Last month, Kuripot Pinay had a guest post here in our site and she talked about the pitfalls of giving in to 0% interest rates offered by credit card companies, banks, and partner shops. It was actually focused on the spending behavior of consumers who use credit cards.
For Kuripot Pinay, purchasing through 0% interest plans is a good tool to trim down payments if you have bigger purchases. You can be able to maximize the potential of the 0% interest provided that you have the discipline to pay it in full and on time. Assuming you are saving and investing, having a credit card is a great buddy to celebrate little victories in life by being a responsible spender.
We currently have a survey being answered by our Facebook group members and it’s quite surprising that a lot of responsible consumers view credit cards as a good purchasing tool. You can see a few of their comments in the screenshot below. And of course, our guest writer for today, Mark of MoneyMax.ph, will show us further the brighter side of easy instalment plans using credit cards in the Philippines.
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Instalment plans draw a lot of Pinoys to credit cards. For some Pinoys, being able to pay for goods and services in instalment eclipses the other benefits to owning a credit card such as earning reward points or air miles. And it’s easy to see why. Credit cards allow you to stretch your budget and pay for big-ticket items like a new flat screen TV and still avoid paying interest fees on the purchase.
Buy Appliances Through 0% Instalment Deals from Abenson, Avant, and Electroworld with Your BDO Credit Card
Many appliance stores in the Philippines offer these easy instalment plans. Walk by an appliance store and you’ll likely see banners and flyers telling you that you can take home a new appliance through these plans.
As one of the most popular appliance stores in the Philippines, Abenson has 0% instalment deals and promos open to BDO credit cardholders. The promo runs from January 11 to March 31, 2014 so there’s still some time to take advantage of the promo. The 0% deal is applicable on a 24-month tenor and the 0% deal is valid as long as the monthly bill is paid in full. The promo is also available in all participating Abenson, Avant, and Electroworld branches and there’s a minimum single-receipt purchase of P12,000. Abenson carries a wide array of appliances such as televisions, fridges and washing machines so take advantage of their 0% deal to take home a new appliance now. The promo is also being offered by SB Appliances but the minimum single receipt at that store is P30,000.
Pay in Instalment at a Wide Variety of Stores with Your HSBC Credit Card
HSBC’s Card Instalment Plan allows you to avail of their instalment plan. The terms of the plan can be as short as 3 months. Other terms are 6 months, 9 months, 12 months, 18 months and above.
HSBC has a long list of partner merchants where cardholders can avail of instalment plans. In the automotive category are Nissan, Toyota Bicutan, and Toyota Commonwealth, and Honda Cars Pasig. HSBC has also partnered with several gadgets and electronics vendors including Acer, Asus, AV Surfer, Brochiere, Electroworld, Gadhets in Style, and Canon. They also have partners in the health, beauty, and wellness, home furnishings, and fashion categories.
Pay Your Child’s Tuition in Instalments with Your Credit Card
If your child’s school accepts credit cards, check with them if they have credit card instalment schemes. De La Salle University, for example, allows tuition to be paid with a credit card and they also have credit card instalment schemes in place. The school’s credit card instalment schemes include Citibank (PayLite), BPI (Special Instalment Plan), and BDO (Easy Pay).
Pay in Instalments with Your Credit Card
Being able to pay in instalment and avoiding interest fees are two of the benefits that you get to enjoy with your card. Paying in instalments makes it more convenient to shop for goods and services and allows you to stretch your budget. Depending on which card you use, you can enjoy extended warranty on your electronics and this is another handy side-benefit when you shop with your card.
Cards from BDO and HSBC aren’t the only cards in the Philippines that have easy instalment plans. Compare credit cards—the interest rates, fees, and rewards programs and find the best one for you.
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This contribution is exclusively written for BurnGutierrez.com by MoneyMax.ph, the Philippines’ leading financial comparison portal which helps Filipino consumers make the right financial decisions as they settle on the best credit card, housing loan, broadband plan, and more—fast, comprehensive, and free.