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Living Your Life Big moments, small payments
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Managing your finances efficiently is more important than ever. Many banks in the UAE offer convenient solutions to help customers handle credit card expenses by allowing them to spread payments over time. Whether you are making a large purchase or looking to ease your monthly budget, converting your spending into manageable installments can provide greater control, flexibility, and peace of mind.
These installment plans typically allow you to convert retail purchases or outstanding balances into affordable monthly payments. They are designed to help manage large expenses with low interest rates and minimal documentation requirements.
Eligibility criteria
In general, to be eligible for such installment plans:
- You must have an active bank credit card.
- The transaction or balance must be AED 500 or more.
- Only retail transactions are eligible (not cash advances, fees, or existing installment plans).
How to apply?
There are multiple online banking channels you may use in order to access this installment plan. These are typically through:
- Mobile App or Internet Banking.
- SMS.
- Phone banking or Contact Centre.
- WhatsApp Banking.
What are the benefits?
As a whole, this type of installment plan:
- Has flexible tenure which usually ranges from 6 to 48 months.
- Has more affordable interest rates than the regular credit card interest.
- Has no paperwork required since you are an existing customer.
- Is free and quick to set up.
- Attracts an early settlement charge in case you close the plan early.
Interest Rates
In general, a flat monthly interest rate is applied to the converted amount, and this rate is included in your monthly installment. The applicable rate may vary depending on your card type, selected tenure, and credit profile. The bank may apply interest on the installment plan using the reducing balance method, which means interest is calculated on the remaining principal amount over time.
Split your credit card retail balance into smaller installments. Click here to learn more.
