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One of the best benefits of a credit card is that you can make big-tickets spends and conveniently pay off the money in easy EMIs. Most of us would have stopped ourselves from making a purchase in the past because of the high price, and EMIs make it easier to buy the stuff we think of.
American Express does not allow charge cardholders to convert the spends to EMIs, but basic and supplementary cardholders can do so. Cardholders can convert spends above Rs. 5000, and Amazon spends above Rs. 3000, to EMIs. American Express is making changes to the EMI processing fee, foreclosure request, and interest rate on select tenures, with effect from 10th August 2023.
The following article talks about the changes in detail.
Changes to EMI Charges on Amex Credit Cards
American Express credit cardholders have the convenience to convert their spends above Rs. 5000 into EMIs with flexible tenures. American Express announced some changes to the EMI charges that will take effect from 10th August 2023. The following changes will take place –
- A processing fee of Rs. 199 plus taxes will apply on point-of-sale EMI transactions.
- For EMI tenures of 18 and 24 months, a 15% interest rate will apply to point-of-sale EMI transactions.
- Any early payment or EMI foreclosure will be charged a 3% fee of the outstanding balance along with taxes. This foreclosure fee will apply on EMIs that are taken after 10th August 2023.
Make sure to keep the above changes in mind if you plan on converting spends made with your Amex credit card to EMIs.
EMI Charges by Other Banks
The fees and charges on EMI conversion varies for credit cards by different banks. The following table features the fees related to EMIs by top card issuers in India.
| Card Issuer | Interest Rate | Processing Fee | Pre-closure Fees |
| HDFC Bank | 15% p.a. onwards | 1% of the total amount, or minimum Rs. 150 | 3% of the outstanding balance amount |
| Axis Bank | 13% p.a. onwards | 1.5% of the total amount, or minimum Rs. 150 | 3% of the outstanding balance amount |
| SBI | 14% p.a. onwards | 2% of the total amount, or minimum Rs. 99 | 3% of the outstanding balance amount |
| ICICI Bank | 13% p.a. onwards | 2% of the total amount | - |
| Citibank | 13% p.a. onwards | 2.5% of the total amount, or minimum Rs. 200 | 3% of the outstanding balance amount |
| Bank of Baroda | 13% p.a. onwards | 2% of the total amount, or minimum Rs. 100 | 3% of the outstanding balance amount |
Bottom Line
American Express has a great range of credit cards and is a popular card issuer in the Indian market. With Amex credit cards, you get the facility to convert your spends to EMIs of flexible tenures. If you own an Amex credit card, then you should go through the above changes related to EMI charges thoroughly.
These charges come into effect from 10th August 2023, and you must make any future EMI conversions keeping them in mind. What do you think about these changes made by American Express, share your thoughts with us down in the comments section.
