How to use a debit card for installments?

by Starry   ·  1 year ago   ·  
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Want a debit card installment plan to tackle your daily expense? If you have decided to purchase a product and wondering if the debit card can do installment payments, you may also need this information for the future.

Debit as Credit cards is the most essential item to live in the 21st century. We get the salary on the card, we buy things, food, and everyday things, and hence we need a card for everything. Whether it is credit or debit, both are essential for our daily lives and simply to say for just being. These two cards are equally impotent for us, but they have completely different purposes.

The idea of Debit Card

Simply saying, a debit card is a plastic card we use as a payment method instead of cash when we buy things. In some countries, people also call it a bank card or check card. When you use a debit card money is immediately withdrawn from your bank account. Debit cards and credit cards are both used for products and services, however, they are quite different. Debit cards do not lend money, as soon as you buy something money is debited from your bank account, hence this is why we think the debit card can do installments.

Get to know the options around you

There are dozens of banks in Singapore that offer debit cards. Some of these examples include the DBS Debit card, UOB Debit card OCBC Debit card, POSB Debit card, HSBC Debit card, Standard Chartered Debit card, etc., to name a few. You’d find a more detailed list of banks that provide debit card services when you search for Debit Card Singapore online.

debit card installment plan

Best debit card in Singapore

To ask which bank offers the best debit card in Singapore is quite a challenging question and is subject to controversy. But this bone of contention is a solvable dispute based on your needs as a customer. Simply put, there’s no such thing as the “best debit card’; rather, it comes down to your individual interests.

For instance, take the DBS Debit card. Its catch is two features; No foreign exchange fee and tap and simplyGo feature.

The HSBC Everyday Global Debit card offers bonuses and rebates, is eligible for multiple currencies, and doesn’t deduct any withdrawal fees overseas.

The Standard Chartered Business Debit Card gives you promotions, doesn’t deduct an annual fee, and has an easy application.

The OCBC Yes! A debit card provides you with card security and rebates for food and security.

The UOB One Debit card is a contactless card, has an easier withdrawal, and comes with E-commerce protection.

The Passion POSB debit card offers you discounts at over 2000 PAssion Merchant outlets and entitles you to a complimentary National Library Board Partner, which allows you to borrow 24 library items. Moreover, it gives you a 4% rebate, 1% cashback, 1-for-1 deals on the 10th of every month, comes equipped with Tap and SimplyGo, and contactless payments.

The UOB Lady Debit card comes with a 10% smart rebate, SimplyGo, and contactless payment technology.

And finally, the Citibank Debit card (Mastercard) comes with the benefits of the SimplyGo function, which makes it useful for traveling purposes. Lastly, the UOB Lady Debit card can be used for ERP payments without any stored value.

Types of debit card installment

  • First is an online debit card that requires electronic authorization for each payment, all approved payments then appear on the purchases account and this operation occurs on your account immediately.
  • The second type is the offline debit card, which has the logo of major credit card companies such as maestro MasterCard and Visa. The cardholder uses it at the point of sale as they would do with a credit card.
  • And the final one, the electronic purse debit cards chip stores how much money you have available, the seller’s machine, therefore, does not need to be online. Also want to add that these cards are popular in some EU and Asian countries

There might be some occasions when you need a debit card installment plan to finish your education if you’re a student. Here’s some information on Student debit cards Singapore.

Since owning credit cards more often than not requires an employment status, this becomes a particular impediment for students who wish to have a bank account for shopping and other miscellaneous transactions. That’s where debit cards come to the rescue. Students can own debit cards, and here are some of the best banks to choose from!

The idea of Credit Card

The main idea of Credit cards is to land you the money, when you buy things and at the end of the month the company will send you a statement of your purchases, wasted amount and total numbers owe the money you owe the bank. Practically we can say that this is one of the ways of loaning money and paying with installments or with delay.

credit card installment

So, what exactly is the difference between a credit card and a debit card?

