Plastic money is one of the most convenient financial tools available today, and there are several reasons behind it. One of these reasons is the credit card EMI option. It allows you to convert your credit card bill into easy monthly instalments.
It is a very good option if you want to make a big-ticket purchase without paying the bill all at once. Apart from purchases, this option can also help you plan your holiday and aid you during emergencies, too. However, understanding how to initiate this process is a must.
Without any further delay, delve deep into the credit card EMI option and everything associated with the process.
Fundamentals of EMI on Credit Cards
Most issuers have introduced this incredible option using which you can turn your purchase amount into comfortable EMIs. Suppose you want to buy an air conditioner or a watching machine. You can easily buy it with your credit card and repay the amount in instalments.
This ensures you do not overextend your monthly budget and can easily repay the loan amount at a nominal interest rate. Moreover, with the EMI option, you can enhance your credit score and build a flawless credit history. Doing that helps you get a better credit limit and lower interest rates in the future.
Considerations Before Converting Credit Card Dues into EMIs
Before you enjoy the convenience of this process, you must consider certain aspects to ensure that you get the best offer available out there.
- Repayment Period – The first thing you should do is find out which tenures are available and choose one that suits your financial situation.
- No Cost EMI – This type of EMI means that you won’t have to pay any additional interest on your purchase. Check if this option is available, as it will reduce added costs.
- Processing Charges – Understand the processing charges for the EMI conversion, as this adds to your costs.
- Foreclosure Charges – You may want to foreclose your credit card EMI amount and pay off the entire dues in one shot. Issuers may levy a charge for this, so look for what amount this comes to.
- Existing Loans – Another important thing to check out is the total amount of your existing dues. If you have a significant sum going out as EMIs, postpone your purchase.
How to Convert Covert Your Credit Cards Outstanding Amount into EMIs
There are two different options with which you can approach this process, including:
- Online Process – This includes logging into the website or the credit card’s mobile app
- Offline Process – This includes getting in touch with the customer service team over the call or by visiting a physical branch of the credit card company
Here is how you can use these options when choosing to convert your dues into credit card EMIs:
Via Net Banking
- Login to your Net Banking account with your ID and password
- Browse to the credit card section
- Choose the ‘Transaction to EMI’ option or choose ‘Outstanding to EMI’ option
Via Mobile Banking
- Login to your mobile banking app
- Navigate to the credit card option
- Choose your credit card
- Choose ‘Convert to EMI’
- Select ‘Card outstanding to EMI’
- Click on ‘Apply Now’
Via Customer Care
- Visit the issuer’s website and find the customer service number
- Dial the number and follow the instructions
- Address your request to convert your credit card outstanding into EMI
- Follow their instructions and complete the process successfully
Via SMS
- Visit your bank’s website and find out the SMS banking number
- Find out the keywords or short-form code required to convert your credit card bill into EMIs
- Send an SMS to that number with the keyword and other necessary details, such as your credit card number
- You will get a call from the credit card company’s executives to take this forward
By Visiting Your Branch
- Visit the branch of your credit card issuer
- Ask for the staff member who handles credit card-related requests
- Explain that you want to convert your credit card outstanding into EMI
- Follow the steps provided by the staff to complete the process
Now that you know how easy it is to opt for credit card EMI, you have a quick, smart option available to make big purchases more affordable. Most issuers give you the option to convert your bills into EMI through their all-in-one mobile app. A card you can enjoy this benefit with is the One Credit Card.
This lifetime-free credit card can help take control of your finances with a full-stack OneCard App, which helps you convert to EMI, redeem points and track your spends in just a tap. You can also get 5X monthly reward points on your top two spending categories. To start your journey with this credit card, apply now online!