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EMIs on credit card is useful but tricky on conditions

Keep in mind interest rate, tenure and additional charges if you exceed credit card limit

Image via Shutterstock
Image via Shutterstock

It is common for banks to push customers to opt for the equated monthly instalment (EMI) route for repayment of credit card expenses. Every time one swipes the credit card for an expense, there could be an SMS encouraging one to use this option. In recent times, even the amount that triggers the EMI option is getting smaller. Many banks, such as State Bank of India, have started using Rs 2,500 expense as a trigger. For the card-swiping customer, it is a useful option if one is unable to pay the entire amount by the due date. On the bank’s part, it helps reduce defaults and ...