Using EMI option for credit card bill payment! Keep these 3 important things in mind

Credit Card EMI Option Tips: In the last few days, the number of credit card users has increased rapidly. Nowadays, many banks and credit card companies keep giving benefits of various types of cashback and discounts from time to time to attract their customers. Because of this, people nowadays use credit cards fiercely, but many times the credit card bill becomes very high, then they have to face trouble in depositing lump sum money. To overcome this problem, companies have also given EMI option to the customers.

Through this, you can easily pay the credit card bill in small installments. Generally, EMI option is very easy for credit card bill payment, but it is very important to take care of some things before choosing this option. If you do not do this, you may have to face big trouble later. Let us tell you today what are the important things to keep in mind before choosing EMI option for credit card-

1. How much will be the fee on EMI and other charges
Let us tell you that before choosing the fee and EMI option of the credit card, most people do not pay attention to how much interest they will have to pay on this option. Credit card processing charge is the charge that you have to pay to the company while taking the credit card. On the other hand, foreclosure or pre-payment charge is the charge that has to be paid while closing the EMI installments. In such a situation, before choosing any type of EMI option, get information about its interest rate and prepayment charges.

2. Choose the right EMI tenor
Before choosing the EMI option for credit card bill payment, it is very important for you to choose the right tenure of that payment. Before opting for EMI, know about its tenure. If you opt for the lower interest rate option for a longer period, then you will have to pay a higher amount. At the same time, a higher interest rate can be beneficial for short-term customers. In this, the company will be able to charge you less interest.

3. Focus on Cashback, Reward Points and Discounts
Credit card users, always before converting your bill into EMI, keep in mind that you will not get the benefit of any kind of reward points or cashback on payment of credit card bill in the long term. In such a situation, before converting your bill into EMI, assess the loss of cashback and discount.

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