Equated monthly instalments or EMIs have revolutionised the way we perceive and manage expenses. The best credit card for EMI is the one that offers flexibility, affordability, and convenience, turning your hefty purchases into easy-to-manage monthly payments.
Understanding EMI options on credit cards
Credit cards with EMI options allow you to make a purchase and pay it back in smaller, fixed amounts over a specified period. This feature is particularly useful for high-ticket items, where paying the full amount upfront might strain your budget. The interest rate on these EMIs varies from bank to bank and is usually lower than the standard interest rate on credit card balances.
EMI options on credit cards offer the advantage of instant credit without the need for any documentation or approval process. It provides the flexibility to choose the repayment tenure that suits your financial situation, making it easier to manage your expenses and maintain a healthy credit score.
Factors to consider when selecting a credit card for EMI
- Interest rate: Look for a card that offers a low-interest rate on EMIs. This can significantly reduce the overall cost of your purchase.
- Repayment tenure: Choose a card that offers flexible repayment tenures. This allows you to select a tenure that aligns with your repayment capacity.
- Processing fee: Some banks charge a processing fee for converting purchases into EMIs. Opt for a card that charges minimal or no processing fees.
- Pre-closure charges: If you plan to close the EMI before the tenure ends, check if the card charges any pre-closure fees.
- Rewards and benefits: Lastly, consider the rewards and benefits offered by the card. Some cards offer reward points, cashback, and discounts on EMI transactions.
Can I convert any purchase into EMI using a credit card?
Typically, there is a minimum transaction amount that you must meet in order to avail the EMI facility. It’s always advisable to check with your bank for specific terms and conditions.
Bajaj Finserv RBL Bank credit card benefits
When talking about the best credit cards for EMI, the Bajaj Finserv RBL Bank credit cards emerge as front runners. These cards are designed to cater to your diverse financial needs, offering a host of features and benefits that make them stand out.
- Easy EMI conversion for purchases exceeding Rs. 2,500 in value
- Emergency cash advance for up to 90 days at 1.16% interest and zero processing fee
- Interest-free cash withdrawal from any ATM in India for up to 50 days
- Annual fee waiver when you spend the minimum amount per your card variant
- Complimentary airport lounge access
- Fuel surcharge waiver at any station across India for an amount of up to Rs. 1,200 annually
- Free movie tickets and discounts on bookings made on BookMyShow
- Redeemable reward points on almost every transaction
What’s more, this credit card offers the 4-in-1 advantage of a credit, debit, loan, and EMI card - all rolled into one. It allows you to easily pay for all your daily expenses, from paying utility bills to buying home appliances and more.
So, if you’re looking for the best credit cards for EMI, look no further than the Bajaj Finserv RBL Bank credit card. Apply today and experience the convenience of easy EMIs!
