Best Credit Cards With Long Instalment Tenure in Singapore 2024
The top credit cards with extended instalment tenures in Singapore offer a convenient way to break down larger purchases into manageable monthly payments. These cards provide flexibility by allowing users to choose longer repayment periods that suit their financial situation.
While considering factors like interest rates and fees, these cards serve as a practical solution for making significant purchases or handling unexpected expenses without impacting your budget.
Enjoy 5% Cashback on McDonald's, Starbucks, Golden Village, Netflix and Spotify.
Enjoy additional 5% Green Cashback on selected eco-friendly Eateries, Retailers, and Transport Services.
0.3% Cashback on All Other Spend
5 Years Annual Fee Waiver
No minimum spend required
No minimum income required
Monthly credit limit of S$500
Monthly cashback cap of S$50
Terms and Conditions :
Installment Processing Fee: From 2 %
Eligibility :
Minimum Age: 21 years old
Maximum Age: 27 years old
Minimum Annual Income: None
DBS yuu Visa Card
Minimum Spend For Installment
S$ 100
info
Maximum combined of 10 transactions only.
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 2 %
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Up to 6% depending on tenure.
Offer Available
Welcome Offer
S$388 cashback
Valid until
31 May 2024
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Things to consider for this product:
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Supermarket rebate
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Dining rebate
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Rebate cap applied
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Monthly spend required
Up to 36X Points on yuu participating merchants.
1X Point on all other spend.
S$1 spend = 1 yuu Point. No limit. No cap.
Customers need to download the new rewards app as yuu Points awarded can only be tracked on yuu Rewards app.
Redemptions of yuu Points capped at 15,600 points (S$78) per calendar month.
Welcome Offer
Gift Options
S$388 cashback
Promotion is valid for new DBS/POSB credit cardmembers only
Apply for participating DBS/POSB credit cards with promo code 388CASH and make a min. spend of S$800 within 60 days of card approval to be eligible for reward
1.5 miles or 1.5% cashback per S$1 spent locally, such as groceries, shopping and more.
2.2 miles or 2.2% cashback per S$1 spent on overseas purchases in foreign currency.
Receive 25,000 bonus miles when you pay the annual fee of S$550 (exclusive of GST) to renew your membership.
Complimentary Accor Plus Explorer membership with 1 free hotel night stay at Sofitel, Fairmont, Swissotel and over 1000 hotels worldwide.
Complimentary Digital Priority Pass™ Membership and 10 free lounge visits to over 1,300 airport lounges worldwide within each 12-month period of membership.
Members-only dining privileges at over 80 of Singapore’s fine dining establishments, including Michelin-awarded restaurants.
Annual fee of S$588.50 (inclusive of GST) is non-waivable for the first year.
Miles are awarded in the form of DBS Points which are awarded for every S$5 spent.
Each conversion of DBS Points to miles will be subjected to an administrative fee of S$25 (exclusive of GST).
Welcome Offer
Gift Options
Up to 85,000 miles
Promotion is valid for new and existing DBS credit cardmembers
Apply for the DBS Vantage Card and make a min. spend of S$4,000 within 30 days of card approval to be eligible for reward
New DBS cardmembers will receive 85,000 miles
Existing DBS cardmembers will receive 40,000 miles
Customers need to download the new rewards app as yuu Points awarded can only be tracked on yuu Rewards app.
Redemptions of yuu Points capped at 15,600 points (S$78) per calendar month.
Welcome Offer
Gift Options
S$388 cashback
Promotion is valid for new DBS/POSB credit cardmembers only
Apply for participating DBS/POSB credit cards with promo code 388CASH and make a min. spend of S$800 within 60 days of card approval to be eligible for reward
5X DBS points (10 miles) for every S$5 spent on online purchases.
1X DBS points (2 miles) for every S$5 spent on other purchases.
Complimentary e-commerce protection for online purchases.
Enjoy special promotions and discounts for certain fashion, beauty and wellness stores.
Both women and men can apply.
5X DBS points are only applicable for the first S$1,000 online spend per calendar month.
DBS points are awarded for every S$5 spent.
Terms and Conditions :
Installment Processing Fee: From 2 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
DBS Altitude Visa Signature Card
Minimum Spend For Installment
S$ 100
info
Maximum combined of 10 transactions only.
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 2 %
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Up to 6% depending on tenure.
2 Offers Available
Welcome Offer
Up to 53,000 miles
Valid until
31 May 2024
Welcome Offer
Up to 43,000 miles plus first-year annual fee waiver
Valid until
31 May 2024
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Things to consider for this product:
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Bonus air miles
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Airport lounge
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No expiry air miles
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Unlimited air miles
1.3 miles per S$1 spent locally, including bus and train rides.
2.2 miles per S$1 spent on overseas purchases in foreign currency.
Earn up to 10 miles per S$1 spent on Expedia, and Kaligo.
Receive 10,000 bonus miles when you pay the annual fee of S$196.20
2 free lounge visits within each 12-month period of your membership to over 1,500 airport lounges worldwide.
Read our full review of the DBS Altitude Card.
Miles are awarded in the form of DBS points which are awarded for every S$5 spent.
Additional DBS points awarded for Expedia and Kaligo transactions are capped at S$5,000 spend per calendar month.
Each conversion of DBS points to miles will be subjected to an administrative fee of S$25 (exclusive of GST).
Welcome Offer
Gift Options
Up to 53,000 miles
Promotion is valid for new DBS credit cardmembers only
Apply for the DBS Altitude Visa Signature Card with promo code ALTV53, make a min. spend of S$3,000 within 60 days of card approval, and pay the first-year annual fee (S$196.20 incl. GST) to be eligible for rewards
Receive 36,400 miles from S$3,000 min. spend within 60 days of card approval
Receive 10,000 miles from payment of first-year annual fee (S$196.20 incl. GST)
Receive up to 6,600 miles from S$3,000 spend (based on 2.2 miles per S$1 overseas spend)
Up to 43,000 miles plus first-year annual fee waiver
Promotion is valid for new DBS credit cardmembers only
Apply for the DBS Altitude Visa Signature Card with promo code ALTVW43 and make a min. spend of S$3,000 within 60 days of card approval to be eligible for rewards
Receive 43,400/36,400 miles from S$3,000 min. spend within 60 days of card approval
Receive up to 6,600 miles from S$3,000 spend (based on 2.2 miles per S$1 overseas spend)
Up to 50,000 miles plus first-year annual fee waiver
Valid until
31 May 2024
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Things to consider for this product:
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Bonus air miles
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Airport lounge
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No expiry air miles
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Unlimited air miles
1.3 miles per S$1 spent locally, including bus and train rides.
