Why You Should Ditch Your Credit Card for an EMI Card
Neeta, 23, has her heart set on the latest iPhone. She considers buying it through equated monthly instalments (EMIs) using her credit card. But she cannot afford the interest rates charged on the EMI.
How many times have you faced a similar situation? You wish to buy something using your credit card EMI option. Later, you regret the purchase, as the EMI charges are too heavy.
How Does EMI on Credit Card Work?
EMIs on credit card allow you to buy a product and pay the entire price in instalments over an extended period. It seems attractive, but there is a downside. When buying something on EMI, you eventually spend a higher amount than the product’s original price. Do you know why? Most EMI schemes have hidden costs. One is the interest that you pay. The second is the processing fee charged. This fee applies every time you opt for the EMI scheme. The EMI amount reflects in your monthly credit card bill. Your EMI amount is subject to any late payment fees, charges, and interests.
What is an EMI Card?
An EMI card is not a credit card. It is essentially a pre-approved loan. The card allots you a certain amount of money. You can use that money to make instant purchases. You repay the amount every month on interest free EMIs.
Online Shopping and EMIs
Flipkart’s ‘The Big Billion Days’, Snapdeal’s ‘Unbox Diwali Sale’, Amazon’s ‘Great Indian Festival’ comes up this week. You can buy a wide range of products from Flipkart, Snapdeal and Amazon using an EMI card on no-cost EMIs. Maybe you want the latest Samsung smartphone. Or a Voltas AC is what you have in mind. Perhaps, you prefer an LG TV. On No Cost EMI Day, buy all this without worrying about high interest charges. Use your Bajaj Finserv EMI card for online shopping on Flipkart, Amazon and Snapdeal.
Benefits of Online Shopping with Your EMI Card
- It is a pre-approved loan for you to use as you wish
- You get pre-approved offers from retail partners
- Repayment period of three to 12 months
- Close your loan at any time at no extra charge
- There is no interest charged on the EMI that you pay
You also get access to an online account. Tracking your repayment details and other information is easy with this account.
How to Apply for Bajaj Finserv EMI Card
Bajaj Finserv customers get the EMI card when buying a product financed by Bajaj Finserv. They can also get the EMI card through the company’s website.
If you are not a customer of Bajaj Finserv, apply online for the EMI card through the Bajaj Finserv website. There is a onetime fee of Rs 399. Bajaj Finserv asks for minimal documentation.
There is an added benefit of using this EMI card on Flipkart’s ‘The Big Billion Days’. Bajaj Finserv offers a Jabong voucher: ‘25% off on a minimum value of Rs. 999’. This is valid on every successful transaction using the EMI Card.
EMI cards are the future of finance and shopping. With a onetime fee and zero hidden charges, EMI cards are the smarter option for consumers. Why wait? Opt for an EMI card today and shop to your heart’s content!