Account Card - Summary Box
| The information contained in this table summarises key product features and is not intended to replace any terms and conditions. | ||||||
| APR | Typical 23.9% APR variable | |||||
| Other Interest Rates | Introductory Rate Effective | Introductory Rate Simple | Monthly Rate | Annual Rate Effective | Annual Rate Simple | |
| Retail purchases on Buy Now Pay Later Plan* | 0% | 0.0% | 1.805% | 23.9% | 21.660% | |
| Retail purchases on 3 Months Interest Free Plan* | 0% | 0.0% | 1.805% | 23.9% | 21.660% | |
| Special rate retail purchases | Promotional rates as notified to you in B&Q stores or by other means from time to time | |||||
| Other retail purchases | N/A | N/A | 1.805% | 23.9% | 21.660% | |
| Existing B&Q Storecard transfers | N/A | N/A | 1.805% | 23.9% | 21.660% | |
| * For retail purchases from B&Q, fixed for 3 months for single transactions over £500, and for additional purchases made within 60 days of the original purchase You will be notified through B&Q stores when this offer is available. | ||||||
| Interest free period | Up to 56 days for any purchases not included in the special plans details above, when you pay your balance in full every month by the due date. There is no interest free period for existing B&Q Storecard transfers. | |||||
| Interest charging information | Buy Now Pay Later Purchases, Interest Free Purchases & Special Rate Purchases - Once the Interest Free period has expired, if the balance is not paid in full interest is charged on the outstanding balance from the date of the expiry of the special rate period until the balance is repaid in full. Other Retail Purchases - If the balance is not paid in full, interest on the outstanding balance is charged from the date the transaction is charged to the account until payment is made in full. Existing B&Q Storecard transfers - Interest is charged from the date of the transaction until payment is made in full. |
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| Allocation of payments | If you do not pay off your balance in full, payments we receive are applied first to Payment Protection Insurance premiums, then to Default and other charges and fees, then to paying the minimum repayment for: promotional rate Balance Transfers; expired Purchase Plans; standard rate purchases and Balance Transfers at the standard rate; Cash Advances; Interest-free Plans; then to paying off each part of the balance in the same order. Please refer to 'Application of Payments' section in your Agreement for a full breakdown. | |||||
| Minimum repayment | You must repay us at least 3% or £5 (whichever is higher) of the outstanding balance (excluding any active Buy Now Pay Later offers) shown on your statement, plus the payment protection premium, or if this amount is less than £5 the entire balance, each month within 25 days of your Statement Date. The overall minimum repayment will be shown on your statement. We may allow you to pay a lesser sum. We will tell you when we do this. | |||||
| Amount of Credit | Minimum credit limit £100, maximum credit limit subject to status. | |||||
| Fees | No annual fee to pay. | |||||
| Charges Default Charges |
First statement date change is free, subsequent changes £10, copy vouchers £5 and copy statements £5. We may charge a fee of 2% of the amount of each Balance Transfer (minimum £5). £12 if your payment is late, if your payment is returned unpaid, if you exceed your payment limit or if we have to serve a default notice. |
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Repayments
| Illustrative Example (includes introductory rates) | For a purchase of £1,000 on your B&Q Account Card | ||
| Monthly Payment | Minimum payment each month | £50 payment each month | £100 payment each month |
| Taking into account any introductory rates, how much interest will you be charged in the first year? | £144.03 | £119.40 | £63.04 |
| How much interest will you be charged in the second year? | £168.62 | £67.01 | £0.00 |
| How long would it take to clear the balance? | 16 years 3 months | 2 years 1 month | 1 year |
| The above example assumes the following: the transaction takes place on 1st January and you make no further transactions; you always make the payments on the 15th; your statement is produced 31 days after you make the purchase; interest is calculated on the typical 23.9% APR variable rate and introductory rates are included. | |||
We recommend that you pay more than the minimum payment whenever possible. If you make only the minimum payment each month it will take you longer and cost you more to clear your balance, as shown in the example above.
