BASIC TERMS AND CONDITIONS OF THE PURCHASE ACCOUNT
If you want to buy now, but pay after receiving the goods, buy from the e-shop with a purchase account.
The purchase account is based on a credit limit, which makes shopping in the e-store convenient and secure for individuals.
Purchase account is an innovative "buy now, pay later" payment solution that allows you to pay for different goods within the specified credit limit only after receiving the goods. You can choose the time and amount suitable for repayment yourself. A precondition for payment with a purchase account is the conclusion of a one-time purchase limit agreement (credit agreement). A purchase account is a more reasonable solution than an installment payment, as the interest is calculated on the balance of the purchase limit and not on the purchase amount.
NB! The purchase account option is only valid for private individuals in the e-shop.
TERMS AND CONDITIONS OF USING THE PURCHASE ACCOUNT
the maximum purchase limit is € 1,000 (depending on the customer's creditworthiness);
the interest rate is 17.9% per annum (interest is calculated on the balance of the available purchase limit);
Signing the contract is free of charge;
the purchase account management fee is € 1.95 per month (applies if the purchase limit is used in part or in full);
the transaction fee is € 2.95 (added when making each purchase);
in order to enter into a purchase limit agreement, an individual must be at least 21 years old;
the purchase limit agreement is valid until the maximum individual reaches the age of 75;
a minimum of 3% but not less than € 10 of the used purchase limit must be returned monthly. There is
a monthly bill for this. If you wish, you can always repay more than the amount shown on the invoice.
For example: if you make a larger purchase, but there are fewer free funds in the purchase account than are needed to make the purchase, then it is possible to increase the amount of free funds in the purchase account and thereby complete the desired transaction;
To close the purchase account and terminate the purchase limit agreement, contact the purchase account payment solution provider and creditor Svea Finance AS by e-mail at email@example.com or by phone 679 9422.
Attention! The purchase account is a financial service provided by Svea Finance AS. Please read before signing the contract ostukonto tingimustega, if necessary, consult with our specialist.
Sample purchase account terms:
Fee for opening a purchase account and concluding a purchase limit agreement 0 €, administration fee 2.95 € per month, transaction fee 1.95 €, credit cost rate 23.91% per annum, loan amount 2000 €, planned term 12 months, number of repayments 12, interest 17.95% from the used purchase limit per year, the repayment amount is € 2,226.31 and the total amount is € 2,226.31.
FREE PURCHASE INSURANCE IS ADDED TO THE PURCHASE ACCOUNT
Purchase insurance is an insurance cover accompanying a purchase account, which provides additional protection for purchased goods in the amount of up to € 5,000 for unforeseen situations.
Free 180-day purchase insurance helps you to buy e-store products stress-free without having to worry about unexpected losses. The maximum sum insured for purchase insurance is € 5,000 per year for all goods purchased with a purchase account per owner of one purchase account.
Purchase insurance is free of charge for the purchase account holder, except for the deductible of € 30 associated with the insured event, and is valid for 180 days from the date of purchase. Purchase insurance is automatically included in the purchase account agreement. The insurance cover expires prematurely when the purchase account is closed.
The exact terms and conditions of the purchase insurance, including exclusions and instructions on how to proceed in the event of damage, are available HERE.
INSURANCE RATES AND FEES
Purchase insurance contract and administration fee
Insurance cover duration
Maximum purchase price of goods covered by insurance
Maximum sum insured per insured event
Maximum sum insured per owner of the purchase account (purchase limit agreement) in total per year
Deductible for an insured event
BENEFITS OF A PURCHASE ACCOUNT
- fast, easy and secure payment solution, because as soon as the contract is concluded, you can purchase suitable goods within the specified purchase limit:
- there is no minimum transaction amount limit when using a purchase account;
- to use a purchase account, it is enough to identify yourself with an ID card, mobile ID or Smart-ID;
- it is not necessary to enter into a new credit agreement to make a new purchase - the transaction amount is automatically deducted from the purchase limit related to the purchase account;
- 30-day convenience guarantee or 30-day free trial. If the full amount of the transaction is returned to the purchase account within 30 days for the first purchase, then the full exemption from interest and transaction fees applies to the given purchase, ie no additional costs are involved in the first purchase;
- the interest-free period, ie 30 days, is always interest-free;
- a flexible payment solution, ie you can choose when and how much to use the used purchase limit, ie the used limit can be refunded in full or in part exactly if you like, or several times a month;
- the purchase account is reusable, ie if regular refunds are made to the purchase account for the purchased goods, new purchases can be made again within the refunded purchase limit;
- suitable for everyone, ie the purchase account is intended for use by customers of all banks;
- 180 days of free insurance, ie the purchase account includes free insurance coverage for the purchased goods in the amount of up to € 5,000;
- the purchase account is for an indefinite period (valid for a maximum of 75 years) and can be closed at any time without additional termination fees;
- current discounts and regular campaigns in the e-shop create an opportunity for greater customer loyalty.
