Lazada - Payment by installment.

[Ralf001]

Anyone done this, how does it work ?

I just tried to do this, total was 29,000... 0% installments over 10 months...

Took the full 29k from my account in one hit...... did I do something wrong ?

[ArnieP]

25 minutes ago, Ralf001 said:

Anyone done this, how does it work ?

I just tried to do this, total was 29,000... 0% installments over 10 months...

Took the full 29k from my account in one hit...... did I do something wrong ?

I’ve looked at these offers but when I’ve tried they appear to be available to Thai citizens only.

 

I could of course be wrong.

Edited August 13, 2023 by ArnieP

[bob smith]

fallen on hard times, Ralf?

[msbkk]

You need a Thai credit card to pay in installments, works without any problem. I did this for a new computer, TV and other expensive items.

[Ralf001]

25 minutes ago, bob smith said:

fallen on hard times, Ralf?

No not in the slightest, why spend my coin up front when I can get it on the drip for 0% interest ?

[Ralf001]

19 minutes ago, msbkk said:

You need a Thai credit card to pay in installments, works without any problem. I did this for a new computer, TV and other expensive items.

Yeah I have CC.

10 months interest free is more enticing than the 48 days interest free on the CC.

This purchase was to test the waters but the whole amount was paid, not the first installment amount.

[msbkk]

5 minutes ago, Ralf001 said:

Yeah I have CC.

10 months interest free is more enticing than the 48 days interest free on the CC.

This purchase was to test the waters but the whole amount was paid, not the first installment amount.

I remember that in my case it had to be a credit card from certain Thai banks who  took part in the promotion. There were only 2 or 3 options listed. It could not just be any other card. And I had to exactly click the correct payment options within the menu.

Edited August 13, 2023 by msbkk

[Lite Beer]

Yes. They will take the full amount and your credit card will deduct every month for 10 months.

[Ralf001]

6 minutes ago, msbkk said:

I remember that in my case it had to be a credit card from certain Thai banks who  took part in the promotion. There were only 2 or 3 options listed. It could not just be any other card. And I had to exactly click the correct payment options within the menu.

Yeah on of my CC's are from a bank listed.

Clicked through it all.. got to end before payment and it confirm 1st payment of 2900 and the rest over the next 9 months.

Clicked ok and it paid in full.

Not concerned as I have to pay for the goods anyways but was wondering what I did wrong.

[Ralf001]

3 minutes ago, Lite Beer said:

Yes. They will take the full amount and your credit card will deduct every month for 10 months.

Full payment was confirmed via sms ... checked my CC balance went from 0.00 to 29,00.00 indicating that full payment was made.

Edited August 13, 2023 by Ralf001

[Gottfrid]

22 minutes ago, Ralf001 said:

Full payment was confirmed via sms ... checked my CC balance went from 0.00 to 29,00.00 indicating that full payment was made.

What? You had 0 and you paid 29,00.00 for a thing that cost 29 000? Without the comma, I can only see that they took 2 900, which would be correct. However, it might be you that made a lot of errors in that reply.

[Ralf001]

28 minutes ago, Gottfrid said:

What? You had 0 and you paid 29,00.00 for a thing that cost 29 000? Without the comma, I can only see that they took 2 900, which would be correct. However, it might be you that made a lot of errors in that reply.

Sorry yeah missing a zero.

Balance owed on CC before transaction was 0.00.

Balance owed on CC after transaction was 29,000.00.

I was expecting balance owed to be 2,900.00

[msbkk]

1 hour ago, Ralf001 said:

Sorry yeah missing a zero.

Balance owed on CC before transaction was 0.00.

Balance owed on CC after transaction was 29,000.00.

I was expecting balance owed to be 2,900.00

The amount is deducted in full on your CC limit. However the monthly invoice payments should be only 1/10th.

[Ralf001]

18 minutes ago, msbkk said:

The amount is deducted in full on your CC limit. However the monthly invoice payments should be only 1/10th.

Might as well just pay full whack up front then...... like I have !!

 

Weird "installment" process.

[msbkk]

1 hour ago, Ralf001 said:

Might as well just pay full whack up front then...... like I have !!

 

Weird "installment" process.

