Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Credit Card BYTES FROM OUR KITCHEN

    Paying by EMI is convenient, cheaper than revolving card dues

    Tresa received a whopping bonus from her organization two months ago. She was ecstatic and bought gifts for everyone in the family as well as gave her living room a makeover. She purchased a 50-inch high-definition LED TV and a swanky sofa set. Oops! The bills too went a bit overboard and now she has a sizable credit card due. There is no possible way to pay the entire amount before the last day.

    Now what is she to do? What will you do if you were in her place?

    Exploring Traditional Options:

    Most credit card companies offer the option of partial payment. But you will be paying a good amount as interest alone until the entire bill is settled. This is quite a pricey option. In fact some banks and credit card providers impose a rate as high as 36 percent on outstanding credit card amount.

    You can go for a personal loan or a secured loan (like loan against your FD or gold) to pay back the amount owed. In this scenario, the rates are lesser compared to credit card dues. Lenders levy 13 to 22 percent interest on personal loans and between 10.5 to 12.5 percent on loans against FDs. But you need to go through the entire loan application procedure that include applying, paperwork, waiting for approval until it is finally given to you.

    Converting Credit Card Dues to EMIs:

    Conversion of your credit card outstanding dues to EMIs is a stress-free and more suitable option if you are worried about not meeting the payment deadline. This method is not very old and is already quite popular among credit card users. You can settle the amount in a period of three months to one year. Here, the rates are usually half of the interest on remaining credit card dues. So if you are levied 30 percent interest rate, you need to pay only 15 percent. Credit Card dues to EMI conversion does not require any formal application or long paperwork. You simply have to get in touch with your bank or credit card firm via email or in person and request for the option.

    Nowadays, many financial institutions and card companies provide customers with this option. Indeed, if your bank has an affiliation with the shop or e-commerce website you shopped from, you may directly go for the EMI while shopping. As per the survey undertaken by First Data, the amount spent using credit cards using EMI have escalated by ten times in one year. This conclusion was formed on the basis of statistics on credit card spends between 3rd and 23rd October 2015 and between 3rd and 14th October 2014. But you can avail this option only for online payments. The Reserve Bank of India fortified the disclosure norms around EMI expenses the previous year. Hence the shops, websites, stores and lenders are supposed to inform the EMI-paying customers of the real interest rates (including hidden charges).

    You must always remember that the credit limit on your credit card will go down to the extent of the EMI and you can use only the limit left over. Also, the EMIs have to be paid in time as late payments can attract quite high rates. This is why most people recommend this option only for high end purchases like consumer durables, electronic items, fixtures, furniture, iPhone, tablets, laptops, vacation packages and so on. Another disadvantage is that if you are shopping on EMI, you might not get the rebate that is given to those willing to make the complete payment. Remember to enquire this at the store (online or offline) before taking this step. So let us safely assume that converting the dues to EMIs is certainly the best option for Tresa.

    Summing up, let us lay out the top reasons to sign up Credit Card to EMI Conversion:

    • Lesser rates of interest
    • Zero documentation or frazzling procedures
    • Freedom to pay back at a more leisurely pace
    • Choice of loan term ranging from three to twelve months
    • Same rate of interest throughout the tenure
    • Nominal to nil processing fee on converting the dues to EMIs

