EMI Conversion With American Express Credit Cards
American Express Credit Cards not only act as a reliable financial backup but also offer a smart alternative for managing big expenses through EMIs. This feature allows cardholders to break down large purchases into smaller, more manageable payments spread over time. With flexible repayment tenures ranging from 3 to 24 months and access to special EMI offers, American Express makes big spending more convenient. Select cards, like the Amex Platinum Travel, SmartEarn, Membership Rewards, and Platinum Reserve, support EMI conversions, giving cardmembers a practical way to stay in control of their finances.
Whether you’re shopping during festive seasons, planning an upgrade for your home appliances, or simply spreading out the cost of a necessary purchase, the EMI facility can help you manage your finances better.
Features of EMI Conversion with American Express Credit Cards
The EMI Conversion feature with American Express Credit Cards exhibits the following features that make it practical for almost every cardholder.
Minimum Transaction Amount
To convert a transaction into EMI, the purchase must be above ₹5,000. However, for purchases made on Amazon, even transactions of ₹3,000 or more are eligible for EMI conversion.
Flexible Tenure Options
American Express gives cardholders the freedom to choose a repayment period that suits their budget. Tenure options are available in convenient 3-month intervals, 3, 6, 9, 12, 18, and 24 months, making it easier to plan and manage repayments. The interest rate, however, varies based on the tenure a user chooses; for instance, the interest rate for Point of Sale for all merchants will be 14% per annum on 3, 6, 9, 12 months, and 15% per annum on 18 and 24 months EMI tenure. Once the user has chosen the EMI tenure, it cannot be changed.
Special Offers on EMI Conversions
Cardholders may also benefit from special offers when converting purchases to EMI, such as reduced interest rates or zero-cost EMI promotions during partnered sales or limited-time offers. These offers enhance the affordability of pricey items.
Table of Contents
Best AmEx Credit Cards for EMI Conversion
Rewards Rate1 Membership Rewards Point/₹50 Spent, Excluding Fuel, Utility, and Insurance. Earn Up to 2,000 Bonus MR Points on Achieving Monthly Milestone Spends Welcome Benefits4,000 Bonus Membership Reward Points on Spending of ₹15,000 Within the First 90 Days of Card Issuance Rewards Rate1 Membership Rewards Point/₹50 spent Welcome Benefits10,000 Membership Rewards Points Rewards Rate1 Membership Reward Point/Rs. 50 spent (with a few exceptions), 10X Reward Points on Flipkart, Uber, Zomato, AJIO, PVR, Blinkit and more. Welcome BenefitsCashback of ₹500 Rewards Rate1 Membership Reward Point for every Rs. 50 spent with the card except for spends on fuel, utilities, insurance, cash transactions, and EMI conversion at Point of Sale. Welcome Benefits11,000 Bonus Membership Rewards Points on Spending ₹30,000 Within 90 Days of Card IssuanceRewards rate and welcome benefits
Rewards rate and welcome benefits
Rewards rate and welcome benefits
Rewards rate and welcome benefits
Pre-Purchase EMIs
American Express gives cardholders the flexibility to convert their purchases into EMIs right at the time of buying. This is known as Pre-Purchase EMI. Whether you’re shopping online or at a store, you can choose to pay in smaller, fixed monthly instalments instead of paying the full amount upfront. This process is simple on online platforms like Amazon, Flipkart, and others. While checking out, just select the EMI option when it’s shown. You can choose the EMI plan that works best for you based on the tenure and the monthly instalment amount. Once you complete the payment, the conversion generally requires 7-10 business days from the date of purchase. The following is the list of rates and charges applicable to the conversion.
- The interest rate for EMI at the time of purchase is 14% per annum for 3, 6, 9, or 12 months, and 15% per annum for 18 and 24 months.
- A processing fee of ₹199 + GST is charged for each EMI conversion made at the time of purchase.
This option is ideal for planned big-ticket purchases like electronics or furniture.
Post Purchase EMIs
Didn’t choose EMI while buying, or made up your mind later that EMI was a clever way to go? No problem. With Post-Purchase EMI, you can convert eligible transactions into instalments after the purchase is made. This is useful when you decide later that paying in EMIs would be more manageable.
To convert, your transaction must be above the minimum amount (usually ₹5,000), and you must request the conversion before the payment due date of the statement in which that transaction appears. The list below gives you the applicable rates and charges on post-purchase EMI conversion.
- The interest rate for post-purchase EMIs is currently 16% per annum.
- A one-time processing fee of 2% of the transaction amount + applicable taxes is charged.
