Is it safe to buy installment sim? Tips on how to buy sim without getting scammed.

If you’re planning to buy a sim card on installment but worried about losing the card or not being able to transfer ownership, don’t worry. FPT Shop is here to help you address these concerns and provide advice for a safe sim card purchase. Let’s dive in!

Is buying a sim card on installment safe and legal?

Buying a sim card on installment is a form of purchasing a sim card upfront and paying for it later. Instead of paying the full 100% of the sim card’s value, with this method, you only need to make an upfront payment of 10-50% of the sim card’s value. The remaining amount will be paid gradually over a certain period of time with interest (if applicable).

This is a legal transaction protected by the law as specified in Article 453 of the Civil Code 2015. Therefore, if the sim card purchase is made through a written contract with clear and transparent terms regarding the rights and obligations of all parties involved, you will be protected by the law and not have to worry about losing the sim card or not being able to transfer ownership.

3 Cases where you should not buy a sim card on installment

Although the installment purchase has clear legal regulations, there are still many cases where fraudulent activities occur. These cases often result in the sim card not being registered under your name or being locked after full payment, additional interest charges outside the initial agreement, etc. To avoid falling victim to scams, you should avoid the following 3 cases when buying a sim card on installment:

Unclear information from the seller

The first thing you need to remember is to avoid buying installment sim cards from sellers with unclear information, vague addresses, or who are not registered with the Ministry of Industry and Trade as prescribed in Article 1, Clause 18, Decree 85/2021/ND-CP. Reputable sellers always comply with the law from the establishment stage.

Unclear delivery and payment methods

• The seller requires you to make a transfer payment before delivering the sim card.
• Exorbitant interest rates, exceeding 20% per year.
• The sim card is not directly delivered but through a third-party courier. In this case, the seller may deliver a different sim card, of lower quality, and shift the blame to the third party, avoiding responsibility.

Transactions not based on a contract

• The seller conducts oral transactions without providing or refusing to sign a contract.
• There is a purchase contract, but the provisions are very vague and ambiguous.
• The provisions in the installment purchase contract only benefit the seller.

Tips for safe sim card installment purchases, avoiding scams

Consider your financial capability

The world of sim card installment purchases offers a wide range of products at various price points. While sim cards with birth years, lucky numbers, or auspicious numbers are priced in the mid-range, sim cards with repeating digits (e.g., “5555,” “8888”) are much more expensive. Therefore, before making a purchase, you need to consider your financial capability to choose a suitable sim card.

In addition, you should inquire about the seller’s policies regarding installment interest rates, service fees, late payment policies. This will help you have a backup plan in case of financial difficulties during the sim card installment process, avoiding losing the entire amount of money you have already paid.

Only buy when there is a clear contract

The contract is the basis for protecting the rights of both parties and binding the responsibilities of each party. Therefore, you should only buy a sim card on installment when the seller provides a contract with clear terms that balance the rights and obligations of both parties.

Furthermore, when you receive the contract from the seller, read it carefully, especially regarding personal information, payment terms, interest rates and fees, the time for transferring ownership, late payment penalties, etc. If you find any vague or unclear terms, request clarification and timely supplementation from the seller.

Give priority to bank transfer payments

Another thing to note when buying a phone sim card on installment is to consider the payment method and prioritize making payments via bank transfer. When making a bank transfer, the amount you have paid will be recorded in the transaction history by the bank. On the other hand, if payment is made in cash, the buyer needs to have payment receipts and certificates for each installment payment as evidence to avoid disputes and complications.

Buy low-interest installment sim cards from reputable sellers

To avoid scams and receive comprehensive support, you should buy installment sim cards from trusted retailers. The following criteria will help you choose a reputable sim card seller:

• Having a business license issued by the Department of Planning and Investment.
• Their website provides information registered with the Ministry of Industry and Trade as required.
• Having a clear business address that matches the information on the website, contract, advertisements, etc.
• Providing a hotline number and having a professional and attentive customer service team ready to answer any questions you may have.

In addition, you should only transact with sim cards that are publicly advertised on the website to avoid being tricked into using fake or unauthorized sim cards. Furthermore, you should also refer to information on sim card forums and groups to see reviews about sellers, sim cards, or advice and experiences from previous buyers.