SEPA Direct Debit makes it easy to repay your Credit Card automatically. Here’s a brief guide on managing it in our app.

Setting Up Your Direct Debit

• Give Us Permission:
   When opening your Credit Card, you can set up a SEPA Direct Debit mandate by authorizing Multitude Bank to collect payments from your chosen bank account. The account must be in your name.
• Behind the Scenes:
   Multitude Bank manages the verification process through TINK or SCHUFA, while GoCardless provides the SEPA Direct Debit payment service.

Managing Direct Debit in the App

• Invoice Viewing:
   Check your monthly invoice—showing the minimum payment, status, and due date—under "Due credit repayments."
• Toggle On/Off:
   Use the Direct Debit toggle to enable or disable automated payments.

Payment Process Overview

1. Invoice Creation:
    A monthly invoice details fees, interest, and principal.
2. Encashment:
    On the due date, our bank initiates a SEPA Direct Debit request.
3. Confirmation:
    Payment is confirmed within 5 business days.

Payment Failures (Bounced Payment)

• Bounced payment Fee:
   A €3.50 fee applies for a failed payment.
• Mandate Cancellation:
   Two failed payments will cancel your Direct Debit mandate.

This guide helps you manage your Ferratum Mastercard repayments effortlessly. If you have any questions, our customer support team is here to help.