Buying appliances with EMI Credit Card? Top factors to consider

When you renovate your home, you often consider buying new things like a refrigerator or a washing machine to go with it. But, buying these at the same time can be expensive. How can you purchase them without spending all your savings at once? Answer - credit cards!

But when you use your credit card to buy appliances online, you must pay back the whole amount in the next month's billing. So, what can you do?

This is where the EMI (Equated Monthly Installment) facility on your credit card can come to your rescue. It allows you to pay for big-ticket purchases like home appliances in small amounts every month, thus eliminating any financial burden.

Let's understand this in detail before you use your credit card to buy appliances online.

Factors to keep in mind when you use your credit card for EMI
 

Here are the factors you need to consider for making the most of this facility:

• Interest rates and hidden fees

When you convert purchases into EMIs, you are typically charged processing and convenience fees, in addition to applicable interest rates. These can make a simple purchase expensive.

If you want to avoid these charges, you can opt for a card like the FIRST SWYP Credit Card! It has a simple, flat monthly fee - no hidden costs. The fee starts at just ₹ 49 + GST per month.

For example, if you purchase a Smart TV for ₹ 45,000 and convert this purchase into a 6-month EMI with a flat monthly fee of ₹ 199, your credit card will be charged ₹ 7,699 monthly for 6 months. This makes paying for a smart TV a lot more affordable and hassle-free. Plus, the card comes with zero interest rate, ensuring you don't have to settle for anything less than your heart’s desire.

• Repayment tenures

Consider how long you need to pay for the EMI transaction. Typically, the longer the tenure and higher transaction value, the more the fees and interest rate.

With the FIRST SWYP Credit Card, tenures range from 3 to 36 months and the monthly fees depend on the transaction value and chosen tenure.

• Credit card limit

When you use your credit card to buy something, the full amount is deducted from your credit card limit. This means you cannot spend as much in the future. But, with the EMI facility and regular monthly payments, your credit limit increases.

Furthermore, there are other offers be it ridesharing, Dining, shopping, you name it, FIRST SWYP Credit Card discounts it. ️Enjoy exclusive offers at popular brands you already love. For example, you get 20% off up to ₹ 270 on Sugar cosmetics (on a minimum order of ₹ 1,250), once a month. Use this code to avail the same - IDFCSWYP.

• Exclusive vendor tie-ups

Before finalising any purchase, research ongoing home appliance offers and discounts. Many credit cards come with tie-ups with specific retailers, providing exclusive deals to cardholders. Use your credit card to unlock these promotions, enhance your savings, and add value to your buying experience.

For example, with the FIRST SWYP credit card, you can enjoy a minimum discount of 10% at partner merchants like TATA CLiQ and many more. FIRST SWYP credit card holders get the  benefit of 2000 reward points worth ₹ 500, on spending ₹ 5000, within 30 days from card issuance.

Another example, travel benefits offered by EMT, 

Discount Coupons worth ₹ 2,100* on flight & hotel bookings;

a)  Domestic flights 

• ₹ 500 off on a minimum booking amount of ₹ 5,000 for one-way domestic flights 
• ₹ 700 off on minimum booking amount of ₹ 7,000 for round trip domestic flights 

b)  Domestic hotel   

• ₹ 700 off on minimum booking amount of ₹ 4,000 for hotels booking 

Note - These offers are valid for 3 months from card issuance on payment of joining fee. Use the following code to avail the same – JOFFSWYP.

• Cashback and rewards

Want to sweeten the deal when buying appliances online and offline? The best EMI credit card unlocks attractive rewards and benefits each time you swipe your card.

The more you swipe, the more you win. For every ₹ 5000 you spend through UPI in a statement month, you earn 100 reward points. You’ll also receive benefit of 25% off up to ₹ 100 on using Paytm.

Additionally, as a new SWYP credit card holder, if you spend ₹ 5,000 or more within the first 30 days of card issuance, you will receive 2000 reward points worth ₹ 500.

The bottom line
 

EMI on credit cards opens the door to immediate purchases without the upfront pinch. If you use your credit card often to buy big-ticket items or are planning to, evaluate the abovementioned factors for a win-win purchase. With the FIRST SWYP Credit Card, you can buy home appliances on EMI right off the shelf. Happy shopping!



 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.