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Payment Holidays

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Payment holidays explained

A payment holiday gives you a 3-month break from payments. During this time, your minimum payment will be £0.

Interest is still charged and minimum payments will increase

We will keep charging interest during your payment holiday, which means your balance will go up.

So at the end of your payment holiday, your minimum payment will be higher than it is now.

If you use your card, your balance will increase further and as a result you could find keeping up with payments becomes more difficult. It will also take longer to pay off your balance if you only pay the minimum.

If your application is successful we’ll let you know by email or letter.

When a payment holiday might not be right for you:

  • If you’re already on a Payment Plan, or other arrangement
  • If you’ve missed more than one payment

Contact us if you’re struggling financially to explore your options.

The impact to future minimum payments

For a £500 balance, the following table shows the impact to a minimum payment at the end of the payment holiday.

Payment information 34.94% interest rate , and minimum payment at 1% of balance 34.94% Interest rate and minimum payment at 3% of balance
Current minimum payment £17.64 £27.64
Minimum payment during payment holiday £0.00 £0.00
Minimum payment when payment holiday ends £19.02 £29.79
Balance when payment holiday ends £538.90 £538.90
Estimated additional interest in year by taking payment holiday £13.10 £18.78

* Examples assume there’s no additional spending during the payment holiday.
* These examples are for illustrative purposes only and do not show exactly what will happen to your account.

For a £1,500 balance, the following table shows the impact to a minimum payment at the end of the payment holiday.

Payment information 34.94% interest rate and minimum payment at 1% of balance 34.94% interest rate and minimum payment at 3% of balance
Current minimum payment £52.93 £82.93
Minimum payment during payment holiday £0.00 £0.00
Minimum payment when payment holiday ends £57.05 £89.38
Balance when payment holiday ends £1,616.69 £1,161.69
Estimated additional interest in year by taking payment holiday £39.30 £56.34

* Examples assume there’s no additional spending during the payment holiday.
* These examples are for illustrative purposes only and do not show exactly what will happen to your account.

Applying for a payment holiday

You should only take a payment holiday if you have short-term financial problems because of coronavirus.

You will need to complete a separate application for each Capital One card you have and you can only apply for one payment holiday card.

To apply for a payment holiday, contact us.

Or you can apply in your online account.