Best Easy Payment Plan Credit Cards: Get 0% Interest On Your Repayments

Have you heard about a credit card’s easy payment plan (EPP)? It is not the most commonly talked about feature, but it can provide card holders with some excellent advantages . 

Easy payment plans are essentially the same thing as instalment plans. It is a feature that offers credit card holders the flexibility to use their credit cards to make a payment for a substantial amount then repay it in instalments within a certain period. The duration of these repayments can vary depending on the card issuers, but they typically range from 3 to 24 months.

These easy payment plan credit cards are particularly useful for larger purchases such as electronic gadgets and furniture. Before you go looking for one, here are a few things to look out for in an EPP credit card.

What are the things to look out for in an EPP credit card?

Like all other credit cards, features may vary depending on the card issuer or financial institution that you apply to. Before applying for a card, watch out for these features as they may not be universally applicable.

0% interest rate

In order to maximise savings, look for opportunities to apply for cards with 0% interest on EPPs. Always read the fine print so that you always know when the interest rate applies.

Flexible tenures

Some EPP cards offer extra flexibility, allowing you to stretch repayments even beyond the typical 24 months. Some might even offer 0% interest on longer tenures.

Applicable merchants

Banks typically have a list of merchants that participate in their 0% interest offerings. See if your favourite stores are part of the deal before applying.

Read More: How Does EPP Credit Card Repayment Work?

Top easy payment plan cards

Maybank credit cards

All Maybank credit cards have the advantage of benefitting from the EzyPay scheme. Under this scheme, cardholders can enjoy up to 0% interest rate when they convert their purchase into affordable monthly instalments at selected stores. Check out the outlets displaying the “Maybank 0% EzyPay” sign, at these stores you can purchase pretty much anything using Maybank EzyPay Instalment Plan via your Maybank Credit card.

You can find a list of participating merchants here.

Some of the best Maybank cards to apply for EPP include:

• Maybank PETRONAS Visa Platinum

• • • Earn 8x TreatsPoints on weekends and 5x TreatsPoints on weekdays when you link your card and pay for fuel via CardTerus on the Setel app
    • RM8,333 minimum income
    • 15% p.a. interest

• Maybank Shopee Visa Platinum Credit Card

• • • Receive 5000 Welcome Shopee Coins after RM300 spend and enjoy up to 5x Shopee Coins for any spend on Shopee, dining, entertainment, and contactless payments
    • RM2,000 minimum income
    • 15% p.a. interest

• Maybank Visa Signature

• • • Taking shopping overseas to a 5x new level of TreatsPoints for every RM1 spent PLUS up to 5% cashback on all petrol and grocery spend
    • RM5,833 minimum income
    • 15% p.a. interest

• Maybank Visa Infinite Card

• • Up to 5 TreatsPoints from spent overseas, and exclusive dining, golf privileges
  • RM8,333 minimum income
  • 15% p.a. interest

RHB credit cards

RHB’s easy payment plan is known as the Smart Instalment Payment Plan and will usually require a minimum purchase of RM500 and maximum of 100% of cardmember’s available credit limit. However, no application is required to utilise this feature and no extra fees are charged. All the cardholder needs to do is present the card at an applicable merchant upon purchase.

You can find a list of participating merchants here.

Good cards to get include:

• RHB Cash Back Credit Card/-i

• • • Earn up to 10% cashback on all retail purchases from petrol to dining and groceries plus a free annual fee on the first year
    • RM2,000 minimum income
    • 15% p.a. interest

• RHB Rewards Credit Card-i

• • • Earn up to 10x reward points for movies, overseas,online, health, insurance, shopping & other retail spend. Cardholders also gain complimentary tee off at Kota Permai & Sungai Long Golf & Country Club
    • RM2,000 minimum income
    • 15% p.a. interest

• RHB Visa Signature Credit Card

• • Earn unlimited cashback of 1% on all online and overseas transactions, and 0.5% cashback on all local spendings
  • RM6,667 minimum income
  • 15% p.a. interest

HSBC credit cards

HSBC’s 0% instalment plan offers the usual 3 to 36 month tenures. However, it also allows cardholders access to over 2,000 participating merchants throughout the country, which is a relatively staggering amount of choice. In order to qualify for 0% interest rate, cardholders will need to make a minimum purchase of at least RM300.

A full list of participating merchants can be found here.

Credit cards to consider include:

• HSBC TravelOne Credit Card

• • • Get instant reward redemption with an extensive selection of airline and hotel partners
    • RM5,000 minimum income
    • 15% p.a. interest

• HSBC Visa Signature Card

• • • Up to 8x rewards points on overseas and local spending with e-commerce purchase protection coverage of up to up to US$200
    • RM6,000 minimum income
    • 15% p.a. interest

• HSBC Live+ Credit Card

• • • HSBC Live+ credit card focuses on enhancing lifestyle purchases while also offering decent cashback towards the things cardholders may want
    • RM5,000 minimum income
    • 15% p.a. interest

• HSBC Platinum Credit Card

• • Ideal for online, groceries & overseas spend by earning up to 8x reward points for every RM1 on contactless spend, 5x reward points on online, groceries and overseas spend.
  • RM3,000 minimum income
  • 15% p.a. Interest

CIMB credit cards

CIMB’s 0% Easy Pay scheme allows cardholders to shop and pay for their purchases in a monthly 0% instalment of up to 36 months at participating merchant outlets. CIMB’s offering is particularly useful for brand new electronics products. Just be aware that there is no grace or interest-free period when it comes to repaying your monthly instalments. As long as you make your payments in time, you can dodge being slapped with a hefty finance charge of 18% p.a. on your outstanding balance.

A full list of participating merchants can be found here.

Good CIMB EPP cards include:

• CIMB PETRONAS Visa Platinum-i Credit Card

• • • Get up to 8% cash rebate with PETRONAS transaction, Setel transaction at PETRONAS, and EV charging at PETRONAS
    • RM2,000 minimum income
    • 15% p.a. interest

• CIMB Cash Rebate Platinum Credit Card

• • • Splurge online or spend on daily needs and get rewarded up to 5% cash rebates on cinema, groceries, petrol, mobile, and utilities
    • RM2,000 minimum income
    • 15% p.a. interest

• CIMB Travel World Credit Card

• • Earn up to 12x airport lounge access, 8X bonus points on overseas, airlines and duty free stores, and 2X bonus points on other local spend
  • RM8,333 minimum income
  • 15% p.a. interest

If none of these cards fit your fancy, you can try using iMoney’s Smart Search Tool to find the perfect card for your needs.