What is a ‘Regular’ Payment?

A Regular Payment is an agreement between you (the cardholder) and a goods or service provider where you agree for the provider to bill your card account at set intervals. The amount may differ or be the same for each transaction.

For example:

You may ask your local gymnasium to charge your monthly gym membership fee to your credit card each month.

Or,

You may have purchased a new television from your local appliance store and are being billed by the store in subsequent multiple periods.

What are the benefits of Regular Payments?

There are many benefits for cardholders who set up regular payments including:

• Ensures timely payments to the merchant
• Saves you time as the payment is processed automatically
• Saves you money as you do not have to pay for cheques, money transfers or postage, nor will you be liable for late fees.

Keeping Track

You are responsible for notifying the goods or service provider when your account details change, including a change in card number and/or change of card expiry date.

You should keep a record of all regular payment arrangements you have established and store these details in a safe place. A template for recording your regular payment arrangements is available under More Information at the bottom of this page.

Use the link under More Information at the bottom of this page to generate a change in account details letter for your providers.

More Information

• Use our Switching Form to generate letters to change your regular payment details
• View our sample spreadsheet to record your regular payments (Excel spreadsheet)

Questions

If you have any questions, please contact us