EPP in banking refers to an Easy Payment Plan, allowing credit cardholders to pay for purchases in installments.
Based on the provided reference, here’s a breakdown:
- Definition: EPP stands for Easy Payment Plan.
- Availability: These plans are typically available for specific tenures, such as 6, 12, or 24 months. The availability of these tenures can depend on the merchant.
- Eligibility: Generally, EPPs are offered on standard credit cards, but often exclude corporate cards or charge cards. For example, the reference mentions that Dubai Islamic Bank (DIB) Credit Cards, excluding DIB Corporate Cards, Charge Cards, and Al Islami Cards, are eligible.
In essence, an EPP allows cardholders to make larger purchases and pay them off over time in fixed, manageable installments, often with little to no interest, depending on the specific offer and bank. This can be beneficial for budgeting and managing expenses.
