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Find out more about how we calculate interest on your credit card and when it might be applied.

Interest free periods

Your card may have an introductory 0% interest rate on purchases or balance transfers.

The interest free period for purchases starts from the date the account is opened.

For balance transfers the interest free period starts from the date the balance transfer is applied to the account, providing it’s within 90 days of account opening.

Once your introductory offer ends, interest will be charged on your whole balance at your Standard Interest Rate.

Details of your introductory offer are visible in the “Interest Summary Table” in your statement which you can access in the Internet Bank.

Text or email alerts when your offer is about to end

We’ll let you know when a promotional rate on your balance is about to end. You don’t have to do anything to receive these alerts, just make sure your contact details are up to date. (You can do this in the My Details section in the Internet Bank, or the details and settings section in the Banking app. If you’d prefer to speak to someone, you can see us in branch or call us on 03456 00 66 11 ). You’ll get alerts even if you’ve opted out of marketing.

Promotional offers

For existing customers, we sometimes offer balance transfer or purchase offer deals. These allow you to make purchases or balance transfers at a reduced rate of interest. Details of these offers, once accepted, will be visible in the “Interest Summary Table” in your statement.


Interest on purchases

How and when interest is charged on purchases

Once any interest free period on your card has ended, we work out interest on the average daily balance during each month, which is then charged to your account on your statement date.

If your application is successful, you'll be offered an annual interest rate of 19.9% or 24.9%. This will depend on our view of your circumstances.

Find your specific rate in the ‘Interest Summary Table’ in your statement. If you’re registered within the Internet Bank you can view your statement online.

Interim payments

An interim payment is an additional payment made to your card during a statement period. As we work out interest on the average daily balance during each month, any payment you make to reduce your balance will reduce the amount of interest that is charged to your account on your statement date.

You can make an interim payment at any time either online, in branch or over the phone.


Interest for cash advances

Whenever you use your card to get cash (for example, from a cash machine) you will pay the standard rate for cash advances.

The standard rate for cash advances is currently the same as your standard rate for purchases.

We work out interest on the average daily balance of cash advance transactions during each month, which is then charged to your account on your statement date.

Interest is charged on cash advance transactions from the day they are made, even if you pay your balance in full on your payment due date.

You can check your cash advance interest rate in the “Interest Summary Table” in your statement.

Please note that fees may apply to cash advances.


Interest for foreign currency

We charge interest on purchases in a foreign currency at your usual rate of interest once any interest free period has ended. You can find your specific rate in the ‘Interest Summary Table’ in your statement.

We work out interest on the average daily balance of purchases during each month, which is then charged to your account on your statement date.

If you use your card to get cash in a foreign currency (for example, from a Bureau in the UK or from a cash machine abroad), you will pay the standard rate for cash advances for those specific transactions.

The standard rate for cash advances is currently the same as your standard rate for purchases.

Interest is charged for cash advance transactions from the day they are made, even if you pay your balance in full on your payment due date.

Please note, fees may also apply for foreign currency purchases and cash withdrawals.


Interest on balance transfers

Once any interest free period offers have ended, we charge interest on balance transfers at your standard rate.

If your application is successful, you'll be offered an ongoing annual interest rate of 19.9% or 24.9%. This will depend on our view of your circumstances.

Interest is charged on balance transfers from the day of transfer, even if you pay your balance in full on your payment due date. However, you may pay no interest or a reduced rate of interest if you have an introductory or promotional balance transfer rate.

You can check your balance transfer interest rate in the “Interest Summary Table” in your statement.

Please note that fees may apply to balance transfers.