Instalment fees for Virgin Money Slyce

Instalment fees explained

When your statement arrives in the app each month, we’ll ask how you want to pay that month’s spend. We call this your payment option window.

For any spend £30 or over, you can spread the cost with a 3, 6, 9, or 12 month instalment plan. You can also pay it off in full if you prefer. If your monthly spend is less than £30, this needs to be paid off by your next payment date.

Three month instalment plans are fee-free, as is paying off your monthly spend in full. All you'll pay is your monthly payment amount.

For longer plans of nine and twelve months, an instalment fee is added. This is a percentage of the total amount you put into the plan.

• 6 monthly payments - 5%
• 9 monthly payments - 7.5%
• 12 monthly payments - 10%

Before you choose a plan, any fees that apply will be shown in pounds and pence in the app. You can toggle between different plan lengths to see the options before choosing the one that's best for your budget.

If you don't select a plan during the payment option window, your spend will automatically be put into a twelve month instalment plan, with a 10% fee. This will take longer, and cost more to pay off what you owe.

Your payments explained

Each month we’ll ask you to make your Requested Payment. If you miss this payment, you won’t be charged a late fee.

Setting up a Direct Debit is the easiest way to make sure you don’t miss any payments. It’s a regular payment that comes out on the same date - this date is noted on your statement. Your Direct Debit amount will be the cost of the monthly instalment plan(s) you choose and the relevant plan fee, if applicable.

If you miss your monthly Requested Payment, we’ll let you know in the app and by emails that it’s late. You’ll have 10 extra days to make the Requested Payment. If you don’t make this payment, all your existing instalment plans will switch to the Minimum Payment amount. This is equivalent to a 12 month instalment plan, with a 10% fee.

If you miss your Minimum Payment, we'll give you the same 10 extra days to make your Minimum Payment. As the Minimum Payment is the lowest amount you can pay, if you miss this, we’ll need to let Credit Reference Agencies know your account is behind on repayments. This will affect your credit score. We’ll stop your card to give you time to catch up on your repayments.