Instalments

A qualifying transaction/purchase can be converted to an interest free instalment plan. Depending on the amount of the eligible transaction, it can be 3, 10 or 20 months to repay.

Only IKEA purchases made within the last 10 days and between £99 and £2000, and non-IKEA purchases between £99 and £299 are eligible to be converted to instalment plans.

The ‘available instalment’ section in the IKEA Financial Services mobile app will let you know which transactions are eligible and show you details of the monthly payments. You'll have 10 days from when the transaction shows as ‘completed’ to convert an eligible purchase into instalment plan.

Please note: cash withdrawals are not available on credit cards with an active instalment plan. This is a bank policy and helps ensure responsible lending rules while the instalment is being repaid.

IKEA purchases

There is no fee for converting an eligible purchase made at IKEA into instalment plans.

Non-IKEA purchases

If you convert a purchase made outside of IKEA into an instalment plan, then a fee of 3% of the amount of the purchase applies. This fee will be divided equally between the instalment plan payments and applied to your account monthly until the balance of the instalment is paid in full.

Instalment plans are interest free, but if you convert a purchase made outside of IKEA into an instalment plan then a fee of 3% of the amount of the purchase applies.

Purchases that are eligible to be converted to an instalment plan are shown in the 'Available Instalment' section of the IKEA Financial Services mobile app. You'll also receive a SMS message letting you know if a purchase you have made is eligible for an instalment plan.

No, only purchase transactions can be converted into instalment plans.

This could be for several reasons:

• You may have used the maximum number of instalments available on your account.
• You've been in arrears or withdrawn cash from your credit card.
• Only IKEA purchases made within the last 10 days and between £99 and £2000 and non-IKEA purchases between £99 and £299 are eligible to be converted to instalment plans.

Go to the instalments section of the IKEA Financial Services mobile app and click on a purchase that is eligible to be converted into an instalment plan. Follow the onscreen steps to set up your instalment plan.

You can't change an instalment plan once it has been set up, but you can cancel it. If you would like to cancel an instalment plan, please call us on 0333 155 4646.

Once an instalment plan has been cancelled you cannot set it back up.

The refund will usually go towards your main (revolving) credit card balance, not your instalment plan. If you don’t have a revolving balance, it may be used to pay off your instalment plan instead.

If you get a refund on a purchase that is part of an instalment plan, the instalment plan won’t automatically be cancelled, if you want to cancel your instalment plan, please call us on 0333 155 4646.

Instalment plan payments are part of your minimum monthly payments. If you don't make your minimum monthly payment in full and on time you'll be charged a missed payment fee of £12 each time your payment is late or missed.

You'll also be charged interest at the purchase rate on the instalment plan payment which should have been paid.

If you fall more than two minimum monthly payments behind, all instalment plans on your account will be cancelled. The balance will move to your main balance and interest will be charged on it at the purchase rate. You won’t be able to switch it back to an instalment plan.

Your Direct Debit will also be cancelled if you miss two or more payments. You'll need to pay what you owe using a bank transfer. Please refer to our Repayment/Making a payment FAQs.

Your instalment plan payment is part of your minimum monthly payment. So if you have a minimum payment Direct Debit, this will include your instalment plan payment.

If you have a fixed amount Direct Debit, your Direct Debit payment will be either the fixed amount or your minimum monthly payment (including your instalment plan payment) if this is higher.

If you have a full balance Direct Debit then the monthly Direct Debit payment will take your main credit card balance plus the instalment plan payment due that month, it will not take the instalment plan payments due in subsequent months.

Your instalment plan payment is part of your minimum monthly payment; this will be detailed on your monthly credit card statement.