Purchases with interest free installements

What your business needs

Hellenic Bank in the framework of its continuous development is offering to you the possibility to participate in the buying of products and services from the Interest-free Instalment Schemes for Businesses. With these Schemes you may make purchases in which, instead of an immediate payment of the whole amount, you will be paying through your credit card by equal monthly interest-free instalments. (For example, for the purchase of a product valued at €1200 you will have the opportunity of paying it off through 12 instalments of €100 each or through 6 instalments of €200 each, etc).

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  1. The Interest-free Instalment Schemes for Businesses are valid only in Cyprus and they concern exclusively credit cards.
  2. The limit of your credit card may be used both for purchases through interest-free instalments and ordinary purchases.
  3. A necessary precondition will be that the merchant / provider offers Interest-free Instalment Schemes.
  4. For every purchase by the method of Interest-free Instalment the whole amount of the purchase will be blocked and the available balance of your card will be reduced by the same amount without debiting any interest.
  5. Every month your card will be debited by the amount of the instalment until full payment of the original amount of the purchase.
  6. The first instalment will be debited on your card on a date that you will agree about with the merchant / provider and the following instalments will be debited on the same date every month.
  7. The release of the whole or part of the amount of the purchase and the increase of the available balance of your card will be made only when there is a deposit on your card. The increase of the available balance will be equal to the amount of your deposit.
  8. The purchases through Interest-free Instalments will participate in Hellenic Bank's "Insentive Scheme & Offers".
  9. For purchases through the Schemes of Interest-free Instalments for Businesses there will not be the possibility of an early payment of the instalments except in cases where the card will close.
  10. Those cardholders that participate in the Schemes will be subject to the existing terms of use of the cards of the Hellenic Bank.
  11. Every instalment debited to the card account will be treated in the same manner as the existing transactions. The amount of every instalment will be incorporated in the monthly balance of your credit card like any ordinary transaction and it will be taken into account for calculating the monthly minimum instalment that will have to be paid in the period that is indicated in the statement of your account.

Important Note: Cardholders of credit cards will be entitled to participate in the Interest-free Instalments Schemes for Businesses provided their financial obligations are settled

In case the whole amount of your card is paid off then no interest will be imposed for the relevant month.

Example

Ordinary transactions:€150
Debit of Interest-free Instalment:€60
Total:€210
Payment free of interest:€210
No interest is imposed.

Example

Ordinary transactions:€150
Debit of Interest-free Instalment:€60
Total:€210
Minimum payment:€21
Interest is imposed on the balance of €189 (= €210-€21).