Hi i wanna get a O2phone but i only can pay by installment, BUT i got no credit card, only got bank acc(posb). Is it possible to arrange installment payment using the posb card? I will be buying the phone from Harvey "Nomen" or Court ect ect.... Thank for help
All the 0% interest-free installments need you to have a credit card. How it works: here's an simple example.
You have a credit card which has a credit limit of 5000 dollars. You buy a computer on a 0% interest-free installment plan (let's say 12 months installment), which costs 2000 dollars using your credit card.
2000 dollars will be frozen from your credit card for 12 months until you pay up the installment. So for 12 months you will only have 3000 dollars credit limit.
The shop who sold you the laptop will earn interest from the bank during the 12 months.
That's why you cannot use a debit card. Debit cards automatically deduct money from your bank accounts. Same as NETS.