Chase Credit Summary Box

APR

Representative 24.9% APR variable

Rates from 24.9% APR to 29.9% APR, depending on individual circumstances and based on a £1200 credit limit.

Interest rates

Interest-free Period

Up to 56 interest-free days for purchases when you pay off your statement balance in full and on time. There’s no interest-free period on cash transactions.

Interest charging Information

• We calculate interest daily based on the total amount you owe.
• We add together all the daily interest amounts in each statement period and add the total to your balance on your statement date each month. This interest forms part of your outstanding balance and you will have to pay interest on interest (this is known as compound interest)
• We won’t charge any interest on any default charges.
• We also won’t charge interest on any purchases made during your latest statement period if you pay off your full statement balance (excluding any balances on a 0% promotional rate) by the payment due date and you have also paid - in full - your previous month’s balance (excluding any balances on a 0% promotional rate) by the payment due date.
• All cash withdrawals will start incurring interest from the date they’re added to your account to the date you pay them off.

How do we apply payments?

We apply your payments in a certain order if the amount you pay in a month is less than the full amount you owe.

We use your payments to clear any overdue amounts before we apply them to your latest minimum payment.

We will reduce the amount you owe in the following order:

• Any overdue interest, fees and charges;
• any interest, fees and charges added to the account since your last statement;
• remaining balance on your statement according to the interest rate, starting with the highest rate first, and
• any transactions, interest, fees or charges that haven’t yet been included in your statement.

Sometimes, amounts are charged at the same interest rate. If that’s the case, we’ll usually apply payments to pay off in the following order:

1. Cash transactions
2. Purchases

If you have more than one type of balance where we charge you the same promotional interest rate, we’ll first apply your payments to the promotional interest that ends earliest – so you reduce the balance you pay.

Minimum payment

We’ll give you a statement each month showing the minimum payment you’ll need to pay that month.  But we may not give you a statement if you don’t need to make a payment.

We explain below how we work out the amount of your minimum payment.

It’ll be the highest amount from the two options below:

• Rounded up to the nearest pound, the total amount of:

(a) interest added to the account since your last statement; plus

(b) any fees and charges added to the account; plus 

(c) 2.5% of the rest of the amount you owe (excluding any transactions we are investigating).

• £5.

If you owe less than £5 you’ll need to pay the full amount. So, if you owe £3.50, that’ll be your minimum payment.

Foreign usage

You can find our currency converter in the app by tapping your credit card and then ‘Manage card’.