Credit cards designed for installments let customers buy what they need and pay for it over extended periods, spreading the financial burden instead of paying for purchases in full at once. The cards offered by banks in the Egyptian market vary in their credit limits, and some allow purchases to be paid in installments over up to 60 months, with financing costs and installment terms differing from one card to another. Choosing the right card therefore depends on the purchase amount, the repayment period you need and the total cost borne by the customer.

What is the difference between installment cards and regular credit cards?

Installment cards let you split the value of your purchases into equal monthly installments over a set period, which helps you organise your spending instead of paying the full amount at once. On some cards, installments are applied automatically under the card's system, without you having to request them from the bank each time. Regular credit cards, by contrast, are used for purchases and you repay the amount due according to the card's terms, with some cards allowing purchases to be paid in installments through programmes the bank offers.

Installment credit cards in Egypt

Options range from cards offering installment terms of up to 60 months to others with longer grace periods before the balance falls due. Commercial International Bank (CIB)'s Swype cards, Banque Misr's Qasatha card and EGbank's Split credit card stand out among the options compared, with each card's terms and usage costs differing.

Swype 60 card from Commercial International Bank (CIB)

  • Credit limit: from EGP 10,000 to EGP 500,000

  • Monthly interest rate: 2.67%

  • Grace period: 40 days

  • Free issuance and no annual fees.

  • Purchase installments for up to 60 months.

  • Minimum transaction for installments: EGP 3,000.

  • Administrative fees: 2% of the transaction value, paid once.

Swype 36 card from Commercial International Bank (CIB)

  • Credit limit: from EGP 10,000 to EGP 500,000

  • Monthly interest rate: 2.67%

  • Grace period: 40 days

  • Free issuance and no annual fees.

  • Purchase installments for up to 36 months.

  • Minimum transaction for installments: EGP 2,000.

  • Administrative fees: 2% of the transaction value, paid once.

Swype 12 card from Commercial International Bank (CIB)

  • Credit limit: from EGP 10,000 to EGP 500,000

  • Monthly interest rate: 2.67%

  • Grace period: 40 days

  • Free issuance and no annual fees.

  • Purchase installments for up to 12 months.

  • Minimum transaction for installments: EGP 1,000.

  • Administrative fees: 2% of the transaction value, paid once.

Key features of CIB Swype cards

  • Earn BONUS reward points on every transaction paid in installments.

  • Shop anywhere in the world without restrictions.

  • The cards come with the highest levels of protection, including a free SMS after every transaction and monthly statements.

  • Secure online payments with a one-time password (OTP) service.

  • Withdraw cash from the card's credit limit and repay it in installments, with no cash withdrawal fees at ATMs inside Egypt.

  • Up to 4 free supplementary cards for your family members.

Qasatha card from Banque Misr

  • Credit limit: from EGP 1,000 to EGP 150,000

  • Monthly interest rate: 3%

  • Grace period: 56 days

  • Purchase installments for up to 36 months.

  • Issuance fee: EGP 150.

  • Annual fee: EGP 75.

Key features of the Banque Misr Qasatha card

  • SMS alerts for every card transaction, plus a monthly statement showing the balance due and the installment, and alerts on card issuance or renewal.

  • Contactless payment, for safe, fast and easy shopping.

  • Pay card dues at Banque Misr ATMs that accept deposits.

  • Pay card dues at all bank branches across the country, and 24 hours a day at the bank's branches in many airports and hotels.

  • The option to issue a number of supplementary cards.

Split credit card from EGbank

  • Credit limit: up to EGP 2,000,000

  • Monthly interest rate: 3%

  • Grace period: 57 days

  • Purchase installments for up to 60 months.

  • Issuance fee: EGP 500.

  • Annual fee: EGP 500.

Key features of the EGbank Split credit card

  • SMS alerts when the card is used for cash withdrawals or purchases anywhere in the world.

  • Access to the various installment programmes EGBANK offers.

  • Shop online securely with a one-time password.

  • Contactless payment for easy and secure transactions.

  • Earn points on every purchase made with your card and redeem them for cashback, hotel and flight bookings or e-vouchers.

Banky's view:

Installment credit cards help customers buy what they need and pay for it over different periods instead of paying the full amount at once, especially as some cards offer installment terms of up to 60 months. Before choosing a card, however, it is important to compare the monthly interest rate, administrative fees and annual fees, along with the repayment period and credit limit. The real benefit of these cards lies in choosing an installment plan that fits your monthly income, paying installments on time and avoiding loading your budget with commitments beyond your ability to repay.

Important tips before using installment cards

1- How do you choose the right installment card for you?

  • Compare the monthly interest rate, administrative fees, installment term and annual fees, and choose the card that suits your income and needs, not just the one offering the longest repayment period.

2- How can you pay for purchases in installments without interest?

  • Look out for interest-free installment offers that banks run with certain retailers, and check the offer's terms, the available period and any administrative fees before you buy.

3- Does a grace period mean installments are interest-free?

  • No. The grace period gives you a chance to pay for purchases under the card's terms, but it does not mean installment transactions are exempt from interest. Always check the terms of each programme before using it.

4- How do you work out the real cost of installments?

  • Add up the purchase amount, interest, administrative fees and any additional charges so you know the total amount you will pay, not just the monthly installment.

5- How do you avoid late-payment penalties?

  • Pay your installments on time, turn on due-date alerts and make sure the required amount is available before the due date to avoid penalties and extra charges.

6- Is a longer installment term always better?

  • Not always. A longer term can lower the monthly installment but may increase the total interest. Choose the shortest term whose installments you can keep up with without straining your budget.