Buy now, pay later.
An easy payment plan (EPP) or also known as a flexi payment plan (FPP) is a credit card instalment plan that allows you to convert your purchase(s) into smaller installment payment for a fixed period of time.Nowadays, most credit cards are equipped with a 0% easy payment plan to make purchases more convenient and affordable for you, regardless of your income groups. Are you not familiar with a credit card installment plan? Continue reading:
What are the things to look out for in an easy payment plan?
When enrolling your retail purchase into an EPP, you need to watch out for these features as they may not be universal for all credit cards:
Get in touch for consulting or advising to all of your questions.
0% Interest Rate
To maximise on savings, you want to be repaying the same amount you have swiped without an extra fee or charge being added onto it. When looking for an EPP that is offering 0% interest, pay attention to the fine prints too; are there any fees that you need to pay upfront?
Flexible Tenures
If repaying a huge amount of credit within a 20-day grace period is unmanageable for you, an EPP gives you the flexibility to stretch the repayment up to 36 months. If you’re lucky, you may get 0% interest on a longer tenure, which gives you a lower monthly commitment.
Participating Merchants
A bank will usually have a list of participating merchants that are offering 0% instalment plans. If your favourite store is not participating in the 0% EPP program of your credit card, you can still convert the purchase into a flexi pay plan at an interest rate.
Minimum Repayment Clause
This clause is to encourage cardholders to make a minimum repayment on their outstanding balances to avoid getting penalised for missing or late payment. Oftentimes, most banks require a full payment of EPP and other credit facilities, on top of the minimum monthly payment of RM50 or 5% of the outstanding balances.
Principal Cardholder Only?
While all installment payment plans are offered to the principal cardholders, some banks allow purchases made by supplementary cardholders to be combined with the primary ones to convert as an easy payment plan.
