Easy Ways to Convert Your Credit Payment into EMI
You shall come across an exceedingly helpful option if you spend some time learning how to convert credit card payments into EMI. Paying your credit card bill shouldn’t feel like a burden, especially after a vacation or having just recovered from a medical treatment. It is essential to take a break – and with this feature, you can plan your next steps without worrying about paying your bills in full.
Whether you’ve just gone on a holiday or have paid medical bills with your card, EMI conversion is a handy option to deal with big-ticket spends. Using the facility, you don’t miss out on your credit card bill payment or hamper your credit score. Understanding how it works will help you enjoy stress-free transactions within your monthly budget.
How to Convert Your Credit Card Payment into EMI
Converting your credit card bill into EMI is an essential option to avoid added interest rates or clocking a poor credit score on missing due dates. You can find a simple online process to convert your credit card payment into EMIs.
You can follow these steps to convert your credit card bill into EMIs successfully:
- Step 1 – Log in to your banking app or website
- Step 2 – Navigate to the cards tab
- Step 3 – Choose the transaction you want to convert to EMIs
- Step 4 – Select the EMI option
- Step 5 – Click on ‘Know your Eligibility’ [this step will help you understand whether you are eligible for the EMI option or not]
- Step 8 – Choose the ‘Convert to EMI’ option along with your tenure [if you are eligible]
A confirmation will be delivered to you via SMS or email after you have completed the process. From there on, you can start repaying your credit card outstanding in easy monthly installments. Apart from this online EMI conversion process, you can also go for options like calling customer care or visiting the issuing bank’s branch.
5 Points to Remember Before Converting Credit Card Bill into EMI
Consider these factors if you are planning to apply for an EMI conversion of your credit card transaction. Each of these points will help you to navigate the process more fluently. The topics are:
- Processing fees
This facility attracts a processing fee. Most issuers charge a nominal fee (from 1.5% to 2.5% of the amount) that you can easily pay to benefit from this facility. Since it varies based on the card you have, check it to avoid surprises later on, and ensure the benefit you get outweighs the cost.
- Interest Rates
Generally, the interest rate will vary based on your repayment tenure. If you are splitting the bill across a longer duration, your interest rate may be higher. And if you are going for a short repayment tenure, you will attract a much lesser interest rate. This depends on the issuer.
Some credit card companies offer a no-cost or zero-cost EMI option. This can make it really worthwhile for you.
- Repayment Tenure
Normally, you will find repayment tenures to be between 6 and 36 months. Based on your comfort, you can choose a timeline that helps you repay your EMIs easily.
- Pre-closure Charges
No one loves to be in debt for a prolonged period; to do the same, you may want to repay your total bill before the EMI tenure ends. While converting your credit card payment to EMIs, ensure you know the pre-closure charges. It will help you understand if paying the amount early will help you save on interest.
- Eligibility and Minimum Transaction
Credit card companies may not allow those who have defaulted on bills to have access to EMI conversion. You also need to have enough available credit limit to cover your big-ticket purchase. Apart from that, issuers have a certain minimum bill amount that they require before you can take advantage of this facility. Check all this before you go ahead.
Benefits of Converting Your Credit Card Bill into EMI
Are you still at a fix about whether to go for the EMI option? If yes, check out the benefits of converting your outstanding bill into EMIs. This is one of the most useful benefits of credit cards in India, allowing you to:
- Save on late payment fees (as long as you pay EMIs on time)
- Improve your credit score
- Get lower interest rates as compared on that levied on unpaid dues
- Pay flexibly across a repayment tenure of your choice
- Tackle financial emergencies with ease
- Use your card for other monthly expenses
- Access the facility without any paperwork or stress
Now you know how to convert credit card payment into EMI to manage big-ticket purchases without hampering your monthly budget. Alongside this, it is also important to choose a credit card that offers you various deals and discounts along with lucrative seasonal offers. In this way, you can have a better shopping experience.
The One Credit Card can offer all this and more. Not only can you use the app to convert bills into EMI in just a click, but also see the best offers near you with the help of GPS. You can also earn 5X reward points on your top two spending categories each month. Apply now to get your hands on this credit card and enjoy easy payment options.
