What is the working of the EMI option on HDFC Millennia Credit Card?
How Credit Card EMIs Work
EMI Option: Available on select purchases or total outstanding.
Interest Rates: Some banks offer zero-interest EMIs; others charge lower rates than regular credit card interest.
Processing Fees: May apply.
Tenure: 3 to 18 months.
Impact on Credit Limit: Reduced by EMI amount.
Monthly Payment: Higher due to EMI inclusion.
When to Choose EMIs:
If you need more than 3 months to repay.
Avoid if repayment is possible within 3 months—revolving credit increases debt.
Alternatives:
Compare with personal loans for lower interest rates.
Check if your bank offers better financing options.
Techniques for Converting Transactions into EMI
1. At the time of the merchant EMI purchase
- When checking out on partner websites (Amazon, Flipkart, etc.), select HDFC Credit Card EMI.
- Choose between 3, 6, 9, 12, 18, or 24 months as your tenure.
- Interest rates and processing costs can apply.
2. Post-purchase EMI conversion, or SmartEMI
- Convert eligible transactions (₹2,500 and above) into EMI after the purchase has been completed.
- Launch NetBanking or the HDFC Mobile App, then sign in. Go to the Cards Area → Choose the EMI option after choosing the transaction.
- Card tenure and eligibility have an impact on interest rates.
3. Call Customer Care
- Dial HDFC’s Credit Card helpline and request EMI conversion on eligible purchases.
Key Features & Charges
Minimum Transaction for EMI: ₹2,500
Available Tenures: 3, 6, 9, 12, 18, 24 months
Interest Rate: Usually 12% to 18% per annum (varies based on tenure and offer).
Processing Fee: 1% to 2% of the transaction amount (₹199-₹499 min).
Foreclosure Charges: 3% of outstanding if EMI is closed early.