Every purchase is split into three equal payments*^ meaning there is nothing to pay at the point of placing your order.^^
If you pay each ‘pay in 3’ payment in full and on time then you’ll pay 0% interest.*^
If you pay less than the monthly pay in 3 payment interest will be charged at 29.9% p.a variable. You must pay at least the minimum; £5 or 5%, whichever is greater^
If you don’t make the minimum payment in full or on time your account will be in arrears, which can affect your credit score. If you miss two minimum payments, you’ll be asked to pay a late payment fee of £7.50 and the whole balance on your account will become chargeable.
If you only make the minimum payment each month it will take longer and cost more to repay your balance.
Example
Each pay in 3 payment is due 7 days prior to your next statement (which are one calendar month apart.)
How do multiple orders work with pay in 3
Representative example:
Representative 29.9% APR variable. Interest rate 29.9% APR annual variable. Assumed credit limit £1200.
For illustrative purposes only. Next Retail Ltd, Leicester LE19 4AT. Credit subject to status.
^If you only make the Minimum Payment each month, it will take longer and cost more to repay your balance
*^If you do not make the full pay in 3 Payment in any month on time, the whole balance will become chargeable to the Standard Rate of Interest at 29.9% per annum variable (the Standard Rate). You will be given the option to pay for subsequent purchases in 3 instalments. Once a balance moves to the standard rate it cannot move back. You can choose to pay more or less than the pay in 3 Payment in any month, but you must pay at least the Minimum Payment. If you do not make at least the Minimum Payment by the due date, your account will be in arrears, which may affect your credit file.
^^The credit limit may be lower than your purchase value. You will be asked to pay for any excess at the time of your purchase.