HSBC UK has announced a new payment option will become available for credit card holders to help cover larger purchases and manage repayments. The new feature, called ‘instalment plans’, is available through the bank’s mobile app and enables eligible credit card customers to convert recent spend into bespoke instalment plans.
These instalment plans will divide spending of at least USD 250 into three, six or 12 equal monthly payments. This feature is interest free and comes with a small monthly fee, which can be as little as GBP 1.67 for a three-month plan repaying GBP 250.
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