American Express Credit Card Statement - Know How to get American Express Credit Card Statement Online & Offline in UAE. Check how to read and understand the credit card statement & read FAQs.
Now, this may seem like a good option initially when you see it, especially if you are stuck in a cash crunch scenario wherein you really cannot afford to pay off the entire outstanding amount altogether in one go. However, in this world, there are very few things that might be offered for free, and sadly, the option for credit cards EMI does not make it to the list.
It is vital for you, as a cardholder, to be aware of what the credit cards EMI option actually holds for you before you go ahead and blindly opt for this option. Here, in this thread, is a brief guide for you.
Your credit cards EMI are actually pretty similar to the EMIs on any other loans – you pay off a portion of the principal amount due every month along with a fixed monthly interest rate, thereby clearing off your dues over the course of time.
The option to converting your credit card payments into EMI payments will either be available to you when you are making the purchase or at a later date in the future when your amount is overdue. Usually, the credit card provider will by themselves offer this option to you via either email or SMS when the transaction on your card exceeds a fixed amount.
On top of this, the credit card providers often partner up with some of the manufacturers or stores out there to offer the EMI option on some products, or in some cases, all of them. The banks offer the credit cards EMI option to cardholders on the basis of their credit activity behavior.
In a Nutshell
It can be a costly affair to convert your credit card payments into credit cards EMI, especially considering the overall cost of goods. You should aim at trying and paying off the due in one entire go. If, however, you are in a scenario where you cannot afford to do so, for instance, in case of deep pocket purchases, breaking down the due balance into credit cards EMI can be a convenient alternative to paying off those bills.
However, make sure you take into consideration all of the charges that are associated with the credit cards EMI, such as the rate of interest, processing fee, along with any prepayment charges. Also, keep in mind to always pay your EMI payments on time to avoid any sort of late payment charges or any other interest charges that may be associated.