HOW DOES A FIRST PURCHASE WITH A PURCHASE ACCOUNT?
Buying with a shopping account is quick and easy:
- First, find the right products in the e-shop and add them to the shopping cart;
- when paying for the products in the shopping cart, the payment solution of the purchase account must be selected as the payment method;
- after choosing the payment solution for the purchase account, you must identify yourself with an ID card, Smart-ID or Mobile ID and open a purchase account and enter into a purchase limit agreement;
- After signing the contract, the e-store order has been placed and confirmations about the order and the conclusion of the contract will be sent to the e-mail address.
TERMS AND CONDITIONS FOR PURCHASE ACCOUNT APPLICANTS
The purchaser of the purchase account and the applicant for the purchase limit must meet the following conditions:
- be a citizen of the Republic of Estonia at least 21 years of age or a person with a valid residence permit of the Republic of Estonia;
- the net income must be at least € 250 per month, received in a bank account for at least the last 6 months;
- there must be no open payment defaults and at least 6 months must have passed since the last closed payment default.
FREQUENTLY ASKED QUESTIONS ABOUT PURCHASE ACCOUNT
What is a purchase account?
Purchase account is a "buy now, pay later" payment solution based on a credit limit, which is fast, convenient and secure and allows you to buy various goods from the e-store repeatedly. A precondition for opening a purchase account is concluding a one-time purchase limit agreement. The amount of the requested purchase limit can be used to purchase goods from the e-store repeatedly. You can choose when and in what amount the purchase limit will be repaid (the minimum requirement is that at least 3% of the used limit is repaid every month). There is a free trial period for the first 30 days, during which there is no service or interest charge for using the purchase account.
How is a purchase account different from an installment?
The main difference between a purchase account and an installment payment is that the purchase account is intended for repeated purchases, but an installment purchase for one specific item. In addition, the installment interest is calculated mainly on the purchase amount, but in the case of a purchase account on the used purchase limit. In most cases, the installment contract also has a fee for concluding the contract, but there is no fee for opening a purchase account and concluding a purchase limit contract. Purchase account is also one of the cheapest ways to buy goods with credit.
Who is the purchase account for?
The purchase account is intended only for private individuals from the age of 21 until the age of 75. The purchaser of the purchase account and the person concluding the purchase limit agreement must meet the conditions of an ordinary credit applicant, ie the net income must be at least € 250 per month and must be credited to a bank account (at least the last 6 months), the applicant must be a citizen of Estonia at least 6 months must have elapsed since the permitted and closed payment default.
Can a company or business customer pay with a purchase account?
No, the purchase account payment solution is only valid for private individuals and only in the e-shop.
How do I open a purchase account?
The purchase account is opened after the appropriate goods have been selected in the e-shop, they have been added to the shopping cart and the purchase account is selected from the list of payment methods to pay for the purchase. The account is then opened, a purchase limit agreement is concluded and the purchase process is completed. It only takes a few moments to open a purchase account.
Where can I use a shopping account?
The purchase account is intended for the purchase of goods in the e-shop.
Why is a shopping account useful for me?
If you do not have enough funds, but you need to buy different goods, you can make the necessary purchases with a credit limit. The purchase limit received within the purchase account allows you to buy goods from the e-store repeatedly, quickly, conveniently and securely. The trial period of the first 30 days is valid, when no service fee is applied for the use of the payment solution. In addition, there are always 30 days interest-free purchases. Also, paying for goods with a purchase account is much cheaper than buying in installments, because the interest is calculated on the balance of the purchase limit and not on the purchase amount.
What is purchase insurance?
