Making sense of regular payments
Important things you need to know about this convenient service

There are two types of Regular Payments: Recurring and Instalment. Both are automated payments, which are debited from your credit or debit card at predetermined intervals. It’s essentially an agreement between you and a company, which you preauthorise to bill your card account.

What is the difference between a Recurring Payment
and an Instalment Payment?

A Recurring Payment is when a cardholder authorises a merchant to bill their account on a recurring basis (such as monthly or quarterly) for an ongoing service provided by that merchant. The amount of each payment may be the same or may fluctuate (eg You may ask your local gymnasium to charge your monthly gym membership fee to your credit card each month). An Instalment Payment is a single purchase made upfront but is billed to you in subsequent multiple periods (eg You may have purchased a new television from your local appliance store and are being billed by the merchant in subsequent multiple periods).

Click here for more information about Regular Payment Arrangements with a scheme (Visa, MasterCard, American Express or Diners) card account.