Let's take a closer look at the different types of credit instalment plans, how they work, what you could expect to save, and which type is right for you. Let's start with the basics.
Normally when you use a credit card to pay for something, it's best if you repay your entire balance as soon as it is due. This will help you avoid any late payment fees and interest charges. And if your card has any special perks or bonuses, you'll be able to take advantage of them when you don't owe anything.
If you're buying something expensive and you don't think you'd be able to pay it off all at once, you do have the option to pay it back over a few months.
With a credit card instalment plan, you can choose how long you want to take to pay off your balance, for example: 6, 12 or 24 months.
The plan breaks down your balance into equal monthly repayments, making it easy to calculate how much you need to set aside each month, and for how long.
Some credit card instalment plans also offer special low-interest rates (or even zero interest) so you can save money while paying back your purchase.
Get VND2 million in cashback and save VND800,000 as we'll waive the issuance fee for your first year.
Whether it's shopping online or in stores, you can use a credit card instalment plan to enjoy flexible payment options and many other benefits.
There are a few basic different types of credit card instalment plans. We'll explain all of them and compare their differences, or you can just read about the one that applies to you. Which one sounds most like you?
No problem. HSBC offers a 0% Interest Instalment Program when you shop at any of the merchants on the list. Here's what that means. Buy a cellphone? Buy a motorbike? Buy a laptop? All will become much easier than ever and at your fingertips.
Our 0% Interest Instalment Program (IIP) is just what it says: zero-interest. It lets you split the full amount of your purchase into smaller monthly payments with no interest charges.
This offer is available at a lot of major brands, giving you a great chance to save if you're making a big purchase in electronics, technology, health services and even education.
The 0% IIP is relatively straightforward. Unlike other forms of loans, you're not required to provide any identity card, or proof of residence or income.
You just fill out the HSBC 0% Interest Instalment Program application form provided by the vendor and pay using your HSBC credit card. If you're doing online shopping, just be sure to select "Buy on instalment plan by credit card" as your payment option.
You can also register for the Spend Instalment program through the HSBC Vietnam App in just 4 simple steps:
Need more help? Watch our video to see how easy it is.
Check our preferred merchant here
Be sure to read the terms and conditions from the merchant before making your purchase. Some will require a minimum spend or offer limited choices when it comes to the length of your tenor, or how long you can take to pay for your purchase. In general though, you can sign up for as little as 3 months, or take up to 24 months to pay.
For example, you buy a new cellphone valued at VND36 million and register instalment at Thien Hoa Electronics Centre. Your monthly repayment for the cellphone will be:
If you buy and register instalment at Nguyen Kim Electronics Supermarket, the period will be 6 months. Buy a laptop at Cho Lon Electronics Centre and convert into instalments? Buy a phone at Samsung and convert into instalments? Why not?
Are you ready to register a credit card to own valuable items today? Don't forget special offers from HSBC with a sign-up gift with cash back up to VND2 million!
In case your favourite stores aren't on our list of preferred merchants, no problem. You can still convert your purchase to a 0% Interest Instalment Plan for a low fee – as little as 1.99%.
This plan lets you choose how long you'd like to take to pay for your purchase. Just select from a 3-month, 6-month, 9-month or 12-month tenor and the plan will break down your purchase into equal monthly payments, with the conversion fee added to your first month's payment.
Now, let's go through an example. When you buy a motorbike which is priced VND30 million, and want to convert into instalments, how much should you pay for this motorbike every month?
| Tenor | Conversion fee | First month payment | Remaining monthly payments |
|---|---|---|---|
| 3 months | 1.99% | VND10,597,000 | VND10 million |
| 6 months | 3.99% | VND6,197,000 | VND5 million |
| 9 months | 4.99% | VND4,830,334 | VND3,333,334 |
| 12 months | 4.99% | VND3,997,000 | VND2,500,000 |
| Tenor | 3 months | 3 months |
|---|---|---|
| Conversion fee | 1.99% | 1.99% |
| First month payment | VND10,597,000 | VND10,597,000 |
| Remaining monthly payments | VND10 million | VND10 million |
| Tenor | 6 months | 6 months |
| Conversion fee | 3.99% | 3.99% |
| First month payment | VND6,197,000 | VND6,197,000 |
| Remaining monthly payments | VND5 million | VND5 million |
| Tenor | 9 months | 9 months |
| Conversion fee | 4.99% | 4.99% |
| First month payment | VND4,830,334 | VND4,830,334 |
| Remaining monthly payments | VND3,333,334 | VND3,333,334 |
| Tenor | 12 months | 12 months |
| Conversion fee | 4.99% | 4.99% |
| First month payment | VND3,997,000 | VND3,997,000 |
| Remaining monthly payments | VND2,500,000 | VND2,500,000 |
And that's not just a motorbike. It can be your dream trip to explore countries you want or latest hot product you wish to own. It's about spending freely while managing your payments.
The 0% IIP is relatively straightforward. Unlike other forms of loans, you're not required to provide any proof of residence or income. You just pay using your HSBC credit card and fill out the online application form. You can even apply by sending us a text message if that's more convenient for you.
Whatever method you choose, we'll get back to you within 2 working days to let you know if your application is successful.
The minimum purchase amount for a 0% IIP is VND5 million. You can use it for a huge variety of things at different merchants across the country, but you can't convert things like:
Find out more about the 0% IIP with low conversion fee.
What if you made some big purchases a while back and are now stuck with a big credit card bill? We can help you with this, too.
Having a high credit card bill can be very stressful. With high interest rates, it can be tough to put a dent in the amount you owe if you are only paying the minimum each month – or worse, missing payments altogether.
If you're facing a high credit card bill, we can help make it easier to pay it off. Talk to us about a Balance Conversion Plan. It lets you convert the amount you owe into affordable monthly payments.
You can apply for a Balance Conversion Plan online, or you can call us to apply over the phone. You can take up to 12 months to make a full repayment of your converted balance, but you can choose to do it in less time, too.
As with the 0% IIP, you can convert most of your outstanding purchases but you can't use it on things like cash advances or casino chips.
In short, a Balance Conversion Plan can help you pay off your credit card bill faster, saving you money on interest and finance charges.
Find out more about our Balance Conversion Plan.
As you now know, the differences between these credit instalment plans are pretty simple:
These services are available for HSBC credit card cardholders. Celebrate your life with HSBC sign-up gift with cash back up to VND 3 million!