Purchase insurance is an insurance cover related to a purchase account, which provides additional protection for purchased goods in the amount of up to € 5,000 for unforeseen situations. Purchase insurance is free of charge, except for the deductible of € 30 associated with the insured event, and is valid for 180 days from the date of purchase. The insurance cover expires prematurely when the purchase account is closed. Purchase insurance is automatically included in the purchase account agreement. You can read the exact terms and conditions of the purchase insurance, including exclusions and instructions on how to act in case of damage HERE.
Can I try to buy with a free purchase account?
There is a free trial for the first 30 days, during which time no service or interest charges apply.
What service fees are included with the purchase account?
When using a purchase account, the free trial period is valid for the first 30 days. Thereafter, a monthly purchase account management fee of € 1.95 per month applies and only applies if the purchase limit is used in part or in full. A transaction fee of € 1.95 is also calculated for each purchase transaction. The interest on the purchase limit is 17.9% and is calculated from the used limit.
Is the purchase account fixed-term?
The purchase limit agreement entered into within the purchase account is long-term, ie it is valid until the individual reaches the age of 75. The contract can be terminated at any time and at no additional cost.
Is there a contract fee for the purchase account?
There is no contract fee for opening a purchase account and concluding a purchase limit agreement.
What is a purchase limit?
The purchase limit is the amount of credit opened within the purchase account, to the extent of which goods can be purchased from the e-store for a longer period of time. A one-time contract is concluded for the use of the purchase limit.
What is the buy-in interest and how is it calculated?
The interest on the purchase limit opened within the purchase account is fixed at 17.9% and is calculated only from the used purchase limit.
What is your maximum purchase limit?
A maximum of € 3,000 credit can be applied for the purchase of goods in the e-shop. In addition, you can top up your purchase account at any time, as desired and without restriction, to increase the purchase limit by as much as is currently needed for purchases.
If the amount of my purchase limit is less than the price of the goods I want to buy, can I add money to the purchase account so that I can buy the goods at once?
You can deposit money into your purchase account at any time to increase your existing purchase limit. A higher purchase limit than originally requested may be needed to purchase more expensive goods at once.
If I already have a purchase account and a purchase limit agreement, can I apply for a higher purchase limit?
If a purchase limit agreement has been entered into, a higher purchase limit cannot be applied for under the same agreement.
How do I repay my purchase limit?
The purchase limit will be refunded at a time and amount of your choice. However, on the basis of the invoice, a minimum of 3% of the used purchase limit, ie at least € 10, must be repaid to the purchase account on a monthly basis.
What should I do if I want to close my purchase account and terminate my purchase limit agreement?
To close the purchase account and terminate the purchase limit agreement, contact the purchase account payment solution provider and creditor Svea Finance AS at the e-mail address firstname.lastname@example.org or phone 6799422.
WHAT ARE THE DIFFERENCES FOR INSTALLMENT AND PURCHASE ACCOUNT?
EXAMPLES OF PURCHASE AND PURCHASE ACCOUNT FOR THE PURCHASE OF THE SAME PRODUCT
Example of installment purchase (average data of installment service has been used in compiling the example):
The customer buys a product with a price of € 1,500 and wants to pay for it in installments over the next 24 months. The monthly installment of his installment is € 87.19, the interest rate is 15.90% of the amount of the purchased product, the contract fee is € 15 and the monthly surcharge is € 3. In the case of this installment agreement, the total amount of interest is € 504.84, the credit cost rate is 39.20%, and the customer must repay € 2,092.56 with additional fees at the end of the agreement.
Example of purchasing with a purchase account (the example is based on a future forecast):
The customer buys a product with a price of € 1,500 and wants to purchase it using a purchase account. Although the purchase account is opened for a purchase amount higher than the cost of a specific product and the contract has a very long validity period, the customer decides that he will repay the purchase limit used to purchase the product within the next 24 months. Under these conditions, the customer's monthly payment is € 80.08, the monthly management fee is € 3.95 (it does not apply for the first 30 days), the interest rate on the used purchase limit is 19.50%, the credit cost rate is 27.95% and the total interest is € 452.33. As this is the customer's first purchase, the customer also saves a transaction fee of € 2.95. By the end of the planned period, the customer will repay € 1,920.63 with additional charges.
NB! The payment account payment solution provider and creditor is Svea Finance AS.
- Purchase account general rules.
- Purchase insurance rules.
- Svea information and introduction: www.svea.ee