A brief History
The whole process is quite simple although, after reading the charging, you might not think so. Golden rule is to never use a bike for more than half an hour.
"Access Fee:
Access fee allows you to use the scheme for
24 hours £1
7 days £5 equivalent to only 71p/day
Annual £45 equivalent to only 12p/day (Members only)
If you want to use more than one cycle (up to four) you will need to pay an access fee for each cycle.
Members can pay by credit or debit card online
Casual users can pay at a docking station or online
No cash or Oyster cards
Take a cycle as often as you like per access period, leaving five minutes between each trip.
You must be 18 or over to buy access
Payment cards:
If you're a Member and want to buy Casual User access, you'll need to use a different payment card, to the one registered to your account.
An access period begins.
Members: When you put your key in the docking point or terminal
Casual User: When you identify yourself by putting your card in the terminal
Usage Charge: (time between picking up and returning a cycle)
Up to 30 minutes
FREE
Up to an hour £1
Up to one and a half hours £4
Up to two hours £6
Up to two and a half hours £10
Up to three hour £15
Up to six hours £35
Up to 24 hours (maximum) £50
To hire for more than a couple of hours it might be cheaper for you to use a company that specialises in hiring for longer periods.
Age minimum: 14 - any younger and you're not covered by insurance
When usage is charged.
Usage charges will be debited from your account at the end of your access period, monthly if you've got annual access, or when you reach the maximum usage charge of £50.
Other Charges:
Membership key: £3 each to release the cycles easily and quickly. You will need to pay the £3 Membership key fee for each key you request (up to four keys)
Late return charge: £150 if you have the cycle for more than 24 hours or the access period runs out
Damage charge: Up to £300
Non return charge: £300
Charging source can be found
here
Whilst taking the pictures and coordinates for this spot an australian couple arrived and spent well over 20 minutes trying to work out how to pay and unlock the bikes, being a friendly Londoner I never offered to help (I left that to an Italian chap). With my assistance, no doubt they would still be there!
Big thanks to Master Mariner who helped with the information above.