A bank or financial services organisation will provide a thin, rectangular piece of plastic or metal as a credit card. It enables cardholders to borrow money to pay for products and services at businesses that accept credit cards. The requirement that cardholders repay the borrowed funds is imposed by credit cards. plus any relevant interest and any extra charges that may be agreed upon. By the billing date or over time, in full. There are several options for credit card payment plan in malaysia that you can choose from.
Types of Credit Cards
Numerous national retailers issue branded credit cards in an effort to increase client loyalty. With the name of the store prominently displayed on the cards’ faces. However, qualifying for a store credit card is often simpler for customers than it is for a large credit card. Only purchases made at the issuing stores are permitted with store cards. It might provide benefits to cardholders like unique discounts, special notices, or specials. Large retailers may also provide co-branded credit cards with the major Visa or Mastercard logos that may be used outside of retailer locations.
Credit cards that require a security deposit from the cardholder are known as secured cards. These cards provide small available credit with a value equal to the security deposits. which are frequently reimbursed when cardholders repeatedly use their cards responsibly over time. Those with weak or restricted credit histories typically apply for these cards
Prepaid debit cards are a form of protected payment card, much like secured credit cards. Where the available funds are identical to the sums that the cardholder has previously parked in a linked bank account. Unsecured credit cards, in contrast, do not call for property or security deposits. Compared to secured cards, these cards typically have bigger credit limits and cheaper interest rates.
Easy Payment Plan
You may now get the refrigerator you’ve always wanted thanks to an Easy Payment Plan, or EPP. Without having to shell out the astronomical RM3,000 price tag that goes along with it. Instead, you have the pleasure of paying for that refrigerator over the coming months or years. With interest that is sometimes as low as 0%! Most credit cards from banks often offer EPP, with payback terms typically falling between 3 and 36 months.
This enables you to make purchases with a credit card swipe and pay the balance in instalments. So you never have to be concerned about not being able to pay the entire balance due at the end of the month. The bank may slap you with steep interest charges. Often 15% to 18% p.a. on your outstanding debt each month if you pay your bills late. In fact, you might consider EPP to be a brief, interest-free personal loan. You could also put the money you would have used up front. To spend into an equity account to save instead.
