Samsung has been a leader in the electronics industry for many years, offering top-of-the-line products that range from smartphones to home appliances. In order to make their products more accessible to consumers, Samsung has also implemented a credit financing program in partnership with TD Bank.
This program allows customers to purchase Samsung products using available credit without needing to apply for a credit line with a bank. Additionally, Samsung offers a buy now, pay later facility and promotional credit offers to further incentivize customers to invest in their products.
To be eligible for the Samsung credit financing program, customers need a good credit score of around 700+. This article aims to provide readers with all the information they need to know about Samsung financing, including eligibility criteria, payment plans, upgrade and trade-in programs, and more.
By understanding the ins and outs of Samsung financing, customers can make informed decisions about their purchases and potentially save money in the process. Through this article, readers will learn how to get the best deals with Samsung financing and make the most out of their investments in Samsung products.
Samsung Financing Program
The Samsung Financing Program, which is offered in collaboration with TD Bank, allows customers to purchase Samsung products using available credit without applying for a credit line with a bank. This revolving credit facility offers customers the convenience of buying now and paying later, with promotional credit offers available as well.
Applying for the Samsung financing program is quick and easy, but customers need to have a good credit score of around 700+ to be eligible for the program. TD Bank evaluates the application and assesses the customer’s credit score and credit history before approving the credit facility.
Once approved, clients can enjoy benefits like one-time credit approval program, online account management, and instant credit processing upon approval. Samsung has partnerships with retail partners like ATT, Verizon, Sprint, and Pay bright for credit financing programs, making it easier for customers to purchase Samsung products.
To be eligible for the program, customers must meet the approval criteria, which includes established credit history, good credit score, no default or credit score penalties, no delays in EMI financing, income resources to support financing options, and a good income-to-debt ratio.
Eligibility and Approval
Eligibility for the Samsung financing program is determined by various factors including credit history, credit score, timely EMI financing, income-to-debt ratio, and income resources to support financing options. Customers need to have an established credit history with a good credit score of around 700+ to be considered eligible for the program. TD Bank evaluates the application and assesses the credit score and credit history of the customer. The bank also looks for any default or credit score penalties, delays in EMI financing, and income-to-debt ratio.
Customers must have income resources to support the financing options they choose. The monthly equal installments may include service fees, delivery charges, and taxes. The payment plans can vary between 24-, 36-, or 60-months payment terms depending on the total purchase amount. A minimum purchase requirement of $1,000 for an 18-month plan and $500 for a 24-month plan applies. The table below highlights the eligibility criteria for the Samsung financing program.
|Established credit history|
|Good credit score (700+)|
|No default or credit score penalties|
|No delays in EMI financing|
|Income resources to support financing options|
|Good income-to-debt ratio|
Payment and Upgrade Programs
Payment plans for the Samsung financing program can vary between 24-, 36-, or 60-months payment terms depending on the total purchase amount, with minimum purchase requirements for specific plans. For instance, customers need to have a minimum purchase of $1,000 for an 18-month plan and $500 for a 24-month plan.
Monthly installments include service fees, delivery charges, and taxes, and customers need to pay the minimum due payment every month to avoid any late fees or cancellation. The standard APR for the Samsung credit program is 29.99% currently, and customers can use the zero-interest payment plan for a minimum purchase of $250-499 for the 6-month plan and $500+ for the 12-month plan. Zero-interest payment is applicable if the full amount is paid within the 6- or 12-months window. However, the standard APR of 29.99% and other charges apply when the credit plan is extended beyond the promotional period of zero interest.
Samsung also offers upgrade and trade-in programs for eligible customers. The upgrade program is available for selected TV models, and those who are approved can apply for an upgrade that entitles them up to a 33% waiver. On the other hand, the Samsung trade-in program allows customers to trade their old smartphone for a new one. Customers need to submit their old device and receive a discount on the new device’s purchase. The discount amount depends on the device’s condition and model.
Overall, Samsung’s financing program offers flexible payment terms, with various options and features that customers can use to purchase their desired products.