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25 OCTOBER, 2022
One of the most unbeatable perks of owning a credit card is the ease of repaying your transactions later. The best part is that cardholders can easily convert credit card bills to EMI and flexibly pay off their purchases. Thus, making expensive purchases and paying them off at their convenience is an important advantage that credit card holders can enjoy. That being said, you might be wondering if converting credit card EMIs is an intelligent choice. Here are some of the most exciting perks of converting your credit card payments into EMI.
Perks of Converting Credit Card Transactions Into EMIs
Credit Score Remains Unaffected
After knowing how to convert credit card bills into EMI, you can easily convert your outstanding balance into monthly instalments. The best part is, doing so won’t affect your credit scores. Regular and timely payments may boost your score in the longer term. And a good credit profile, as everyone knows, is crucial in ensuring various benefits, such as availing of loans, extending your limit, and so on.
Flexible Financing Options
Additionally, converting credit card transactions is useful because when you choose the EMI mode for payment, you can also choose a particular number of months over which you wish to make your payments. Cardholders can keep track of their finances much more efficiently with this ability. This can help ease stress as you will have a flexible amount of time to make payments for even the most expensive purchases. This makes for a great way to manage your funds.
Maximum Flexibility in Repayment Duration
Another one of the reasons why most people prefer to convert credit card bills to EMI is because they can choose the range of repayment period, which can range from 3, 6, 9, 12 months, and so on.
Many banks even extend up to 36 months of EMI repayments. This flexibility of instantly buying something and paying for it in extended durations appeals to customers. Nonetheless, with this duration comes an interest rate.
Customers are usually advised to convert their online credit card payments into smaller duration EMIs, so they don't pay too much interest. Moreover, other elements, such as late fees, may be applied if you pay after your repayment term.
This is why turning credit card payments into EMIs is an outstanding option if you are smart enough to manage your finances and pay back your bills carefully.
Nonetheless, categorising your payment into a relevant payback tenure is extremely crucial if you want to ensure you don't become subject to various fees such as over-limit fees or fees for late payment.
You Can Avail No-Cost EMI Schemes
You may have already heard of the term No-Cost EMI. One of the many benefits of credit cards is that many lenders offer a no-cost EMI option to help you repay your bills and purchases. Similar to the standard EMI processes, no-cost EMIs are charged at a monthly tenure, except they don't charge you interest on the principal amount. This makes it much more convenient for cardholders who don't want to pay too much interest. Moreover, it is much more feasible for every individual to make an expensive purchase as they don't have to pay up all at once.
Last but not least, converting your online credit card payments into EMIs calls for minimal or, in some cases, zero paperwork. You don't have to undergo excessive paperwork to turn your transactions into EMIs. You can make expensive purchases without feeling too anxious about needing a significant amount of documentation.
Things to Take Note of When Converting Payments into EMI
You can convert your transactions into EMIs and make your life simple. However, choosing a suitable tenure and paying back your purchases on time is crucial to ensure the best utilisation of your credit card. These were some of the top benefits of converting credit card payments into EMIs. Using a credit card EMI Calculator is always a good idea to analyse how much you'll have to pay monthly to manage your funds efficiently.
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