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Instalment plans
What is an Instalment Plan?
Our Instalment Plans allow you to pay off eligible purchases or an expired 0% balance transfer over a term which best suits your needs. This can be between 3, 6, 12 or 24 months.
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You will not pay interest on any balance that is on a plan but you will pay a set monthly fee over the selected term. You will pay the same amount each month for the duration of the plan.
Instalment Plans in a nutshell
- The monthly amount and fee for the plan will vary dependant on the amount and term of the plan.
- You can set up, track and manage your plan in the mobile app.
- It’s a simple way to make regular payments against eligible purchases that you don’t want to pay off in one go.
- You can set up one easy to manage Instalment Plan for up to 5 individual transactions.
- You can also set up an Instalment Plan to help pay down an expired 0% balance transfer.
- An Instalment Plan is part of your existing credit limit and it does not free up additional funds when a purchase or balance transfer is moved to an Instalment Plan.
- By taking out an Instalment Plan it could mean that you pay the plan balance back quicker than other balances on your card.
- Payments to your Instalment Plan are voluntary and you can cancel your plan at any time without penalty.
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What are the eligibility requirements for this offer?
There’s a few points we take into consideration to ensure you are eligible for this offer:
- You must be an existing credit card customer with the Royal Bank of Scotland.
- Whichever Instalment Plan option you choose will be part of your existing credit card limit.
- The type of credit card you currently have with us.
- Your Annual Percentage Rate. The Instalment Plan should be lower than your usual repayment interest on your card.
- You must have a minimum of 5% available credit balance.
- You cannot have a cash balance on your credit card account.
- How you manage your finances and maintain your account.
- You must have the Royal Bank of Scotland mobile app to set up an Instalment Plan, as plans can only be set up via our mobile app.
Your transaction needs to be either on your latest statement or applied to your account since your last statement was produced.
App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Digital Banking available to customers aged 11+ with a Royal Bank of Scotland account.
What else can we help you with?
App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Digital Banking available to customers aged 11+ with a RBS account.
Calculate how much you could save
Below shows you a comparison of what you could save if you repaid using an Instalment Plan vs Non Instalment over a 12 month period using example prices.
Instalment Plan
Equivalent Interest Rate of Fee:
11.9% APR
Monthly repayment: (inc. fee)
£26.04
Total fees:
£12.48
Total plan cost:
£312.48
No Instalment Plan
Interest rate:
18.9% APR
Average Monthly repayment:
£27.42
Total Interest:
£29.04
Total cost:
£329.04
Remember this is an example only and we have used the Annual Percentage Rate which applies to the majority of customers so this may not be your personal rate. Your actual saving may be more or less. This assumes you don't pay off your full balance early and there's no other spend on your card for comparison purchases and is based on full monthly instalment payments being made. The interest charged would depend on when payments were made and the value of the payments.
Instalment Plan
Equivalent Interest Rate of Fee:
11.9% APR
Monthly repayment: (inc. fee)
£67.38
Total fees:
£43.56
Total plan cost:
£808.56
No Instalment Plan
Interest rate:
18.9% APR
Average Monthly repayment:
£69.93
Total Interest:
£74.16
Total cost:
£839.16
Remember this is an example only and we have used the Annual Percentage Rate which applies to the majority of customers so this may not be your personal rate. Your actual saving may be more or less. This assumes you don't pay off your full balance early and there's no other spend on your card for comparison purchases and is based on full monthly instalment payments being made. The interest charged would depend on when payments were made and the value of the payments.
Instalment Plan
Equivalent Interest Rate of Fee:
11.9% APR
Monthly repayment: (inc. fee)
£124.34
Total fees:
£87.12
Total plan cost:
£1492.12
No Instalment Plan
Interest rate:
18.9% APR
Average Monthly repayment:
£128.43
Total Interest:
£136.20
Total cost:
£1541.20
Remember this is an example only and we have used the Annual Percentage Rate which applies to the majority of customers so this may not be your personal rate. Your actual saving may be more or less. This assumes you don't pay off your full balance early and there's no other spend on your card for comparison purchases and is based on full monthly instalment payments being made. The interest charged would depend on when payments were made and the value of the payments.
Instalment Plan
Equivalent Interest Rate of Fee:
11.9% APR
Monthly repayment: (inc. fee)
£222.14
Total fees:
£155.64
Total plan cost:
£2665.64
No Instalment Plan
Interest rate:
18.9% APR
Average Monthly repayment:
£229.45
Total interest:
£243.36
Total cost:
£2753.36
Remember this is an example only and we have used the Annual Percentage Rate which applies to the majority of customers so this may not be your personal rate. Your actual saving may be more or less. This assumes you don't pay off your full balance early and there's no other spend on your card for comparison purchases and is based on full monthly instalment payments being made. The interest charged would depend on when payments were made and the value of the payments.
Ready to set up a plan?
To get started and set up, log into your mobile app and select your credit card. From there, you can view any purchases or balance transfers that are eligible to pay via an Instalment Plan and then view your plan options.
Get started with the Royal Bank App
Instalment Plans can be set up only through our mobile app, and only if you are eligible for this offer.
If you have received correspondence from us about this offer, but do not have our mobile app learn how to set up mobile banking. More price examples are also available.
App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Digital Banking available to customers aged 11+ with a Royal Bank of Scotland account.