Smart things to know to convert credit card dues to EMIs

There are six smart things to know how to convert credit card dues to EMI according to your convenience.

1. Credit card holders may allow card holders to convert their dues into a loan and repay through EMIs, both on new purchases as well as the existing balance.
2. The option may be for purchases made during a certain period or from specified stores. For conversion, the purchase value should be above the minimum limit.
3. The decision to choose the EMI option has to be made at the time of purchase or within a specified period. It can be done via a call or an e-mail sent to the issuer.
4. The cardholder also needs to choose the tenure of the loan from the options available in the scheme. This period varies from three months to a year.
5. The interest that is payable on the loan is specified by the issuer. Usually it is lower than the interest charged on the revolving credit facility.
6. The card holder is charged a processing fee for the conversion. There may also be a foreclosure fee in case loan is sought to be prepaid.