installment payment at MS color
- Thread starter pandaze
- Start date
- Status
Hi pandaze,
I believe what the shop offers you is credit card installment plan. Which means it's the bank(credit card issuer) who offers the installment plan instead of the shop. Which means when u pay monthly, u pay the bank, the shop just take ur card and swipe, and after that, it's between you and the bank liao.
Cheers
SS
5 years back there was still Hire Purchase.
Some credit companies (Hitachi) ,not credit card, will offer to lend you $$ for your purchase.
A fee of $30 processing non-refundable to apply. They will compare your income and whatever background they have then decide to lend you the cash or not. As high as 5% interest thereabouts.
This was popular at PC fairs where I worked. Some customers actually have their application rejected and they lose $30.
Now I only see CC 0% interest repayment plans. Or those from courts.
Some credit companies (Hitachi) ,not credit card, will offer to lend you $$ for your purchase.
A fee of $30 processing non-refundable to apply. They will compare your income and whatever background they have then decide to lend you the cash or not. As high as 5% interest thereabouts.
This was popular at PC fairs where I worked. Some customers actually have their application rejected and they lose $30.
Now I only see CC 0% interest repayment plans. Or those from courts.
Yup, I checked with them before. They only offer 0% installments from credit card companies but do bear in mind that there is a surcharge cos you're paying by credit card.
er....i dun think it is a good idea to state it here...coz it goes against their agreement with the card companies....
but usually they quote the price inclusive of the surcharge, except for those really rare best prices
They (MS color) will accept credit card installment but with i tin is 7% interest. The shop will not absord the interest u have to pay... Tat wat they told mi... Hope this help
They (MS color) will accept credit card installment but with i tin is 7% interest. The shop will not absord the interest u have to pay... Tat wat they told mi... Hope this help
I tot that interest free instalment plan thru credit card does not charge interest at all. I understand that Alan photo used to tie up with UOB credit card on interest free instalment scheme. As long as u pay monthly to the bank until maturity and no prepayment, no interest charge at all. Or am i misrepresented?:dunno:
Most 0% interest installments at shops and malls requires a credit card... but you are actually paying more than what you will normally pay... this is because...
(1) Well.. you are right to say that there is no interest charges (i.e. 0% interest on the purchase amount)... but read the small prints or give the credit company a call to ask about the "admin" charge. If I remember correctly, it is somewhere in the 2% region of the purchase amount..
(2) Most smaller shops give discount for CASH or NETS purchase.. so if you pay using credit card (regardless of using the installment plan or not), you dun enjoy the discount..
so.. do your maths carefully if you are considering using your credit cards for 0% installment payments.. gauge for yourself if getting your dream equipments early is worth the extra $$ ...
(1) Well.. you are right to say that there is no interest charges (i.e. 0% interest on the purchase amount)... but read the small prints or give the credit company a call to ask about the "admin" charge. If I remember correctly, it is somewhere in the 2% region of the purchase amount..
(2) Most smaller shops give discount for CASH or NETS purchase.. so if you pay using credit card (regardless of using the installment plan or not), you dun enjoy the discount..
so.. do your maths carefully if you are considering using your credit cards for 0% installment payments.. gauge for yourself if getting your dream equipments early is worth the extra $$ ...
Most 0% interest installments at shops and malls requires a credit card... but you are actually paying more than what you will normally pay... this is because...
(1) Well.. you are right to say that there is no interest charges (i.e. 0% interest on the purchase amount)... but read the small prints or give the credit company a call to ask about the "admin" charge. If I remember correctly, it is somewhere in the 2% region of the purchase amount..
(2) Most smaller shops give discount for CASH or NETS purchase.. so if you pay using credit card (regardless of using the installment plan or not), you dun enjoy the discount..
so.. do your maths carefully if you are considering using your credit cards for 0% installment payments.. gauge for yourself if getting your dream equipments early is worth the extra $$ ...
Thanks for enlightening me cos i've never tried it before. Not even aware that there is a small print stating admin charge.
Most 0% interest installments at shops and malls requires a credit card... but you are actually paying more than what you will normally pay... this is because...
(1) Well.. you are right to say that there is no interest charges (i.e. 0% interest on the purchase amount)... but read the small prints or give the credit company a call to ask about the "admin" charge. If I remember correctly, it is somewhere in the 2% region of the purchase amount..
(2) Most smaller shops give discount for CASH or NETS purchase.. so if you pay using credit card (regardless of using the installment plan or not), you dun enjoy the discount..
so.. do your maths carefully if you are considering using your credit cards for 0% installment payments.. gauge for yourself if getting your dream equipments early is worth the extra $$ ...
for 0% installment payment plan (0% IPP) offered by retailers, there is no admin charge payable. for cards with automatic or 0% instalment payment plan as offered by the card issuer (not retailer), there is actually an admin charge payable.
point 2 is true though it is actually against the credit card company agreement with the retailer. so try not to broadcast it when u get a discount that is only valid with cash payment only... u do not know if any credit card company guy is reading.....:nono:
payment by cash often offers the best discount as card reward points are always in the region of 0.5-2% (except petrol - 5%) discount through cash rebates or reward points.
however, credit card payment offers a good alternative if u do not have the cash upfront (beware of rolling over your credit though...) and credit card payment thru 0% instalment payment plan actually results in you paying lesser coz of inflation.. (therefore even though you are paying the same instalment every month, but the value of the payment goes down due to inflation each month)....
- Status
