Easy Guide to Switching Your Credit Card Payment to EMI

Credit cards have simplified life, and EMI options have added even more convenience. Understanding how to convert credit card payments into EMIs helps you repay dues in manageable instalments rather than all at once. 

EMI stands for Equated Monthly Instalment, and they are used to pay off the interest and the principal amount of a loan. Paying in EMIs allows you to pay bills easily and make quick online purchases without worrying about overspending or going over your budget. No wonder then that their most attractive feature is financial flexibility!

What is a Credit Card?

A credit card is a thin rectangular metal or plastic card that lets you buy things now and pay later. It can be used for online purchases, booking tickets, planning holidays, paying bills, and covering other expenses.

You can easily handle all payment-related tasks with a credit card. To enhance this, you can convert a credit card payment into EMIs. Make sure to understand the conversion process. Learn about the process, its benefits, and more to make the most of this option.

How to Convert Credit Card Payments into EMIs?

There are just 4 steps to using the EMI conversion facility if you use internet banking. You can also complete this process in a few other ways:

• Log into the Online Account

If you are using Internet banking to complete the conversion process, then you need to follow these steps:

Step 1: Log in to Internet banking

Step 2: Go to the ‘Credit Card’ section

Step 3: Select the ‘Convert to EMI’ option

Step 4: Save the changes

You will need to wait for approval from your bank to access this option and begin paying in EMIs. 

• Call the Customer Care Facility 

To start this process, contact your bank’s customer care team. They will request for your card details, and once approved, you can pay your credit card bill in EMIs.

• Send an SMS:

You can also request for the EMI facility via a text message. Send your card number and the right keycode, and you’ll receive a call or a confirmation from your bank. Confirm the EMI option, and you’re done!

Benefits of Converting your Credit Card Outstanding Payment into EMI

Being able to pay in a more relaxed and comfortable manner is the primary benefit of this facility. Here is an in-depth look into why you can choose it: 

• Reduce Overdues and Added Interest

By choosing to pay bills in EMIs, you can keep from having an overdue balance in your name. This reduces the high interest that such balances otherwise attract. Your EMIs will also attract interest, but this rate is much lower. In some cases, there is zero interest applied, which can be more pocket friendly. 

• Longer Repayment Tenure

You usually need to pay your credit card balance the following month. However, with EMI, you can extend this period up to 36 months. This allows you to pay over a flexible repayment term.

• Better Credit History

The better you manage your credit card payments, the more your credit score will improve. This will help you access credit more affordably during times of need. 

• No Foreclosure charges

Most credit cards with EMI facilities have no cancellation charges. You can pay off your EMI early without extra fees.  

• No or Low Processing Fees

If you are looking to convert credit card payments into EMIs, you can do so by paying a nominal processing fee or at zero charges. This makes the facility even more affordable. 

Important Points to Consider While Switching Your Credit Card Payments to EMIs

This facility is subject to certain terms, so ensure you keep the following in mind:

• Not every credit card will have this facility
• EMI purchases on credit cards lead to a reduction in your credit limit
• Online merchants may provide better deals for EMI purchases in comparison to your card
• Try to foreclose your loan only if there are no added foreclosure charges

The festive season is approaching, and you may need to make many purchases. However, you don’t have to handle all these expenses at once. With the EMI option, you can spread out your costs more manageably.

If you do not have a credit card yet, you can get access to the smoothest onboarding process with the One Card. This should be your ultimate option if you want access to numerous benefits while you want to travel, shop or dine out. You can earn 5X rewards on your top two spending categories, be it groceries, entertainment or travel with this stylish metal credit card. 

Opt for this contactless online and offline payment option and get numerous discounts and deals. Apply now to experience the powerful One Credit Card mobile application, which makes it easy to opt for the EMI facility on the go!