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Friday, March 21, 2014

Credit Cards: The Basic of 0% Easy Payment Plans



It has become a norm for people of this generation to use credit cards. There are those who are very weak in managing their expenses that they blame the credit card as the culprit for their overspending habits. Everyone know that making a purchase that one cannot pay at the end of the month simply spell trouble in the long run. But what if you could take this card, and make it your best friend by spreading your repayments over the next few months of years, at 0% interest. This isn't a myth. Such a plan, which could be very common for this generation, the 0% Easy Payment Plan.

Here is one of brochure that I found in SenQ.

0% IPP for 36 months

If you are planning to buy the Apple iPhone 5S, please consider this option. Instead of putting in RM3149 at once to buy 64GB Apple iPhone 5S, you only have to pay RM87.47 on a monthly basis for 36 months. If you plan to put the RM2000 into FD first, you would have an additional RM60 assuming 3% interest. 

There are a lot of people who dislike using this feature in the credit card for fear of overspending. For those who have never heard of it, this blog post is for you...

WHAT IS THE 0% Easy Payment Plan?

This is a repayment scheme that allows you to use your credit card to make a transaction then repay the amount in installments over the course of months or years. This plan is done at 0% charge for the entire installment period.

Generally, this plan is only applicable to selected partnering outlets. 

THE BENEFITS of 0% Easy Payment Plan

You might have already guess this. With the 0% Easy Payment Plan, consumers will be able to pay for expensive items without incurring hefty credit card interest charges.

The other one would be as mentioned earlier: instead of paying one lump sum, you could actually put the money into a fixed deposit account that could help you to earn interests from banks.

HOW??

Knowing the benefits are great, but more important is how are you going to use it. First of all, it is important to make sure that the outlet is one of the partnering outlets with the bank of your credit card.

LOOK FOR STICKERS/SIGNS
Make sure to see this signage that indicate the 0% Easy Payment Plan

CHECK FOR T&C
Here is the tricky part. It is important to check with the outlet on the terms & conditions of the purchase. Here are some of the common ones that you should take note of:

a) Items that could be purchased with 0% Easy Payment Plan
b) Minimum purchase to be eligible for the plan
c) Installment periods that you can choose from
d) Extra charges when you use the 0% Easy Payment Plan

MAKE PAYMENT WITH CREDIT CARD, INDICATE USAGE OF 0% EASY PAYMENT PLAN

PAYMENT TO START ON NEXT CREDIT CARD BILL!

It sounds simple....but it is important for you to take note of a few things when you use the 0% Easy Payment Plan. I'll leave that for another post though. If you have yet to utilize this feature on your credit card, I suggest you look for it on the official website for the bank of your credit card to find more information. 

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