Credit card repayments and missed payments explained
Making your IKEA Family credit card repayments on time helps you stay in control of your borrowing, avoid unnecessary fees and protect your credit history. Whether you prefer to pay your balance in full each month, make the minimum payment or pay a fixed amount, it's important to understand how repayments work and what happens if you miss one.
Representative example: With a credit limit of £1,200, your representative rate would be 23.9% APR (variable), based on a purchase rate of 23.9% p.a. (variable).
Quick summary
The IKEA Family credit card offers flexible ways to repay your balance, but missing payments can lead to fees, interest and will affect your credit file.
Here's a simple breakdown:
- You can repay by Direct Debit or bank transfer.
- Choose a payment date that suits you.
- You can pay your balance in full, the minimum payment, a fixed amount or anything in between.
- Paying in full and on time helps you avoid interest on purchases.
- Missing a payment will result in a late payment fee and will affect your credit score.
- If you're worried about making a payment, it's always best to contact us as early as possible.
How do IKEA Family credit card repayments work?
Each month you'll receive a statement showing your balance, your minimum payment and your payment due date.
You can choose to repay by:
- paying your full statement balance
- paying the minimum payment
- paying a fixed amount you've chosen
- paying any amount between the minimum payment and your full balance.
You can also choose a payment date that works best for you, helping you fit repayments around your monthly budget.
Why paying in full can save you money
If you pay your statement balance in full each time by the payment due date in consecutive months, you can benefit from up to 56 days interest-free on purchases.
Paying in full means you won't pay purchase interest, making it a good option if you use your credit card for everyday spending and can clear your balance each month.
Can you make extra payments?
Yes. You can make additional payments whenever you'd like.
Paying more than the minimum payment can help you:
- reduce your outstanding balance faster
- pay less interest if you're carrying a balance
- free up more of your available credit.
There are no penalties for making extra repayments, and you can pay off your balance early if you choose.
What happens if you miss a payment?
You must make at least the minimum payment shown on your statement each month, and your payment must reach us by the due date shown on your statement. Missing a payment can have a number of consequences.
You will:
- be charged a late payment fee
- any unpaid instalment plan payment will be charged interest at the standard purchase rate. If you miss two consecutive payments all active instalment plans will be cancelled, with the remaining balances moving to the standard purchase rate.
- have the missed payment recorded on your credit file.
If you've missed a payment, making it as soon as possible will help prevent further charges or your account falling further into arrears.
What if you're struggling to make your repayments?
If you're worried you won't be able to make your next payment, it's important to get in touch before you miss it. Contacting us early gives us the opportunity to understand your circumstances and discuss the support that may be available.
A few simple habits can help you manage your credit card confidently.
Try to:
- set up a Direct Debit so payments are made automatically
- check your monthly statement when it's available
- pay more than the minimum payment whenever you can
- keep track of your spending in the app
- contact us early if your financial circumstances change.
Want to learn more?
Visit our Help Centre for more information about repayments, Direct Debits and managing your IKEA Family credit card.
Written by a fintech content specialist, reviewed for UK consumers.
