Converting credit card bills into EMIs: Advantages and disadvantages
Posted by adityasehgal on October 1st, 2020
With the rise in credit card usage in India, the amount of credit card debt is increasing simultaneously. The reason behind it is that credit card issuers levy a high interest rate on the bill amount if a cardholder fails to pay the bill within the due date.
In such cases, cardholders are generally left with two options. Either, they can request the issuer to increase the credit card limit. There is a full procedure for this process that you may understand with how to increase the credit card limit. They can opt for an EMI facility to pay the bill. In the first instance, they need to carry a good credit record and repayment history, and only then issuers can consider the request. However, for the next instance, any credit cardholder can go for the option.
The major advantage of grabbing credit card bills into EMIs that you may read about before processing.
In the market there are most credit card issuers that have done a tie up with different partner brands. Due to this partner tie up most credit card users also get benefits. As the users can do shopping with their outlets through the affordable EMI facility made available.
And that’s the reason, users can easily have the big-ticket purchases without losing their savings. There are so many options available in the market that enable the users to grab a personal loan facility as per the existing credit limit and repay it via up to 3 affordable EMIs.
However, as these cards are available with a range of benefits, cardholders need to keep certain things in mind while opting for this option. For instance, most issuers charge a processing fee; not all products purchased come with an EMI facility, credit card interest rates on EMI can be moderate to high, etc. Thus, before settling for this option, you need to compare different issuers as well.
A Book of Al Thatcher Card Magic by Gordon Boyd
After Hours Magic: A Book of Al Thatcher Card Magic by Gordon Boyd with contributions by Tom Craven, Stephen Bargatze, Gary Plants, Mike Powers, Dan Block, Steve Beam, Del Copley, Wynn Mertz, Nick Trost (Courtesy of H & R Publishing), Robert Bengel, Evert