Deep Dive

Introducing Roundups: small change, big impact

Yaseen Rostom
January 16, 2024

Compound interest can have both positive and negative effects on your finances. While saving and investing can accelerate wealth accumulation, it works against you when paying off credit card debt and loans. Carrying a balance means that compound interest increases the amount you need to repay.

To combat the daily compounding of credit card interest and prevent balances from ballooning, few solutions are available. While paying off your balance in full is the best approach, it may not always be feasible. Making regular micropayments (like Roundups) can be an effective strategy in such cases.

While Roundups aren't new, we have reimagined their purpose to help you pay off your debt faster. While several existing products enable users to round up spare change for savings or investments, we believe it's time to redefine their role. Our new feature allows you to round up your spare change from your current account purchases and automatically direct those funds toward paying down your debt. This effectively reduces the burden of interest fees, helping you save money.

What are Roundups?

Roundups enable our customers to save their spare change automatically each time they make a purchase using their debit card. The roundup amount is calculated by rounding up the purchase to the nearest pound. For example, if you spend £3.20, the roundup amount would be £0.80. This £0.80 is then automatically transferred to your Incredible account, and we use it to pay off the most expensive source of debt you've added to your account.

While Roundups may appear insignificant, they can have a substantial impact in the long run. Over time, the savings can compound and help you achieve your financial goals.

How Helpful is it?

By rounding up just £5 a week and paying an extra £20 towards your credit card each month, you can reduce your debt repayment period by 6 years* and save £3,000 in interest fees.

With Roundups, you can beat the compound interest payment trap.

How Do I Start Using Roundups?

To begin using Roundups, you'll first need to sign up for an Incredible account. You can do so by visiting Once you've created your account and linked your cards, navigate to the Payment tab to find the option for Roundups. Simply enable this feature and select how often you want funds to be transferred (bi-weekly or monthly).

We will then transfer the accumulated total each month to your Incredible wallet and allocate it towards paying off your debt, saving you money on fees. We will provide you with a summary of how much interest you've saved and the balance that you've rounded up each month.

Remember, saving smaller amounts frequently is easier than saving larger sums, and thanks to the power of compound interest, we can revolutionise how you manage your debt repayments.

If you're ready to take back control of your financial well-being, sign up for an Incredible account today!

  • *[The example assumes you have a credit card balance of £2,100 with an interest rate of 21% and are making minimum repayments. Rounding up £5 per week and paying the total towards your monthly credit card bill.]