Details about the Home Credit Card Installment Plan Option for Cardholders
HOME CREDIT CARD INSTALLMENT PLAN – Here is a guide on how the Installment Plan feature of the credit card offer works.
Nowadays, Home Credit Philippines does not only offer a Product Loan and a Cash Loan but as well as a credit limit for its good-paying clients. Did you receive an offer or you have already availed it?
The Home Credit Card gives you access to the products and services sold by countless Visa-accepting merchants across the nation. It gives the cardholders 30 up to 45 days of paying for the bill interest-free.
You may also opt for the Home Credit Card Installment Plan depending on its availability as it was set unavailable since March 1, 2023. Meanwhile, we will discuss the feature just in case it becomes available or it already is for some accounts.
The Installment Plan gives the cardholders the an option to pay for the qualified purchases on installment basis. The said feature is available to selected clients only as per Home Credit.
The international consumer finance provider has set a one-time Conversion Fee of Php 100 for transactions amounting to Php 2,000 to Php 7,000. For transactions amounting to Php 7,001 and up, the conversion fee is set at Php 250 per approved installment application.
Under the Installment Plan, a monthly add-on interest rate is fixed at 1%. According to the lending firm, it “is also equivalent to 1.4926% effective interest rate for 3 months term, 1.6907% for 6 months, and 1.7881% for 12 months”.
However, since the Home Credit Card Installment Plan may not be available, while the cardholders cannot opt for the option, the cardholders may enjoy the “Minimum Amount Due (MAD) and pay only for an interest of 3% until you fully paid the transaction”.
