Credit card instalment plans

No – we’ll work out your minimum monthly payment in the usual way, but we’ll also show the monthly instalment and the fee for your plan on your statement.

You don’t have to pay the monthly instalment and fee by the due date on your statement (as long as you make at least your minimum payment), but your plan will be cancelled if you don’t for 2 months in a row.

Yes - if you ask us to when you set up your instalment plan.

Once you've asked us to collect your instalment plan payments by Direct Debit, we'll do that for future instalment plans too. 

If you usually make your minimum payment by Direct Debit, this means we’ll collect your monthly instalment and fee at the same time. We call this the ‘minimum plus instalment plan payment’, and you’ll see it on your monthly statement.

If your Direct Debit is for a fixed amount, you can ask us to collect your minimum plus instalment plan payment if it’s higher than the fixed amount.

If you usually pay your full balance each month, we’ll collect your monthly instalment and fee – but not the rest of the amount you owe on the plan. That’s so you can repay the plan over the time we’ve agreed.

You’ll always be able to see how much we’ll collect, and when, on your monthly statement.

Yes – we won’t charge interest on any purchases shown in a statement if you pay your transaction balance by the payment due date. Your transaction balance is the amount you owe excluding any instalment plan.

When you have an instalment plan, you’ll also need to pay that month’s instalment and fee. 

You don’t have to pay the monthly instalment and fee by the due date on your statement, as long as you make at least your minimum payment. This could help you avoid a late payment fee or impact to your credit file.

If you don’t make your instalment plan payment one month, that amount will move back to your main transaction balance. That means interest will be charged at the standard rate. The next month, you’ll need to pay the amount you’ve missed plus that month’s instalment and fee to keep the plan on your account – otherwise we’ll cancel it. 

There's no extra paperwork or credit check when we move purchases to an instalment plan, so taking out a plan won't affect your credit file.  

If you don't make your monthly instalment plan payments, it won't impact your credit file, but we'll cancel the plan if you don't for 2 months in a row. You can also choose to cancel the plan yourself with no impact to your credit file. If it's cancelled, the amount you still owe on the plan will move back to your standard transaction balance, which means we'll go back to charging interest at the standard purchase rate. 

Even if you can't make an instalment plan payment, it's important to make at least your minimum payment each month. If you don't, we may charge you a fee and your credit file could be affected. If you're struggling with payments, please get in touch with us. You can use the Chat feature on the HSBC UK Mobile Banking app, or call us on 03457 404 404. Lines are open from 08:00 to 20:00 every day.