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(MoneyNewsWire.Net, August 21, 2023 ) DUBAI, UAE - (ARAB NEWSWIRE) - Big-ticket purchases made by tapping savings can impede a person's financial planning. The best idea is to convert big-amount credit card transactions into easy installment plans and safeguard from burning a hole in the pocket. A credit card installment plan is an extended payment plan that helps card users pay for hefty purchases in easy installments spread over a fixed period. By availing of an easy installment plan, a card user can have peace of mind of not having the burden of making a lump-sum payment. They can choose an easy installment plan according to their affordability and easily repay their sues.
Benefits of converting Credit Card Transactions into Easy Installment Plans -
People often misconstrue credit card installment plans as another form of debt. Still, these installment plans may be a wise financial decision over time, especially for big purchases. Following are some reasons to consider a credit card installment plan:
1. Attractive Annual Percentage Rate (APR) - Compared to the regular Annual Percentage Rate (APR) charged on the unpaid credit card due amount, credit card installment plans may have a competitive Annual Percentage Rate (APR). Nevertheless, credit card installment plans may differ from bank to bank in terms of offers and Annual Percentage Rates (APRs).
2. Flexible repayment tenure - Cardholders can choose a flexible installment tenure (ranging from about 3 months to up to 48 months or more), depending on their repayment capability. The flexible repayment tenure protects the cardholder against due accumulation, as paying just the minimum due amount might result in the accumulation of debt, a higher Annual Percentage Rate (APR), and penalties over a period. Credit card installment plans may prevent such situations as a smaller amount of Equated Monthly Installments (EMIs) can be paid quickly.
3. Scope of accumulating reward points – Most credit card providers offer card users the opportunity to accrue reward points upon the payment of installments they have availed. These accrued rewards points can later be redeemed by the card used to get a cash rebate, vouchers, or discount offers on select merchandise or as specified by the bank.
4. Easy online accessibility - Most credit card issuing companies provide customers with the ease of applying for a credit card installment plan quickly and easily through their online application or website.
5. Minimal or Paperless procedure – Big-amount transactions on credit cards can be converted into easy installment plans via online mediums. Moreover, most credit card issuers have minimum or no requirements to submit application forms and documents, making the process even more streamlined.
Conclusion
Thus using a credit card, one can convert hefty credit transactions into easy installment plans, and this is a convenient way to make large purchases without straining one's budget. However, it must be remembered that while enjoying the benefits of a credit card installment plan, a customer may have to incur certain charges. Therefore, cardholders should consider the fees, charges, and other terms and conditions associated before applying for an easy payment plan.
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Sabya Shivam
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