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.
For more information on SmartEMI, check out this page.
State Bank of India
State Bank of India lets you convert your credit card payments into EMIs using a service called Flexipay.
With Flexipy, any transaction over ₹500 can be converted into easy monthly instalments.
Flexipay lets you choose between a tenure from 6 months to 2 years. This means that you’ll have more than enough time to pay off your balance stress-free. According to their website, the cost can be as low as ₹52 per ₹1000 on your credit card balance for a 24-month tenure.
You can view their credit card to EMI calculator here.
To avail of Flexipay, log in to your SBI Card online account and select ‘Flexipay’. In case you have any questions, you can always refer to their FAQ page here.
ICICI Bank
ICICI bank lets you convert your credit card balance to EMIs using their EMI On Call service.
Transactions on your credit card can be converted to EMIs within 30 days with ICICI Bank’s EMI On-Call Facility.
The current interest rate for this service is 1.33% per month. However, it is important to know that only purchases of ₹3,000 or more can be converted to EMIs. At the time of conversion, you are charged a one-time processing fee of 2% of your transaction.
If you’re interested to convertingin your credit card balance to EMI with ICICI Bank, you can try out their free calculator here.
For more information on ICICI EMI On Call, you can click here.
Kotak Mahindra Bank
With Kotak Mahindra Bank, you can convert your credit card purchases to EMIs with a tenure ranging from 3 months to 4 years. The minimum purchase amount that you can convert is ₹2,500.
You can convert your credit card purchases like phones, air tickets and other bills to EMIs at a relatively low-interest rate. It’s important to know that purchases made on gold cannot be converted to EMI.
To avail of this facility, yon log in to your NetBank by clicking here or simply sending ”EMI” by SMS to 5676788.
To know more, you can access their free loan EMI calculator at this page.
You can learn more about Kotak Mahindra Bank’s Convert To EMI feature here.
Conclusion
Converting your credit card payment to easy monthly instalments is a great way to split up your payments and free up some cash for other expenses.
Luckily, there are quite simple ways for you to convert credit card payment to EMI that can help you pay off your balance over a longer period.
Each bank has different facilities that allow you to do this. HDFC Bank, SBI, ICICI Bank and Kotak Mahindra have easy online ways to make the conversion. For other banks, the best thing to do is contact them to inquire.
If you’re interested, it’s worth checking out an EMI calculator. It will help you know how much the interest works up and how much you’ll be paying over your tenure. This will keep you more informed and aware of the costs associated with converting your credit card payment to EMIs.
