.
- Whichever 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 must have a minimum of 5% available credit balance.
- 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.
Your transaction needs to be either on your latest statement or applied to your account since your last statement was produced.
App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Anytime Banking available to customers aged 11+ with a Ulster Bank account.
What else can we help you with?
There are a number of factors that contribute to being eligible for an Instalment Plan. These include having a; transaction between £50-£3,000 either on your latest statement or applied to your account since your last statement was produced, a balance outstanding after your 0% Balance Transfer offer has expired up to £5000, a credit card with a standard purchase APR above 6.9% and your account is within your credit limit. Additionally, you must not have an outstanding cash balance on your credit card to be eligible for an Instalment Plan.
If instalment plans are available to you, we’ll let you know via our mobile banking app by adding an ‘eligible Instalment Plan flag’ to your transaction or as a notification when your 0% Balance Transfer has expired. We’ll tell you more about any available plan, including fees, via the app before you take it out. Please look out for an "Eligible for Instalment Plan" icon in your credit card 'View Transactions' menu within the Mobile App to find transactions eligible for Instalment Plan. Alternatively, you can click on the 'Instalment Plans' menu within the credit cards section of the Mobile App and "Search Eligible Transactions" to find transactions eligible for an Instalment Plan.
Please note availability is also subject to eligibility criteria and you will be able to search for eligible transactions in the mobile app.
To set up an Instalment Plan:
- Log into your mobile app and select your credit card.
- Click on view plan options.
- Look at the different plan options which show the term and associated monthly fee.
- Choose the plan that suits your financial needs.
- Read the Instalment Plan Terms and Conditions and confirm you still want to proceed.
- Name your Instalment Plan.
- Your Instalment Plan will be set up on the next working day.
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.
That's it! 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.
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.
You can cancel a plan in the mobile app at any time with no extra charges or fees. As soon as you cancel, you won't be charged any more Instalment Plan fees but the remaining balance will then become subject to your standard purchase rate, which is higher than your Instalment Plan fee.
If you decide to cancel, any previous monthly fees that you've already paid won't be refunded.
We will also cancel your plan if you miss two Instalment Plan monthly payments across the duration of your Plan.
You can easily cancel Instalment Plans in the credit card section of the mobile app.
If you are having financial difficulties or have any queries regarding your account, please call us on: 0289 089 8900 (Relay UK: 18001 0289 089 8900). Alternatively, please visit our website. We're here to help.
Once cancelled you will not be able to set up a plan for this transaction(s) again.
There is no additional paperwork to complete and we do not carry out any additional credit scoring for any of our Instalment Plan options.
Please note that cancelling your Instalment Plan or missing the monthly Instalment Plan payment will have no impact on your credit rating (any outstanding Instalment Plan balance will revert to your standard credit card purchase rate, which is higher than your instalment plan fee) but you should always ensure that you repay at least the minimum payment on your credit card as failure to do so will result in fees and could adversely impact your credit rating.
To group multiple purchases (up to a maximum of 5) on a single Instalment Plan:
- Please log into the Mobile App and select credit card.
- Select the Instalment Plan Hub and select up to 5 eligible purchases (these must be from the same statement period).
- Click on review plan.
- Look at the different plan options which show the term and associated monthly fee.
- Choose the plan that suits your financial needs.
- Read the "Important Part" section and confirm you still want to proceed.
- Name your Instalment Plan and hit Confirm Plan.
- Your Instalment Plan will be set up on the next working day.
Alternatively, you can also add multiple (up to 5 in total) purchases to a plan when setting-up a new Instalment Plan through the "ViewTransactions" section of your credit card menu.
Instalment Plans are a simple way to make regular payments against eligible purchases that you don’t want to pay off in one go, but deciding if an Instalment Plan is right for you will depend on your own circumstances. The Instalment Plan monthly payment will be in addition to you making at least the minimum monthly payment you are required to make towards the balance on your statement. If you decide an Instalment Plan is right for you, choose a term that is affordable for the purchase(s) you are setting up a plan for.
You can find out about our other borrowing options here
App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Anytime Banking available to customers aged 11+ with a Ulster Bank account.
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 or balance transfers 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.