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Credit Card Balance EMI Conversion

Balance Conversion is a facility offered to help an existing IDFC FIRST Bank Credit Card holder to clear his/her outstanding balances by converting it into easy, affordable EMIs. Only billed outstanding balances on IDFC FIRST Bank Credit Card can be converted to EMI.Read More

Features

Go ahead and fulfill all your dreams with IDFC FIRST Bank Personal Loans!

Low Interest Rates

Low Interest Rates

Customer can avail IDFC FIRST Bank Credit Card Balance EMI Conversion program at low interest rates starting at 1% p.m.

Avoid Repayment Stress

Avoid Repayment Stress

Customers can pay off their debt in installments by converting their balances to EMIs.

Single Click Application

Single Click Application

Customers can easily convert credit card bill to EMI using our user-friendly and seamless mobile application.

Minimal Processing Fee

Minimal Processing Fee

Customers will be charged a minimal processing fee of 1% (min Rs.99) plus GST for using Balance EMI Conversion on credit card facility.

Flexible Tenures

Flexible Tenures

Credit card Balance EMI Conversion option is offered to customers at flexible tenures of 3,6,9,12 and 18 months.

Steps to avail the EMI conversion

You can use the credit card balance conversion option to convert your outstanding balance into easy EMIs. Follow these steps to avail of the facility:

Step 1: Open the IDFC FIRST Bank mobile banking application

Step 2: Head to the credit card section

Step 3: Select ‘Pay credit card bill’

Step 4: You’ll see your bill details. Under ‘Last statement balance,’ you’ll find the ‘Convert eligible balance to EMI’ option

Step 5: Once you select the option, a new window will appear. Select the EMI tenure and accept the Terms and Conditions

Step 6: You’ll receive confirmation of the converted credit card balance

FREQUENTLY ASKED QUESTIONS

How to use credit card Balance Conversion on your IDFC FIRST Credit Card?

Download IDFC FIRST Bank Mobile Banking App, and follow the steps shared below. Feel free to call us on 1860 258 2000 for any assistance.

Frequently Asked Questions visual

What are the benefits of Balance Conversion on your IDFC FIRST Credit Card?

Here are the benefits of availing Balance EMI Conversion on credit card option on your outstanding balance:

 

·       Low Interest Rates

·       Avoid Repayment Stress

·       Single Click Application

·       Minimal Processing Fee

Flexible Tenures

What is the interest rate for Balance Conversion on your IDFC FIRST Credit Card?

The credit card Balance EMI Conversion interest rate for eligible outstanding  is 1% p.m.

Is the EMI option cheaper than the regular credit card payments?

Paying off your credit card dues in monthly instalments can significantly reduce your financial burden. IDFC FIRST Bank credit cards offer interest rates starting from as low as 9%. These low interest rates can help you manage your debt with ease. 

Will I be allowed to pay off my EMIs on my credit card in one go?

You might have opted to clear your credit card dues through EMI payments as it helps in managing your debt more conveniently. However, if you receive a bonus at work and are now looking to clear these dues in one go, you can opt for prepayment/foreclosure. Do keep in mind that lenders can charge a prepayment or foreclosure fee, and this fee can differ depending on the lender as well as the value of your loan. So, make sure to check this before clearing your credit card dues.

What happens if I pay more than my EMI amount?

You might want to pay more than the required amount for the credit card EMI payments to be debt-free sooner. However, do keep in mind that lenders might levy a prepayment or foreclosure charge on this payment. This fee can vary based on the value of your loan as well as your lender. So, make sure to be aware of this fee before clearing your credit card bill. 

Why should I convert credit card purchases into EMI?

While making a big purchase via your credit card is convenient, you still might not prefer making a lumpsum payment for clearing your dues. This is when you can choose to settle your credit card bill in equated monthly instalments (EMIs). You can pick a repayment schedule that is suitable for your budget and clear the loan without any financial stress. 

How to Calculate EMI on Credit Card Bill

Being aware of how to calculate your credit card’s EMI payments is essential for lowering your debt burden and saving money. To begin with, you need to focus on the interest rate offered by the lender as this rate impacts the amount that you have to repay. You also have to choose the repayment tenure carefully. While opting for a longer repayment tenure can make it easier to clear the EMI payments, going for a shorter tenure can prove to be more cost-effective. 

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