What is a 30-60-90 credit plan?

A 30-60-90 credit or payment plan refers to a payment plan that splits the cost of the purchased goods over three months, typically with no interest added. As of 2015, this payment plan is offered for a wide variety of goods, such as eyewear, hardware stores or jewelry.

The Northern, for example, is a hardware and furniture store that offers a 30-60-90 payment plan for any purchase that totals over $300. Payments are then made in 30 day increments at 30, 60 and 90 days after the purchase date. Alternatively, the company also offers a charge account for its customers that allow them to pay for purchases on a monthly basis, though this method has a 2 percent monthly interest rate.

Eyewear companies, such as Seifert & Associates, also offer 30-60-90 payment plans for any type of purchase. This payment plan allows customers to wear the product they have purchased and simply make payments that can be individualized to fit a monthly budget plan.

Jewelry stores, such as BC Clark Jewelers, also offer an interest free 30-60-90 payment plan. Customers looking to participate in this plan require approval from the company's credit department and are required to fill out the company's credit application.