2.2 miles per S$1 spent on overseas purchases in foreign currency.
Earn up to 10 miles per S$1 spent on Expedia, and Kaligo.
Receive 10,000 bonus miles when you pay the annual fee of S$196.20
Read our full review of the DBS Altitude Card.
Miles are awarded in the form of DBS points which are awarded for every S$5 spent.
Additional DBS points awarded for Expedia and Kaligo transactions are capped at S$5,000 spend per calendar month.
Each conversion of DBS points to miles will be subjected to an administrative fee of S$25 (exclusive of GST).
Welcome Offer
Gift Options
Up to 60,000 miles
Promotion is valid for new DBS credit cardmembers only
Apply for the DBS Altitude American Express/Visa Signature Card with promo code ALTA60, make a min. spend of S$3,000 within 60 days of card approval, and pay the first-year annual fee (S$196.20 incl. GST) to be eligible for rewards
Receive 43,400 miles from S$3,000 min. spend within 60 days of card approval
Receive 10,000 miles from payment of first-year annual fee (S$196.20 incl. GST)
Receive up to 6,600 miles from S$3,000 spend (based on 2.2 miles per S$1 overseas spend)
Up to 50,000 miles plus first-year annual fee waiver
Promotion is valid for new DBS credit cardmembers only
Apply for the DBS Altitude American Express Card with promo code ALTAW50 and make a min. spend of S$3,000 within 60 days of card approval to be eligible for rewards
Receive 43,400 miles from S$3,000 min. spend within 60 days of card approval
Receive up to 6,600 miles from S$3,000 spend (based on 2.2 miles per S$1 overseas spend)
10X DBS points (20 miles) for every S$5 spent on online purchases.
3X DBS points (6 miles) for every S$5 spent on overseas purchases.
1X DBS points (2 miles) for every S$5 spent on other purchases.
Complimentary e-commerce protection for online purchases.
Enjoy special promotions and discounts for certain fashion, beauty and wellness stores.
Both women and men can apply.
DBS points are only awarded for every S$5 spent.
10X DBS points are only applicable for the first S$1,500 online spend per calendar month.
Minimum income requirement for Singaporeans/PRs: S$80,000.
Minimum income requirement for foreigners: S$80,000.
Terms and Conditions :
Installment Processing Fee: From 2 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 80000
DBS Takashimaya American Express Card
Minimum Spend For Installment
S$ 100
info
Maximum combined of 10 transactions only.
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 2 %
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Up to 6% depending on tenure.
Offer Available
Welcome Offer
S$150 cashback
Valid until
30 June 2024
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Things to consider for this product:
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Retail rebate
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Retail discount
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Voucher redeemable
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No rebate cap
Get 6% voucher rebates in Takashimaya Department Store (Earn 2 Takashimaya Bonus Points with every S$10 charged)
Get 2% voucher rebates in Takashimaya Shopping Centre (Earn 2 Takashimaya Bonus Points with every S$30 charged)
Redeem S$30 worth of Takashimaya Gift Vouchers with every 100 Takashimaya Bonus Points.
Enjoy additional 10% off during selected sale events at Takashimaya Department Store.
Enjoy S$4 top-up to your CashCard for parking when you charge at least S$400 to your Card at Takashimaya Department Store.
Enjoy up to 5% discount at selected Takashimaya stores in Asia.
Rebates can only be redeemed for Takashimaya vouchers.
Welcome Offer
Gift Options
S$150 cashback
Promotion is valid for new and existing DBS credit cardmembers
Apply for the DBS Takashimaya AMEX Card and make a min. spend of S$250 within Takashimaya Department Store, Takashimaya Online Store and participating specialty stores at Takashimaya Shopping Centre within 30 days of card approval to be eligible for reward
Complimentary one-night stay at The Ritz Carlton, Millenia Singapore (worth S$590)
Valid until
30 April 2024
Welcome Offer
135,000 Membership Rewards® points (Upsized for Existing Cardmembers)
Valid until
30 April 2024
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Things to consider for this product:
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Bonus air miles
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Dining savings
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Airport lounge
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Annual Fee required
Up to S$1,354 worth of travel, dining, and lifestyle credits inclusive of S$200 airline credits, S$400 global dining credits, S$400 lifestyle credits, S$204 entertainment credits, and S$150 fashion credits.
Indulge In Fine Hotels + Resorts Benefits Worth S$800.
Complimentary access for you, a supplementary cardholder and one guest each to 1,400 Lounges such as The Centurion Lounge, Priority Pass, International American Express Lounges.
Gain instant status to higher tiers of leading hotel loyalty programs such as the Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status.
Complimentary Access into Tower Club.
Complimentary Weekend Parking at Great World City.
Membership Rewards Points never expire.
Up to 50% savings at selected hotels such as Marriott, St. Regis, and W Singapore among others.
Up to 50% savings with Love Dining at selected restaurants such as Lawry’s, Sen of Japan, and Peach Garden among others.
Enjoy S$400 every year to use at over 1,400 curated restaurants locally and around the world.
Annual fee: S$1,744 (inclusive of GST).
