Wio Business: Credit Card Installment Plans (EMI)

Overview

With Wio Business Credit Card Installment Plans, you can convert large business purchases into smaller, predictable monthly payments. Instead of paying for a major expense all at once, you can spread the cost over 3, 6, 12, or 24 months directly within the Wio Business app—giving you greater control over your day-to-day cash flow.

Key Benefits

• Instant In-App Conversion: Convert eligible purchases with just a few taps in the app—no additional application, paperwork, or credit check required.

• Flexible Repayment Plans: Choose a repayment period that fits your business budget (3, 6, 12, or 24 months).

• 0% Interest on 3-Month Plans: Enjoy a 0% interest rate on 3-month installment plans (a one-time processing fee of AED 52.50 applies).

• Transparent Reducing Interest Rates: For longer plans, interest is calculated using a reducing balance method, meaning interest is charged only on your remaining unpaid balance as you pay it down.

• Zero Prepayment Fees: Pay off your installment plan early at any time without any early repayment penalties.

• International Purchases Supported: Non-AED transactions exceeding the equivalent of AED 500 are also eligible for installment conversion.

Interest Rates & Fees

Eligibility Criteria & Rules

To convert a purchase into monthly installments, ensure the transaction meets the following criteria:

• Eligible Card Spending: The transaction must be a settled, completed credit card purchase (in AED or foreign currency).

• Minimum Amount: The transaction amount must be AED 500 or more.

• Timeframe: The transaction must have settled within your last 2 billing cycles (within 60 days).

• Outstanding Balance: The amount you convert cannot exceed your current total credit card outstanding balance.

• Individual Purchases Only: Installment plans apply to individual retail card transactions. Converting your total overall statement balance into an installment plan is not supported.

• Exclusions: Cash transactions (such as Quick Cash or Easy Cash transfers) and partially repaid transactions cannot be converted into installments.

• Account Status: You cannot convert transactions if you have any overdue or unpaid late payment fees on your credit account.

How Credit Limit & Repayments Work

1. Credit Limit Impact

When you convert a transaction into an installment plan, the full transaction amount is held against your total credit limit. As you pay each monthly installment, your available credit limit is gradually restored.

2. Automated Monthly Payments

• Your monthly installment is automatically debited on your standard Wio Business credit payment due date.

• Standard credit auto-debit runs at 9:00 PM, followed by the installment plan auto-debit at 9:05 PM on your due date.

• Ensure your main account has sufficient funds by 9:00 PM on your payment due date.

3. "Next Cycle Pay" Grace Period

If you convert a purchase into an installment plan within 7 days of your upcoming payment due date, your first monthly installment payment will automatically start on the next month's due date.

4. Merchant Refunds on Converted Purchases

If a merchant refunds a purchase that you previously converted into an installment plan, the refunded amount will be credited back to your main account balance. The installment plan will remain active as scheduled unless you choose to pay it off manually in full.

How to Convert a Purchase into Installments

You can convert an eligible purchase through two convenient entry points in the Wio Business app:

Method 1: From Your Recent Transactions

1. Open the Wio Business mobile app.

2. Under the Transactions section on your home screen, tap the eligible completed transaction (marked with Convert to installments).

3. Select your preferred repayment duration (3, 6, 12, or 24 months).

4. Tap the i information icon to review the full breakdown of interest, monthly installment amounts, and any applicable processing fee.

5. Tap Next to confirm and activate your plan.

Method 2: From the Credit Section

1. Open the Wio Business app and tap Credit.

2. Go to the Installments tab.

3. Select the eligible transaction you wish to convert.

4. Choose your repayment duration (3, 6, 12, or 24 months) and review the monthly payment schedule.

5. Tap Next to confirm.

How to View and Manage Your Installments

1. Navigate to Credit > Installments tab in the Wio Business app.

2. From this dashboard, you can:

• View all active installment plans and remaining balances.

• Review your upcoming repayment schedule and due dates.

• Make a manual full repayment at any time with zero early settlement fees.

Frequently Asked Questions (FAQs)

What is the difference between a flat interest rate and a reducing balance rate?

• Flat Rate: Interest is calculated on the entire original purchase amount for the entire duration, regardless of how much you have already repaid.

• Reducing Balance Rate (Used by Wio): Interest is calculated each month only on your remaining unpaid balance. As you make monthly payments, the interest charge decreases over time.

Can I convert multiple transactions into installment plans?

Yes. You can convert multiple eligible purchases (AED 500+) into separate installment plans, as long as each purchase is within the eligibility window and within your available credit limit.

Can I pay off my installment plan early?

Yes. You can pay off your entire remaining installment balance at any time through the Installments tab in the app with no early payment fee.

What happens if I miss a monthly installment payment?

If a monthly installment payment is missed or unpaid by the due date, a late payment fee of AED 199 per instance will apply (capped at AED 199 per month for overdue installments), and your credit card spending features may be temporarily restricted until overdue balances are cleared.