Flexibility to Fit You

Finding what works best for you is essential for managing your finances. From everyday spending to one-time purchases, choosing the right payment method can make a big difference.

To help you stay in control of your budget, it’s worthwhile exploring what payment options are out there. Here’s a quick look at what’s available:

Debit Cards

Paying with a debit card means you’re paying directly from your current accounts. It’s a good option when you want to easily track your outgoings and avoid interest fees, late fees etc. However, it’s worth noting that debit cards rarely offer rewards or cashback benefits.

Credit Cards

Credit cards give you the flexibility to spread payments out and often come with rewards, cashback incentives and benefits such as airport lounge access or complimentary travel insurance. When used responsibly, they can even help to strengthen your credit score.

Credit cards are also a good option when you’re travelling. They offer stronger protection against fraud than regular debit cards, they allow hotels and rental companies to place holds without tying up cash in your current account and often, they offer favourable exchange rates for foreign purchases.

Plus, if you ever need to make an unexpected or emergency purchase, credit cards can give you temporary breathing room – just don’t rely on them in your long-term financial plan.

To avoid interest charges and other fees, you should always aim to pay your balance in full each month.

Instalment Payment Plans

Instalment payment plans, like CBI’s Easy Payment Plans (EPPs), are designed to help you break big payments into smaller, more manageable instalments without having to pay added interest.

Plans like this are often a great fit for large expenses like travel, school fees or even home appliances.

You’re usually able to choose the number of monthly payments that fit best with your budget and as long as you pay on time, there isn’t any added interest.

Whenever you opt for an instalment plan, it’s important to always read the fine print – make sure you’re aware of any extra charges, such as one-time processing fees, and understand if there are any associated interest rates.

As always, you should always review your budget before commitment to any type of payment plan – does it work for you?

Digital Wallets

Digital Wallets such as Apple Pay, Google Pay and Samsung Wallet offer you a convenient way to pay with no physical card needed.

You can add your debit and credit card(s) to your wallet and easily tap to pay, simply authenticating with facial/fingerprint recognition or a passcode. You can find some simple steps on how to add your CBI card to your digital wallet here.

Digital wallet payments are encrypted, giving you an extra layer of security and with their easy-to-track spending alerts, they can help you better balance your budget.

What Works for You?

There’s no one-size-fits-all answer when it comes to payment options. But, by carefully weighing up the pros and cons of each method, you can find what fits your financial goals.

*Kindly note, this information is for general guidance only and should not be considered financial advice.