Welcome Offer
Gift Options
Complimentary one-night stay at The Ritz Carlton, Millenia Singapore (worth S$590)
Promotion is valid for new American Express credit cardmembers only
Apply for the AMEX Platinum Card through SingSaver, make a min. spend of S$6,000 within 60 days of card approval date, and pay the annual fee (S$1,744 incl. GST) to be eligible for reward
Reward may be combined with AMEX Platinum Card 135,000 Membership Rewards® points promotion
135,000 Membership Rewards® points (Upsized for Existing Cardmembers)
Promotion is valid for new and existing American Express credit cardmembers
Apply for the AMEX Platinum Card through SingSaver, make a min. spend of S$6,000 within 60 days of card approval date, and pay the annual fee (S$1,744 incl. GST) to be eligible for reward
Receive 127,500 Membership Rewards® points upon fulfillment of reward criteria
Receive 7,500 Membership Rewards® points based on the S$6,000 spent (based on 2 Membership Rewards® points per S$1.60 spent)
Promotion is not stackable with other offers from American Express
Up to S$400 eCapitaVoucher + 1,250 Membership Rewards® Points
Valid until
30 April 2024
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Things to consider for this product:
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Unlimited air miles
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Dining savings
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Annual Fee required
Enjoy up to S$200 statement credits that can be used at trending restaurants or fashion brands.
Enjoy up to 50% savings at a curated selection of hotels and restaurants island-wide with Love Dining by Platinum.
Enjoy 1-for-1 first drink and complimentary drinks at some of the most bespoke bars in Singapore with Chillax by Platinum.
Earn 2 Membership Rewards® Points for every S$1.60 spent.
Earn 10 Membership Rewards® Points for every full S$1.60 spent with 10Xcelerator Partners.
Membership Rewards® Points never expire.
Permanent waiver of miles transfer fee (worth S$40).
Annual fee: S$327 (inclusive of GST) must be paid to enjoy welcome offers.
Welcome Offer
Gift Options
Get up to 60,000 Membership Rewards® points
Promotion is valid for existing American Express credit cardmembers
Apply for the AMEX Platinum Credit Card, pay the annual fee (S$327 incl. GST) and make a min. spend of S$1,000 within 30 days of card approval to be eligible for reward
Receive 58,750 Membership Rewards® points from fulfillment of reward criteria
Receive 1,250 Membership Rewards® points based on the S$1,000 spent (based on 2 Membership Rewards® points per S$1.60 spent)
Promotion is not stackable with other offers from American Express
Up to S$400 eCapitaVoucher + 1,250 Membership Rewards® Points
Promotion is valid for new American Express credit cardmembers only
Apply for the AMEX Platinum Credit Card, pay the annual fee (S$327 incl. GST) and make a min. spend of S$1,000 within 30 days of card approval to be eligible for rewards
Receive S$400 eCapitaVoucher from fulfillment of reward criteria
Receive 1,250 Membership Rewards® points based on the S$1,000 spent (based on 2 Membership Rewards® points per S$1.60 spent)
American Express Singapore Airlines KrisFlyer Ascend Credit Card
Minimum Spend for Installment
S$ 250
info
May differ with each participating merchant.
Installment Rate
0 %
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At participating Pay Small Merchants.
Installment Tenure
Up to 24 months
Installment Processing Fee
No processing Fee
2 Offers Available
Welcome Offer
Receive up to 17,000 KrisFlyer miles and up to S$300 eCapitaVouchers
Valid until
30 April 2024
Welcome Offer
Up to 34,000 KrisFlyer miles
Valid until
30 April 2024
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Things to consider for this product:
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Unlimited air miles
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Airport lounge
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Travel insurance
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Annual Fee required
1.2 KrisFlyer miles for every S$1 spent on all eligible purchases.
2 KrisFlyer miles for every S$1 equivalent in foreign currency spent overseas on eligible purchases during June and December.
3.2 KrisFlyer miles for every S$1 spent on Grab Singapore transactions, up to S$200 spent each calendar month.
4 complimentary lounge passes each year.
Complimentary one night stay each year at participating Hilton Properties and complimentary upgrade to Hilton Honors Silver membership tier.
2 KrisFlyer miles per S$1 spent on singaporeair.com, SingaporeAir mobile app, silkair.com and KrisShop, with no cap.
Read our full review of the American Express Singapore Airlines KrisFlyer Ascend Credit Card.
Annual fee: S$343.35 (inclusive of GST) must be paid to enjoy welcome offers.
Welcome Offer
Gift Options
Receive up to 17,000 KrisFlyer miles and up to S$300 eCapitaVouchers
Promotion is valid for new American Express cardmembers only
Apply for the American Express Singapore Airlines KrisFlyer Ascend Credit Card, make a min. spend of S$1,000 within 30 days of card approval, and pay the annual fee (S$343.35 incl. GST) to be eligible for rewards
Receive S$300 eCapitaVouchers and 10,800 KrisFlyer miles upon fulfilling reward criteria
Receive 5,000 bonus KrisFlyer miles upon first transaction on card (for first time American Express Singapore Airlines credit card applicants)
Receive 1,200 KrisFlyer miles based on the S$1,000 spent (based on 1.2 KrisFlyer miles per S$1 spent locally)
Promotion is not stackable with other offers from American Express
Promotion is valid for existing American Express credit cardmembers
Apply for the American Express Singapore Airlines KrisFlyer Ascend Credit Card, make a min. spend of S$1,000 within 30 days of card approval, and pay the annual fee (S$343.35 incl. GST) to be eligible for rewards
Receive 27,800 KrisFlyer miles upon fulfilling reward criteria
Receive 5,000 KrisFlyer miles upon first transaction on card (for first time American Express Singapore Airlines Credit Card applicants)
Receive 1,200 KrisFlyer miles based on the S$1,000 spent (based on 1.2 KrisFlyer miles per S$1 spent locally)
Promotion is not stackable with other offers from American Express
American Express Singapore Airlines Business Credit Card
Minimum Spend For Installment
S$ 250
info
May differ with each participating merchant.
Installment Rate
0 %
info
At participating Pay Small Merchants.
Installment Tenure
Up to 24 months
Installment Processing Fee
No processing fee
2 Offers Available
Welcome Offer
68,000 HighFlyer points (worth S$647)
Valid until
29 May 2024
Welcome Offer
Samsonite Choca Spinner 68/25 (worth S$700) and 10,800 HighFlyer points
Valid until
29 May 2024
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Things to consider for this product:
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Bonus air miles
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Airport lounge
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Air ticket rebate
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Rebate cap applied
Earn up to 8.5 HighFlyer Points per S$1 spent on eligible Singapore Airline Group flights, worth 8.5% cashback.
