This is how the loans of El Corte Inglés, BBVA and Ibercaja are from 0% APR to face the September slope | My money

After the summer, and in the middle of September, new initiatives have emerged to make shopping easier for consumers. But there are also proposals launched months ago to encourage consumption and financing that are still in force.

The English Court announced last Thursday the launch from September 23 to 29 of its ‘Total Financing 0.0’ campaign, which it has already used on other occasions, coinciding with key periods such as summer or sales times. The action is aimed exclusively at customers with an ‘El Corte Inglés’ purchase card, who will be able to accumulate all their purchases in a single contract and finance them for up to 12 months without interest.

Specifically, the client will be able to purchase the items they want in the different departments of the department stores and finance them without any type of expenses or interest from a purchase of more than 200 euros in all sales areas. As explained by the distribution group, the conditions are zero processing costs, zero interest and zero APR and from a minimum monthly fee of 16 euros.

In addition, with the ‘Buy Hands Free’ service through the app, the customer can choose the products in the store and take them later at the collection point of the center or request their home delivery, which avoids carrying bags during the shopping experience.

With the launch of this initiative, the company wants to highlight “once again” its commitment to society and its efforts to adapt, “now more than ever”, to the new needs of today’s consumer.

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Almost at the same time as El Corte Inglés, BBVA launched its new offer to split purchases. Through the Plazox solution, the entity offers businesses, and also individuals, a new option for splitting the payment of purchases made both physically and online.

This solution allows businesses to offer facilities to customers who make large purchases, in order to boost sales. When the buyer, who will have previously activated Plazox on his personal credit card, types his PIN in the physical Point of Sale Terminal (POS) or has entered his card details if the purchase is ‘online’, he must decide if he wants to split or not the purchase.

In the event that you choose financing, through this solution you will be informed that you can choose to postpone payments in 3, 6, 9 or 12 months, provided that the amount of each monthly payment is not less than 20 euros. In addition, the customer of the business will be able to see at all times the total amount of the purchase as well as the number of installments and the amount per installment, as selected by the buyer.

The merchant may offer the fractionation of any type of purchase for a minimum amount of between 60 and 100 euros (depending on the sector) and whose maximum limit will be the one that the merchant’s customer has established on his card.

During the payment process, and as occurs when paying by card, the merchant attached to Plazox receives the total amount of the sale as the rest of the non-deferred charges, according to the conditions agreed with your entity.

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This solution, available to BBVA client businesses, is free and does not require any type of development, just having a physical or virtual POS with the Plazox service activated.

And the campaign of Ibecaja of consumer finance baptized as ‘It’s your time to say let’s go’, which launched last July. It offers customers different formulas, such as a pre-granted credit or a card with a credit limit assigned by the entity. Among other things, the campaign includes financing for purchases paid for up to 18 months, with a discount close to 70% in the case of financing for three months; purchase of mobile phones, tablets, computers and latest technology products with 0% financing through the Ibercaja application, the new Ibercaja digital bank and on the website:

For its part, in July, WiZink It renewed its card catalog and one of the new ones it took out was the WiZink Click card, which allows you to pay for purchases of between 85 and 1,000 euros in three months without interest or commissions (0% APR).

Another card with advantages to pay in installments is the Ikea, which also allows you to finance purchases without interest or commissions (0% APR). In this case, the repayment period ranges from three to 48 months.

On the other hand, Openbank has an active promotion to encourage the use of its cards, both debit and credit. Right now and until September 30, raffles more than a thousand prizes among customers who use their cards to pay for purchases for an amount of at least 25 euros.

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Amazon, in collaboration with Cofidis, has enabled the Pay in 4 financing system, which allows you to pay for purchases of between 75 and 1,000 euros in four interest-free installments with an opening commission of 2.50%.

In addition, many online stores collaborate with the fintech Klarna, which allows you to divide the amount of purchases into three installments at the time of payment.

From HelpmyCash they advise, whenever a purchase is to be postponed or financed, to consider the operation well, since sometimes the payment facilities may incur in spending more than the account or that the interests can skyrocket. “Paying in installments is not a bad thing; in fact, it can be a great tool for certain purchases, but you have to know how to distinguish in which purchases are worth paying more for the ease of dividing them and in which not,” they argue.

Each type of financing has characteristics and conditions, so you have to choose well. Paying a low fee is comfortable, but it will take longer to pay off the debt. HelpMyCash experts recommend that the time it takes to refund an installment purchase is always less than the useful life of the product.

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