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How to convert your credit card payment to easy monthly installments
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Should you be paying off your credit card payments in EMIs? There are many reasons you might want to. It could be as simple as you wanting to be able to make other purchases without a large credit card payment standing in your way.
While you might end up paying more with added interest, doing this would make it easier on you to clear off your dues with less stress. It also means that you’ll be able to clear your outstanding balance on your credit card.
Converting your credit card payment to easy instalments gives you a long time to pay your balance while being able to avail offers from the best reward credit cards in India.
It’s important to keep in mind that at the same time, you might end up paying more towards your bills just because of the added interest charged for the additional time you get.
If you’ve been looking for a way to convert your credit card payments to easy EMIs, there are a few things to know –
Ways To Convert Credit Card Payment To EMIs
Remember, there are two ways you can achieve this.
Firstly, you can convert your purchase into an EMI at the checkout when you make your purchase. Most large retailers allow you to do this, especially when it comes to more expensive products like televisions and cars.
Alternatively, you may convert your outstanding credit card balance to EMIs. Many banks now have great offers that let you do this through your online NetBanking facility. In case you’re having trouble finding the option with your bank, you can go ahead and contact them for more information.
Most banks today allow you to get in touch through various means. If you don’t want to physically visit the bank, there are other ways to contact them. Calling, sending an email or starting an online chat on their website are easy ways you can get more information.
How Much More Will I Need To Pay?
Whenever possible, look to see if you can avail of a no-cost EMI from your bank. This is the best-case scenario because you’ll be able to split up your credit card payments into instalments without having to incur any cost.
Otherwise, for most large banks, the interest rates for EMIs ranges from 12% to up to 18% per year. If possible, try to choose a shorter tenure that works best for you, because a longer-term means more interest that you have to pay.
Converting Credit Card Payments To EMIs With Popular Banks
HDFC Bank
HDFC Bank lets you convert your credit card payments to EMI using something called SmartEMI.
You can avail of this service by logging on to your HDFC NetBanking facility and launching the SmartEMI platform.
Remember, you will be charged a nominal rate of interest for using this facility because you’re being granted more time to make your payments. You may choose from a tenure of 9 months to 6 years.
HDFC Bank’s credit card EMI calculator can be found here.