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Summary: Worried about high Credit Card dues? You can opt for the EMI facility on Credit Cards through which you can pay your outstanding Credit Card dues in installments. Read on to understand how EMI works on Credit Cards and its various aspects.
Want to make big purchases but struggling to manage expenses? EMI on credit cards can help you! With EMI, you can split up your payments into smaller monthly instalments. This means you can enjoy the things you want without worrying about going over budget and with better financial flexibility.
Let us understand EMI on credit cards in detail.
EMI on credit cards works in two ways:
Also read - What is EMI Full Form
EMI on credit cards offers several benefits. Some of them are as follows:
EMI on credit cards converts large payments into monthly instalments, making it affordable and easy to manage. This will help you settle your dues while maintaining financial stability.
With easy budgeting and monthly payments, EMI on credit cards make big purchases convenient and manageable, ensuring you get to fulfil every dream.
EMI on credit cards reduces default risks, like missed or delayed payments, and impacts your credit score positively. Timely repayments contribute to long-term financial health.
There are certain things to consider while availing of this option. These include -
While interest rates vary across banks, certain factors influence them. These include:
The amount you want to convert into EMIs - The higher the amount, the greater the chances you will need to pay a higher interest rate.
Payment history - If you have settled your outstanding credit card dues on time, you will likely be offered a lower interest rate. In case you've missed payments in the past, interest on EMI on credit cards is likely to be higher.
Pro-tip - Opt for a credit card like the FIRST SWYP Credit Card that eliminates interest rate complexities. Just pay a flat monthly EMI conversion fee and nothing else. This offers a unique advantage to cardholders, helping them save money on high interest charges, convenience and fees.
EMI on credit cards allows you to convert high-value purchases, such as buying a new phone or going on a vacation, into easily manageable monthly payments. This is a hassle-free way to get what you want without worrying about the burden of a large payment. The FIRST SWYP Credit Card offers a flat monthly EMI fee of starting from Rs 49 + GST, allowing you to spread the cost of your purchases over time.
Banks generally charge a processing fee when you convert your credit card dues to EMIs. The processing fee varies depending on the bank and is added to the total cost of availing the facility. With the FIRST SWYP Credit Card, you don't have to worry about it, as it doesn't charge any processing fees.
Repayment tenure is when the bank allows you to pay back the EMIs. This differs across banks and can range from a few months to even a few years. Opt for a tenure that allows easy repayment.
Merchants offer EMI on credit cards, making the purchase convenient and financially rewarding. With the FIRST SWYP Credit Card, you can enjoy irresistible deals from top merchants like Domino's Pizza, TATA Cliq, EaseMyTrip, Zomato, and more.
There are two types of credit card EMI conversion facilities available on FIRST SWYP Credit Card -
To put it simply, this card minimises the risk of falling into a debt trap due to high interest rates and penalties stemming from carrying over credit card balances for months and even years.
The EMI facility on the FIRST SWYP Credit Card offers peace of mind, allowing you to pay outstanding dues on time and manage essential financial commitments without straining your finances. With transparent, flat monthly EMI conversion fees, and convenient tenures, the FIRST SWYP Credit Card makes credit card payments hassle-free for users. Apply for one today!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.