Conversion of Credit Card Transactions into Easy EMIs: Top 5 offers in India

Updated on: 14 Dec 2021 // 29 min read // Credit Cards
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Out of the very many benefits of Credit Cards, one of the standout features is the facility of converting your Credit Card transactions into easy EMIs. Thus you enjoy maximum flexibility not only while transacting through your Credit Cards but also in terms of making the repayments. The best part is, in times of financial crisis, you can protect your credit score and ease the debt burden at the same time.

Let’s understand various aspects related to the Easy EMI feature for different Credit Cards.

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How does the conversion of Credit Card transactions into EMIs work?

Credit Card EMI conversion facility is available with most of the Credit Cards in India. However, not every Credit Card or Card transaction is eligible for the facility. There are certain pre-requisites that must be fulfilled to exercise this option, such as:

  • The transaction must be done at a partner outlet (online or offline).
  • The transaction amount should be above the specified threshold.
  • Certain transactions are not eligible for this offer, such as gold purchase, fuel purchase, etc. 
  • You need to exercise this option within one month of the transaction.
  • There should be an adequate Credit Limit available against your Credit Card.

Things to remember

While you are considering availing this facility against your Credit Card, there are some important facts which you need to consider:

  • Your credit limit will be blocked for the entire cost of the transaction and not just the EMI.
  • The credit limit will be restored gradually as you repay the EMIs.
  • The EMI amount must be paid every month along with the Credit Card bill, i.e., the EMI amount payable is over & above the minimum amount due.
  • Unless you have opted for a No Cost EMI, the bank will be charging interest against this facility.
  • If you have a Co-Branded Credit Card, you are eligible for instant EMI conversion as well.
  • You will have the flexibility to choose a repayment tenor as per your convenience, but opting for the maximum repayment tenor will attract higher interest costs.

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How to exercise the Credit Card EMI conversion option?

If you are purchasing something from online marketplaces, herein, you will be able to see the EMI option on the payments page for eligible transactions. Just select your Credit Card to check out the available payment options. Select the most suitable option and complete the transaction to avail of the facility.

When you have purchased something or made payment for a service offline or through merchant establishments, and it qualifies for this facility, you will receive a message from the bank regarding the eligibility for conversion to EMI. Once you have received this intimation, you can opt for the facility through two channels.

Through Net Banking / Mobile Banking

  • Log-on to your Credit Card’s internet banking account.
  • Check for the past transactions option. Herein you will be able to see the transactions eligible for EMI conversion.
  • Select the transaction; you will be able to see the available payment options, including the repayment tenor & corresponding interest rates.
  • After selecting the details, you will be asked to confirm the details. After confirmation, you will receive a message on your registered number regarding the same.

Through Phone Banking

  • Contact the customer care helpline of your Credit Card.
  • Connect with the customer care executive and ask for the conversion of the transaction to EMI.
  • Confirm your details to the executive, and he/she will convert the transaction into EMIs as per the available options.
  • You will receive an acknowledgment message on the registered phone number.

Top 5 Banks for Credit Card EMI Conversion Facility

Here are the top banks that offer the best Credit Cards in India with the Credit Card EMI conversion facility:

  • HSBC Bank:  If you have an HSBC Credit Card, then you can avail the EMI conversion facility. The available repayment tenor varies between 3, 6, 9, 12, 18, and 24 months with the rate of interest ranging between 12.5% per annum to 15% per annum. HSBC does not levy any processing fee for this facility. You will earn reward points on availing the EMI conversion facility. To convert any transaction to EMI, you can log-on to your internet banking account or contact the customer care number on 1860 108 7788.
  • HDFC Bank: You can convert your large purchases into convenient EMIs with HDFC SmartEMI facility. The available repayment tenor varies between 9 months to 36 months. The interest cost is calculated at 18% per annum or 1.5% per month by the bank. The EMI will be added to the monthly payment due and must be paid along with the Credit Card Bill. The applicable charges will be also debited from the Credit Card account. You need to log-on on the official website to avail of this facility.
  • Bajaj Finserv: If you are using a Bajaj Finserv Credit Card, then you can avail the EMI conversion facility against all transactions of above Rs. 3,000. You can contact their customer care department on 022-70090900 or submit a request online for this facility. The available repayment tenor ranges between 3 months to 24 months. The interest rates applicable and processing charges will be disclosed at the time of availing the offer.
  • SBI: State Bank of India offers the facility of EMI conversion through its unique product, FlexiPay. Herein, you can convert any transaction of above Rs. 500 into instant EMIs with repayment tenor options being 6, 9, 12, and 24 months. The minimum booking amount is Rs. 2,500. The processing fee applicable is 2% (min Rs. 199 and max. Rs. 1000). The interest rate applicable is 22% per annum. You can avail of this option through your internet banking or by calling the customer care helpline on 1860 180 1290.
  • ICICI Bank: When you are using an ICICI Bank Credit Card, you can avail of the ICICI Bank Instant EMI facility to convert your purchase cost into affordable EMIs. Repayment tenure options range between 3, 6, 9, 12, 18, and 24 months. Applicable interest rates start from 12.99% per annum to 14.99% per annum. ICICI Bank does not levy any processing fee for this facility. You can contact the customer care department or log-on to your net banking account to avail of this facility.

The facility of EMI conversion is indeed a beneficial option if used carefully. Remember that you need a responsible borrower and do not indulge in overspending just because the EMI facility is available.

Also Read: How To Convert Credit Card Purchases To Emi

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