5 Aug - 2 min read
CIMB Bank is currently offering a 0% Flexi Payment Plan promotion, allowing selected credit cardholders to convert all or part of their eligible retail transactions into a 12-month instalment plan at an interest rate of 0%. Already ongoing, the campaign is slated to run until 30 September 2021.
Open to only selected CIMB cardholders, you must hold one of the following cards listed below:
The promotion is only applicable for single transactions with a minimum spend of RM500 or more, in one of the four qualifying spend categories: online purchases, health, medical, and education. Other payments, such as quasi cash transactions, instalment amounts, cash advances, and service charges do not count.
If you are eligible for the promotion, the bank will then send you an SMS to invite you to convert your qualifying transaction into a flexi payment plan. Simply respond to the SMS, after which the bank will inform you of the flexi payment total, tenure, and monthly instalment amount via another SMS once your application is approved.
Note that each cardholder is allowed to apply for more than one Flexi Payment Plan, subject to their available credit limit. That said, CIMB has allocated a total of RM50 million for the entire campaign; the promotion will cease once the maximum cap has been reached.
Do be aware as well that late payments will be charged an interest of 1% on the outstanding balance of the flexi payment plan monthly instalments (subject to a minimum of RM10 and a maximum of RM100). As such, make sure to always be prompt with your payments!
CIMB’s Flexi Payment Plan is normally offered for three tenures (6, 12, or 24 months). The interest rate is fixed at 9.88% p.a..
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