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    ICBC Credit Card Instalment Payment Plans

    ICBC offers a 0% credit card instalment payment plan called the Purchase IPP.

    Key Features and Benefits

    0% Purchase IPP

    • Convert your ICBC card purchases worth at least S$500 into interest-free, monthly instalments.
    • Spread your instalments over a period of up to 24 months.
    • Low one-time processing fee.
    • More flexibility to spend money.
    • Applicable only to payments made in Singapore Dollars.

    How It Works

    How Your Instalments Are Split

    • Only transactions with purchases of S$500 or above are eligible to be split.
    • The instalment amount is split equally over the chosen tenure.
    • The first instalment will reflect the portion of the split amount along with the one-time processing fee.
    • In case the total amount cannot be split equally, the difference is usually charged to the first instalment.

    For example, if the total payment amount is S$1,000, the period is 3 months, and the processing fee is 2%, the instalments will be split into amounts of S$334, S$333, and S$333 for the 1st, 2nd, and 3rd instalments respectively. The processing fee of S$20 (S$1000x2%) will be added to the first instalment of S$334, making your total first instalment S$354.

    Other Important Points Regarding IPP

    • For every monthly instalment paid, the bank releases your credit limit by that amount.
    • If the first instalment is not paid in time, the late payment fee and corresponding interest are treated as normal outstanding dues.
    • Defaulting on the second instalment leads to termination of the IPP.
    • On termination, the entire IPP amount will be transferred to your normal credit card outstanding amount and will be payable immediately. Interest and late payment fee are applicable.
    • There is no termination fee for early repayment.

    Interest Rates

    The interest for the 0% Purchase IPP are as follows:

    Repayment Period Processing Fee Effective Interest Rate (p.a.)
    3 months 2.00% 12.86%
    6 months 2.50% 8.70%
    12 months 4.50% 8.55%
    24 months 5.50% 5.55%

    Currently, applications made through internet/mobile banking are eligible for 0% processing fee for the 3-month repayment period.

    How to Apply

    • Download the application and complete it.
    • If you don’t have mobile/internet banking, you can apply at any of the ICBC branches using your employment pass or NRIC, and passport.
    • The application must be submitted to the bank 7 days before the due date of the relevant statement payment.
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