Understanding your application

If you have a credit lock on your credit file, you will not be able to apply for an IKEA Family credit card until this is turned off. If you do not turn this off, you may receive an error when applying.

Please go to your Experian Credit Expert account, where you will be able to turn this off. It can take up to 15 minutes for the removal of a credit lock to show on our system, so please wait a while before reapplying.

It's a search made on your credit file and helps a lender to see if you're eligible for their product.

A soft search is not visible to any other lenders, and it does not affect your credit score.

We’ll only do a full credit check after you submit your finished application.

We'll tell you before we're about to carry out the check, so you can decide whether to continue with your application.

A full credit check happens when a company does a complete search of your credit report.

These checks are recorded in your credit history, so any company searching it can see when you’ve applied for credit.

Open Banking is a secure and simple way to help you understand your finances more effectively - from borrowing to savings, from credit scores to switching - and inform your financial decision-making.

Instead of manually assessing bank statements we need your consent to access some of the information on your bank and building society accounts.

This speeds up the decision-making process for your credit card application and, in some cases, may increase the chances of your application being accepted.

• We'll request this information only once and it will cover up to 12 months of transactions from your account.
• Your account details will also be used to verify your identity and protect against fraud.
• We won't be able to access this information again without your consent.
• Open Banking will not affect your credit history.
• A full credit check is only carried out once your loan application has been submitted.

The website www.openbanking.org.uk/how-open-banking-can-help-consumers contains a good explanation of Open Banking and further FAQs.

We’ll use Open Banking data to ensure that you have enough disposable income to be able to repay your credit card account, as part of our commitment to being a responsible lender.

We may use it to help protect you against fraud.

Yes, it’s secure. Nobody but you can grant access to your data, so the data remains safe. Ikano is regulated by the Financial Conduct Authority and the Information Commissioner’s Office in the UK, meaning that data security is treated with the upmost importance.

No, using Open Banking only checks your bank account information for your ability to repay your credit card account, and your eligibility for the product.

If you decide to take up the offer of a credit card product this is when a credit footprint will be recorded on your Credit File.

No, it is optional to use Open Banking. However, if Ikano asks for access to your open banking data and you decline to share it, Ikano Bank may not be able to approve you for the IKEA Family credit card.

This can happen when we don't have enough information about your ability to repay any amount borrowed, and this is needed as part of our responsible lending criteria.

No, we will not share this data with anyone else.

The following websites can be used for any further questions on open banking:

www.openbanking.org.uk/faqs

www.moneyadviceservice.org.uk/en/articles/open-banking-and-sharing-your-online-banking-information

www.moneysavingexpert.com/banking/open-banking

www.fca.org.uk/consumers/account-information-and-payment-initiation-services

www.which.co.uk/money/banking/switching-your-bank/guides/open-banking-sharing-your-financial-data

If you're eligible for the IKEA Family credit card, we will offer a credit limit based on the information you've provided to us.

Using the slider bar, you can choose a credit limit which suits you up to the offered amount. If you don’t choose the maximum, you may be eligible to increase your credit limit to the maximum offered within the first 90 days of opening your credit card account.

Once you've signed your IKEA Family credit card agreement you'll be asked to create a PIN.

When choosing a PIN:

• Do not use repeating numbers (e.g. 4444)
• Do not use your date of birth
• Do not use digits in a sequential order (e.g. 1234)
• Do not write your PIN down.

Please remember your PIN number as we cannot send you a paper copy. If you forget your PIN, you’ll need to request a new card. Please refer to our FAQ 'I've lost my card what can I do?' here.