Our products

Store cards and loans explained

In this section you’ll find information about how our store card and loan products work, your responsibilities as a borrower and how to manage your account without incurring any charges.

Store cards

Loans

Minimum payment

Every month we will produce a statement for you which will detail your account activity and provide you with your balance and payment information.

If there is a balance on your account we will require a payment of at least the minimum amount each month. For the Warehouse card this is 4% of the outstanding account balance or £4, whichever is greater.

For the Oasis, Karen Millen or New Look cards this is 3.65% of your balance, or £3.65, whichever is the larger amount.

Your payment must be credited to your account by the 'payment to reach us by' date shown on your statement. This means that you need to make your payment before this date to ensure that it clears onto your account in time.

Interest charges

You can avoid interest charges if you pay your statement balance in full ensuring that it is credited to your account by the 'payment to reach us by' date. Again, it is important that you pay before this date so that your payment has the necessary amount of time to be processed.

If you choose to pay the minimum amount each month then your account will attract interest charges. Interest is calculated on the entire balance, on a daily basis, from the date of your transactions until the date that you pay your balance in full. We calculate and add this charge to your account on the day we produce your statement.

Allocation of payments

Any payments that you make which do not clear your debt in full will be applied to different sections of your balance in a certain order. We will apply your payment to any insurance premiums first and then any higher interest rate balances. We will then apply the remainder of your payment to the lower interest rate balances.

When payments are allocated to each different balance they will be applied in the following order: default fees and charges, interest and then purchases.

Charges

To stop charges from being applied to your account, please make your payments on time and keep your spending within your credit limit. As I’ve mentioned, payments must be made in advance of the due date to ensure that they are given the necessary time to be processed to your account.

If you move home and don't tell us your new address you may also be liable for our reasonable costs in tracing you.

There is a £12.00 charge for late payments. You will also be charged £12 if you send a cheque which is returned 'refer to drawer', or if there is an unpaid Direct Debit. You will also be charged a £12 fee for exceeding your credit limit.

We may vary charges and add new ones to reflect changes in our costs in a reasonable and proportionate manner. We will always let you know of any changes.

Keeping informed

You can check your balance or make a debit card payment to your account 24 hours a day by calling our automated system - 0371 781 3080*

Or if you are registered to manage your account online you can access your details at your convenience.

Payments

When you take out a loan with us you will be asked to set up a Direct Debit for your monthly payments. This should be a hassle free payment method that you don’t have to remember or worry about. Your Direct Debit will be taken at the same time each month, however if you would like to change this date or the bank from which your payments are made please call us on 0371 781 3057*.

We will write to you to let you know the balance of your account once a year; this is your annual statement. You don’t have to wait for this information if you’ve any questions; please call us anytime if you’d like to know how much you still owe or if you want to talk about your loan.

Early Settlement

You are able to settle your loan before the end of the term if you wish. Please call us on 0371 781 3057* and we can arrange to send you a settlement quote. You are not obliged to pay this once we have issued the quote to you and can instead maintain your monthly payments.

Charges

If we are unable to successfully collect your Direct Debit you will incur a £12 fee. In addition a £25 default fee will be applied if monthly payments are not made by the due date.

If fees are added to your account due to missed payments the size of your loan will increase. This will mean that we need to collect more payments in order to clear your debt. We will never increase the amount of your monthly payment due to fees; however the initial term will extend to accommodate the additional balance.

We aren’t able to accept regular or partial payments by credit card. If you ask to settle your loan early and in full by credit card we are able to do this however there may be a charge. We will tell you the amount of this charge before we process your payment.

If you move home and don’t tell us your new address you may also be liable for our reasonable costs in tracing you. These costs will be added to your account balance.

We may vary charges and add new ones to reflect changes in our costs in a reasonable and proportionate manner. We will always let you know of any changes.

You can call us on

0371 781 3080*

+44 371 781 3080 if you’re calling from abroad.

Open hours

Weekdays 8.30am to 8.00pm

Saturday 8.30am to 8.00pm

Sunday 10.00am to 1.00pm

*Calls to this number cost the same as a call to a standard "01" or "02" landline number, even when calling from a mobile. Calls to this number are also included in any bundled minutes or free talk time that covers landline calls. Where calls are made outside of a bundle you will be charged at the national rate.

Or you can write to us about your account to:

Ikano Bank AB (publ)
PO Box 10081
Nottingham
NG2 9LX