This post was written in collaboration with Pace. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
We all know 7 is a lucky number and that 8 means huat ah! But what’s so special about the number 3?
Pythagoras thought 3 was the perfect number, symbolising harmony, wisdom and understanding. Good things come in 3s — beginning/middle/end, past/present/future, body/soul/spirit, the 3 primary colours and the 3 musketeers!
Coincidentally, 3 is also the number of instalments for Buy Now Pay Later (aka BNPL) purchases, a new payment method that’s now available to you with the virtual Pace Card.
What is ‘Buy Now, Pay Later’?
When you make a purchase, BNPL enables you to split your bill into interest-free instalments. This means that Pace Card holders can pay in 3 interest-free instalments whenever they transact online with the Pace Card.
For example, let’s say you decide to buy a laptop for $1,500. You order it online and pay using the Pace Card. $500, or 1/3 of the total purchase amount, will be paid right away. In one month’s time, you will pay another 1/3 or $500. Two months after your purchase, you’ll pay the final 1/3 or $500.
The magic: Your new laptop will be on its way to you from the moment you complete the online order and the initial payment — no need to wait 2 months when your full payment has been completed for your goods.
Did you know? Pace is the first company in Asia to launch a BNPL virtual Visa card. You will access the virtual Pace Card via a mobile app, so you never have to worry about misplacing it.
To make a purchase, simply key in your Pace Card details upon checkout and your bill will automatically be split into 3 interest-free payments.
The best thing? The Pace Card is absolutely free to use. You are charged 0 fees and 0% interest when you make a purchase.
Let’s see how having this “power of 3” in your pocket can empower you financially.
1. Lessens the load on your wallet
If your cashflow is tight this month, there’s no need to worry about getting into credit card debt! Just use the Pace Card to make your purchase, and you’ll be able to instantly split your payment into 3 manageable parts. At the time you make the purchase, you will only have to pay 1/3 of the total price upfront — depending on your buy limit.
Note: If you link your Pace Card to your credit card as the fund source, your buy limit is up to $3,000; if you link your debit card as the fund source, your buy limit is up to $1,500.
Splitting your purchases into 3 payments enables you to pay for them at a pace (get it?) you’re comfortable with. For instance, if you make a purchase worth $999, you only have to pay $333 upfront. You then pay $333 per month for the next 2 months.
To make it easier to plan your finances, you’ll pay your instalments on the same date as your original purchase in the 2 following months. So, if you made your purchase on 25th February, your next 2 instalments will be paid on 25th March and 25th April.
2. Doesn’t distract you from other money goals
Got a big ticket purchase coming up and anxious that it’ll derail your savings goals? No need to worry! The Pace Card lets you pace your spending so you’ll have no trouble sticking to your monthly budget or meeting your savings targets.
By splitting up your payments, you won’t need to dip into your emergency fund for unexpected expenses, such as replacing a broken down fridge or a lost smartphone.
Paying with Pace also frees up cash to meet your investment goals so you’ll never have to put your investments on hold. That way, you’ll be able to grab investment opportunities as and when they arise.
3. Earn Pace Perks as you shop
Whenever you pay with a Pace Card, you can earn up to 5% in rebates, aka Pace Perks.
How it works is that you earn 5 points for every $1 spent on the Pace Card. You can redeem 200 points for a $2 voucher, to be used to offset your next purchase at any merchant.
In other words, for every $40 spent, you have the chance to get back up to $2.
Sign up for the Pace Card today to start shopping smarter
Getting started with Pace is as easy as downloading the Pace Pay mobile app (iOS & Android), creating an account and signing up for your free virtual Pace Card. For more information check out Pace Website
Ready to shop? Here’s how to make transactions on your Pace Card.
Using your Pace Card in 3 easy steps
1. Register — Download the Pace Pay app on the Google Play Store or Apple App Store and sign up for a Pace Card by entering your debit or credit card details. A virtual Visa Pace Card will be automatically generated.
2. Shop — Browse the different brands on Pace’s shopping page. To shop, click on a brand’s thumbnail and you will be redirected to the merchant’s site, where you can then make your purchase.
3. Pay with Pace Card — Check the total purchase amount on the merchant’s site. Next, open the Pace app and input the amount to be paid. A unique 16-digit Pace Card number will be generated. Copy and paste the 16 digits (along with the expiry date and 3-digit security number) in the “credit card” field on the merchant’s checkout page.
Once that’s done, your purchase will be automatically split into 3 instalments.
(Coming soon: You will also be able to add the Pace Card to your Apple Wallet and then simply tap the Apple Pay icon to make payments.)
So, where can you use your Pace Card? Here’s a small selection of the many merchants that accept payment by Pace:
- Dreamcore — Custom PCs, gaming computers and workstations
- Razer — Headsets, laptops and tech gear for gaming, work and leisure
- Robinsons — Our favourite department store now online with a large selection of beauty, clothing, kids, bedshop, home & tech and gift picks
- Pedro — Stylish men and women’s bags, shoes and accessories that inspire confidence
- MyTheresa — An online shopping destination for children, men and women’s luxury fashion and design
- Canon — A global leader in photographic and digital imaging solutions; shop the latest full frame mirrorless cameras and high productivity printers and scanners
Find more Pace Card Merchants here.
Unlock the ‘Power of 3’ today
Pace lets you split your payments into 3 instalments, freeing up cash for savings, investments and day-to-day life.
The Pace Card is a virtual card that you access on your mobile phone and can be used to make payments, just like you would with a credit card, at selected online retail stores. It’s absolutely free, and you can apply for one in a flash by downloading the Pace Pay mobile app on Google Play Store or Apple App Store (iOS & Android).
As the first-in-market to launch a free to use BNPL card for consumers, Pace lets you enjoy competitive discounts and a rebate loyalty programme offered by no other BNPL providers in Singapore.