Earn HighFlyer Points for your Business: earn 5 HighFlyer points per S$1 spent on flights, while your employees continue to earn KrisFlyer Miles.
Earn 1.8 HighFlyer Points per S$1 spent on all other eligible purchases, worth 1.8% cashback.
Accelerate to KrisFlyer Elite Gold (KFEG) with S$15,000 spend with Singapore Airlines Group in the first 12 months.
Complimentary night stay yearly and up to 50% dining discounts with Accor Plus across Asia Pacific worth $398 annually.
Priority Pass membership with 2 complimentary visits per year.
Welcome Offer
Gift Options
68,000 HighFlyer points (worth S$647)
Apply for the American Express Singapore Airlines Business Credit Card, make a min. spend of S$6,000 within 90 days of card approval, and pay the annual fee (S$301.80 incl. GST) to be eligible for rewards
57,200 HighFlyer points awarded for S$6,000 min. spend within 90 days of card approval plus annual fee payment
10,800 HighFlyer points awarded from S$6,000 spend (based on 1.8 HighFlyer points per S$1 spend)
Promotion does not stack with other offers from American Express
Samsonite Choca Spinner 68/25 (worth S$700) and 10,800 HighFlyer points
Apply for the American Express Singapore Airlines Business Credit Card, make a min. spend of S$6,000 within 90 days of card approval, and pay the annual fee (S$301.80 incl. GST) to be eligible for rewards
Promotion does not stack with other offers from American Express
Use Citi PayAll to earn Citi Miles, Citi ThankYou PointsSM or Cash Back when you pay your bills with your Citi Credit Card.
Up to 14% discount at Esso and Shell petrol stations.
Cash rebates can be redeemed only in denominations of S$10, S$20 or S$50 via SMS.
SingSaver Lightning Deal
Gift Options
Sony PlayStation® 5 Slim Disc Edition (worth S$799); or
Dyson Airwrap™ multi-styler and dryer (Complete) (worth S$859); or
S$500 eCapitaVoucher
Promotion is valid for new Citibank credit card members only
Be one of the first 500 eligible applicants of participating Citibank credit cards and make a min. spend of S$500 within 30 days of card approval to be eligible for reward
Lightning Deal reward is not stackable with other promotional rewards from SingSaver
Remaining applicants will receive regular SingSaver promotional rewards
Lightning Deal promotion runs from 9 April 2024, 9:00 AM SGT to 2 May 2024
Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Local spending rebate
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Overseas rebate
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Annual Fee waiver
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Rebate cap applied
Get up to 3.33% cash rebate on all your local and foreign currency spend.
Earn up to 3% p.a. with the Maybank Save Up Programme, with spends on this credit card being one of the categories.
Complimentary travel insurance coverage of up to S$500,000.
Quarterly service fee of S$20 (First 3 Years Free). Subsequently, quarterly service fee is waived when you charge to your Card once every 3 months.
No quarterly cashback if minimum monthly spend is below S$300 each month in a quarter.
Cashback cap: S$100 per quarter.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank World MasterCard
Minimum Spend For Installment
S$ 300
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 0 %
info
Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Dining rebate
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Retail rebate
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Petrol rebate
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Airport lounge
Earn 10X TREATS Points (4 miles) per S$1 spent at specially selected retail stores, restaurants, and all petrol stations islandwide+.
Get up to 20.05% savings on petrol.
Complimentary green fees at world-class golf fairways.
Complimentary enrolment into Rewards Infinite Programme: TREATS Points never expire.
Free air miles conversion
Complimentary Plaza Premium airport lounge access with a minimum charge of S$1,000 in a single retail transaction.
Complimentary travel insurance coverage of up to S$1,000,000 when air tickets/travel packages are charged in full to the card.
TREATS Points awarded calculated based on blocks of S$5.
Annual income requirement: S$80,000.
Annual fee: S$240 (waived for first year only)
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 80000
Maybank FC Barcelona Visa Signature Card
Minimum Spend For Installment
S$ 300
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 0 %
info
Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Annual Fee waiver
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No monthly spend required
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No rebate cap
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Overseas rebate
Get 1.6% unlimited cashback on all your local spend.
No minimum spend and no cashback cap.
Earn 2X TREATS Points for every S$5 spent on foreign currency transactions.
Stand a chance to win a trip for 2 to watch FC Barcelona live every football season.
Complimentary travel insurance coverage of up to S$300,000.
Overseas spend only earns you 0.8 miles per S$10 (or 0.8% cashback).
2X TREATS Points for every S$1 spent on foreign currency.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
CIMB Visa Signature Card
Minimum Spend For Installment
S$ 300
info
For 6 and 12-months tenures. S$1,000 for 24-month tenures.
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
Offer Available
Best Deal Guarantee
S$280 cash via PayNow
Valid until
02 May 2024
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Things to consider for this product:
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Online shopping rebate
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Supermarket rebate
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Annual Fee waiver
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Rebate cap applied
10% cashback on online shopping, groceries, beauty/wellness, pet shops/veterinary services and cruises.
Unlimited 0.2% cashback on all other spend.
Complimentary travel insurance of up to S$500,000 when you charge your travel fares to this card.
No annual fees for life + up to 4 supplementary cards with no annual fees.
Minimum spending of S$800 in the statement month to qualify for 10% cashback.
10% cashback is capped at S$100 per statement month per principal cardmember and up to S$20 per category. Earn 0.2% cashback on all spend when you exceed the cashback cap.
Best Deal Guarantee
Gift Options
S$280 cash via PayNow
Promotion is valid for new CIMB credit cardmembers only
Apply for select CIMB credit cards and make a min. spend of S$988 within 60 days from card approval date to be eligible for reward
Up to 6% depending on tenure. From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Local spending rebate
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No rebate cap
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No monthly spend required
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Student card
1% cashback on all spend.
Additional 8% off on Agoda till 31 Dec 2023.