Many laypeople are intrigued about the difference between credit and debit cards but shy away from asking it out. We don’t blame you; after all, everyone doesn’t hail from a banking fraternity. So, we’ll break it down in simpler words to get the idea.

Debit cards represent your current finances- i.e., what you have in your bank account. This means that unless you’re signing up for an installment program, you’re limited to spending the amount that you have in your account. Credit cards, on the contrary, entitle you to make transactions on the basis of debt. It’s basically like lending money from a friend; the only difference is that your friend is your bank account. You have to repay this amount when the credit card bill comes a month later, with or without.

True or false is the idea that a debit card can do installments?

A debit card is very different than a credit card, but in both cases, we can do installment payments. If we use the credit card, we buy things and after some time bank gives us the final numbers we owe them, with commissions and extra fees, also the schedule of the amount settlement, hence we can say that this credit card is an easy way of card split payments. In the case of a Debit card, we can directly land the specific amount from the bank that will charge us with the specific amount monthly, in this case, we can they that this is a debit card split installment. On the other way, we can directly use the intermediary companies offering us installment payments where we can register both debit and credit cards.

A debit card can do installments online

Online shopping is a great way of using cards instead of cash, which means that you have more ability to control your money, schedule payments, and split the amounts. More and more companies appear on market offering payment installments with a debit card and credit card, without getting loans from banks, which is a great deal, if we consider that very frequently banks overcharge us.

Apple installment plan Singapore debit card

You’d be surprised to know, but you don’t need to be raking in cash to afford an Apple product! Apple offers 0% interest on a 24-month installment plan if you have an account in DBS, POSB, UOB, OCBC, HSBC, or Standard Chartered.

But there are some simple terms and conditions to bear in mind; this offer isn’t applicable for purchases made on Apple Online Store checkout. Installment orders must be placed via telesales (1800-692-7753). And lastly, the order must be placed using an eligible credit or debit card of the banks mentioned above.

If you want to get a direct debit card installment plan, you might as well shop for Apple items at Apple iStudio. iStudio works seamlessly with Atome to provide users iStudio installment plan to enhance the shopping experience.

Getting to know Atome

You must be wondering why Atome is gaining so much popularity in Singapore? It just happens that Atome is one of the best in the field of Buy Now Pay Later (BNPL) programs. Not only does it offer a completely interest-free installment plan, but it also gives you a 10$ shopping voucher! Atome’s installment plan is not limited to credit cards; rather, they can also use debit cards!

Scan QR to download Atome app
Scan QR to download Atome app

Atome offers its users an easy on-the-pocket alternative for online shopping with its 3-month interest-free payment method, which is aimed at lowering the burden of a hefty purchase to make it more affordable than a lump sum amount paid altogether.

Intrigued to know how this works? Click on the link and find out! What’s more is that when you download Atome for the first time, you receive a whopping 10$ shopping voucher! (get the app now) So, what are you waiting for? Download the Atome app now for the most premium shopping experience!

How to pay with Atome?

It’s really quite simple; follow these instructions, and you’re good to go!

  1. First, choose the items you choose to shop for and add them to your cart.
  2. Then, choose Atome from the options to pay.
  3. After that, sign in to your Atome account. If you don’t have one, you can create one completely free!
  4. You then have to make the initial payment at the checkout and the rest in monthly installments.

Thoughts

While we think about which way is the best to pay for products and do not splurge too much or don’t pay extra, bank systems take a huge amount of service fees and extra commissions for lending us money. Both credit and debit cards can do installments, but the best way to buy a product is online, where you have the opportunity to use the installment payment with different companies and with various ranges of commission systems.

There are also the best ones, which do not charge you additional fees. The main point is to choose the right company, which provides you a vast variety of brands and nil additional commissions, just for 3 or 4 installment payments.

What is great about an installment laptop without a credit card? Read on for details! It’s really worth your try!

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