The use of Credit Cards have been widely debated in India ever since they first rolled out. Even today, a lot of users are skeptical about owning or using a credit card, as it’s easy to get caught in the credit cycle. But what about those who really want a card that boosts their purchasing power – without the fear of splurging beyond limit?
The EMI Card could be the answer. A payment instrument that can turn expensive purchases into Easy Monthly Installments, the EMI Card can help you upgrade your lifestyle in a simple swipe. Essentially a pre-approved loan, the EMI Card lets you choose your own time of repayment – usually ranging from 3 to 24 months.
Unlike credit cards, which increase the price of your purchase with monthly interest rates, the EMI card is interest-free. When you use credit cards, you often end up spending more money on interest, and late payment fees and annual charges. With the EMI card you don’t have to spend a penny more than you owe. There are no foreclosure charges for an EMI card either.
Most EMI Cards come with a pre-approved loan amount – for eg. The Bajaj Finserv EMI card has a pre-approved loan of up to Rs. 1.5 Lacs. While this means there is a single loan on your EMI card, Credit cards treat separate purchases as separate loans.
Even the process of getting an EMI card is simpler than that of obtaining a Credit Card. Most banks perform credit history and check CIBIL score for verification before authorizing your credit card. There are a lot of factors that are taken into consideration – like your salary – and sometimes that means you don’t get the kind of spending limit you want.
On the other hand, you can apply for EMI Cards like the Bajaj Finserv EMI card online, or opt for one while shopping at their partner stores. Identification and verification of documents is quicker for the EMI card too. There is almost no need for physical documentation thanks to the e-KYC option.
Online vendors too aren’t charged fees for getting payments through EMI card. On the other hand, merchants are charged for each credit card transaction.
Last but not the least, with the EMI card – you have a designated upper limit on spending. This means no more blowing up your credit limit, or living end to end paying your credit card bills. The EMI card lets you be in control of your finances, while enabling you to spend more in the present.
In conclusion, while the Credit Card has certainly paved the way for indulgence – the EMI Card is the new way to go. It’s simple, effective and pocket friendly. So skip the wait, and the late payment fees. Go get your Bajaj Finserv EMI card today.