Low quarterly service fee of $5. Waivable when you charge to your card once every three months.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 18 years old
Maximum Age: 30 years old
Minimum Annual Income: None
Maybank DUO Platinum MasterCard
Minimum Spend For Installment
S$ 300
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 0 %
info
Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Petrol rebate
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Overseas rebate
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Travel insurance
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Annual Fee waiver
5% cashback on petrol in Singapore and Malaysia.
1.5% cashback in foreign currency.
5 TREATS Points per $5 spent in local currency.
Complimentary Supplementary Cards for your loved ones.
Complimentary travel insurance coverage of up to S$500,000.
TREATS Points awarded calculated based on blocks of S$5.
Min. spend of S$300 each calendar month to qualify for bonus TREATS Points, capped at 30,000 bonus TREATS.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank Manchester United Platinum Visa Credit Card
Minimum Spend For Installment
S$ 300
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 0 %
info
Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
Things to consider for this product:
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Local spending rebate
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No monthly spend required
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No rebate cap
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Travel insurance
Earn 1% unlimited cashback and 1X TREATS Points (0.4 miles per dollar) on all transactions.
Earn up to 3% cashback (capped at S$20) and 5X TREATS Points (2 miles per dollar) when Manchester United Wins a Premier League match.
No minimum spend and no cashback cap.
Stand a chance to win a trip for 2 to watch Manchester United live every football season.
Complimentary travle insurance coverage of up to S$300,000.
TREATS Points awarded calculated based on blocks of S$5.
TREATS Points expire after one year.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank Horizon Visa Signature Card
Minimum Spend For Installment
S$ 300
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 0 %
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Up to 6% depending on tenure From now till 30 September 2023, enjoy S$0 processing fee when you apply for an instalment period of 3 months.
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Overseas/Foreign spend
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Air tickets
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Dining
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Rebate cap applied
Earn 2.8 air miles (7X TREATS Points) per S$1 spent on air tickets and in foreign currencies.
Earn 1.2 air miles (3X TREATS Points) per S$1 spent on all local shopping, groceries, dining, hotel bookings and more
Continue to earn TREATS Points (TP) on your insurance, private hospitals, utilities and education spend.
Fuel savings of 20.05% + 3X TREATS Points at Caltex stations with Diamond Sky Fuel card
Travel in comfort with complimentary access to selected VIP lounges
Air miles are only applicable if redemption is made on TREATS SG app
TREATS Points awarded calculated based on blocks of S$5.
TREATS Points expire after one year.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
UOB Visa Infinite Metal Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
Things to consider for this product:
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Airport lounge
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Bonus air miles
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Overseas rebate
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Annual Fee required
Unlimited access to 1,300 airport lounges worldwide, for you and a guest.
Earn 2.4 air miles per S$1 spent in foreign currency, and 1.4 air miles per S$1 spent locally.
Bonus 15,000 air miles upon renewal with min. S$100,000 spend within membership year.
Waiver of miles conversion fees.
Complimentary welcome drinks and up to 50% off at select Michelin-starred and fine dining restaurants.
Complimentary 2 x S$5 GrabGifts vouchers monthly.
Travel with peace of mind with up to S$1,000,000 Travel Personal Accident Insurance coverage.
24/7 UOB Visa Infinite Concierge for your banking and lifestyle needs.
No annual fee waiver
Terms and Conditions :
Installment Processing Fee : From 3 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 120000
UOB Professionals Platinum Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 12 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
Things to consider for this product:
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Dining savings
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Petrol savings
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Annual Fee waiver
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Retail rebate
Earn 1 SMART$ for every S$1 spent to offset your purchases.
Get up to 10% SMART$ rebate at participating stores islandwide.
Exclusive dining offers at the likes of Din Tai Fung, The Fullerton Hotel Singapore, Goodwood Park Hotel, Timbre and more.
Enjoy up to 20.8% and 24% fuel savings at Shell and SPC respectively.
Lifetime annual fee waiver.
Applicant must be an existing member of Alumni Association, ISCA, Law Society of Singapore, SMA or ACCA.
UNI$ will not be awarded on transactions at SMART$ merchants where SMART$ are issued.
Terms and Conditions :
Installment Processing Fee: From 3 %
Eligibility :
Minimum Age: 21 years old
Min. Annual Income: S$ 30000
UOB UnionPay Platinum Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 12 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
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Local spending rebate
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No monthly spend required
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Petrol savings
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Rebate cap applied
2% cash rebate on all spends, no minimum spend required.
Up to 10% discount at over 100 International Airport Duty Free Shops.
Up to 21.6% fuel savings at SPC.
1-for-1 movie tickets at Shaw Theatres.
24-hour concierge service for personal lifestyle errands.
Total cash rebate is capped at S$50 per calendar month.
Terms and Conditions :
Installment Processing Fee: From 3 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 40000
UOB One Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
Offer Available
Welcome Offer
S$350 cash credit
Valid until
30 April 2024
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Things to consider for this product:
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Supermarket rebate
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Grab/taxi rebate
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Monthly spend required
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Rebate cap applied
Up to 10% cashback (up to 15% for new UOB credit cardmembers) on online shopping, groceries, health and beauty, convenience stores, transport, food delivery, utilities and more.
Up to 4.33% cashback on Singapore Power utilities bill.
Up to 3.33% cashback on all retail spend.
Petrol savings of up to 22.66% at Shell and SPC.
Greater savings with up to 7.8% p.a. interest with UOB One Account+.
Min. spend of S$500 / S$1,000 / S$2,000 per month (min. 5 purchases) for 3 consecutive months to earnadditional up to 5% cashback.
Awarding of cash rebate only comes every quarter.
Qualifying monthly spend for cash rebate has to be spread out across min. 5 different purchases.
Welcome Offer
Gift Options
S$350 cash credit
Promotion is valid only for the first 200 eligible new-to-UOB credit cardmembers per month during the promotional period
Make a min. spend of S$1,000 per month for 2 consecutive months from card approval date to be eligible for rewards
50,000 miles upon SMS registration and fulfilling spend requirement
Valid until
30 April 2024
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Things to consider for this product:
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Bonus air miles
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Unlimited air miles
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Travel insurance
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No monthly spend required
Earn 8% cashback on dining, etc.
