Mastering Credit Card EMIs: A comprehensive guide to benefits and usage

There are many reasons that might lead to accumulating credit card debt, which, if not paid on time, can attract significant interest expenses.

How do you navigate the debt burden?

Through credit card EMIs, that’s how.

Yes, you heard it right! Besides the regular credit card benefits like reward points, discounts, privileges, etc., you also get the EMI conversion facility. With this service, you can convert your outstanding credit card debt into affordable EMIs for easy repayment.

Intrigued? Let’s understand in detail.

What is the credit card EMI facility?
 

The credit card EMI facility allows you to convert your credit card bill into affordable EMIs to repay the outstanding debt without hurting your budget.

The EMI facility is usually allowed in two cases. Have a look -

• For an independent high-value purchase

If a single transaction involves a big-ticket purchase, you can convert the purchase into easy EMIs. For instance, say you buy a refrigerator worth ₹40,000 and cannot pay the cost upfront. You can convert this purchase into credit card EMIs and pay for it in small amounts over a specified tenure.

• For the entire credit card balance

Also called balance conversion, in this case, you convert your aggregate credit card bill into affordable EMIs rather than in a single transaction. For instance, if you rack up a credit card bill of ₹20,000 and you can’t pay it in one go, you can convert the balance into EMIs. You can pay in small amounts over a specified tenure.

How does the EMI facility work?

Whether it is a single purchase or the whole credit card bill, you can exercise the EMI option at the time of the transaction (for a single purchase) or at the time of the credit card bill payment (balance conversion).

There is a choice of flexible tenures offered by credit card issuers, including IDFC FIRST Bank. You can select a tenure which gives you the most affordable EMIs without hurting your budget.

In most cases, interest is charged on the amount converted to EMIs. To repay the debt, you pay both interest and principal over the chosen tenure.

For instance, suppose you have a credit card bill of Rs 30,000 which you convert into EMIs. Other details -  

So, instead of paying ₹30,000 in one go, you pay ₹5,176 over the next 6 months to repay your credit card dues.

Revolutionising credit card EMIs with FIRST SWYP Credit Card
 

EMIs allow users to enjoy credit card benefits without accruing significant debt. Plus, if you remove the burden of interest rates and charges, the benefits multiply. This is where the FIRST SWYP Credit Card ticks all the boxes.

The FIRST SWYP Credit Card is an exclusive card that offers the EMI facility for a flat monthly EMI conversion fee – no interest or processing charges! Convert any online transaction of a minimum ₹2,500 or your entire credit card bill into EMIs for a monthly fee starting at just ₹49 + GST. You can choose a convenient repayment term, too, ranging from 3 to 36 months.

Here’s what IDFC FIRST SWYP Credit Card’s EMI facility offers -

• Easy EMI conversion without interest rates or processing fee
• Choice of repayment tenure starting from 3 months
• EMI conversion for a monthly flat fee starting from just ₹49/month

With the FIRST SWYP Credit Card, you can either pay your dues in full or convert them into easy EMIs for a flat monthly fee – you get to choose.

A look at other FIRST SWYP Credit Card benefits
 

The FIRST SWYP Credit Card comes with more than just interest-free EMIs. In fact, it comes with many other features and benefits, making it a multifaceted payment option. Check out what these other benefits are.

Joining benefit
 

Applied and availed of the FIRST SWYP Credit Card? Now, unlock the joining benefits. Here’s what you get:

• You’ll get benefit of 2000 reward points worth ₹500, on spending ₹5000, within 30 days from card issuance
• 1000 reward points on your first EMI conversion
• Discount coupons worth ₹2,100* on flight & hotel bookings on EaseMyTrip:
• 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
• Domestic hotels
  • ₹700 off on minimum booking amount of ₹4,000
• Complimentary 1-year Lenskart gold membership

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

Milestone based rewards
 

Use the FIRST SWYP Credit Card for your transactions and earn the following rewards based on your spending:

• First milestone - 200 reward points on spending more than ₹5000
• Second milestone - Total 500 reward points on spending more than ₹10,000
• Third milestone - Total 1000 reward points on spending more than ₹15,000

Plus, earn 400 Reward points on house rental transactions above ₹20,000 per month. You can also convert your FIRST SWYP Credit Card into a UPI credit card and multiply the credit card payment benefits.

Merchant offers
 

Enjoy year-long discounts across leading merchants, including Domino’s, EaseMyTrip, Tata CLiQ, SUGAR Cosmetics, and Zomato, and 300+ offers every day of the week. For example, you get 20% off up to ₹270 on SUGAR Cosmetics (on a minimum order of ₹1,250), once a month.

Additionally, you can avail 25% off up to ₹100 on movie tickets using the Paytm app.

Other privileges
 

Enjoy other privileges on the FIRST SWYP Credit Card, too, like 25% discount up to ₹100 once every month on movie tickets using the Paytm mobile app, free roadside assistance cover, 1% fuel surcharge waiver, railway lounge access, personal accident insurance cover, lost card liability cover and more.

Rewarding referral program
 

Take advantage of the IDFC FIRST SWYP Credit Card benefits by referring your friends and family. Take a look at what you can earn:

The bottom line
 

Bid farewell to unaffordable credit card bills and revolving credit with the EMI facility. Convert your debt into affordable EMIs for hassle-free payments without compromising on credit card benefits. And when it comes to EMIs, the FIRST SWYP Credit Card is the right choice! It is not just another credit card but a benefit package, which not only eliminates interest charges, but also lets you upgrade your lifestyle with incredible rewards.

So, get yourself the FIRST SWYP Credit Card and fulfil your financial needs without worrying about credit card debt.

 

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.