Like debit cards, credit cards have become a necessity today. Credit cards allow users to earn reward points and enjoy various other benefits. With a credit card, you pre-pay and pay at the end of the month.
Credit cards are directly linked to your credit score or CIBIL score. When you apply for a loan, the bank first looks at your credit score or CIBIL score. This also determines the borrower's ability to repay the loan.
Sometimes, credit bills become so large that it becomes difficult to pay them in one lump sum. In such a situation, you can convert your credit bill to EMIs. Let's take a look at the complete process.
What is the Process?
Step-by-Step Process
Step 1 - First, contact your card provider using your customer number, online banking, or mobile app. Inform them that you wish to convert a purchase or outstanding balance to EMIs.
Step 2 - The card provider will then provide you with various options for converting to EMIs. For example, the payment can be completed through EMIs over 3, 6, 9, or 12 months. The longer the term, the lower your EMI amount. However, it's better to settle EMIs over a shorter period. If there are any charges involved, you'll be paying them for a longer period. Therefore, check all the basic details before converting to EMI.
You can opt for converting your credit bill to EMIs if you know the amount is large, and you can't pay it in one lump sum. By converting such amounts to EMIs, you can avoid damaging your credit score.
Who can avail this option?
You'll need to discuss this with your card provider. If your bank account isn't in default and you have a good payment history, your chances of getting this option increase.
Who shouldn't opt for this option?
If you can easily afford to pay off your credit card, avoid this option. This option can often lead to additional interest or charges on top of your expenses.
Disclaimer: This content has been sourced and edited from Amar Ujala. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
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