QUOTE(k3v1n @ Sep 5 2009, 09:27 AM)
Yes, some credit card companies have flexi-payment schemes. Usually the divides are 6, 12, 24, 36 months with varying interests. The interests also depends on the amount committed to flexi-payment. There's usually a minimum amount for 6, 12, 24, 36 months installment periods. How to do it? First make certain that your bank offers such a service and know what are the rates. Then just swipe the amount in full. Then call in to confirm that you want the last transaction converted into flexi-payment. Tell them how many months you wish to commit. The customer service executive will calculate the approximate amount you need to pay every month. Then wait a few days up to a week for them to approve your application.
Approval is usually guaranteed provided you satisfy the following:
- Enough free credits every month. Meaning you do not have other flexi-payments at the same time. Lets say your credit is 6000 but you already have 4000 committed for other flexi-payments. So you have balance 2000. Thats not going to cut it.
- Your credit history or payment history is satisfactory. The banks have ways and formula to calculate your statistics like your age, your monthly salary, etc and come out with a probability of 'fleeing payments'. If you fall within the safe category, then it'll be approved.