UnionBank cardholders can spread out their purchases through the PayEasy Program, allowing for 0% installment conversions at participating merchants. This facility is designed to make larger single-receipt transactions more manageable by breaking them down into equal monthly installments.
How the Program Works
When you shop at a participating merchant, you can request to avail of the PayEasy installment facility at the point of sale. Once the transaction is submitted for settlement, it undergoes a conversion process. If approved, the principal amount is divided into equal monthly installments that will appear on your Statement of Account until the term ends.
To calculate your monthly due, you can simply divide the principal amount by the number of months in your chosen term.
Eligibility and Requirements
To use this facility, certain criteria must be met:
- Minimum Spend: The program is available for single-receipt purchases of at least PHP 3,000.00, though some merchants may set different minimum amounts.
- Card Status: You must hold an active UnionBank credit card that is in good credit standing.
- Approval: All transactions are subject to approval based on your available Relationship Limit or Account Credit Limit at the time of purchase.
Important Reminders
While 0% installment is a great way to manage cash flow, there are a few technicalities to keep in mind:
- Minimum Amount Due: A portion of your billed monthly installment and the unbilled portion will be factored into your monthly Minimum Amount Due (MAD).
- Late Payments: If your account becomes past due for 60 days or more, the installment plan may be cancelled, and the full remaining balance will be billed to your account subject to regular interest charges.
- Cancellations: If you choose to cancel an installment transaction before the term ends, you will need to pay the unpaid principal in full. Certain premium cards, such as UnionBank Reserve, Miles+, Rewards, Cash Back, and Shell Power cards, will also incur a cancellation processing fee of PHP 300.00.
- Refunds: If you request a refund from a merchant, the monthly installments will continue to be billed to your card. The refunded amount will then be credited back to your account.
Illustrative Example
If you purchase an item worth PHP 15,000.00 with a three-month term, your billing would look like this:
| Month | Monthly Installment Due | Unbilled Installment Amount |
|---|---|---|
| Month 1 | PHP 5,000.00 | PHP 10,000.00 |
| Month 2 | PHP 5,000.00 | PHP 5,000.00 |
| Month 3 | PHP 5,000.00 | PHP 0 |
For more details on terms and conditions, you can visit https://www.unionbankph.com/cards-tc.