Hi everyone,
It’s been a while since we launched early access to Flex back in September 2021, and lots has changed since then. This thread is a great example of how we’ve worked together to shape the future of Flex - building new features and making improvements to existing features as we’ve scaled.
The economy has changed a lot since then too. It’s got more expensive for banks to lend money, which means the cost of offering Flex has increased as well.
As you’ve noticed, we’ve responded to that by increasing interest rates for new customers. And I wanted to let you know we’re going to start increasing rates on new purchases for some existing customers too.
This is the first time we’re increasing rates for existing Flex customers since we launched Flex over 2 years ago, so I wanted to share some more details. We’ve given a lot of thought to how we can do this in the fairest and most transparent way:
Existing purchases won’t be affected
We won’t be changing the interest rate for any purchases you made before we move you to your new rate. You’ll continue to pay them at your old rate.
There are no changes to the 0% offer
Any purchase on an interest free plan will stay on an interest free plan. If you pay in full or over 3 monthly payments you’ll continue to pay no interest.
We’ll be clear and transparent about what’s changing – and give you 2 months’ notice
If your rate is changing, we’ll send you an email letting you know your new interest rate and the date it starts from. And we’ll give you at least 2 months’ notice before increasing your rate.
We’re making changes in phases over the next few months
This roll out will run into early next year, so you might not get an email until then.
I know a price increase will never be welcome news, but wanted to let you know early and be transparent about why we’re increasing interest rates and what to expect if yours is going up. As always, I’m here to answer any questions 