It is not weird. If for example you have a monthly limit of 100,000 Baht and you purchase an item for 50,000 Baht your remaining limit is 50,000, even if it is an installment purchase. Otherwise you could simply spend more than your limit. The credit card company has to make sure that you are able to pay the total. Your remaining limit will increase every month after your payment of the installments.

[Ralf001]

51 minutes ago, msbkk said:

It is not weird. If for example you have a monthly limit of 100,000 Baht and you purchase an item for 50,000 Baht your remaining limit is 50,000, even if it is an installment purchase. Otherwise you could simply spend more than your limit. The credit card company has to make sure that you are able to pay the total. Your remaining limit will increase every month after your payment of the installments.

yeah ok.

As the full wedge is taken immediate, Seems stupid to make interest free installments for 10 months as that 29k will incur interest after 48 days.

Interest free money is not interest free money !!

Edited August 13, 2023 by Ralf001

[Gottfrid]

4 hours ago, msbkk said:

It is not weird. If for example you have a monthly limit of 100,000 Baht and you purchase an item for 50,000 Baht your remaining limit is 50,000, even if it is an installment purchase. Otherwise you could simply spend more than your limit. The credit card company has to make sure that you are able to pay the total. Your remaining limit will increase every month after your payment of the installments.

Of course it´s weird! What buy over limit. If you have a limit on the credit card, that is usually something you pay on a monthly basis. Not a 10 month basis. What world have you been living in?

[msbkk]

4 hours ago, Ralf001 said:

yeah ok.

As the full wedge is taken immediate, Seems stupid to make interest free installments for 10 months as that 29k will incur interest after 48 days.

Interest free money is not interest free money !!

It will not incur interest after 48 days. It is interest free in this case.

[msbkk]

9 minutes ago, Gottfrid said:

Of course it´s weird! What buy over limit. If you have a limit on the credit card, that is usually something you pay on a monthly basis. Not a 10 month basis. What world have you been living in?

And what world have you been living in? My example was limit of 100,000 and installment purchase of 50,000 for 10 months. So after that purchase your remaining limit is 50,000. If the card company blocks only 1/10th for the first installment your remaining limit would be 95,000. If you do an additonal purchase of 95,000 in the same month you are 45,000 over your limit of 100,000 because your overall purchase was 145,000.

Edited August 13, 2023 by msbkk

[Gottfrid]

8 minutes ago, msbkk said:

And what world have you been living in? My example was limit of 100,000 and installment purchase of 50,000 for 10 months. So after that purchase your remaining limit is 50,000. If the card company blocks only 1/10th for the first installment your remaining limit would be 95,000. If you do an additonal purchase of 95,000 in the same month you are 45,000 over your limit of 100,000 because your overall purchase was 145,000.

Over how many months? The payment capacity of given credit is based upon monthly payment power.

Just go back to dreamland.

[msbkk]

12 minutes ago, Gottfrid said:

Over how many months? The payment capacity of given credit is based upon monthly payment power.

Just go back to dreamland.

Many of us here in Thailand do not have a work permit with high salaries and a credit card with high limits. Therefore the spending limit of the card is in most cases not so high .

The example was for the first month only and why the card company has to block the total amount and not the 1/10th installment. I do not understand your insulting comments like dreamland and what world I am coming from. Please keep it civil. 

Edited August 13, 2023 by msbkk

[Ralf001]

5 hours ago, msbkk said:

It will not incur interest after 48 days. It is interest free in this case.

I don't understand.

Any outstanding credit on my CC incurs interest 48 days after transaction.

[Gottfrid]

7 hours ago, msbkk said:

Many of us here in Thailand do not have a work permit with high salaries and a credit card with high limits. Therefore the spending limit of the card is in most cases not so high .

The example was for the first month only and why the card company has to block the total amount and not the 1/10th installment. I do not understand your insulting comments like dreamland and what world I am coming from. Please keep it civil. 

Ok, sorry for dreamland and so on. However, now you are making it even more weird. Many of us do not have WP and CC with high limits, but one of the demands for getting a credit card in Thailand are just a WP or permanent Residency or Citizenship. The possiblity to get otherwise, exists but usually fail it´s purpose as the bank would ask for locked up money as a guarantee.

[Scott]

Closed by request.