{"id":5598,"date":"2024-04-02T16:38:39","date_gmt":"2024-04-02T08:38:39","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=5598"},"modified":"2024-04-02T17:42:11","modified_gmt":"2024-04-02T09:42:11","slug":"credit-cards-understanding-the-basics-of-0-easy-payment-plan","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/credit-cards-understanding-the-basics-of-0-easy-payment-plan","title":{"rendered":"How Does A Credit Card Easy Payment Plan Work?"},"content":{"rendered":"<p>Everyone knows making a purchase on your credit card that you can\u2019t repay at month-end\u00a0<a href=\"https:\/\/www.imoney.my\/articles\/5-startling-things-about-credit-card-interest-rates\" target=\"_blank\" rel=\"noopener\">spells big trouble<\/a>.\u00a0But what if you could make a credit transaction that allows you to spread your repayments over the next few months or years, at no interest at all?<\/p>\n<p>No, this isn\u2019t a myth. In fact, such a feature may already be available on your existing card. It is called the 0% Easy Payment Plan (EPP).<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What-is-an-easy-payment-plan-EPP\"><\/span><strong>What is an easy payment plan (EPP)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>An EPP is a repayment scheme that allows you to use your credit card to pay for a purchase and then repay the amount in instalments over the course of months or years.<\/p>\n<h4>What is 0% EPP?<\/h4>\n<p>A 0% payment arrangement is one which allows you to pay using the EPP at absolutely no interest charges for the entire instalment period.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-does-it-work\"><\/span><strong>How does it work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>If you\u2019ve made a purchase of RM12,000 using EPP with a 12-month repayment period; your instalment amount would be RM12,000 \/ 12 months =\u00a0<b>RM1,000 every month<\/b>\u00a0over the course of 12 months.<\/li>\n<li>By paying the instalments promptly and making sure you adhere to all terms and conditions, you\u00a0would not be charged a single sen<b> <\/b>in interest<b>\u00a0<\/b>during the entire period.<\/li>\n<\/ul>\n<p>At present, most major banks in Malaysia have this scheme available to their cardholders, though the terms and conditions may differ.<\/p>\n<p>Instalment periods differ from bank to bank, and could be as low as three months up to 36 months or more. Generally, this payment scheme are applicable only for purchases made at selected partnering outlets.<\/p>\n<div class=\"block\"><div>Missing any monthly instalment payment when using the EPP will lead to additional interest charges.<\/div><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What-are-the-benefits\"><\/span><strong>What are the benefits?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From a consumer standpoint, this repayment scheme offers plenty of benefits, which include:<\/p>\n<ul>\n<li>The ability to pay for vital big-ticket items without incurring hefty interest charges over a period of time.<\/li>\n<li>The option to put the lump sum which would otherwise be used to pay off the purchase in full into a fixed deposit account, hence earning interests from the banks.<\/li>\n<\/ul>\n<p><strong>Read More: <a href=\"https:\/\/www.imoney.my\/articles\/never-use-credit-card-0-instalment-plan\" target=\"_blank\" rel=\"noopener\">4 Times You Should Never Use Your Credit Card 0% Instalment Plan<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How-to-sign-up-for-EPP-using-your-credit-card\"><\/span><strong>How to sign up for EPP using your credit card?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>How do you undertake this repayment facility using your card?\u00a0It is actually simpler than you think.<\/p>\n<p>1. First, look for stickers or signs on retail outlets indicating that they offer 0% Easy Payment Plans for your credit cards.\u00a0Alternatively, look up the websites of your banks for the list of participating merchants offering this payment scheme.<\/p>\n<p>2. Before making a purchase, check with the outlet on any terms and conditions you may need to adhere to.\u00a0Some common ones include:<\/p>\n<ul>\n<li>The categories of items that can be purchased under this repayment facility<\/li>\n<li>The minimum purchase you need to make to be eligible<\/li>\n<li>The instalment periods you can choose for your plan<\/li>\n<li>Extra administrative or instalment charges you may incur to execute the plan (if any)<\/li>\n<\/ul>\n<p>3. Once you\u2019re satisfied with all the conditions binding the plan, make the purchase with your card as usual but make sure you indicate to the cashier than you\u2019re paying using the 0% Easy Payment Plan.<\/p>\n<p>4. If the plan is approved, your transaction would be authorised on the spot.\u00a0Thereafter, just make sure you pay the instalment amounts promptly starting from the next bill!<strong>\u00a0<\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Looking-for-a-credit-card-with-this-EPP-repayment-feature-Check-out-your-available-choices-at-our-credit-card-comparison-table\"><\/span><strong>Looking for a credit card with this EPP repayment feature? Check out your available choices at our <a href=\"https:\/\/www.imoney.my\/credit-card\/\" target=\"_blank\" rel=\"noopener\">credit card comparison table<\/a>!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h6><em>This article was published in December 2015 and has been updated for freshness, accuracy and comprehensiveness.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Find out how you can use 0% Easy Payment Plan to spread your repayments over the next few months or years with no interest at all.  <\/p>\n","protected":false},"author":1,"featured_media":62518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11,227,242,229],"tags":[754,2130,766],"class_list":["post-5598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cards","category-credit-card","category-debt-management","category-interest-rate","tag-credit-card","tag-epp","tag-money-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Does A Credit Card Easy Payment Plan Work?<\/title>\n<meta name=\"description\" content=\"Find out how you can use 0% Easy Payment Plan to spread your repayments over the next few months or years with no interest at all.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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