Here is how to smartly convert credit card purchases into EMI

Credit cards account for a significant percentage of cashless transactions. Presently, there are about 44.2 million credit cards in operation by December 2018. The escalated use of plastic money can be attributed to the various lucrative features it offers. One such feature is the ability to repay in easy EMIs. According to recent surveys, about 20% of the Gross Merchandise Value Sales made on the e-commerce platform are through EMI payment modes.

convert credit card purchase to EMI

Hence, leading financial institutions offer its customers with the option to convert credit card purchase to EMI. This is exceptionally beneficial for cardholders when they require making substantial investments through their cards. Repayment through EMIs makes it easier to repay a lump sum outstanding amount against lower chances of missing the repayment and increasing a default.

Thanks to the various NBFCs, customers can now enjoy the perks of EMI payments through easy conversion of the outstanding of credit card purchases.

How to convert credit card purchase to EMI

Specific cards come with the features to let a cardholder repay his/her hefty investment through easy EMI repayments, or convert the outstanding credit bill amount into easy EMIs.

Keeping in mind this convenience, reputed financial institutions like Bajaj Finserv offers smooth conversion of card purchases to equated monthly instalments (EMIs) –

Step 1: Call their 24 X 7 toll-free customer care number for credit cards – 022 – 71190900

Step 2: Request for the conversion of the due amount on your card into easy EMIs

Alternative Step 2: Submit the same request online. This yields fast processing.

However, it is essential that the minimum transaction done through the credit card is more than Rs. 3000 to avail of this feature.

Here are a few tips and tricks to make sure that customers draw the most benefit from this conversion feature –

TIP 1: Go for the credit cards offering the conversion feature

It is essential that customers go for credit cards that provide such beneficial features like Bajaj Finserv RBL Bank SuperCard. This card offers its customers with a repayment option through 3 easy EMIs and nominal processing fee. These payments are a convenient and affordable which ensures that customers need not stress on their budget while repaying this loan.

Additionally, the card provides other industry-first attractive features like –

  • Customers can avail emergency loans by converting the limit of their card. The loan amount is interest-free for up to 90 days and can be paid back in 3 easy EMIs.
  • The card provides cardholders with Bajaj Finserv privileges that include discounts and EMI options on groceries, accessories, clothes, etc.

Customers are also provided with robust security features against any threats of cybercrime and are offered attractive welcome rewards with each purchase.

Bajaj Finserv also provides various pre-approved offers, which help to ease out the process of availing the loans and saves your time. These offers are available on credit cards, business loans, home loans, personal loans, and many such financial products. All that you need to do is provide some essential details and check out your pre-approved offer.

TIP 2: Leave no outstanding balances on the card

An outstanding balance on the card negatively affects the credit score of an individual other than the interests and penalties it will come with. Paying just the minimum amount will only shift your remainder to the next statement along with interests on top. Always keep your expenses in check so that you are able to meet the total outstanding.

The option for cardholders to convert credit card purchases to EMI can be extremely beneficial in scenarios when the total outstanding amount is difficult to meet. Tenor periods for such EMIs range from 3 to 24 months differ between credit card providers.

Customers often find this to be a convenient feature while online shopping and availing the services of various travel sites. Reputed NBFCs also provide their customers with multiple credit card offers when they pay through easy EMIs.

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Article Author Details

Riacha Sharma