Common mistakes to avoid with EMI cards

Find out the ways to manage your Bajaj Finserv Insta EMI Card effectively.
Common mistakes to avoid with EMI cards
3 mins
22 June 2023

In today's fast-paced world, EMI (Equated Monthly Instalment) cards offer a convenient "Buy Now, Pay Later" option. However, when used wisely, they can be a valuable tool. You can maximise these financial tools by being aware of typical mistakes to steer clear of. Financial stress can result from misunderstanding interest rates, overlooking hidden fees, and missing payments. Furthermore, utilising EMI cards for depreciating assets, making impulsive purchases, and bypassing terms can all be detrimental to your long-term financial stability. We've put together a list of these possible problems and helpful advice to help you use EMI cards wisely and empower yourself to make wise financial decisions.

What is the Bajaj Finserv Insta EMI Card?

The Insta EMI Card provides you with the freedom to convert your purchases into No Cost EMIs. Unlike traditional credit cards, this card is specifically designed to help you if you prefer fixed monthly instalments without interest charges. You can purchase consumer durables, electronics, furniture, and other lifestyle products on pocket-friendly EMIs from a vast network of partner stores. All you will need to pay is the cost of your purchase over a long tenure.

7 mistakes you should avoid while using your Insta EMI Card

As beneficial as the Bajaj Finserv Insta EMI Card is, it is essential to use it judiciously and responsibly to prevent financial missteps. Here are seven common mistakes to avoid while using your EMI Card:

  1. Overspending: Having a pre-approved limit can be tempting but avoid overspending beyond your repayment capacity. Remember that missed or delayed payments can negatively impact your credit score.
  2. Not comparing offers: Before making a purchase, compare offers from different partner stores to find the best deal. Some outlets may offer cashback or discounts than others.
  3. Ignoring repayment schedule: Keep track of your repayment schedule to avoid missing payments. Setting up reminders or auto-debit options can help ensure timely payments.
  4. Not checking eligibility: Read the eligibility criteria for the Insta EMI Card before applying to avoid unnecessary rejections that could possibly affect your credit score.
  5. Ignoring security measures: Treat your EMI Card like any other financial instrument. Keep the card details safe, and never share sensitive information with unknown parties to avoid fraudulent activities.
  6. Using it for impulse purchases: While the Insta EMI Card offers convenience, use it for planned purchases rather than impulsive buying to stay within your budget.
  7. Misunderstanding interest rates: Overlooking if there are any interest rates associated with your EMI Card is not ideal. You should always check for hidden interest rates and charges.

Using an EMI card can provide convenience and flexibility, but it is essential to use it wisely to avoid financial pitfalls. By avoiding these common mistakes and making informed decisions, you can make the most of your EMI card without compromising your financial well-being. Remember to budget, read terms and conditions, and keep track of your payments to ensure a positive experience with your EMI card.

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Frequently asked questions

What are the mistakes one should avoid while using the Insta EMI Card?

The mistakes you must avoid are overspending beyond your repayment capacity, which can lead to financial stress and missed payments.

What should I consider before opting for an Insta EMI Card?

Before opting for the Insta EMI card, consider the No Cost EMI feature, which allows you to make purchases without any additional interest. Also, evaluate your lifestyle needs and if it suits it well.
You must also check out the wide partner store network to ensure convenient options for your purchases.

What happens if I miss or delay an EMI payment?

If you miss or delay an EMI payment, it can have negative consequences. Your credit score may be affected, leading to difficulties in obtaining credit in the future. You may also incur late fees or penalties, increasing your overall financial burden.

So, making timely payments is crucial to maintaining a positive track record and enjoying the benefits of your EMI card.

How do I check my Insta EMI Card limit?

You can check your Bajaj Finserv Insta EMI Card limit online by logging into the Bajaj Finserv website or mobile app and accessing your card details on My Account. The pre-approved credit limit for the card is up to Rs. 3 lakh.

What is the Bajaj Finserv Insta EMI Card limit?

The Bajaj Finserv EMI Network Card is also known as the Insta EMI Card. It comes with a similar pre-approved limit of 3 lakh, which varies for everyone based on their financial profile and creditworthiness.

How to increase my Bajaj Finserv Insta EMI Card limit?

To increase your Bajaj Finserv EMI Network Card (which is also known as the Insta EMI Card) limit, you need to follow similar rules like maintaining a good credit score, updating financial information, clearing dues on time, and applying for a limit increase through the Bajaj Finserv website or customer care. Your eligibility will then be assessed accordingly.

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