6 miles per S$1 spend (UNI$15 per S$5 spend) on major airlines and hotels through Expedia, agoda and UOB Travel.
1.4 miles per S$1 on local spend (UNI$3.5 per S$5 spend).
2.4 miles per S$1 on overseas spend (UNI$6 per S$5 spend), including online shopping and overseas websites.
Choice to redeem for miles, cashback, or vouchers.
Complimentary personal accident coverage and emergency medical assistance of up to S$500,000.
Get 20,000 loyalty miles with a minimum spend of S$50,000 in a year.
Complimentary airport transfers to Changi Airport.
1.4 mpd on SimplyGo and public transport rides for UOB PRVI Mastercard and Visa only.
No airport lounge access.
2 year points expiry.
Welcome Offer
Gift Options
30,000 miles plus first-year annual fee waiver
Promotion is valid for new-to-UOB credit card members only
To receive 25,200 miles, be the first 50 new-to-UOB credit card members who apply with first-year annual fee waiver and spend at least S$1,000 per month for 2 consecutive months from card approval date.
To receive an additional 4,800 miles (for up to 30,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
50,000 miles upon SMS registration and fulfilling spend requirement
Promotion is valid for new-to-UOB credit card members only
To receive 45,200 miles, spend at least S$1,000 per month for 2 consecutive months, pay the 1st year annual fee (S$261.60 incl. GST) and complete SMS registration by 31 May 2024
SMS PMAF <space> last 4 alphanumeric characters of NRIC/passport registered with UOB to 77862
To receive an additional 4,800 miles (for up to 50,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
15X UNI$ for every S$5 spent (equivalent to 6 miles per S$1) on 2 of your preferred rewards categories..
UNI$1 per S$5 spent (equivalent to 0.4 miles per S$1) on other purchases.
Complimentary travel insurance coverage of up to US$100,000.
Complimentary e-commerce protection
0% LuxePay
S$120,000 annual income
S$410.40 annual fee
S$5 earning blocks for miles.
Automatic UNI$ deductions
Terms and Conditions :
Installment Processing Fee: From 3 %
Eligibility :
Minimum Age: 21 years old
Min. Annual Income: S$ 120000
UOB PRVI Miles Visa Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
2 Offers Available
Welcome Offer
30,000 miles plus first-year annual fee waiver
Valid until
30 April 2024
Welcome Offer
50,000 miles upon SMS registration and fulfilling spend requirement
Valid until
30 April 2024
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Things to consider for this product:
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Bonus air miles
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Unlimited air miles
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Travel insurance
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No monthly spend required
Earn 6 miles per S$1 spent on major airlines and hotels booked through Expedia, UOB Travel, and Agoda.
2.4 miles for every S$1 spent overseas, 1.4 miles for every S$1 spent locally.
Earn miles when you pay your monthly bills, rent, taxes and even a one-off large purchase with your UOB PRVI Miles Card via UOB PRVI Miles Payment Facility.
No minimum spend and cap on miles earned at all times.
Complimentary travel insurance of up to S$500,000.
Earn up to 6 bonus KrisFlyer miles for every S$1 spent if you also apply for a new KrisFlyer UOB Account.
20,000 loyalty miles reward for min. annual spend of S$50,000 is only available for the AMEX card.
Annual fee of S$259.20
Welcome Offer
Gift Options
30,000 miles plus first-year annual fee waiver
Promotion is valid for new-to-UOB credit card members only
To receive 25,200 miles, be the first 50 new-to-UOB credit card members who apply with first-year annual fee waiver and spend at least S$1,000 per month for 2 consecutive months from card approval date.
To receive an additional 4,800 miles (for up to 30,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
50,000 miles upon SMS registration and fulfilling spend requirement
Promotion is valid for new-to-UOB credit card members only
To receive 45,200 miles, spend at least S$1,000 per month for 2 consecutive months, pay the 1st year annual fee (S$261.60 incl. GST) and complete SMS registration by 31 May 2024
SMS PMAF <space> last 4 alphanumeric characters of NRIC/passport registered with UOB to 77862
To receive an additional 4,800 miles (for up to 50,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
Apple AirPods 3rd Gen with MagSafe charging case (worth S$274)
Valid until
14 May 2024
Best Deal Guarantee
S$250 eCapitaVoucher
Valid until
14 May 2024
Best Deal Guarantee
15,000 Max Miles (worth a free flight to Tokyo, Japan)
Valid until
14 May 2024
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Things to consider for this product:
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Unlimited air miles
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Airport lounge
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Travel insurance
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Bonus air miles
Instant reward redemption with an extensive selection of airline and hotel partners via HSBC Singapore mobile app.
Accelerated earn rate: up to 2.4 miles for your spending.
No conversion fee for air miles or hotel points until 31 May 2024.
Complimentary travel insurance coverage (including COVID-19) and 4x complimentary airport lounge visits for main cardholders only, and more.
Receive complimentary access to ENTERTAINER with HSBC app, with over 1,000 1-for-1 deals on dining, lifestyle and travel worldwide.
Split your purchases across a range of flexible tenures with HSBC Instalment Plans.
Best Deal Guarantee
Gift Options
Dyson AM07 Tower Fan (worth S$459); or
Apple AirPods 3rd Gen with MagSafe charging case (worth S$274); or
S$250 eCapitaVoucher
Promotion is valid for new HSBC credit cardmembers only
Apply for the HSBC TravelOne Credit Card, provide your marketing consent to HSBC, pay the annual fee (S$196.20 incl. GST), and make a min. spend of S$500 by the end of the following month from card approval date to be eligible for rewards
15,000 Max Miles (worth a free flight to Tokyo, Japan)
Promotion is valid for new HSBC credit cardmembers only
Apply for the HSBC TravelOne Credit Card, provide your marketing consent to HSBC, pay the annual fee (S$196.20 incl. GST), and make a min. spend of S$500 by the end of the following month from card approval date to be eligible for rewards
Complimentary personal concierge service will be provided to guide through the booking process
4 miles per dollar on contactless, overseas, and petrol transactions.
