Imagine holding the latest smartphone in your hands—sleek, powerful, and packed with all the newest features. Sounds great, right? But let’s face it, dropping a big chunk of money upfront can be tough on your budget. Sure, you could save up for a few months… but why wait when there’s an easier way?
That’s where credit card EMI (Equated Monthly Installments) comes in. It’s a smart and simple option that lets you buy your dream phone now and pay for it in manageable monthly chunks—without draining your savings.
In this easy step-by-step guide, we’ll walk you through how to buy a mobile using a credit card EMI plan. Let’s make that phone yours—without the financial stress!
6 Simple Steps to Buy a Mobile on EMI Using a Credit Card
1. Check Your Credit Card Eligibility and Limit
Before diving in, start by ensuring your credit card is eligible for EMI options. This depends on things like your credit score, stable income, and a good credit history. Also, take a look at your available credit limit to make sure it’s enough to cover the cost of the phone—this will help you avoid any surprise charges or the risk of your transaction being declined.
2. Confirm EMI Options with Your Card Issuer
Next, check with your credit card issuer to confirm that your card offers EMI transactions. Some cards may have specific eligibility criteria based on your credit score and history. Also, be sure to find out the minimum purchase amount required to qualify for the EMI plan.
3. Compare EMI Plans from Different Vendors
It’s time to shop around! Compare various EMI plans and look at important factors like interest rates, repayment terms, and any extra fees. Pick the plan that best matches your budget and financial situation. For example, One Credit Card offers a simple, digital process with an ultra-low interest rate of just 1.33% per month, making it a great option if you’re looking to save.
4. Calculate Your EMI and Total Cost
Now, let’s do some quick math. Your monthly EMI will depend on the interest rate, repayment period, and how much you pay upfront. For instance, if you buy a phone for ₹40,000, make a ₹20,000 down payment, and choose a 12% interest rate over 12 months, your EMI would be ₹2,400 per month.
To make things even easier, many credit card issuers, like One Credit Card, offer EMI calculators on their website and app. These tools let you play around with different purchase amounts and repayment plans, giving you a clear breakdown of the total cost and monthly payments, so you’ll know exactly what to expect.
5. Keep Track of Your EMI Payments and Credit Card Dues
To avoid missing payments, consider setting up automatic payments with your credit card issuer—this way, you won’t have to worry about late fees. If automatic payments aren’t your thing, you can always set up reminders on your phone or calendar app to stay on top of due dates.
It’s also a good idea to regularly check your monthly credit card statements to keep track of your EMI payments and overall spending. Staying on top of this will help you keep your finances in check. Plus, paying on time not only keeps you financially healthy, but it also boosts your credit score, which will come in handy when you apply for loans or other services in the future!
How One Credit Card EMI Works
Ready to make the most of OneCard’s easy EMI plans? Here’s how you can get started in just a few simple steps:
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Open the EMI Dashboard in your One Credit Card app.
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Select the purchase you want to convert into an EMI plan.
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Choose how many months you’d like to spread your payments over—options range from 3 to 24 months.
But that’s not all! One Credit Card takes things a step further with the ‘Bill to EMI’ feature. If you have a larger bill that you can’t pay in full by the due date, you can convert it into easy monthly installments. It’s a great way to manage your expenses without the stress!
