While we don’t change any interest in top-ups or income advances, the Trezeo account is required in order to access top-ups, so the subscription fee is treated as a cost of credit. As a regulated lender, we are required to show you how much the total cost of credit is and what it represents in terms of an Annual Percentage Rate (APR), much like you’d see for more traditional products like credit cards and loans. It does not mean that we charge extra fees or interest, it is purely a requirement to show customers how Trezeo compares to other debt products.
Our representative APR (the Annual Percentage Rate, calculated in accordance with FCA rules and guidelines) is 36.1% APR*. Trezeo is interest-free, so you won't pay more than your £3 membership fee.
*Representative example: In financial jargon, the Trezeo fee equates to a representative 36.1% APR. This assumes a credit limit of £500. You may be offered a different credit limit as it depends on your individual circumstances. Failure to repay or otherwise comply with your credit agreement can negatively impact your credit score.