HDFC credit card EMI conversion: Everything you need to know about fees and rates | Mint

If you need to pay a large expense on your HDFC Bank credit card, one of the best ways to manage the expense over a period of time is to convert the credit card purchases to Equated Monthly Installments (EMI). HDFC Bank offers SmartEMI facility to cardholders wherein eligible transactions can be converted into EMIs.

How to convert HDFC Bank credit card bill to EMI

Using net banking (For unbilled transactions)

• Enter login details of HDFC Bank NetBanking account.
• Click on Cards and then Transact and select SmartEMI from the Credit Card section.
• Click on one transaction to check eligibility and then check the EMI conversion options.
• Choose the tenure and interest rate.
• Accept terms and conditions and submit the application request.
• You will get an SMS with an acknowledgment message and loan reference number.

Note: Unbilled amounts only can be converted to SmartEMI through NetBanking. For billed amounts, use PhoneBanking.

Using phone banking (For billed transactions)

• Call customer care: Contact HDFC Bank’s customer support for your city.
• Available EMI options: Request to know available EMI options, interest rates and tenure.
• Approve the EMI conversion: The loan will get processed instantly without further documentation.

Note: This method helps in the easy and structured management of credit card payments through EMIs.

Fees and charges

Note: The interest rates and charges may vary based on the card variant as well as the bank’s policies. For the updated rates, refer to the bank’s website.

Key factors to remember before converting HDFC credit card bill into EMI

Credit limit block: The amount of total transaction converted to EMIs will be blocked against your credit limit. When you repay each EMI, the corresponding amount is released until your available credit limit is restored.

Interest cost: Even though EMIs ease financial burden, it is accompanied by interest charges, making the cost of the purchase more expensive. Check to see if the deferred payment is worth it in terms of the additional interest expenses.

Credit score: Timely repayment of EMIs will have a positive impact on your credit score. On the other hand, missed or delayed payments may harm you when it comes to your creditworthiness.

Merchant offers: Some merchants offer no cost EMI options that will bear the interest component. Look for such options to minimise the extra cost.

In conclusion, converting your EMI can be a wise option if you are unable to pay your credit card bill on time. However, in order to avoid such hassles in future, make sure that you always use your credit card only when necessary so that you can repay the bills on time and avoid any added financial burden.

(Note: Using a credit card carries its own set of risks)