Can't pay your Credit Card bills on time?

You've got to check out Credit Card EMIs

What are Credit Card EMIs all about?

Let's say you aren't able to clear your credit card dues on time, you can then opt to have your bill paid out as an EMI.

Credit card EMIs can be suited to those who can’t pay their credit card bills in one go. 



Things to know before you opt for a Credit card EMI

Before you opt to shift your bills to a credit card EMI, these are some factors to keep in mind -

1. Interest Rates
2. Declining rate of interest 
3. Repayment time frame
4. Processing Charges 
5. Cancellations 

Interest rates depend on the bank as well as the time frame of your intended pay off.

Ordinarily, shorter time frames incur lower interest rates, while longer tenures attract higher interest rates.

Interest Rates

Most banks charge interest based on the reducing balance method.

This means that the interest rate applicable depends on the balance amount of the loan that remains at the end of each month.

Declining Rate of Interest

In most cases, you are allowed to choose a tenure that can range from 6 months to 2 years.

Certain banks also offer 3-month tenures.

Repayment Time Frame

Certain banks don’t charge a fee for converting purchases into EMIs, making it possible to save some money.

In case these fees do apply, banks may choose to forgo them during festive seasons.

Processing Charges

Credit card EMIs can be cancelled if you have the funds to clear your EMI prior to your tenure’s end.

However, you will have to pay a foreclosure fee. Long-time customers may be able to forego this charge.



Cancellations

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