Modern society is filled with numerous handy means, but gaining all of them is not viable for every person. Therefore, we have come up with useful practices and tools to spend funds we currently do not own. Getting an EMI Credit Card is one such option and its the card that can be used to buying on credit.
They can be used at any moment to gather quick funds if you are in a pinch. The funds can save your business or help you pay some closing payments. The ability to spend before and pay later is undoubtedly convenient. Add cashless transactions in the fray, and you have an ultimate tool for society.
The tool’s usefulness is magnified with its different offspring, and the blog will represent one of them. EMI credit cards are becoming the thing of modern society, with many consumers preferring it over a credit card. An EMI card is ideal if you tend to spend more than you are capable of paying at once.
The web is filled with searches like “cibil score calculator,” “why to get an EMI credit card,” and “differences between a credit and an EMI credit card.” Therefore, the blog will try to answer the majority of the questions alongside the top benefits of using an EMI credit card:
Best Advantages of Getting an EMI Credit Card
Simple to Handle Repayments
Experiencing a tight financial situation is natural, but you can easily evade it with an EMI credit card. It can allow you an interest-free credit period for 20-52 days. The interest-exempt period can also be converted into instalments for 3-24 months.
This way, you can aptly handle all your repayments even when you do not own the funds.
No Hidden Charges
One of the best benefits of using an EMI credit card is proof of no hidden charges. You are charged a nominal processing fee for availing the credit line. Other than that, there are no additional fees or handling rates.
If you fail to pay off any outstanding amount before the interest-exempt period ends, you are charged 1.5-3.5% interest. But if you convert the amount into instalments, then the interest is calculated at a mere 1-1.5%.
The low-interest rate is one of the reasons EMI cards are so famous with consumers.
Acts as a Pre-Loaded Loan
Getting an EMI credit card basically lands you a pre-loaded loan. The card can be used to get any goods, and the amount will be written off from the amount you borrowed initially. Contrarily, the system is recorded differently in a credit card.
On a credit card, every purchase you make is counted as a separate borrowing. Additionally, the processing fee for a credit card is much higher.
No Need for Loan Approvals
Using an EMI card also removes the hurdles of filing a loan approval. You just need to check whether the EMI facility is available or not. If it is, then you can ask your card service provider to convert the outstanding funds into installments.
This adds to the simplicity aspect of the card, making it even handier.
Better Credit Score
Not paying your credit dues can severely hinder your credit score, but an EMI credit card can help you here too. With an EMI card, you can gain some time to get the funds, helping you to meet the payment schedule. Gradually paying off credit can help improve your CIBIL score too.
Anyone can get an EMI Card
Another great benefit of an EMI card is its availability to everyone. Much like a credit card repayment calculator, an EMI card can be availed by anyone, so that you avoid budgeting errors. The case is not the same with credit cards, as they have a set eligibility criterion.
This acts as another reason to choose an EMI card over a credit card.
Simple Registration Process
Other than the eligibility aspect, the process to opt for an EMI card is simple as well. It does not take longer than a day to register, avail of, and start using an EMI card. As there are no background checks, you can get a hold of an EMI card even when you are in a pinch.
Rich Online Deals
Nowadays, the majority of the population partakes in online purchase, and an EMI card can also help you there. Numerous online vendors collaborate with different credit card firms to propose lower interests and processing charges via EMIs. This way, you can get your favourite good at the most affordable price.
Even though getting an EMI card seems viable for everyone, there are still some things you need to be aware of.
Things to Remember While Using an EMI Card
Here are some simple things you need to account for before using an EMI credit card:
- Before converting your outstanding amount into EMIs, you should first check the processing fee you would be charged. While some companies tend to avoid any charges, some of them levy some heavy-duty charges. Therefore, it is rational for you to check the charges before making the final call.
- Always remember to check whether the EMI option is available for a good or not. While an EMI card covers the majority of the goods, a few of them can still be exempted.
- Prepaying EMIs might seem like a decent idea but be cautious as some companies do not allow it. Even worse, they can impose additional charges in the form of penalty.
In the current day and age credit cards are prominently used worldwide. While everyone seems to love them, some alternatives can better cater to your needs. EMI credit card is one such option as it facilitates a credit card’s facility and even some additional ones. Although, one must always remember to not take personal loan to pay credit card debt.
Buying new goods or settling any outstanding amount becomes even more straightforward with the help of an EMI card. They do not have an intricate registration process, and there are no eligibility criteria as well. Moreover, EMI cards facilitate the option to convert your outstanding amount into EMIs as well.
Anyone confused about whether to get an EMI card or not would find the blog helpful. The blog has mentioned the top benefits of using an EMI credit card, allowing you to make an educated decision.