Make your payments in EMIs for better financial management

A recent study shows that almost 69% of Indian households struggle with financial insecurity and vulnerability. The main reason cited behind this is inadequate financial management. As a result, most people either end up with insufficient savings or resort to living a compromised lifestyle.

A Credit Card can aid in finding the right balance between fulfilling your needs and saving money. In addition to granting access to interest-free credit for 48 days, it allows you to convert transactions into Equated Monthly Instalments (EMIs) at a nominal interest rate.

Continue reading to know more about Credit Card EMI facility and how it helps in better financial management.

Benefits of converting Credit Card transactions into EMIs
 

Converting your Credit Card transactions into EMIs facilitates smooth financial management. Here’s how -

• Reduces your financial burden

Some Credit Card providers allow you to convert your Credit Card transactions into EMIs instead of paying the entire bill amount in one go, thereby reducing your financial burden.

• Trim down large bills

Let's assume your old washing machine suddenly gives up and you don’t have the required funds to buy a new one. What would you do in such a situation? Sit on a pile of dirty laundry until your next pay cheque?

The Credit Card EMI facility allows you to make such big-ticket purchases instantly and pay for them in affordable monthly instalments.

If you own an IDFC FIRST Bank Credit Card, you can convert Credit Card transactions that are above a certain threshold into easy EMIs simply through your IDFC FIRST Bank or by contacting Customer Care. This is helpful in the case of merchants who do not offer any EMI facility. 

• Enjoy extra savings

When you use convert large transactions into EMIs using a credit card, you can avail additional benefits such as cashback and discounts. These extra savings further reduce your financial burden and helps manage your finances better.

• Do more with your money

With the Credit Card EMI facility, your repayment gets distributed over a convenient tenure. Since you won’t have to pay your entire credit bill in one go, it won’t burn a hole in your pocket. Moreover, you can use the money saved to invest in appropriate instruments to build a corpus for your long-term financial goals.

• Repay at your convenience

When you convert your Credit Card transactions into EMIs, you have the option to select your repayment tenure. Generally, Credit Card companies allow EMI tenures of 3,6,9 and 12 months. Some companies even allow you to extend your EMI tenure for up to 36 months.

• Utilise no-cost EMI schemes

Banks usually have tie-ups with specific merchants. These merchants offer no-cost EMI schemes on transactions made through the credit cards of their partner banks. Under this scheme, you won’t have to pay any interest to your bank for availing of the Credit Card EMI facility.

In conclusion

Credit Cards are an effective financial management tool. However, it’s necessary to use a Credit Card wisely and avoid making unnecessary spending. With IDFC FIRST Bank Credit Cards, you can convert your payments into EMIs at very affordable interest rates. You can shop with more than 300 merchants and enjoy exclusive offers all year long. Click here for more details.

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.