Buy Now, Pay Later




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Credit Card Installment Payments

You can turn a larger purchase into fixed installment payments. Installment payments let you divide qualifying purchases into monthly payments, all through the mobile app.1 No new line of credit. No credit checks. No impact to your credit score.2 Just another helpful tool to see you achieve your financial goals with IMCU.
 
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Easy access where and when you need it.
 













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Step 1

 
Download the Indiana Members Digital Banking App!


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Step 2

 
Make qualifying purchases at your favorite retailer.


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Step 3

 
Choose your installment plan in the Digital Banking App.


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Step 4

 
Pay back your purchase on your terms.






































With the IMCU digital banking app, you can check balances, move money, and stay on top of your accounts anytime, anywhere. Download the app and take care of banking on your schedule.
 
Please note: You will need to use a recent version (last 2 releases) of Google Chrome, Apple Safari or the last version of Microsoft Edge.
 
Exciting Features:
  • Payment and card features give you more control
  • Transfer features provide more access and more options
  • "Card Swap" feature offers seamless transition with expired, reissued or lost/stolen cards
  • Nickname accounts for easy identification
  • Send money via your IMCU debit card to anyone with an email/mobile phone number
  • Robust financial tools allow access to your full financial portfolio
 
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  • What is the Installment Payments program?
    • The Installment Payments program lets the consumer credit cardholder pay off eligible purchases over a set period of time with a fixed APR and fixed monthly payments.
  • How does a credit cardholder create and use an Installment Payment Plan?
    • The credit cardholder can create a plan by navigating to the account activity in digital banking and selecting an eligible purchase.
  • What purchases are eligible for enrollment in the Installment Payments program?
    • Purchases that are over $100 and are displayed in the Installment Payments tab in digital banking may be eligible.
  • Why might some purchases over $100 be ineligible for the Installment Payments program?
    • Purchases that already appear on the credit cardholder’s monthly statement, are disputed or claimed as fraudulent, and/or are already included in a promotional APR or special financing will not be eligible.
    • IMCU credit cardholders in the 3.90% introductory promotional offer are not eligible for Installment Payments until the promotional offer ends. 
    • IMCU credit cardholders who qualify for the Soldiers & Sailors rate are not eligible for Installment Payments. 
  • How many Installment Payment Plans can a member create?
    • The credit cardholder may have up to 10 active plans on their account at a time. As Installment Payment Plans are paid off, they will be able to view new eligible purchases.  
  • What Installment Payment Plan durations and terms are available?
    • Installment Payment Plan durations and terms vary based on the purchase amount and other factors, including credit worthiness. Credit cardholders see up to three different duration options on eligible purchases.
    • Qualifying Purchases $100 - $1,000 will be offered a term of 3, 6, or 9 months
    • Qualifying Purchases $1,000.01 - $3,000 will be offered a term of 6, 9, or 12 months
    • Qualifying Purchases $3,000.01 - $10,000 will be offered a term of 9, 12, or 18 months
  • How do credit cardholders make payments towards an Installment Payment Plan?
    • There’s no need to make any separate payments for active Installment Payment Plans. We’ll automatically add the monthly Installment Payment Plan payment(s) to the minimum payment due each billing cycle. If the credit cardholder pays at least the minimum payment when it’s due each billing cycle, and this will pay off the Installment Payment Plan balance on time.
  • Can a credit cardholder pay off an Installment Payment Plan early and is there a penalty for it?
    • There is no penalty for paying off an Installment Plan Balance early. If a payment is made in the amount of the New Balance indicated on the 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.  
  • Can a credit cardholder avoid paying interest on other purchases while they have an active Installment Payment Plan?
    • If a credit cardholder normally pays off their credit card balance in full and do not revolve a balance, they 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 the monthly statement, will pay off the new purchases and include the monthly Installment Payment Plan payment. This will allow the credit cardholder to avoid interest charges on the new (non-Installment) purchases and make your monthly payment towards the Installment Payment Plan without paying the entire Installment Plan Balance off early.  