Travel insurance coverage of up to S$500,000.
S$1,000 monthly minimum spend.
Rewards bonus cap at S$2,000 per statement month.
Terms and Conditions :
Installment Processing Fee: From 3 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 50000
UOB Lady's Card
Minimum Spend For Installment
S$ 500
Installment Rate
0 %
Installment Tenure
Up to 24 months
Installment Processing Fee
From 3 %
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Up to 5% depending on tenure.
2 Offers Available
Welcome Offer
Exquisite dining experience for two at Michelin-starred restaurants (worth S$900)
Valid until
30 June 2024
Welcome Offer
Jo Malone Cologne 30ml (worth S$120)
Valid until
30 April 2024
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Things to consider for this product:
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Local spending rebate
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Installment
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No monthly spend required
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Rebate cap applied
Pick from 7 rewards categories to earn up to 25X UNI$ for every S$5 spend (10 miles per S$1)
Spend on UOB Lady's Credit Card to earn 10X UNI$ (4 miles per S$1) and enjoy additional up to 15X UNI$ (6 miles per S$1) when you pair your UOB Lady's Credit Card with UOB Lady's Savings Account
LuxePay: Enjoy 0% 6 or 12-month instalment plan when you purchase your favorite luxury apparels.
Complimentary e-Commerce protection on your online purchases.
Enjoy UOB$ rebate on your daily essentials, entertainment and shopping.
You can only choose 1 rewards category out of 7 for the 25X UNI$ (10 miles per S$1) earn rate. It can’t be changed until next quarter.
You must apply for and use UOB Lady's Savings Account to unlock additional 15X UNI$ (6 miles per S$1) earn rate on selected rewards category.
Welcome Offer
Gift Options
Exquisite dining experience for two at Michelin-starred restaurants (worth S$900)
Promotion is valid for new UOB credit card members only
Be the first 150 applicants of the UOB Lady's Credit Card every month during the promo period and make a min. spend of S$1,500 per month for 2 consecutive months from card approval date to be eligible for rewards
Participating restaurants: Rêve, Cure, Art di Daniele Sperindio
Promotion is valid for new UOB deposits customers only
Be the first 150 applicants of the UOB Lady's Savings Account, deposit S$10,000 in fresh funds by 30 Apr 2024 and maintain the deposit until 31 May 2024 to be eligible for reward
50,000 miles upon SMS registration and fulfilling spend requirement
Valid until
30 April 2024
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Things to consider for this product:
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Bonus air miles
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Unlimited air miles
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Travel insurance
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No monthly spend required
Earn 6 miles per S$1 spent on major airlines and hotels booked through Expedia, UOB Travel, and Agoda.
2.4 miles for every S$1 spent overseas, 1.4 miles for every S$1 spent locally.
No minimum spend and cap on miles earned at all times.
Complimentary travel insurance of up to S$500,000.
Earn up to 6 bonus KrisFlyer miles for every S$1 spent if you also apply for a new KrisFlyer UOB Account.
Read our full review of the UOB PRVI Miles Credit Card.
20,000 loyalty miles reward for min. annual spend of S$50,000 is only available for the AMEX card.
Annual fee of S$259.20.
Welcome Offer
Gift Options
30,000 miles plus first-year annual fee waiver
Promotion is valid for new-to-UOB credit card members only
To receive 25,200 miles, be the first 50 new-to-UOB credit card members who apply with first-year annual fee waiver and spend at least S$1,000 per month for 2 consecutive months from card approval date.
To receive an additional 4,800 miles (for up to 30,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
50,000 miles upon SMS registration and fulfilling spend requirement
Promotion is valid for new-to-UOB credit card members only
To receive 45,200 miles, spend at least S$1,000 per month for 2 consecutive months, pay the 1st year annual fee (S$261.60 incl. GST) and complete SMS registration by 31 May 2024
SMS PMAF <space> last 4 alphanumeric characters of NRIC/passport registered with UOB to 77862
To receive an additional 4,800 miles (for up to 50,000 total miles), make a min. overseas spend of S$1,000 per month for 2 consecutive months from card approval date
4 miles per dollar on online shopping, mobile contactless, and entertainment transactions.
No minimum spend
2-year points validity
0.4 miles per dollar on all other eligible spend, including bus/MRT transactions.
Terms and Conditions :
Installment Processing Fee: From 3 %
Eligibility :
Minimum Age: 21 years old
Min. Annual Income: S$ 30000
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8x Apple iPad (each worth $679)
8x Dyson AirwrapTM styler (each worth $849)
8x Nintendo Switch OLED (each worth $549)
8x Playstation®5 consoles (each worth $799)
How does a Credit Card With Long Instalment Tenure work?
A credit card with extended instalment tenure lets you split significant purchases into manageable monthly payments over a longer period. You choose the plan's length, and the total cost is divided into fixed payments with potentially lower interest rates.
Watch for fees, make timely payments, and ensure your credit limit covers the purchase. It's a practical way to handle substantial costs without immediate financial strain.
How to best use a Credit Card With Long Instalment Tenure?
To make the most of a credit card with a long instalment tenure, follow these strategies: Plan ahead Consider using this feature for larger, planned expenses like electronics, appliances, or vacations, where breaking down the cost over time is beneficial.
Understand the terms and conditions Thoroughly understand the interest rates, any fees, and the total cost over the chosen tenure. Opt for plans with lower interest rates or 0% interest offers whenever possible.
Budget wisely Ensure the fixed monthly payments fit comfortably within your budget. Don't overcommit to payments that strain your finances.
Review your purchases Assess if the purchase truly justifies converting into an instalment plan. Reserve it for items that are necessary like big-ticket purchases or major commitments like renovation costs or wedding expenses.
Avoid overutilisation Keep an eye on your credit limit. Ensure that the purchase and the instalment plan do not push your credit utilisation too high.
Maintain an emergency fund While instalment plans help with budgeting, always maintain an emergency fund for unexpected expenses.
Track your finances Keep track of your overall financial situation and payments. This helps you avoid taking on too many instalment plans simultaneously.
