Credit cards come in handy to manage your expenses – be it travelling, groceries, bill payment, shopping , and also for a balance transfer. When responsibly used, they give you certain benefits in the form of rewards, cashback, etc. Credit cards already have credit periods in the range of 18-45 days to 25-55 days as per the due date of your payment. Standard Chartered Smart Credit Card takes the benefits further and provides an option of converting your big spending into easy EMI.
Ways to avail of the EMI facility:
You may convert your credit card transactions into EMIs at counters of retail outlets or while making payments at e-commerce sites. There are three ways to enjoy this EMI facility:
- Phone banking: You may call Standard Chartered phone banking numbers and register your desire to convert the purchase value into EMI.
- SMS: You may also opt for the SMS mode; wherein you will receive a call back from the Standard Chartered Bank
- Online banking/ SC mobile: If you have not converted a spend to EMI at the time of physical purchase or online purchase, you may log in to your mobile banking or online banking and request for EMI conversion for such transactions that become eligible for this facility.
Different banks have different minimum amounts for availing of this EMI facility. For example, Standard Chartered Bank has put together an offer called KBE i.e. Kuch-Bhi on-EMI, and prescribed a minimum threshold amount as low as Rs. 2000, on its Smart Credit Card. The special rate of interest is as low as 0.99% per month for the EMI tenure of 3 months. Also, there are no processing charges under this facility
The eligibility criteria for this facility are similar to the issue of credit cards:
Age – Should be between 18 and 65 years. For supplementary credit cards, the minimum age should be 18 years.
Income – Should have a stable income that is backed by income tax returns, bank statements and salary slips.
Location – Should reside in the areas/cities where the bank’s branches or the credit card sourcing offices are located.
Documents – Identity Proof, Address Proof, proof of business and its continuity, and one passport photo are also required.
Certain riders that banks follow:
- The facility is not applicable to all credit card transactions but only for a certain minimum number of purchases.
- The credit card cashback is not applicable on every purchase that you make. There is a list of exceptions that you should be aware of.
- This facility does not permit transactions older than 60 days.
- You will not be eligible for rewards points on EMI transactions.
- The credit card limit will stand reduced by the principal amount due and will be restored when you repay the amount.
- If you choose to pay the balance of EMI in one go, it will qualify for a prepayment penalty, ranging from 1% to 5%, depending upon the card-issuing bank.
- Delays in EMI payments attract penal charges.
- If you only pay the due amount and not the entire credit amount, the rate of interest will be applicable to the credit amount.
You have to weigh the pros and cons of the EMI facility and avail yourself of the same, because once you have availed of the facility, then tenure, etc., cannot be changed.