Spend on your own terms. 

The Installment Payments program from Harvard Federal Credit Union is a new way to spend where you’re in control. The future of spending is on your terms and the power of repayment is in your hands.

 

Click here for the full terms and conditions.

Click here to access or print the Frequently Asked Questions below.

What is the Installment Payments Program? 

Using the Harvard FCU Cards App, cardholders now have the option to split up large qualifying purchases in to equal monthly payments at a lower interest rate. This gives you – the cardholder – more control over your purchases and repayment options than ever before.

First Month

First Equal Payment

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Second Month

Second Equal Payment

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Third Month

Third Equal Payment

How does it work?

After downloading the Harvard FCU Cards App, you’ll see your recent transactions – including those eligible1 for the Installment Payments. After making your qualifying purchase1 select your purchase within the Harvard FCU Cards App, choose between your repayment options and repay that purchase – on your terms! 

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Step 1: Download the Harvard FCU Cards App

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Step 2: Make qualifying purchases1 at your favorite retailer

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Step 3: Choose your installment plan in the Harvard FCU Cards App

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Step 4: Pay back your purchase on your terms

1. Not all transactions qualify. The maximum amount and term will vary based on credit worthiness, payment history, credit limit and transaction amount.

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The Installment Payments program lets you pay off eligible purchases over a set period of time with a fixed APR and fixed monthly payments.

You can create a plan by navigating your account activity and selecting an eligible purchase.

Purchases that are over $100 and display in the Installment Payments tab are eligible.

Purchases that already appear on your monthly statement, are disputed or claimed as fraudulent, and/or are already included in a promotional APR or special financing may not be eligible.

You may have up to 10 active plans on your account at a time. As Installment Payment Plans are paid off, you will be able to view new eligible purchases.

Installment Payment Plan durations and terms vary based on the purchase amount and other factors, including credit worthiness. You’ll see up to 3 different duration options on eligible purchases.

There’s no need to make any separate payments for your active Installment Payment Plans. We’ll automatically add the monthly Installment Payment Plan payment(s) to your minimum payment due each billing cycle. Pay at least your minimum payment when it’s due each billing cycle, and you’ll pay off your Installment Payment Plan balance on time.

There is no penalty for paying off your Installment Plan Balance early. If a payment is made in the amount of the New Balance indicated on your statement that would include the entire Installment Plan Balance. Any payment made in excess of the minimum payment due will be applied to the highest interest rate balance first.

If you normally pay off your credit card balance in full and do not revolve a balance, you can accept an Installment Payment Plan offer and avoid paying interest on the remaining balance on your credit card. Making a payment in the amount of the Interest Avoidance Balance, displayed on your monthly statement, will pay off your new purchases and include your monthly Installment Payment Plan payment. This will allow you to avoid interest charges on your new (non-Installment) purchases and make your monthly payment towards your Installment Payment Plan without paying the entire Installment Plan Balance off early.

Your account balance will update within two business days.

If you’d like to have an extra payment applied specifically to your Installment Payment Plan, please call 617-495-4460 for assistance.

Installment Payment Plans cannot be changed or modified once they are accepted.

No. Setting up an Installment Payment Plan will not increase your available credit.

Your Installment Payment Plan will remain active even if you miss a payment. We’ll add your past-due Installment Payment Plan monthly payment to your minimum payment due on the next month’s statement. Keep in mind, missing a payment may prevent you from paying off your plan within the time period you chose and cause your credit card account to be considered delinquent. You may also be charged a late fee. Please review your credit card terms and conditions for information about late fees. If you are having trouble making your payments, or need assistance in accessing your credit card terms and conditions, please call 617-495-4460.

A purchase that has been converted into an Installment Payment Plan will appear as three transactions on your statement: original transaction at purchase date, repost transaction showing the purchase posted as an Installment Payment as of the accepted offer date, and an adjustment crediting the original transaction amount.

If you return a purchase that’s in an Installment Payment Plan and receive a merchant credit for that purchase, you’ll need to call us at 617-495-4460 to have the credit applied to your Installment Payment Plan balance.

If you dispute a purchase which was converted to an Installment Payment Plan, your monthly Installment Amount(s) due will be suspended until it is resolved. You will not be charged installment interest during this time. If the dispute is not decided in your favor, your installment plan may be canceled. You will be responsible for paying the disputed amount, which will be reflected as a purchase in your standard account balance and included in the calculated minimum payment due. If you receive a merchant credit for a disputed purchase that is in an Installment Payment Plan, you’ll need to call us at 617-495-4460 to have the credit applied to your plan balance.

No, only the owner(s) of an account can create an Installment Payment Plan.

If your original purchase earned rewards, you will retain those rewards even if that purchase is converted into an Installment Payment Plan.

Some exclusions apply, including, but not limited to, balance transfers, cash advances, international purchases and purchases under $250. If you have additional questions, please call 617-495-4460.

You may want to make changes to your automatic payment settings to avoid paying your Installment Payment Plan off early. If you are currently set to pay the Full Statement Balance, your entire Installment Payment Plan balance will be included in that payment amount. If you are set to pay the Minimum Payment due, that will include your Installment Payment Plan monthly payment. If you have questions regarding automatic payments, how you are set up or to make changes on your due date, call us at 617-495-4460.

Yes, the details of your Installment Payment Plans will appear on your monthly statement. The detail will include the installment term, date and amount of the original transaction, monthly payment, fixed APR, balance subject to interest rate, interest charge, and remaining balance. It will also display the Interest Avoidance Balance calculation.

Processing an installment on a transaction that has already billed to the statement will cause interest to accrue on the first installment cycle. As a result, transactions that post on the statement date will not be eligible for offers to prevent cross-cycle installment adjustments that may conflict with disclosures around interest accrual.

You may see trailing interest when you pay off the principal balance during a statement cycle. When this happens, we will charge interest from the first day of the billing cycle until the date the principal balance is paid in full.

For example, assume your account statements are on the 10th of every month. On August 20th, you pay off your Installment Payment Plan balance. On the September 10th statement, you will see trailing interest billed on the balance from August 11th through August 19th.