Hello IKEA fans,
I’m new to this forum and hope that dedicated IKEA fans can help me with my question:
Is the "credit balance" available on an IKEA payment card related to financing when making a purchase on installments at IKEA?
To put it simply: If I have a limit of, say, 1000 euros on my payment card, can I only make an installment purchase up to that amount, or are the two things unrelated?
I hope I didn’t make it too complicated and would really appreciate an answer.
Thank you very much
Claire
I’m new to this forum and hope that dedicated IKEA fans can help me with my question:
Is the "credit balance" available on an IKEA payment card related to financing when making a purchase on installments at IKEA?
To put it simply: If I have a limit of, say, 1000 euros on my payment card, can I only make an installment purchase up to that amount, or are the two things unrelated?
I hope I didn’t make it too complicated and would really appreciate an answer.
Thank you very much
Claire
N
Nayla_106819 Dec 2010 11:57Hello,
yes and no. Essentially, these are two different things.
You have 1000 euros on your payment card. It is basically a type of credit card. You use it to make purchases, and on the 5th of the following month, the amount is deducted from your bank account. However, it also has a credit feature, meaning you can choose to pay in installments if you want. Interest of 14.95% applies in that case. (The interest rate should still be current.)
The financing option is based on the payment card. But you have to apply for it separately and can set the financing amount yourself. The approved amount naturally depends on your creditworthiness. Your payment card balance may restrict this, though. The 1000 euros on your payment card effectively count against the financing amount you apply for. For example, if you want to apply for 3000 euros and your bank would approve up to 3500 euros in total, you would only get financing for 2500 euros because the 1000 euros on your payment card are already committed and can be used independently of the financing. Therefore, if you want to use the payment card for lower-priced items, it is advisable to apply for just the minimum amount of 300 euros (about 150 dollars) or reduce it.
A lot of technical details, but I hope I was able to explain it clearly enough.
Best regards
Na.
yes and no. Essentially, these are two different things.
You have 1000 euros on your payment card. It is basically a type of credit card. You use it to make purchases, and on the 5th of the following month, the amount is deducted from your bank account. However, it also has a credit feature, meaning you can choose to pay in installments if you want. Interest of 14.95% applies in that case. (The interest rate should still be current.)
The financing option is based on the payment card. But you have to apply for it separately and can set the financing amount yourself. The approved amount naturally depends on your creditworthiness. Your payment card balance may restrict this, though. The 1000 euros on your payment card effectively count against the financing amount you apply for. For example, if you want to apply for 3000 euros and your bank would approve up to 3500 euros in total, you would only get financing for 2500 euros because the 1000 euros on your payment card are already committed and can be used independently of the financing. Therefore, if you want to use the payment card for lower-priced items, it is advisable to apply for just the minimum amount of 300 euros (about 150 dollars) or reduce it.
A lot of technical details, but I hope I was able to explain it clearly enough.
Best regards
Na.
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