    Credit Card Reviews

    • HDFC Bank Credit Card
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a credit card and the customer services are good. They also provide me with good offers and a very good credit limit. It is a smooth process while using the card, I never faced any hassles in the overall process till date.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      Citibank has been overall good in the customer services. The online banking is good and the credit card offers are also good. The statements are also good and the billing is also in a timely manner. The credit limit is also fine and there are no charges taken for the card.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Average"
      0.5 3.5/5 "Pretty good"
      I have been using ICICI Platinum card for more than 1.5 years. The credit limit is low which they need to increase. IVR takes longer time for the connectivity also they need to improve the service. There is no annual charge for this credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good card for the withdrawal"
      0.5 5.0/5 "Blown Away!"
      From RBL I have et money card it gives the flexibility of taking the cash without any interest. I can withdraw the maximum of 100%, the credit limit is also satisfactory with RBL card. One month back I got the card, the due date is convenient for me.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Recommendable Card"
      0.5 5.0/5 "Blown Away!"
      I get 10x points from HDFC card based on the spends, In fact the cash back is also excellent. The customer support is good for the credit card queries, but there is a long queue to connect with the executive. They don't have direct contact no, first I need to verify my details in IVR, then again the executive verify it, therefore the process should be simple.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • Citibank Credit Card
      "Good card for all transaction"
      0.5 5.0/5 "Blown Away!"
      I have reward points from CITI bank, I get more bonus points on the transactions, they give cash back offers for some transaction, I don't what to call them everything is prefect, the interest is also reasonable, I am using life time free credit card.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Need to increase the limit"
      0.5 5.0/5 "Blown Away!"
      I have HDFC Bharath credit card and using it for past 1.5years. The service is excellent and they are not charging high for the late payments. The credit limit is average and they need to enhance the limit. It is a life time free credit card. There was no much offers.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • Bank Bazaar Credit Card
      "Simple method for getting credit card "
      0.5 5.0/5 "Blown Away!"
      Through Bank bazaar it is a simple process of getting the credit card in quick time .It hardly took 1 week of time in Online method . I came to know bank bazaar through SMS . Customer executive guided about the various credit card in online . Mobile app is also user-friendly .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Good card"
      0.5 4.0/5 "Great!"
      Axis Bank has offered NEO credit card and am using it for past 6 months. The credit limit is sufficient for the beginner, its 40K. The rate of interest is too high for late payment charges which they need to reduce. It is a life time free credit card.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Online shopping and EMI is major advantage"
      0.5 5.0/5 "Blown Away!"
      I recently applied for the Indusind bank credit card in the on-line method . Within 10 days of time ,I got a good response till the time of dispatchement of my card . No annual fees for this card . The main plus point with Indusind bank credit card is the on-line shopping .
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 22, 2019
    • Kotak Credit Card
      "Good Card with Kotak"
      0.5 5.0/5 "Blown Away!"
      I am using Kotak Mahindra card for around two years, I have salary account hence everything is fine for me. The credit limit is not good because they gave only Rs.22,000, they need to enhance the card limit. I have master card and the accessibility is great.
      Was this review helpful? 0
      , faridabad
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Average Credit card"
      0.5 5.0/5 "Blown Away!"
      Almost it is going to be 3 months since I started to use this RBL credit card . Normally I will do most of the shopping Off-line .Offers are on-line and it is up to the expectation . RBL mobile app is very easy for making the payment and downloading the statement .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "Credit limit is not sufficient "
      0.5 5.0/5 "Blown Away!"
      For the past 6 months, I am using the AXIS bank credit card . My credit limit is around 25 k only . But this credit limit is very insufficient to use .I am not getting any notification about the various offers in on-line . Annual fees is around 499 - .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 22, 2019
    • Axis Bank Credit Card
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using the credit card with the AXIS BANK the card is user friendly to use. The credit limit with this card is satisfactory added on that the offers with this card is good. I am using it from last few years with this card. There is a EMI conversion option but there is no balance transfer option with this card.
      Was this review helpful? 0
      , bhopal
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I am not satisfied with the credit card that i am using it with the ICICI BANK because the credit limit with this bank card is not satisfactory also there are no offers available with this credit card. There is a EMI conversion option with this credit card which is good also it is easy to convert.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I have a credit card with the HDFC BANK the credit limit with this bank they have offered is average and i am not getting any offers with this bank. There is a EMI conversion option with this bank it is good and easy to convert with this bank credit card.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has almost been ten months since i am using this credit card and the services which they had provided me has been pretty good. But the credit limit with the card has been less and there has not been any annual charges with this card. I had been using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • HDFC Bank Credit Card
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      HDFC has given me a Money Back credit card and using it for past three years. I am happy with the credit limit. There was no annual charges and am paying monthly due. The charges are reasonable for EMI conversion. I got reward points but my sister use to redeem so have no idea.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • IndusInd Bank Credit Card
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I am just using this credit card for the last one week and the services which they had provided so far has been pretty good. They had given me with a good credit limit and it does not have any sort of annual charges. I am using this credit card for all sort of purposes.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • RBL Bank Credit Card
      "Good for all transaction"
      0.5 4.0/5 "Great!"
      I am holding RBL bajaj credit card, features are like the monthly benefits which they give like surcharges on the products, extra points on the shopping with the air lounges. The limit is very satisfied with RBL credit card, I am happy with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
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