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Debit cards with instalment payment plans
Avoid large upfront costs and spread the cost across flexible instalment tenures.
Are you looking to purchase an a new appliance or gadget? Or perhaps a new furniture for your house? With instalment options, you can enjoy these new purchases without putting a dent on your account balance.
Find out which debit cards offer instalment payment plans in this guide.
What is an instalment payment plan?
Instalment payment plans are designed to help you ease the burden of large purchases by breaking up the full cost into smaller monthly payments to be repaid over a period of time. While instalment plans can help make an expensive purchase more affordable, it can also cost more overall depending on whether it charges an interest rate or come with any hidden costs.
Instalment payment plans offered by banks and other financial institutions are generally interest-free as long as you pay in full and on time.
Which banks in Singapore offer debit card with instalment payment plans?
Most banks in Singapore do offer instalment payment plans, but this feature is usually not extended to debit cardholders:
|Banks||Instalment plans for debit card||Instalment plans for credit card|
*Information accurate at the time of writing (16 November 2020).
How to make instalment payments with a debit card?
If you would like to split the payment for your purchases but don’t have a credit card, fret not. There’s a handful of ‘buy now, pay later’ apps that offer interest-free payment splitting for debit cards.
Founded in 2017, Atome is a Singapore-based fintech company that automatically splits your bill into three equal, interest-free payments. You’ll need to make the first payment at the point of purchase, and the following two payments will be due 30 days apart.
Atome offers this free service across nearly 1,000 retail and online merchants. Check for the full list of partner merchants on its website.
Rely is a local fintech that offers two types of instalment plans:
- Rely PayLater. Your purchase is split into four interest-free payments that are due every two weeks.
- Rely Installments. Pay for your purchases in three monthly instalments without any interest or fees.
All Mastercard and Visa credit and debit cards issued in Singapore are accepted.
hoolah allows you to enjoy your purchase without having to paying the full price upfront. Instead, your bill is split into three equal instalments that will be repaid over 3 months at 0% interest. There’s also no admin fees or any mark-ups to watch out for.
Octifi is a consumer financing platform that facilitates instalment payments to help you manage large purchases. Upon order confirmation, you’ll only be charged a third of the total cost. The remaining two instalment payments will be payable every 30 days over a 2-month period.
Unfortunately, banks in Singapore generally don’t offer instalment payment plans for debit cardholders. But with the growing number of ‘buy now pay later’ apps, it is now possible to split and pay for large ticket purchases in instalments via debit cards. Alternatively, you can also check if the merchant you’re purchasing from offer any in-house instalment payment plans.
If you’re planning to apply for a credit card, you may learn more about the various instalment options offered by banks in this guide.
Compare a range of debit cards in Singapore
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