I see a lot of Electronics stores (TGG, HN, JB HiFi, etc.) offer payment plan options on purchases.
Just wanted to get some feedback from users who've taken up these plans and how their experience was? In terms of processing time, fees, any issues you faced.
I'm looking to buy some high value items and although I can buy it in cash, I dont mind the added liquidity by paying in installments.
Thanks
Depends on the product.
Some of those stores also offer credit line / GE credit which is effectively just an overpriced credit card / facility. Usually they don’t allow you the best price for cash, as they have to keep up the interest component (albeit that they refer to them as interest free).
After pay is one off loan for the specific item. Never used it, but hear that significant penalties are associated to it in the event of defaulting on a payment given they are akin to a pay day lender.
If you have cash, use that (as that will always generate the best sale price)… Or sign up for new credit card with points and benefit from the 55 days interest free and points sign on (or balance transfer after using an existing card for the purchase, sign up to new card to allow up to xx months of interest free carry over - just don’t use the card for purchases after the balance transfer as those purchases will attract interest if the closing balance isn’t paid in full at statement date each month).