Instalment plan options – How credit repayments work
At Holvi you have 3 ways to pay back your credit balance. When applying for a Holvi Credit Card, you’ll also choose how you repay.
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Repay next month |
Repay in 3 instalments |
Repay in 6 instalments |
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Cover payment gaps |
Split larger expenses |
For maximum freedom |
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Pay back this month's expenses at the end of next month. Or you can pay back in this month – interest-free. |
Pay back this month's expenses in 3 monthly instalments starting next month. Or you can pay back in this month – interest-free. |
Pay back this month's expenses in 6 monthly instalments starting next month. Or you can pay back in this month – interest-free. |
Another way to think of our instalment plans is as the ‘terms of your loan’. For example, you might agree to repay your credit balance in 6 monthly instalments, giving you a loan term of 180 days.
No matter which plan you choose, you can always pay back your full balance before the first invoice is issued, interest-free. You can also pay back any amount in between your minimum monthly payment and full balance – at any time. We’ll never lock you into holding a credit balance longer than you want.
Our hybrid card model – What kind of credit card is this?
The Holvi Credit Card allows you to borrow money and repay it over time with scheduled, periodic payments – or pay it off by the end of the month, interest-free. This kind of lending involves the gradual reduction of your credit balance and eventual full repayment, ending the cycle. The common term for this is ‘instalment credit’.
However, Holvi credit cards also come with a personalised credit line of between €1,000 – €5,000, based on your creditworthiness and business needs. This concept is linked to another credit card type called ‘revolving credit’. Whenever you repay your credit balance, that amount “revolves” or becomes available again. You can keep using your card to pay expenses and meet business needs, as long as you do not exceed the limit set by your credit line.
You can think of this as a hybrid card. We pair the best parts of instalment credit and revolving credit to offer you a credit card that works hard for your business.
How do I repay my instalments?
You'll pay back your spending in the number of instalments set out in your plan. You can pay via bank transfer to your credit account. It works like this:
- At the start of the month, your credit statement will arrive and you’ll find a draft payment for the minimum repayment amount in your transactions. If you’ve chosen to repay next month, this draft repayment will contain your total credit balance
- We’ll let you know via push notification when this draft payment arrives, so make sure to have them enabled
- Simply confirm the repayment or adjust the amount if you wish to repay more – you have until end of the month to pay
- As soon as you confirm, the amount will transfer to your credit account and your balance will adjust accordingly
You can find full details in your credit card statement, sent via email. It includes:
- Your credit card transactions from the last month
- Total credit balance
- Minimum repayment amount
- Interest and service fees
Can I pay back my spending early, interest-free?
Of course! You can pay off your balance at any point during the month you make the purchase – interest-free. Simply transfer any amount to your credit card account.
You can find the IBAN on your first credit card statement, or in the Credit cards section of the Holvi app – when you log in here.