The UAE's big bad behemoth of banking--aka Emirates NBD--is offering customers what sounds like an enticing plan: 0% interest on credit card purchases. When you make big purchases, you get to make payments in a number of monthly installments and won't accrue interest as you do. Not bad, not bad.

But here's the catch.
You can only do this at a limited number of retailers, which include Al Liali Jewellery, Better Life, Damas, Harman Middle East, Hoover, IDdesign, Marlin Furniture and Maytag. And each time you make a purchase using the plan, you have to fill out a form in which you specify how many months you want the 0% loan for--you can choose between 3, 6, 9 and 12. Who wants to bet that some branches of the abovementioned retailers won't have the necessary documents ready?

You can't knock Emirates NBD for getting creative with its consumer credit offerings these days. If you ask me, though, the 0% plan falls a tad short of a good reason to switch banks or get an Emirates NBD card. In fact, it's a bit galling (not to mention sneaky) to get releases with headlines like "0% installment plan" when it the not-so-small print tells quite a different story. Hell, I'll give you 0% interest. But only on eraser and thumbtack purchases in quantities of 10 from two stores in Al Ain. Is that worth starting a marketing campaign about? Full details after the jump.

PRESS RELEASE: EMIRATES NBD LAUNCHES THE FIRST 0% INTEREST INSTALLMENT PLAN 

United Arab Emirates, Dubai,02 February 2009 -Emirates NBD, the region's largest banking group in terms of assets announces the launch of 'PLAN ZERO'- the first interest free program by Emirates NBD, following the success of its credit cards installment plan that offers the lowest interest rates.

This new program gives flexibility and greater financial control to customers by offering a wide range of interest-free installment plans, from 3, 6, 9, or 12 months. Shoppers are only required to shop using their Emirates Bank or NBD credit cards in each of the selected outlets of various categories like: Electronics, Home Essentials, Jewellery and more.

A number of recognized brands are participating in the 'PLAN ZERO' program, which include: Al Futtaim Panatech, Al Liali Jewellery, ARDO, Better Life, Damas, Eros Electricals, Harman Middle East, Hoover, IDdesign, Joyalukkas, Marlin Furniture, Maytag, Switch Electronics, V-Kool, VLCC, and V.V & Sons.

Suvo Sarkar, Executive VP & General Manager, Retail Banking at Emirates NBD said, "The 0% interest installment plan offers all Emirates NBD credit card-holders terrific value through substantial savings on interest!. Typically a cardholder, who purchases a high value item and pays less than full outstanding, is charged interest. Under this offer, a customer can buy the same high value item and choose to pay in convenient, fixed installments at 0% interest. Thus they can get savings on interest." 

"We at Emirates NBD will continue to seek innovative offers with local and regional commercial alliances across the UAE, in order to sustain our customers' satisfaction and provide them with a wider range of enticing offers," reiterated Sarkar.

Saif al Mansoori, Head of Marketing Consumer Banking and Wealth Management, commented, "Emirates NBD is proud to be the leader in launching 'PLAN ZERO' programme, which provides the most rewarding and competitive products, offers and services to its customers. The new and guaranteed 0% interest rate on all purchases from selected retailers is an unprecedented and revolutionary offer which we are confident is going to attract large number of customers who are looking for higher returns on their purchases."

Al Mansoori concluded, "Our customers can take the opportunity and avail of the fantastic offers from these prestigious establishments and most of these offers are valid throughout the entire year."

All Emirates Bank and NBD credit cardholders can enjoy interest free usage on their credit cards by filling the 0% Installment Plan form at the participating retailer.