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