Whether your credit card bill has exceeded your budget or you are planning to make a big-ticket purchase, learning how to convert your credit card bill into EMI can help you. This is a convenient process that will allow you to spend more without accumulating a lot of interest in your spending.
With some easy steps and financial planning, you can turn your credit card bill into EMI for comfortable repayment and better budgeting. There are some added benefits as well to using this option, and you can learn more about it as you explore this topic further.
How to Convert Your Credit Card Bill into EMI?
You can use these options to convert your outstanding credit card into EMI. This process will make your credit card bill payment easier with lower interest rates. These options are:
Option 1: Use Internet Banking
You can use Internet banking to convert your credit card bill. For this, you will have to:
- Login using your ID and password
- Go to the credit card section
- Choose your credit card
- Select convert to EMI
- Submit
Option 2: Send a Message
Find your issuer’s customer support number and message with the required code to convert your credit card into EMI. For this, follow these steps:
- Find the number
- Send your message with keywords
- Wait, and you will get a call from your bank’s end
- Communicate your purpose
- Get it done
Option 3: Call Customer Care
You can also call your credit card’s official number to communicate the purpose of converting your credit card outstanding into EMI. For this facility, follow this process:
- Find the number of your credit card issuer
- Make the call
- Communicate your purpose
- Get it done
Benefits of Using EMI Options for Your Credit Card Bill
If you convert your online credit card outstanding to EMI, you can easily gain the following benefits. There are certain benefits which you will automatically get when you pay your bills on time, but this process has something more to it, such as:
- Lower Interest Rates
EMIs have lower interest rates than your outstanding bills. As you are paying back the amount in smaller instalments, the bank will charge interest rates on the remaining balance.
For example, your bill amount is ₹1 lakh, and your repayment tenure is 10 months, and you need to pay ₹10,000 each month. If you have paid for three months, the interest rate will be applicable on the remaining balance, which is, in this case, ₹70,000.
- Flexible Repayment Process
Continuing the previous point, rather than paying ₹1 lakh in one go, which may hamper your other financial engagements, you are paying instalments. In this process, you are not burdening too much on your budget and also becoming debt-free with time at a steady pace.
- Better Credit History
Whenever you pay your loan on time and manage your credit card bill efficiently it impacts your credit score positively. The more you utilise your credit card in a balanced manner it will work on your credit limit, giving you better access in the future.
Factors to Consider Before Converting Credit Card Bill Into EMI
If you are thinking of using it as your credit card bill payment process, then remember these factors:
- How does it work?
You ask your credit card issuer to convert your bill to EMI and repay the amount in the selected tenure.
- Does this process involve interest?
If you are looking for how to convert credit card bills into EMI but are unsure of these aspects, then you should know. This process does involve interest, and you should be aware of the rates based on your issuer.
- Can anyone avail of this offer?
Not everyone can get this offer from their credit card issuer. There are certain parameters involved which ensure whether you get this offer or not. To make sure whether you qualify for it or not, you can go for an eligibility check. The feature should be available on your credit card app.
However, if you have the following, then it should not be a big matter for you:
- A good credit history
- A maintained credit score
- A positive credit utilisation ratio
Whether you want to use EMI to pay your online credit card bill or want to make a big purchase, everything is available with the right credit card. One such credit card is the One Credit Card, offering a multitude of benefits, including EMI and easy loan access. Moreover, the credit card offers deals in every category.
You can apply now and start using your credit card to get 5X reward points on your top two spending categories each month. With this credit card, you can find easy rent and bill payment options. You can Apply now and get access to its fuel surcharge waiver program as well.
