• SUBSCRIBE
  • WHAT TOPICS ARE YOU INTERESTED IN?

    Step 1 of 3

    NEXT Skip

    HOW OFTEN WOULD YOU LIKE UPDATES ?

    Step 2 of 3

    EMAIL ID

    Step 3 of 3

Get The Latest Updates

SUBSCRIBE

How To Convert Your Credit Card Purchases Into easy EMIs

  • Highlights

  • You can convert your transaction to EMIs via call or online

  • SuperCards spends over Rs.3,000 can be converted into EMIs

  • EMIs can be lowered by choosing a longer tenor

  • SuperCards may be used on Amazon, Flipkart & MakeMyTrip

A convenient way of making a big-ticket purchase without burning a hole in your pocket is by converting your purchases into smaller EMIs. In this type of transaction, the financier pays the seller a lump sum amount and then you repay your financier in bite-sized amounts, month by month. Buying via EMIs can help reduce the overall strain on your finances and lets you own products instantly and without compromise. However, this mode of financing also comes with its own set of fees and charges, some of which may at times be waived off. To learn more, read about these 7 things to know when converting your credit card purchases to EMIs.

You can request to pay via EMIs by call or online

Today, issuers allow you to split up your credit card transaction into smaller EMIs through various channels. If you are not already well versed with them you can simply call up your issuer and gain information on how to convert your credit card payment to EMI. The main methods available are via phone app, via NetBanking and through customer care itself.

The entire purchase amount gets deducted from your credit limit

As soon as you make a purchase, the entire amount of the purchase and not just the EMI amount gets blocked from your card. Say you had a credit limit of Rs.2 lakh and made a purchase worth Rs.50,000 with EMIs of Rs.1,000. At the end of your shopping, your credit limit becomes Rs.1.5 lakh.

Not every purchase can be converted into EMIs

Before completing your transaction, check whether your financier allows EMI payments for that purchase. As per RBI guidelines, EMI financing via credit cards is not an option when you are buying gold. Similarly, you may not be able to split up fuel and cash transactions and purchases that are over one month old into EMIs.

Some cards allow you to make instant EMI conversions

In case your financier has a direct tie-up with an online shopping platform then you can opt for EMI financing before checkout itself. For example, if you own a credit card like the Bajaj Finserv RBL Bank SuperCard, then you can opt for the No Cost EMI option on major online sites like Amazon, Flipkart, Yatra, MakeMyTrip, Paytm Mall and more.

You can lower your EMIs by choosing longer tenors

The EMI instalment you pay each month is inversely proportional to your tenor. Issuers generally allow you to choose tenors of few months to a couple of years. Typically, your EMI amount will equal the product price and the EMI charges added, divided by the number of months. While spacing out your purchase can lighten the financial burden, choosing the shortest tenor can bring EMI charges to a minimum.

Shopping online made easy with the SuperCard

EMI processing fees and prepayment charges can be reduced

At the time of converting your transaction into EMIs, issuers charge a one-time conversion fee, normally in the range of 2%. While this may be clearly displayed on your issuer’s website, it can be negotiated with. If you have a strong financial profile and spotless repayment history to back you up, consider talking to your issuer for a rate deduction. The same principle applies for prepayment charges.

Paying your credit card bills on time keeps your purchases affordable

EMI financing helps reduce your financial burden. However, to ensure that your finances remain stable, pay your credit card bills on time. That way you do not have to incur any additional interest. If you don’t pay your bills on time, then effectively, your purchases are going to be costlier. If, for any reason, you find it difficult to pay the entire credit card bill in one go, issuers like Bajaj Finserv actually allow you to convert your bill into EMIs as well! All you need to do is call your credit card customer care number, in this case 022 - 71190900, and request for this facility.

The Bajaj Finserv RBL Bank SuperCard not only allows you to convert purchases over Rs.3,000 into EMIs, it also lets you make 50-day interest-free cash withdrawals at ATMs and obtain 90-day interest-free personal loans from your cash limit. You can use this 4-in-1 SuperCard to enjoy attractive deals and offers the year round and make annual savings to the tune of Rs.55,000 as well.

To get your hands on this powerful card quickly, check your pre-approved credit card offer from Bajaj Finserv. Doing so will give you instant approval and access to personalised credit card financing.

Pre-Approved Offer

Please enter your first name
Please enter your last name
Please enter 10 digit mobile number

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC. T&C

How would you rate this article

 Please let us know why?

What did you dislike?

What did you dislike?

What did you like?

What did you like?

What did you like?

Next up

6 Types of SuperCard for every lifestyle and need

PRODUCT GUIDANCE

6 Types of SuperCard for every lifestyle and need