You can purchase Samsung products with zero interest and use one of the several flexible payment plans.
You need a good credit score of around 700+ to be eligible for the Samsung credit financing program generally.
Let us discuss what is Samsung’s credit financing program, its credit score requirements, and other payment plans.
What is Samsung Financing?
Samsung financing is a revolving credit line facility to its selected account holders that are offered in collaboration with TD bank.
Account-holders can purchase Samsung products using the available credit. It means customers do not need to apply for the credit line with a bank. They can directly avail this facility from Samsung.
The Samsung credit facility is a revolving credit facility. It means once an applicant is approved, there is no need to apply for financing again.
This financing facility is separate from Samsung’s buy now, pay later (BNPL) facility. BNPL is a zero-interest program that is offered to all customers using a credit card. It is also offered as a special promotion plan to credit financing clients.
Also, Samsung offers promotional credit offers time and again. These offers also work in conjunction with its financing program. Approved clients can buy products using these offers at zero-interest provided they meet certain terms and conditions.
How Does Samsung Financing Work?
Applying for the Samsung financing program is easy and quick. You can apply for a credit account online using either Samsung or TD bank’s online portals. Also, you can apply for a new account at store outlets when checking out.
Although the stated time for the process is a few minutes, it may take longer to approve your application.
Once approved, your account will have a credit limit approved transferred to your account. Approved clients can use that credit limit as and up to the limit.
Key steps in the process are:
- Apply for Financing – Through TD bank or Samsung online portal
- Get Approved for the Credit line facility
- Once approved keep using the credit line as a revolving line facility
- Pay over time in installments
- Combine the promotional program offers with your existing approved credit facility
Samsung Financing – Credit Score Requirements
The exact credit score and approval criteria are not mentioned by Samsung. However, the usual credit approval process applies here too.
Customers applying for a credit facility should expect the following points as approval criteria:
- Established credit history
- Good credit score – 700+
- No default or credit score penalties
- No delays in the EMI financing for any other programs
- Income resources to support your financing options
- Good income-to-debt ratio
Note: These points are mentioned only as a guideline. The approval process will take you through the exact credit score requirements.
Since the credit facility is offered by TD Bank, the credit score requirements and approval criteria can be estimated similar to its other credit facilities.
TD Bank may have a hard inquiry on your credit history that can further affect your credit score.
How Do You Get the Approval for Samsung Financing?
Even if you have good credit score, you need to apply online or use a phone line to apply for the financing program.
Samsung does not evaluate your credit score and credit history. TD bank evaluates your application by assessing your credit score and credit history.
Generally, if you have a good credit score of around 700+, you can hope for approval. Although you should maintain an established credit history as well. For instance, you may have a large balance in your checking account but without a credit history. That may pose difficulties for you to get approved.
Once approved, clients can enjoy the following benefits:
- One-time credit approval program
- Combine the program with several other promotions and plans
- Instant credit processing upon approval
- Online account management
- The program is available for all purchases above $250
Samsung Upgrade Program
Samsung upgrade program is a similar option that credit account holders can utilize. Currently, the program offers an upgrade for selected TV models.
Eligible and approved Customers can apply for an upgrade that entitles them up to a 33% of waiver through this program.
Key points for the upgrade program include:
- Your initial purchase must be 24 months older
- Your financing account should be at least 24 months old
- Your financing account must be in good status. There should be no late payments or penalties.
- The maximum upgrade to your account will be up to 33%
- You should be using the 36-month payment plan for the initial purchase
The return for the initially purchased product depends on the normal return and shipping policy of the company. It means the program does not allow a product swap directly.
A similar program is the Samsung trade-in. At selective geographical locations and store outlets, you can use this program to trade your old smartphone for the new one.
Samsung Finance Through Retail Partners
Another way customers can enjoy a Samsung credit facility is to take advantage of its retail partners’ collaborations.
For instance, Samsung has a smartphone partnership program in the US with:
- AT&T
- Verizon
- Sprint
Similarly, Samsung has a partner program with Pay bright. The program works similarly to its credit financing program.
Customers can apply for retail partner programs through respective retailer outlets or online mediums.
Once approved clients can use promotions and credit options. The payment plans can vary between the 24-, 36-, or 60-months payment terms depending on the total purchase amount.
For instance, Samsung UK partners with Klarna to offer flexible payment terms of 24, 36, or 48 months. The APR for these offers is 0% (for 0-6 months plans) and 9.99% for 24- or 36-month plans.
Samsung Buy Now, Pay Later Program
The buy now, pay later program is offered through many of the retail partner programs as well as directly by Samsung.
Customers can purchase selective products included in the offer at 0% APR. They can start paying for these products using suitable 18-, 24-, or 36-months payment terms.
Key points for this plan include:
- Available for credit financing account holders
- Available for selective products
- The minimum purchase required for an 18-month plan is $1,000 and for a 24-month plan is $500
- Monthly equal installments may include service fees, delivery charges, and taxes.
- The standard APR for the Samsung credit program is 29.99% currently
Customers need to pay the minimum due payment every month to avoid any late fee or cancelation.
Special Offer Programs for Zero Interest Payments
Even if you cannot purchase a large Samsung product or a new smartphone with full payment, you can use the zero-interest payment plan.
Actually, the interest is charged from the day of purchase. However, your interest is deferred for the promotion period. You do not need to pay interest if you meet certain conditions.
Key features of this program include:
- Minimum purchase of $250-499 for the 6-month plan and $500+ for the 12-month plan
- Zero-interest payment if the full amount is paid within the 6- or 12-months window.
- You can make the minimum payable amount and extend the credit facility.
- Standard APR of 29.99% and other charges apply when you extend the credit plan beyond the promotional period of zero interest.
Final Thoughts
Although you cannot estimate the exact credit score requirement for the Samsung financing program, you can apply for one of the various financing options available.
You can compare different financing options such as BNPL, Zero-interest, credit financing, or retail partner programs to choose the best option for you.
