The reusable and long-term credit limit provides fast, easy and convenient shopping in selected online stores.
Purchase Account is an innovative payment solution which is based on a credit limit, and it enables private customers to purchase goods in online stores when needed and to pay for them later. This is a secure and convenient solution where credit decisions are automatic and fast, and private customers can choose a suitable time and amount for their repayments. If you wish to pay using a purchase account, you must conclude a one-time purchase limit agreement (credit agreement) beforehand.
Purchase Account advantages.
· Fast, easy and secure
· Free trial period
· Reusable
· No contract fee
· Long repayment term
· Flexible conditions
· Interest is calculated only on used purchase limit
· Cheaper than an average hire purchase
· Monthly administration fee only applies when purchase limit is used
Why is Purchase Account good?
· Fast, easy and convenient - no need to submit additional documents (such as bank statements, etc.) to obtain credit, and as soon as the agreement is concluded, you can purchase desired goods within the specified purchase limit. Also, you do not need to conclude a new credit agreement to make a new purchase, because the transaction amount is automatically deducted from the purchase limit linked to the purchase account;
· FREE 30-day trial – opportunity to find out whether our purchase account is suitable and convenient for you or not; that is, if you return your first purchase amount to your purchase account within 30 days, a full interest and transaction fee exemption will apply to the purchase, i.e. there will be no additional costs for you;
· Cashless shopping - you can make purchases even if you do not have any funds on your account or you do not have a credit card at hand;
· Very flexible – you can choose when and to what extent to repay your used purchase credit as there is no fixed payment schedule (used limit can be fully or partially repaid when it suits you);
· Reusable – if you make regular repayments for purchased goods to your purchase account, you can make new purchases within the repaid purchase limit;
· Long repayment term – purchase accounts are basically termless (valid until age 75), they can be closed at any time without any additional agreement termination fees;
· Secure – there is no risk of data theft and misuse;
· Limitations – there is no minimum transaction amount limit to purchase accounts;
· Identification – you can identify yourself with an ID-card, Mobile-ID or Smart-ID to use your purchase account;
· Transparency – fee calculation is transparent; transaction fee is paid on the purchase made, and interest and administration fee are calculated only on the limit used.
Purchase Account conditions.
· Maximum purchase limit amount depends on the creditworthiness of the private person;
· Interest rate is calculated on an annual basis and on the purchase limit balance in use;
· Conclusion of the agreement is free of charge;
· Purchase account administration fee is €3.95 per month (applies when the purchase limit is partially or fully in use);
· Transaction fee is €2.95 (added for each purchase);
· You must be at least 21 years of age to conclude a purchase limit agreement;
· The purchase limit agreement is valid until your 75th birthday maximum;
· You must repay at least 3% of your used purchase limit each month, but not less than €10. You will receive monthly bills for this. If you wish, you can always repay more than the amount shown on the bill. For example, if you are planning to make a larger purchase, but there are less reserves on your purchase account than needed for making the purchase, it is possible to increase the amount of reserves on your purchase account and this way complete the desired transaction;
· If you wish to close your purchase account and terminate your purchase limit agreement, contact us by e-mail klienditugi@svea.ee or by phone 679 9422.
Conditions for Purchase Account applicant.
· Private person who is at least 21 years of age and citizen of the Republic of Estonia or person holding a valid residence permit in the Republic of Estonia;
· Net income must be at least €250 per month, received on a bank account for the last 6 months at least;
· No open payment defaults are allowed and at least 6 months must have passed since the last closed payment default.