Are you looking to upgrade your phone, tablet or a home appliance, but have been putting it off due to budget constraints? Some bank’s have come up with a solution to the problem. Banks issuing credit cards offer their card holders the opportunity to purchase items like cell phones on installment plan (s). The plan allows you to buy a big ticket item on your credit card on installments over a predefined tenor. To be eligible you must have a credit card from the bank and obviously have available credit on the card to accommodate the purchase. The process is easy and can be done through a call to the contact center. Bank’s have a range of brands and products from selected vendors to choose from. We have done a quick comparison of some of the bank’s offering such plans for their credit card holders.
Though we have focused on cell phones, banks are offering a variety of products that you can buy other than cell phones. You can purchase home appliances, flat screen tv’s, stereo systems and much more. If you have a credit card from any of the providers below and are interested in making the purchase call your bank to inquire about their respective offer.
- United Bank Limited: UBL credit card holders can choose an installment plan of their choice to order the product of their choice. UBL calls their installment plan ‘light installment plan’. The bank offers installment plans ranging from 3 to 36 months. There is no mark up on the installments if you are borrowing up to 6 months, any thing over six months are you are charged a mark up on the borrowed amount (i.e. price of the product).
- Standard Chartered Bank: If you are a Samsung lover and hold a Standard Chartered Bank (SCB) credit card, then you can opt in to the SCB credit card installment plan. The bank charges no extra fees and no processing charges for all installment plans up to a tenor of 12 months.
- Silk Bank: offers a wide range of smartphones on installment. The features are similar to what the other banks offer –such as 0% markup if the installment has a tenure of 0 to 6 month(s). The bank has a wide range of the Samsung products to choose from.
- Askari Bank Limited: Askari Bank Limited has a wide range of electronics which it offers to its credit card holders. The installment plan is convenient and affordable. More importantly you aren’t charged any mark up on the installment plan till the 1st year. Currently, the offer is valid for products from Apple and Samsung.
To give site of bactrim you an idea of the monthly installments involved in upgrading your phone, we have done a little comparison based on the information available. To find out more detail’s call your bank!
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