• Send Query
  • Home
  • Accountant
  • Cash
  • Credit
  • Finance
  • Investment
  • Online Loan
  • Trading
Close
Leri Cash Advance Online Loan
Leri Cash Advance Online Loan
Close
  • Home
  • Accountant
  • Cash
  • Credit
  • Finance
  • Investment
  • Online Loan
  • Trading
Should you Pay Credit Card Bill via EMI?
Share:
Credit March 4, 2021 Tori Kody

Should you Pay Credit Card Bill via EMI?

Credit cards have emerged as the top preferred payment mode for most people, regardless of whether they are using it to make purchases online or offline. In recent times, it has also become possible to withdraw cash from your credit card which has made people rely on credit cards even more and even use them to make emergency payments, such as for meeting medical emergencies.

Credit Card Bill Payment
While using the credit card for making payments is easy, it is also essential to ensure you have no payments due on the card. At regular intervals, your credit card issuer will send a bill which will indicate the minimum amount you are required to pay in order to continue using the card and the due date by which you need to pay it.

It is essential to make this payment in a timely manner to ensure that you are not charged high interest rates on your credit card payments. The bill also mentions the grace period, which indicates the time period until when you will not be charged interest if you pay your credit card  bill.

How to Convert Credit Card Bill into EMI

In recent times, many credit card issuers have also begun offering customers a way to convert their credit card bill into EMIs. By opting for this functionality, you can essentially break up your bill into smaller amounts that you can then pay at leisure. You can decide the time period over which you will be able to repay the bill. Essentially, by opting for this, you are availing a credit card loan which you intend to repay over a fixed tenure and making a balance transfer from credit card.

However, it is important to note that converting your credit card bill into EMIs will automatically result in your credit limit reducing. Your credit limit on your credit card is the amount you are allowed to spend up to within one billing cycle. For instance, if your credit card limit so far has been Rs. 50,000 and you make a purchase or withdrawal of Rs. 40,000 and opt to repay it through EMIs, your credit limit will drop to the balance.

The more payments you make will increase your credit limit though. The EMI amount is usually calculated as a portion of the principal outstanding amount and an interest component.

Fees and Charges of Converting Credit Card Bill into EMI

While trying to figure out how to convert credit card bill into EMI, it is also important to take note of the charges associated with the same. Read on to learn about some of the common fees and charges levied by issuers while converting credit card bills into EMIs.

  1. Interest Rate:
    There is usually an interest rate on offer with converting your bill into EMIs and the longer the tenure of repayment, the higher is the interest.
  2. Processing Fee:
    This may differ from bank to bank, with many not even levying it on conversion of credit card bills to EMIs.
  3. Prepayment Charges:
    Prepayment charges are levied when banks charge you a fee for making your complete repayment before the EMI tenure has been completed.

Conclusion

Converting your credit card bills to EMIs is extremely beneficial but requires you to thoroughly research other fees and conditions. Credit cards, available on Finserv MARKETS, even allow you to convert the purchases you make into EMIs that can be repaid over a flexible tenure.

Previous post Top three methods to deal with negative emotions at trading
Top three methods to deal with negative emotions at trading
Next post Top Financing Options For Small Businesses
Top Financing Options For Small Businesses

Related Posts

Top 10 Tips to Improve Your Credit Rating Score
Share:
Credit

Top 10 Tips to Improve Your Credit Rating Score

May 6, 2019 Tori Kody
Your FICO assessment score is a number which decides your credit value or hazard for banks. This decides if you are effective in applying for...
SBI Credit Card Customer Care 24×7 Numbers
Share:
Credit

SBI Credit Card Customer Care 24×7 Numbers

April 15, 2021 Tori Kody
The State Bank of India offers a wide range of credit cards for various income groups. These cards are dedicated to specific needs. They could be...
Close
  • Instructions to Become A Chartered Accountant
    Instructions to Become A Chartered Accountant
  • Money Basis Versus Accrual Basis Accounting
    Money Basis Versus Accrual Basis Accounting
  • Turning into an Accountant – Tips and Tricks
    Turning into an Accountant – Tips and Tricks
  • What Exactly Is An Accountant?
    What Exactly Is An Accountant?

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • September 2020
  • August 2020
  • June 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • Should you Pay Credit Card Bill via EMI?
    Should you Pay Credit Card Bill via EMI?
  • Credit Repair Information And Tips You Can Use
    Credit Repair Information And Tips You Can Use
  • SBI Credit Card Customer Care 24×7 Numbers
    SBI Credit Card Customer Care 24×7 Numbers
  • Utilizing a Credit Card For Rebuilding Credit
    Utilizing a Credit Card For Rebuilding Credit

Reviews from Author

  • Opt for Refinancing Loans and Avail to Improve Cash Flow and Low Interest Rates
    Online Loan
    Opt for Refinancing Loans and Avail to Improve Cash Flow and Low Interest Rates
    November 4, 2019
  • A Guide to Online Loans
    Online Loan
    A Guide to Online Loans
    August 29, 2019
  • Bank business loan that you choose to go for
    Online Loan
    Bank business loan that you choose to go for
    January 14, 2020

Recent Posts

  • Should I Invest A Lumpsum Amount In International Funds?
  • Essential Documents You Must Keep Ready Before Transferring Your Home Loan in India!
  • WHAT ARE THE WAYS IN WHICH A CREDIT COUNSELLOR CAN HELP YOU?
  • Understanding risk profile with examples and types
  • Should You Invest Your Surplus Money Or Prepay Your Home Loan?

Do not miss
How to Use a Cash Advance to Meet Unexpected Expenses
How to Use a Cash Advance to Meet Unexpected Expenses
March 25, 2022
Singa Credit for all kinds of Urgent Cash Needs
Singa Credit for all kinds of Urgent Cash Needs
October 18, 2019
Loan Credit Cards: You Should Know About These Costs
Loan Credit Cards: You Should Know About These Costs
May 6, 2019
The Cash Accounting Gap
The Cash Accounting Gap
April 27, 2019
Speedy Cash Advance
Speedy Cash Advance
April 21, 2019
Loan Loans – Take In the Good and Bad
Loan Loans – Take In the Good and Bad
April 18, 2019
Carry on with A Debt-Free Life With Bad Credit Cash Advance Loans
Carry on with A Debt-Free Life With Bad Credit Cash Advance Loans
April 13, 2019
Copyright © 2020 Leri Cash Advance Online Loan. All Rights Reserved.