How to convert Credit Card outstanding into EMIs

Today We will Know How to convert Credit Card outstanding into EMIs. 
Using a Credit Card for big-ticket purchases seems to be the preferable option these days. But when it comes to paying huge bills later, it can be quite burdensome. In such a case, it is better to convert your Credit Card outstanding into EMIs.

Nowadays, it is easy to pay for big or small purchases with a Credit Card. With just the swipe of a card, you can perform instant transactions with ease. Any person can avail of a suitable Credit Card from any bank with minimal documentation. Moreover, with every Credit Card payment or transaction, you earn reward points, cashback and discount offers. There are many advantages of having a Credit Card as it gives you the freedom to avail of credit anytime, anywhere. Given the benefit of the credit, some of you may tend to use it repeatedly without realising that the card comes with a spending limit.

Before knowing how to convert Credit Card outstanding into EMIs, let’s get to know the benefits.

Lower interest rate:

While selecting the EMI option on your Credit Card payment, keep in mind that you will benefit from a low-interest rate. Banks usually apply interest based on the outstanding balance on the Credit Card instead of the entire amount. For instance, if your outstanding balance is Rs 50,000, and you have paid Rs 10,000,you will be charged an interest rate on the balance amount, which is Rs 40,000.

Flexible repayment:

By converting your outstanding dues into EMI, you get a longer tenure to repay the credit. Paying in small instalments wouldn’t put a strain on your finances. However, you can avoid the habit of paying the minimum due as it attracts 5% of the outstanding balance. Thus, the dues will continue to grow with interest on the revolving credit.

Credit history:

Credit Card EMIs won’t affect your credit history. In fact, it will help you avoid and prevent yourself from late payment charges, thus mending your Credit score. Thus, converting your Credit Card bill into EMIs will help maintain your credit score.

How to avail of the EMI facility on Credit Card bill?

To convert your outstanding Credit Card balance into EMIs, you can follow any of the three processes:

1. Internet Banking: Log in to Internet Banking with your user ID and password. Then select ‘Convert to EMI’ option under the Credit Card section.

2. SMS: You can also apply for an EMI facility on your Credit Card bill through an SMS. Once you send the SMS on the banking number, you will receive a call from the bank to convert the transaction into EMI.

3. Customer Care: You can directly call the Customer Care of your bank. The bank will ask you for the card details, and in the process, you can apply for the conversion of your Credit Card bills into EMIs.

The bank has the right to approve or reject your request. Before opting for the EMI facility on the Credit Card bill, you can calculate the monthly installments using the Credit Card EMI Calculator tool.

FAQ :- 

1) Can I convert my credit card outstanding to EMI?

You can convert most of the credit card payments into the proposed EMI schemes. Although, a Credit Card purchase of gold or any jewellery is not entitled to EMIs. Additionally, transactions that crossed 60 days or more, can't be taken into consideration.

2) Is converting credit card bill to EMI affect credit score?

 No, your credit score is not negatively impacted if you choose to convert your outstanding dues into an EMI option, where possible. It only helps to ensure that your credit card dues are paid off on time every month and in a more manageable way. This helps to improve or maintain your credit score in the long run.

3) Which is better EMI or full payment?

Full payments significantly impact families as the amount is completely drawn on the savings accumulated. You may want to consider EMI options for heavier purchases rather than full payment. Depending on the amount of equated monthly instalments, EMIs do not significantly impact savings.

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