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Should You Go For EMIs On Credit Cards?- A Quick Point Check

Must Know- 5 Credit Card TermsThe credit card is a must have a card in the wallet of the people because it offers great convenience to the people facilitating digital transactions across the world. This advantage sometimes tempts the people to go for the big purchases or you might have spent a good deal of money on your purchases. If you experience cash crunch and don’t want to get trapped in the revolving credit by paying the minimum balance, EMI on the credit card could be your option. Many banks today give a call offering you the option to convert your big purchase on the credit card into EMI as soon as you make it. Before considering this option, there are some key aspects that you should look in.

Factors To Consider While Opting For EMI On Credit Card


 Every credit card user is sacred of the interest rate that is levied on them when delay the payment of the bills. Even when you want to convert outstanding bills into EMIs, you may have to some interest.  If you are purchasing the product with the company that gives you the option to convert interest-free EMIs, you can go for it. However, it is important to check the price of the product with the other merchant because the interest is offset by higher cost of products. If you are ready to pay the interest on EMIs, check for the rate of interest before considering the option. A high rate of interest can be reduced by transferring the balance to another credit card.


If you are having large outstanding bills to pay and you expect to pay it in the short interval, consider comparing the interest rate on the credit card EMIs with the personal loan. Sometimes, the interest rate offered on the personal loan tends to be cheaper.

Payment tenure 

If you want to settle outstanding quickly just in two months, it is advisable to avoid EMIs, if you consider paying it in the long term credit card EMI is an advisable option.

Know- how of credit card EMI

  • The interest rate on the credit card EMI is less than the interest rate levied on the outstanding bills of the credit card.
  • Keep the credit card EMIs as low as possible to enjoy a low rate of interest.
  • You can convert cash advances on the credit cards into EMIs
  • Your outstanding limit on the credit card will be reduced by the amount of your EMI
  • Minimum payment due increases every month as includes EMI of the big purchase
  • You should be cautious enough to the credit card when you have outstanding EMIs on the credit card, make sure to pay the bills on time to avoid falling into debt trap.


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