Credit Cards are the most valuable tools nowadays which can not only be used in case of emergencies but also increase our purchasing power. Credit Card comes with many features along with the funds which can help you get many complimentary perks and benefits. EMIs are one of the best parts of having a credit card.
EMI – Stands for Equated Monthly Installment with which you can convert your big-ticket expenses into smaller portions and pay for them over a time period. This a very important feature of a credit card and due to this users are attracted to the credit card option. It is very easy to convert your transactions into EMIs, you can do it through the bank portal, or by calling customer service and you can even go to the nearest bank branch.
To get a credit card, you usually have to follow quite a few instructions and there are criteria to match in order to be eligible for any Credit Card. But to be eligible for EMIs, there are no such criteria. The only criteria applied to convert the expenses into EMIs is that the whole payment should be more than a certain amount. The amount to be eligible for EMIs depends on bank to bank as different banks have different requirements and rules.
SBI Bank has the criteria of changing the payments over Rs. 2,500 into EMIs on the user’s demand. The EMIs can be paid for just one or more transactions together which means you can have one or more transactions converted into EMIs. This way you can save yourself from the burden of making huge payments together.
However, there are eligibility criteria to get credit cards and every other bank has a different way of working so the criteria can vary. Not just this but different cards from a basic or entry-level credit card to a higher, super-premium credit card, every card can have different eligibility criteria.
SBI Bank has many features with its credit cards. Among these comes the option of converting credit card payments into EMIs which then can be equally divided over the course of a time period in order to nullify the impact of the amount on our pockets. EMI conversion is a very attractive feature and it is very easy to avail of this feature too.