Flexi Payment FAQs
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All you need to know about Credit Card Flexi Payment Plans

Have you come across adverts from banks offering Flexi Payment Plans? These offers are really great way to buy that laptop, smartphone, washing machine or fridge and spread the payment over several months. Read on and we’ll give you the basics:

1.  What is a Flexi Payment Plan?

A Flexi Payment Plan is a programme that allows credit card holders to make purchases and then later convert them into affordable monthly instalments. The interest rates on Flexi Payment Plans are always lower than your standard credit card interest charges.

2.  How does it work?

After you have purchased a retail item with your credit card, you need to contact your credit card issuer and inform them that you wish to transfer that purchase onto a Flexi Payment Plan. You need to do this before the next statement date for your card.

Once the conversion has been approved, the total amount will be blocked, but the amount equivalent to the monthly repayment will be progressively restored to your card’s credit limit.

3.  Can the supplementary cardholder apply for this facility?

Yes they can, but the request must be done by the principal cardholder.

4.  What is the minimum and maximum amount? How long is the tenure?

Depending on the banks, the minimum amount can be as little as RM500. The maximum amount depends on your available credit balance. Some banks cap the amount at RM30,000 to RM50,000.. The tenure can be as short as three months or as long as three and usually varies in-line with the minimum amount.

5.  How many purchases can be converted?

This varies from bank to bank. Most banks only allow a single transaction to be converted into flexi payments. However, Citibank and Hong Leong let you transfer multiple transactions onto their Flexi Payment Plans.

6.  Can I convert any transaction to Flexi Payment Plan?

Only retail transactions can be converted to the plan. Other transactions such as balance transfers, quasi cash for betting and gaming, cash advance, annual fees and carry forward balances are not applicable.

7.  Can I change the length of tenure once it has been converted?

Most banks do not allow you to make changes to the tenure.

8.  What happens if I do not pay by the due date or pay less than the instalment amount?

If that happens, you’ll be charged the normal finance charges which can be up to 18% p.a.

9.  Can I apply more for Flexi Payment Plans than once?

Yes, you can apply more than once on the condition that you have available credit limit on your credit card

10.  Is there a penalty charged if I cancel or opt for early settlement of the Flexi Payment Plan?

Some banks charge a penalty of RM50 – RM100 or 5% of the amount.

11.  I’m ready to convert my first purchase to Flexi Payment Plan. How do I know which one is the right one for me?

You’ll figure it out once you read our review here. You can also check out our Flexi Payment Plan page for further information.

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1 year ago

i want to buy motorcycle amount 8k.. let say i use 50%cash another 50% swipe a credit card.can i change to flexi payment plan?

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