How to Convert Credit Card Payment to EMI?

Credit cards these days have very much become a part of everyone’s daily routine and support people in managing their lifestyle spends with ease. But not everybody pays the bills in one go. So, the option to convert credit card payments to EMI stands as a beneficial feature, offering us financial flexibility. This blog aims to provide a detailed guide on credit card EMI conversion, the reasons behind it, and why it is one of the best solutions for helping us manage our finances more effectively.

Why Convert Credit Card Payments to EMI?

Converting credit card payments to EMI offers several advantages. There are times when we want to buy items that may not fit our monthly budget but are necessary. Like buying a car or fridge or AC and other such commodities that are slightly more expensive. The chances of paying the entire bill upfront is not feasible on our pockets because there are other monthly expenses that need to be managed as well. So an EMI payment cycle allows us to make large purchases without the need for immediate payment, spreading the cost over several months. This financial flexibility can prove invaluable, particularly when dealing with such unexpected expenses or making significant investments.

Before we talk through the steps on how to convert credit card payment to EMI, let us first take a look at the benefits of Airtel credit card, shall we?

Here’s why you need to head to the Airtel Thanks App and go to the Airtel Finance section:

You get to save up to ₹ 16000, get a surcharge waiver on fuel, reward points, discounts on online deliveries, recharges, and cashback offers on shopping. You also get airport lounge access and other benefits that are too good to not availed of by you.

Also Read: What is No Cost EMI on Credit Card

Step-by-Step Guide on How to Convert Credit Card Payment to EMI

Converting credit card payment to EMI is a hassle-free and simple process. After making a purchase with our card, we can log into our online banking account and select the ‘Convert to EMI’ option but before we do this, it is important to check if the transaction we want to convert into EMI is eligible for conversion or not. We then choose the repayment tenure that suits our financial needs, agreeing to the interest rate and monthly instalment amount. Once we confirm the EMI conversion, our bank will process the request, and our credit limit will be restored by the amount converted into EMI.

Factors to Consider Before Converting Credit Card Payment to EMI

It is extremely crucial that, before we go for an EMI conversion, we go through certain factors that might affect our bill payment capacity.

These include the interest rate charged, the tenure of repayment, and the impact on our credit limit. Our credit score represents our credit history and our creditworthiness. If we have a good credit score, it denotes our ability to repay debt loans and credit card bill payments on time and that we are eligible for a credit card. We must also ensure that the EMI option aligns with our financial capabilities, preventing any potential strain on our budget.

The Role of Your Bank in Credit Card EMI Conversion

Our bank plays a crucial role in the credit card EMI conversion process. They provide the option for EMI conversion, set the interest rates and repayment tenure, and process our request. It’s important to understand the terms and conditions set by our bank, to ensure a smooth conversion process.

Pros and Cons of Converting Credit Card Payment to EMI

While credit card EMI conversion offers financial flexibility, it’s important to understand its pros and cons. The benefits include manageable monthly payments and the ability to make large purchases. However, the downsides can include a higher interest rate and a reduction in our available credit limit. By understanding these aspects, we can take a decision that is ideal for our circumstances and matches our financial situation well.

Also Read: Online shopping with the Airtel Axis Bank Credit Card

Understanding Interest Rates and Charges on EMI Conversion

Interest rates and charges form a crucial part of the credit card to EMI conversion process. These rates can vary depending on our bank and the repayment tenure chosen. If we are okay with these additional charges and can manage our finances well then going for a the credit card payment to EMI conversion will surely benefit us and keep our finances in check.

Conclusion: Is Converting Credit Card Payment to EMI Right for You?

In conclusion, converting credit card payment to EMI can be a useful tool for managing our finances. However, it’s essential to consider all factors, including interest rates and repayment tenure, before making a decision. By understanding the process and implications, we can make the most of the credit card EMI option, ensuring financial flexibility and effective money management.