After a challenging couple of years, our lives seem to be slowly getting back on track. Many have been taking this opportunity to make up for lost time with loved ones. You might feel like a nice holiday with friends is in order or you want to upgrade your home to make it more comfortable for your family. If you’re thinking of making big purchases anyway, you may consider the ‘buy now, pay later’ scheme that allows you to pay for goods and services in instalments over a short period, usually without charges. This way, you won’t have to pay the full amount upfront and in turn, would be able to pace your payments.    

Visa has partnered with HSBC Malaysia to introduce Visa Instalments (VIS), a flexible payment option for eligible cardholders without needing to sign up for anything new or undergo any credit checks. With VIS, you can arrange to split your payments into easy equal monthly instalment payments over a specific period for online purchases ranging from the latest tech gadgets to exciting holiday packages with 0% interest. 

Read on to find out how you can get started with Visa Instalments.

Getting started is a breeze 

If you’ve been online shopping or visiting the malls recently, you would have probably noticed or even been approached by BNPL platforms. Some of them might require you to undergo a sign up process and be verified before getting started. 

With Visa Instalments, all you need to do is check your card’s eligibility. You may contact HSBC to see if your Visa card is eligible for instalments. Once that’s done, you can pretty much start right away with your eligible Visa card as there’s no additional step or credit check required. 

Visa Instalments is offering a few repayment plans with a 0% interest rate for terms ranging from 3 months (with a minimum purchase of RM300) to 36 months (for purchases of RM2,000 and above). 

Familiarity gives confidence

Although BNPL has been around for a few years, it is still a relatively new concept, so it’s only natural to feel uncertain about it, especially in the beginning. However, with Visa Instalments, you’re using a Visa card that’s already in your wallet, so it is easier to adapt to.

There’s no need to worry if the service can be trusted, if there are any surprises around what you need to pay or when to pay. With Visa Instalments, it’s like getting an extra feature – another way to pay for the things and experiences you love – on a payment network you’ve been using, are familiar with, and trust. 

‘Buy now, pay later’ at your favourite stores

Now that you know how to get started on using Visa Instalments, you might be interested in knowing which stores offer this payment option. The list of participating merchants  is varied and include household names such as HLK Chain-Store, Valiram247.com, Firefly, and more. 

You can anticipate new additions to the list and will also be able to use Visa Instalments on international e-commerce platforms this year. This means more options to shop for what you want and pay for them over time.     

Split big purchases into monthly payments

Every once in a while, we need to spend on big-ticket items. At times, it might be an emergency situation such as your air-conditioner going kaput unexpectedly. Other times, it might be more of a planned activity such as an annual escapade with your travel buddies to reminisce about old times while sharing new experiences.

With Visa Instalments, you now have the option to pay for your purchases in instalments with 0% interest. This way, you won’t have to feel the strain of having to pay in full in one go, especially for a big purchase or dream trip that you’ve always wanted. Plus, you could also spread your payments by dividing them into easy monthly instalments over a specified time for a more balanced cash flow.

For example, Alex is currently shopping online for a coffee machine now that he is staying home more with his loved ones. He has a HSBC Visa card and wants to try out the Visa Instalments feature. So, he checks out the list of participating merchants and finds a few electrical goods stores, such as TBM. Here is how Alex pays for his coffee machine with Visa Instalments:

Step 1: Selects a coffee machine priced at RM599. 

Step 2: Proceeds to checkout and enters Visa card details. The available instalment plans will appear if all conditions are met. 

Step 3: He chooses a 3-month instalment plan, accepts the terms, and completes his order. 

Step 4: Alex is provided a payment schedule at checkout. He only needs to pay RM199.67 each month.

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Now that you know more about Visa Instalments, you might be wondering, ”What’s the caveat if there’s no interest charge?” Well, it’s important to know the terms and conditions of each BNPL provider. Find out about the repayment terms offered and if there is any processing fee or late payment fee charged.

When used responsibly, this scheme provides you with flexibility in making payments. Also, Visa Instalments do not require sign ups or credit checks, creating an easier and seamless journey for users. So, if you’re looking to try out BNPL, you may consider Visa Instalments for secure payments with a card you already own and a solution that provides a Whole New Way to Pay with easy, equal payments.

*The contents of this article do not constitute financial advice. Readers should conduct their own research before making a financial decision.

• TAGS:
• Buy Now
• Buy Now Pay Later
• Credit Cards
• Visa
• Visa Instalments