  • How long will it take my account to reflect the creation of an Installment Payment Plan?
    • The members’ account balance will update within two business days.
  • How does a member make an extra payment towards an Installment Payment Plan?
      • If the credit cardholder would like to have an extra payment applied specifically to the Installment Payment Plan, please call Member Services 317-248-8556 for assistance.  Member Services will submit an SDP ticket to the Credit Card Team.
  • Can a credit cardholder change or cancel an Installment Payment Plan once it’s been set up?
    • Installment Payment Plans cannot be changed or modified once they are accepted. 
  • Will accepting an Installment Payment Plan increase the available credit limit?
    • No. Setting up an Installment Payment Plan will not increase the available credit.
  • What happens to my Installment Payment Plan if the credit cardholder misses a payment?
    • The Installment Payment Plan will remain active even if they miss a payment. We’ll add the past-due Installment Payment Plan monthly payment to the minimum payment due on next month’s statement. Keep in mind, missing a payment may prevent the credit cardholder from paying off the plan within the period chosen and cause the credit card account to be considered delinquent. The credit cardholder may also be charged a late fee. Please review the credit card terms and conditions for information about late fees.
  • What happens if the credit cardholder returns a purchase that’s in an Installment Payment Plan?
    • If the credit cardholder returns a purchase that’s in an Installment Payment Plan and receives merchant credit for that purchase, they will need to call us at 317-248-8556 to have the credit applied to the Installment Payment Plan balance.  Member Services will open an SDP Ticket to the Credit Card Team. 
  • What happens if a credit cardholder disputes a purchase that’s in an Installment Payment Plan?
    • If a credit cardholder disputes a purchase which was converted to an Installment Payment Plan, their monthly Installment Amount(s) due will be suspended until it is resolved.  They will not be charged installment interest during this time.
    • If the dispute is not decided in the credit cardholder’s favor, the installment plan may be canceled.  The credit cardholder 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 the credit cardholder receives a merchant credit for a disputed purchase that is in an Installment Payment Plan, you'll need to call us at 317-248-8556 to have the credit applied to your plan balance.  Member Services will open an SDP ticket to the Credit Card Team. 
  • Can authorized users on an account create an Installment Payment Plan?
    • No, only the owner(s) of an account can create an Installment Payment Plan.
  • Will credit cardholders still earn rewards on purchases that are converted into an Installment Payment Plan(s)?
    • If the original purchase earned rewards, the credit cardholder will retain those rewards even if that purchase is converted into an Installment Payment Plan.
  • Are there exclusions to the types of purchases a credit cardholder can put into an Installment Payment Plan?
    • Some exclusions apply, including, but not limited to, balance transfers, cash advances, international purchases and purchases under $100.
  • What should a credit cardholder do if they are enrolled in automatic payments and want to enroll in an Installment Payment Plan?
    • The credit cardholder may want to make changes to the automatic payment settings to avoid paying your Installment Payment Plan off early. If the credit cardholder is currently set to pay the Full Statement Balance, the entire Installment Payment Plan balance will be included in that payment amount. If the credit cardholder is set to pay the Minimum Payment due, that will include the Installment Payment Plan monthly payment.
  • Will the monthly statement display the Installment Payment Plans?
    • Yes, the details of the Installment Payment Plans will appear on the monthly statement. The details will include the installment term, date the installment was accepted, 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.































1Purchase must be great than $100 from qualifying merchants. Installment payment available for six (6), twelve (12) and eighteen (18) month terms, split evenly over term, depending on qualifications. Interest rate will be provided via the Indiana Members Credit Union Digital Banking App and will be contingent on qualifying purchase. APR = Annual Percentage Yield. See IMCU fees disclosure.
2No credit check required to enroll, and creating a plan does not by itself impact your credit score. However, missed payments or delinquency on your account may affect your credit.