Repayments/Making a payment

Direct Debit – Setting up a Direct Debit lets you make payments automatically from your selected bank account when they are due. Your Direct Debit will be cancelled if you miss two or more payments.

You can set up a Direct Debit for the minimum amount, full balance, or a fixed amount via the app by logging in and clicking on ‘Payment methods.

Bank Transfer – You can make payments anytime by bank transfer.

Ikano Bank AB (Publ)
Sort code: 40-63-84
Account number: 90023014

Please use your 16-digit account number that begins 94010 as the reference number, not your card number.

Debit Card – You are unable to pay by Debit Card via the app or with our customer service agents.

If there is a balance on your credit card account, you'll need to make at least the minimum payment each month.

You have three different options:

Just pay the minimum – It’s fine to make the minimum payment, but to reduce your balance and keep any interest costs down, it’s a good idea to pay more than the minimum whenever you can.

Pay more than the minimum – As long as the minimum payment is covered each month, you can vary how much extra you pay each month to suit your budget. You can make extra payments at any time.

Pay the full statement balance – If you pay off your balance in full every month, you could benefit from up to 56 days interest free on purchases.

If you're paying off your full balance, and it's your first time doing so, watch out for residual interest - this is the estimated interest shown on your statement. Please refer to our FAQ 'I paid off my balance last month why have I been charged interest?’ here.

If you make only the minimum payment each month, it will take you longer and cost you more to clear your balance.

If you make only the minimum payment for six consecutive months, we'll send you a letter letting you know.

You could pay more in interest, fees, and charges if you don’t make your payments by the agreed due date. This may also affect your credit file. If you're worried about making your payments, please get in touch.

The minimum payment will be the highest of:

• 4% of the outstanding balance (excluding any instalment plan balance), plus any default fees incurred in the statement period: or
• £4.00 (or the outstanding balance (excluding any instalment plan balance) if less than £4.00)

Plus:

• Any overdue amounts: and
• Any overlimit amounts
• The required portions of any instalment plans.

Yes, you can change your due date. Log in to the IKEA Financial Services mobile app. Click on Settings, and then payment methods. Under change due date, select the day you want to change to, this can be 1st, 8th, 15th or 21st of the month.

Depending on when you make the change, your due date may not change straight away. If your monthly statement has already been generated then that due date will not change.

When you change your payment due date, your statement cycle will also change as a result. Interest is calculated daily throughout your statement cycle. If you're moving your payment date to later in the month then this may result in a longer statement cycle to account for your change of payment due date. Therefore, if you're paying your balance off over a longer period and being charged interest, you may notice a higher amount of interest on your next statement. This is due to the longer period in which interest was charged against your balance.

It will cost you less if you pay off the full balance quickly. Always check your statement for your new due date and the interest that applies.

If you've already changed your due date recently, we're unable to change your date again until after your next payment has been taken.

If you're worried about the payment being missed, please get in touch.

If you don’t pay your monthly payment by your due date, or your Direct Debit payment is returned unpaid from your bank you will be charged a £12 fee.

Yes, you can change your bank details in your online account by logging in to the IKEA Financial Service mobile app, click on settings and payment methods.

The bank account used for your Direct Debit payment must be in your name and from a UK bank account. Depending on when you change your bank details, your next payment may still be taken from your old bank account. This happens if your next payment is due within four days.

If you've already changed your bank details and are worried about the payment being missed, please get in touch.

Please send payments to:

Ikano Bank AB (Publ)
Sort code: 40-63-84
Account number: 90023014

Please use your 16-digit account number that begins 94010 as the reference number, not your 16-digit card number.