Interest, fees and charges

APR stands for Annual Percentage Rate. APR gives you an estimate of how much your borrowing will cost over a year – as a percentage of the money borrowed.



The higher it is, the more expensive it’ll be for you to borrow. The lower it is, the cheaper it’ll be for you to borrow.

Instalment plans

For an instalment plan we charge daily interest on the balance outstanding at the plan’s interest rate until the plan is repaid. This is added to your balance on your statement date.

When we show you the instalment plan at checkout, we work out the instalment plan payment by adding up all the interest that will be charged over the term of the instalment plan, plus the plan amount, and dividing that by the number of instalments.

Main balance

For the main balance, we calculate interest daily based on the total amount of the main balance. We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date.

The exception to this is that we do not charge interest on purchases made using your main balance during your latest statement period if you pay off your main balance by the payment due date.

Default charges

We don’t charge interest on default charges for the first 28 days after the day we give you notice (usually in your statement) that they are payable. After that we charge simple interest.

If we don’t receive your contractual minimum payment in cleared funds by the payment due date shown in your statement, we may apply a default charge of £12.

You will not pay any extra costs or charges if you decide to close your FlexPay account.

This is an estimate of the interest you’ll have to pay next month. This can help you manage your finances more effectively. It assumes that:

• You only pay the minimum payment due or if you have instalment plans, you only pay the scheduled payment due

• You pay by the due date 

• You have no more transactions before your next statement

• You don’t change your statement date

• Your standard interest rate and the way we calculate interest don’t change.

The interest rate that applies to an instalment plan is fixed for the duration of that plan unless the plan is cancelled. 

So only your standard interest rate can change. It is linked to the Bank of England Base Rate so your standard interest rate will automatically change by the same amount as any change to the Base Rate. However, your standard interest rate will not track any movements in Base Rate below 0%. If Base Rate is ever below 0%, we will treat it as if it is 0% when we work out your standard interest rate. 

We will confirm your new interest rate on the next statement we issue after a Base Rate change.

We may also change your standard interest rate for other reasons. For example, if our view of your ability to pay us what you owe on time changes due to information, we get from credit reference agencies or the way you manage your FlexPay account. Your credit agreement sets out other examples of why we may change your standard interest rate.

We'll tell you before we make any change other than Base Rate-related changes. If you don't want to accept the change, you'll have some time to tell us that you want to close your FlexPay account.

The Bank of England Base Rate affects the interest rates offered by banks, building societies and other financial institutions. It is set by the Bank of England, which regularly reviews it and can increase or decrease it at any time.

If you'd like to know more about the Base Rate, go to the Bank of England website.

We'll send you an alert when your rate has changed and we'll also let you know on the next statement you get from us after the rate has changed. 

If you would like to see past statements and details of your interest rates, go to your digital inbox.

Any instalment plans you have will not be affected by any Bank of England Base Rate changes. Only the standard interest rate will move in line with the Bank of England Base Rate. 

The interest rate that applies to an instalment plan is fixed for the duration of that plan. But if you cancel an instalment plan, or we cancel an instalment plan because you didn’t pay the scheduled payment, the amount you owe us on that instalment plan will move to the main balance. It will then be charged at the standard interest rate.