Interest Saver is a credit option on your Studio Pay Credit Account that allows you to spread the cost of an order without paying any interest for a specific time. Representative 39.9% APR variable. We call this an Interest Saver plan. Our Interest Saver plans can run for 3, 6 or 9 months depending on how much you spend.
How does it work?
Whenever an Interest Saver plan is available we will tell you how long it will last for and how much you need to spend to be eligible for the offer. Don't worry, we will tell you if your order qualifies when you checkout. We make sure that no interest is added to your account for the eligible order, but if you already have a balance on your account you may still be charged interest on that amount. We will charge interest once the plan ends. Read more about how we charge interest in Interest Explained.
What do I need to do?
You will receive a monthly statement and you must pay at least your minimum payment each month to keep your plan running. So you can see where you are up to, we will show your Interest Saver in the "your plans" section towards the end of the statement.
What else do I need to know?
You need to make payments on top of your minimum payment if you want to pay off your Interest Saver plan before it runs out and interest starts being charged. Step by step instructions on how to do this are shown on your statement, or you can read more inYour Statement Explained. If you do not make at least your minimum payment, your plan may come to an end early, and you will be charged interest straight away in addition to a late payment charge.
Interest charged and how to avoid it
The minimum payment on your statement will include the amount you need to pay to keep an Interest Saver plan running. If you only pay the minimum payments, interest will be charged after the plan expires and will be back dated to when the order was despatched but will take into account any payments you have made to your plan. To avoid paying interest on your Interest Saver plan, you need to make sufficient payments above the minimum amount to ensure you pay off the plan before it expires. To make it easy, we always include all the important information such as the expiry date and amount of the plan in the 'Your plans' section towards the end of your statement.
