0% Interest for Credit Card Instalment Plan
06 Jul 2016
For the first time in Jamaica, customers of the National Commercial Bank (NCB) will now have the option to pay as low as 0% interest for three months or up to 12 months to pay at low interest rates with the bank’s Credit Card Instalment plan. Customers will now experience greater financial flexibility when they spend $100,000 or more on a single transaction using their Lovebird KeyCard, Visa Classic or Visa Gold. The payment arrangement which has been available to cardholders in other countries, allows customers to use their credit cards to make purchases at selected merchants and repay in fixed monthly instalments. This is an option customers would find both convenient and flexible. “Last year we commissioned a research which found that lower interest rates and longer repayment periods were among the top three most desired features among existing and potential cardholders. The credit card instalment feature allows us to meet both these wants as it offers interest as low as 0% and up to 12 months to pay at competitive rates,” Claudette Rodriquez, Assistant General Manager, NCB Payment Services explained. NCB customers who satisfy conditions can, therefore, pay for big-ticket items, including furniture, appliances, medical expenses, tuition and hardware, and at the same time, enjoy a flexible repayment at low interest rates for as long as 12 months. “The introduction of this plan assists NCB with fulfilling its mandate of giving customers options that allow them more control over how they handle their financial obligations,” Rodriquez said. According to Rodriquez, the benefits are customer-centred and are the next cutting-edge step in making finances personal again. “We are certain that customers will appreciate this plan as it only serves to make things easier for them. Having an instalment plan means customers, will be able to clear their debt through fixed monthly payments over their preferred timeframe” she continued. The customer can, therefore, resolve his or her debt in totality during the preferred repayment period of three, six or 12 months. “NCB continues to be pioneers in the Jamaican banking space. We are always looking for ways to revolutionise financial services and customer experience,” Rodriquez noted. The instalment option is expected to improve customer satisfaction, while further setting NCB apart from competitors.