smart things to know

SMART THINGS TO KNOW

Contd…Credit card payment through EMIs1 Banks enable credit card dues to be converted into a personal loan with EMIs where the outstanding amount is repaid over a period of time, typically 6-18 months.2 The card issuer offers the option to convert the dues to loans either at purchase, or at a later date when outstanding is overdue, depending on the credit history of the customer.3 The card issuer usually specifies the conditions for which the EMI facility is available in terms of specific purchases from select stores and minimum spends.4 The EMI facility virtually converts the credit card into a consumer loan, which is typically at a lower rate. The cardholder is emboldened to spend more.5 When the dues are converted into EMI for a defaulting credit card holder, the terms can be more stringent in terms of rate and time to repay.

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