Prioritise high-interest debts If you have other debts with higher interest rates, prioritise paying them off before opting for instalment plans. You should never commit to another payment plan that incurs interest until you clear your other pending debts – even if it’s an interest-free plan. Because ultimately, failure to pay timely payments by the end of the interest-free plan’s tenure will result in more penalties incurred. Thus, good instalment plan management is key, regardless of whether it’s interest-free or not!
Who should use a Credit Card With Long Instalment Tenure?
A credit card with a long instalment tenure is suitable for individuals who want to manage larger expenses over time without impacting their immediate cash flow. This option can be particularly beneficial for these types of users:
Budget-conscious individuals If you prefer spreading out payments to fit within your monthly budget, a long instalment tenure can help you afford significant purchases without straining your finances.
Those planning large purchases If you're planning to make sizeable purchases like electronics, appliances, or furniture, using an instalment plan can be a practical way to manage costs.
Those avoiding high-interest debts Opting for an instalment plan with lower interest rates can be preferable to carrying high-interest credit card debt for significant purchases.
Those requiring emergency expenses When unexpected expenses arise, using an instalment plan might be a more controlled way to manage the financial impact. The definition of an “emergency expense” varies from person to person, and does not refer to emergency funds. An instalment plan should be a complement to your emergency funds if it’s running low, and not an alternative or substitute.
Steady income-holders If you have a reliable income source and are confident in your ability to make fixed monthly payments, an instalment plan can provide flexibility.
Those with good financial discipline If you're disciplined about adhering to a budget and prefer structured payments, instalment plans can align well with your financial habits. This also applies to self-employed and commission-based individuals. You are more than welcome to use instalment plans, but conscious tracking of your income flow in conjunction with good management of monthly payments will be more critical as compared to steady income-holders.
Those looking to manage cash flows Individuals who want to maintain their cash reserves for other needs while paying for larger expenses gradually can benefit from this option.
Things to look out for when choosing a Credit Card With Long Instalment Tenure?
When choosing a Credit Card With Long Instalment Tenure, there are several important factors to consider to ensure you're making the right choice. Here are some things to look out for:
Interest rates Check the annual percentage rate (APR) or interest rate associated with the instalment plan. A longer tenure might come with a higher interest rate, which can significantly increase the total cost of the purchase over time. However in Singapore, most if not all, instalment plans offered by banks and credit cards are interest-free for a selected tenure.
Processing fees Some credit cards might charge processing fees for setting up instalment plans. Make sure to understand these fees and factor them into your decision.
Minimum purchase Check if there's a minimum purchase amount required to qualify for the instalment plan. You don't want to be forced to spend more than you intended just to access the plan.
Credit limit impact Keep in mind that the amount you use for the instalment plan will reduce your available credit limit. This could affect your ability to make other purchases or cover emergencies.
Early repayment Find out if you're allowed to pay off the instalment plan early without incurring additional fees. Some plans penalise you for early repayment, while others might allow it. In general, it’s not advisable to pay off your instalment plan prematurely because you’ll most likely incur a penalty fee.
For example, an administrative charge of S$150 will be levied for change in tenure, early repayment and/or card account termination/closure for the DBS My Preferred Payment Plan. More details can be found in their T&Cs.
Flexibility Consider how flexible the card issuer is with the instalment plan. Can you change the tenure or amount if your circumstances change? Look for a plan that allows some level of flexibility. As shown in the above point, some banks do penalise tenure change in the same way as premature repayments. So it’s best to not adjust your plan’s tenure unless necessary.
Credit card terms If you’re opting for an instalment plan via your credit card, ensure to review the overall terms and conditions of the credit card, not just the instalment plan. Consider factors like annual fees, rewards, cashback, and any other benefits the card offers.
Examples of credit cards offering direct instalment plan options include the OCBC NXT Card, OCBC Cashflo Great Eastern Card, and Standard Chartered Smart Card. Meanwhile, many credit cards are also eligible/participate in their bank’s instalment plans like DBS Woman’s Card/DBS Woman’s World Card (under DBS My Preferred Payment Plan) and AMEX Singapore Airlines KrisFlyer/KrisFlyer Ascend Card (under AMEX Pay Small Payment Plan).
Late payment policies Understand the consequences of missing an instalment payment. Some credit cards might impose high late fees or even terminate the instalment plan if you miss a payment.
Credit score impact Opening an instalment plan might affect your credit score. While responsible repayment can have a positive impact, having a large balance relative to your credit limit could potentially lower your score.
Comparing between instalment plans & other financing options Don't settle for the first option you come across. Research and compare instalment plans from different credit card providers to find the one that best suits your needs in terms of interest rates, fees, and flexibility.
Additionally, consider whether a credit card instalment plan is even the best choice in the first place, compared to other financing options like personal loans or other credit lines. This depends more on your financial situation at hand.
Frequently asked questions for Credit Card With Long Instalment Tenure
What is a credit card EMI?
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A credit card EMI (Equated Monthly Installment) lets you convert big purchases into fixed monthly payments over a set period.
You select the repayment duration and interest rate, if applicable. The total cost is divided into equal instalments, helping you manage larger expenses. Timely payments are crucial to avoid penalties, and successful EMI management can positively impact your credit score.
Be aware of associated fees and eligibility criteria before opting for an EMI. It's a practical way to make significant purchases more manageable.
How is a credit card EMI calculated?
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A credit card EMI is calculated using the formula: EMI = [P x R x (1+R)^N] / [(1+R)^N-1], where P is the principal amount, R is the monthly interest rate, and N is the repayment tenure in months. For example, a S$1,000 purchase with a 12% annual interest rate for a 12-month EMI plan would result in an approximate monthly EMI of S$89.79.
Some EMIs offer 0% interest, simplifying the calculation to EMI = P / N. Always review issuer terms for precise calculations and additional fees.
What is the average tenure of credit card instalments?
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The average tenure for credit card installment plans varies but generally ranges from 3 to 36 months. Short-term tenures (3 - 6 months) are for smaller expenses, medium-term (6 - 12 months) for moderate purchases, and long-term (12 - 36 months) for larger items. Specific terms depend on the issuer and purchase type.