EMI cards have emerged as a popular payment option among young people who do not want their shopping experience to choke them up. However, before you decide to hop on the bandwagon and get an EMI card, you must understand what it means and how it is different from credit cards.
Understanding the difference between and EMI card and a credit card will help you make a better decision so that you can shop more effectively while accessing the many offers and saving money at the same time.
What is a credit card?
A credit card is a financial instrument which allows you to buy any product or borrow money from the bank against a credit limit, which is decided by the bank, depending on your earnings and savings. Generally, no interest is charged on your purchases. However, if you carry your balance over from month to month, you may attract a high-interest rate on your expenses.
What is an EMI card?
An EMI shopping card is a newer form of making payments — something which limits the nature of your credit to shopping. EMI cards available on Finserv MARKETS let you purchase products from partner stores online and offline that you can pay over months at a no-interest EMI.
Difference between an EMI card and a Credit card
The difference between these forms of payments fall under several aspects, such as the financial charges that come with their usage, the pre-approved limit that you have on the card, and the procedure that you have to go through to acquire them. Knowing about these differences is essential in helping you decide whether you should get a credit card or an EMI card.
For EMI shopping cards, you get access to interest-free EMIs after making the initial down payment of Rs 75,000. On the other hand, credit cards usually charge you 3 percent on the usage and up to 40 percent if you happen to miss a limit.
Bajaj Finserv EMI cards come with a pre-approved loan of up to Rs.1.5 lakh that you can use across any of Bajaj Finserv’s 84,200+ partner stores in more than 1,300 cities. Credit cards, on the other hand, have a lower approved limit. To be on the higher end of the credit limit, you would need to provide a financial record that showcases constant high earnings.
The application process for a Bajaj Finserv EMI card is quick and convenient. All you have to do is go online or visit one of the many stores, produce some basic documents for KYC, pay a small joining fee and get access to offers from several prominent brands in the market.
If you get an EMI card, it also gets easy to repay your purchases. On Finserv MARKETS, you have the option to pay for your product in flexible tenors, ranging from 3 months to 24 months, depending on the income bracket you find yourself in.
With so many luring options around, it can be tempting to fall for something where you might end up paying high fees. In festive and wedding seasons, it is essential to have a purchase means that lets you access the best offers on a wide variety of brands in the market.
A Bajaj Finserv card is a portal to the best offers and discounts — a gateway between you and an enjoyable shopping experience. On Finserv MARKETS, you also get the option to shop online and have your products delivered within a day of placing your order, and most of the online platforms like Amazon and Flipkart accept Bajaj Finserv EMIs as a payment method.
An EMI shopping card only needs you to submit your essential documents once. Post that, you get access to a wide range of products, such as washing machines, TVs, smartphones and gadgets, air conditioners, and other on various online and offline stores across India — a practical, cheap, and smart way to shop amid distractions.
Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no-cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!