This option is great for unexpected purchases or when you change your mind about how you want to manage your finances after completing the transaction. You can convert transactions to EMI post-purchase via any of the methods mentioned below:
- Sending SMS
Send the following SMS to 5616166 from your registered mobile number.
AMEXCCBILL <<Last 5 digits of your Card>> EMI tenure <<3/6/9/12/18/24>>
- Online through your Amex account
Log in to your online account to submit your request. Follow this link.
- Chat support in the Amex app
Contact AmEx Customer Care via the Amex App or call them with your registered mobile number.
What is an EMI Calculator?
When trying to convert transactions into EMIs after purchasing, cardholders can easily visit the AmEx website and navigate to the EMI dedicated page (or follow this link here). To calculate the repayment amount, they will need to enter the tenure they are considering and the amount of the transaction in the respective fields. Tools like these make the EMI conversion very transparent and easy.
What is a No-Cost EMI?
Some merchants provide no-cost EMIs, allowing cardholders to pay just the product price, divided evenly throughout the repayment term. This feature is available from select merchants across various categories, such as mobiles, large appliances, laptops, and more. It’s important to note that this option is applicable only for specific sellers. Cardholders can verify availability in the offers section on the merchant’s product details page. With this offer, American Express will apply the full interest, along with the applicable GST/taxes, to the cardholder. Nevertheless, the merchant/seller will give an instant discount equivalent to the interest charge at the time of purchase.
Pros and Cons of EMI Conversion With AmEx Credit Cards
| Pros | Cons |
| Makes Big-Ticket Purchases Affordable | Processing Fees (Especially Post-Purchase) are High |
| Flexible Repayment Tenure Options | Interest may Apply Depending on the Repayment Tenure Chosen |
| Eliminates the Need for Personal Loans | EMI Transactions do not Accumulate Reward Points |
| Zero-Cost EMI Options Available During Offers | Could impact Credit Utilization and Long-Term Financial Planning |
American Express EMI Pre-Closure
Yes, it is possible to make pre-payment and foreclose your EMI with AmEx Credit Cards. As per American Express, a user will need to keep the following in mind.
- You can settle the total of all unbilled Principal Amounts in full by contacting the customer care, which is available 24/7.
- The processing fee will be refunded only if the cardholder requests the closure of the EMI transaction within 30 days from the transaction date, following a product refund or transaction cancellation.
- A one-time fee of 3% plus taxes will be charged on the outstanding balance upon foreclosure of the EMI facility.
These terms also remain valid if the customer decides to cancel their credit card and the EMI still has a tenure left. The EMI will have to be foreclosed, and a one-time 3% fee will be charged.
Bottom Line
EMI conversion for American Express Credit Cards is a great option for large purchases. Charge cards, however, do not provide this EMI conversion feature. EMI conversion can be done either at the time of sale, known as pre-purchase, or later by visiting the website to convert a completed transaction into EMI. Additionally, AmEx’s website offers an EMI calculator that helps cardholders easily check their EMI and the associated interest.
Frequently Asked Questions
Where can I use EMI with my American Express Card?
You can use the EMI facility at both online stores (like Amazon and Flipkart) and physical retail outlets that support AmEx EMI at the point of sale.
What is the minimum amount for EMI on American Express Credit Cards?
For most purchases, the minimum amount eligible for EMI is ₹5,000. However, for Amazon purchases, transactions above ₹3,000 qualify.
Are there any processing fees for EMI conversions on AmEx?
Yes. For pre-purchase EMI, there’s a ₹199 + GST fee. For post-purchase EMI, a one-time fee of 2% of the transaction amount + taxes is charged.
Can I pre-close an EMI on my American Express Credit Card?
Yes, you can foreclose the EMI by paying a one-time fee of 3% + taxes on the remaining outstanding balance.
How can I convert a transaction to EMI on my AmEx card?
You can convert transactions to EMI either at the time of purchase (pre-purchase EMI) or after the transaction is posted (post-purchase EMI) via SMS, online account, or the AmEx app chat.
What is a no-cost EMI on AmEx, and how does it work?
No-cost EMI means you only pay the product price in instalments. Interest is waived off via an instant discount from the merchant, while AmEx still applies interest and taxes as usual.
Which American Express cards support EMI conversion?
Popular eligible cards include the AmEx Membership Rewards, Platinum Travel, SmartEarn, and Platinum Reserve Credit Cards.
Do I earn reward points on EMI transactions?
No, transactions converted to EMI are not eligible for Membership Rewards Points on most American Express Credit Cards.
Does EMI conversion affect my credit score?
EMI conversions do not directly hurt your credit score, but may impact your credit utilization ratio if large amounts are involved.