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Credit Card IPP Plan
DBS Bank Crebit Cards Intallments Plan
DBS/POSB Bank offers a credit card installment plan called DBS Installment Payment Plan (IPP). This service allows cardholders to convert large purchases into manageable monthly installments, making it easier to pay for expensive items over time. Here are the key details:
Key Features of DBS Installment Payment Plan (IPP):
- Flexible Payment Terms: You can choose to pay in 3, 6, 12, months installments, depending on your needs and the purchase amount.
- Interest Rates: Depending on the installment term, DBS charges a nominal interest rate. The rate can vary, but it is generally lower than standard credit card interest rates.
- Eligible Purchases: Most purchases made using your DBS credit card are eligible, but there may be restrictions on certain categories (e.g., insurance premiums, utilities, etc.).
- Easy Conversion: You can convert eligible purchases into installments either through DBS online banking, the DBS mobile app, or by calling their customer service. The conversion must be done within a specific period after the purchase (usually within 30 days).
- Low Processing Fees: DBS typically offers low or zero processing fees for the installment plan, depending on the promotion or the chosen repayment period.
- Automatic Deduction: Monthly installment payments are automatically deducted from your credit card balance.
Benefits:
- Manageable Payments: Spread out large purchases into affordable monthly payments.
- Lower Interest: The interest rates on the installment plan are typically lower than standard credit card interest rates.
- Zero or Low Processing Fees: Depending on the offer, DBS may not charge processing fees or may offer promotional rates.
How to Apply:
- Online: You can log in to DBS iBanking or the DBS digibank app to convert your purchases into installment plans.
- Customer Service: You can also call the DBS customer service for assistance in setting up the plan.
This is a great way to manage larger expenses while avoiding the high interest rates typically charged on outstanding credit card balances.
Just remember: There's a 4% transaction fee for using credit cards payments , so keep that in mind while budgeting.
*corresponding fees apply
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