Mastering credit card emis An in-depth overview of the benefits and how to use

Synopsis:EMI conversion is one of the most important Credit Card benefits available to customers. This advantage of having the Credit Card helps you avoid the high-interest costs and penalties owing to delayed or late payment of bills. Additionally, it makes the process of making payments considerably less expensive than paying of your money in once. Find out more about how it is done.

The above and other factors could cause a large credit card debt, which in the event of not being paid on time, may result in substantial cost of interest.

How can you deal with the burden of debt?

By using credit card EMIs That’s the method.

You read it correctly! In addition to the usual rewards that credit cards provide, such as discount points, reward points or privileges. Additionally, you can avail the EMI facility that lets you transform your credit card debt or expensive purchase into affordable EMIs to make easy payments.

What exactly is an EMI facility?

A credit card EMI facility lets you change your credit card debt into a more affordable EMI to pay off the debt in full without affecting your budget..

This EMI facility is typically available in two situations. Take a look

• for an independent, high-value purchase

If you are involved in a single transaction that involves an expensive purchase, whether in person or online you can turn the purchase into simple EMIs. In the example above, let’s say you purchase a refrigerator for around Rs 40,000 but you are unable to pay the entire cost in advance. It is possible to convert the transaction into EMIs on your credit cards and then pay for it in smaller amounts over a specific time.

• To cover the entire account balance on a credit card

Also known as also known as balance also known as balance Also known as balance conversion, in this scenario the process converts your entire credit card debt into affordable E-Micropayments instead of one transaction. If, for instance, you have the credit card debt of more than. 20000 and you’re unable to pay it all in one payment then you can change the balance to EMIs and pay it in smaller amounts over a specific time.

What is the EMI facility function?

If it’s a single purchase or a complete charge on your credit card, you may make use of your EMI choice at moment when the payment is made (for the single transaction) as well as at the point of payment to your credit card (balance change).

Credit card issuers provide an array of flexible tenures to select from. You can pick a term that offers the lowest E-Money while not impacting the spending.

A rate of interest is typically calculated on the amount you convert into EMIs. The interest is paid along with the principal over the period you choose to pay off the debt.

As an example, let’s say you have a credit card balance in the amount of Rs 30,000, which you wish for conversion into EMIs. The other information is as follows:

Repayment tenure	6 months
The applicable interest rate	12% p.a. (just to be a reference)
EMI payable per month	Rs 5,176

Instead of paying Rs 30,000 all at once instead, you pay 5176 each of the following six months to settle your credit card bills.

The era of credit card EMIs is changing by using the FIRST SWYP Credit Card

EMIs let users reap the advantages of credit cards, without accruing a significant amount of. Furthermore that if the weight of charges and interest rates are removed from their equations, benefits will multiply. This is why first SWYP Credit Card ticks all the boxes.

This FIRST SWYP credit Card an original card that provides the EMI facility with one flat monthly cost in lieu of interest charges. Transform any transaction with a minimum of Rs2,500 or your entire credit card charge into EMIs at an annual fee that starts at just Rs49 plus GST. You can pick a suitable repayment term, too with a range of three to 36 month.

This is what IDFC FIRST SWYP’s EMI facility can provide:

• It is simple to convert your EMI conversion with no fees for processing or interest rates.
• Option of repayment terms starting at 3 months
• EMI conversion to an annual flat rate starting at just Rs49/month

With the First SWYP Credit Card, you are able to either pay the full amount instead of converting them to simple installments at a fixed cost you can pick.

Check out other First SWYP Credit Card advantages

Interest-free EMIs ‘ are not the only advantage of this credit card from FIRST SWYP. It comes with additional benefits and features as well, making it a multi-faceted payment option. Learn about the other advantages of this credit card

• Joining benefit

Have you applied and benefited from the First SWYP credit card? Then, get access to the benefits of joining. What you get is:

• 1000 reward points upon the first EMI conversion
• Yearly Times Prime membership on spending more than Rs30,000 in the first 90 days
• Complimentary 1-year Lenskart gold membership

• Rewards based on milestones

Utilize First SWYP Credit Card to pay for your transactions to earn rewards, based on the amount you spend:

• First milestone 200 reward points for spending greater than Rs 5000
• Second milestone: Total of 500 reward points for spending over Rs. 10,000
• Third milestone: Total of 1000 reward points for spending more than 15,000 rupees

• The merchant offers

Enjoy discounts all year long at the top merchants, as well as travel benefits discounts at restaurants as well as fitness and wellness deals and more credit card deals on everyday transactions.

• Other rights

You can also enjoy other benefits on the First SWYP credit Card as well, such as free roadside assistance as well as the waiver of 1% fuel surcharge access to the railway lounge Personal accident insurance and a liability insurance policy for lost cards and more.

• Rewards referral programs

Why do you have to enjoy benefits of the IDFC FIRST SWYP credit Card benefits on its own? Invite your family and friends to join and earn rewards with benefits. Take a look

Referrals that have been successful	What can you expect to get?
1	Annual subscription fee reduction
3	4000 reward points
5	EMI one-time fee amounting to 1500 Rs
7	Movie ticket vouchers worth Rs 2000
9	Cashback of Rs 2500
10	4 free domestic airport lounge access

The final line

Say goodbye to high-cost credit card debt and revolving credit using credit card debt with the EMI facility. Transform your debt into affordable EMIs to make payments hassle-free without sacrificing the benefits of credit cards. If you’re looking for EMIs then you should consider the First SWYP Credit Card will be the best option! It’s not just a credit card, but rather an advantage package that will not only reduce interest charges but also allows you to enhance your lifestyle by earning amazing rewards.

Then, get yourself the FIRST SWYP Credit Card and fulfill your financial goals without fretting about debt from credit cards!