Top 5 credit cards with EMI options for high-value purchases | Mint

Using a credit card for an expensive item is not unusual. People tend to use a credit card to buy almost everything ranging from a gadget to jewellery, and smartphone to flight tickets. Most banks invariably give a 40-45 day interest free period for making the payment.

However, when the bill is too high, some of the credit cards also offer EMI options to customers. It is meanwhile, important, to note that these EMIs are typically not zero cost since they comprise processing charges and interest.

In fact, RBI in 2013, banned zero-cost EMIs because RBI said that the concept of zero per cent interest is non-existent and fair practice demands that the processing charge and interest rate charged be kept uniform.

Here we give a lowdown on the credit cards which give these options:

1. ICICI Bank’s EMI on call post purchase: You can convert your Credit Card transactions into Equated Monthly Instalments (EMIs) spread across a tenure ranging from 3 months to 24 months and pay for your purchases in instalments, mentions ICICI Bank’s website.

2. HDFC Bank: The largest private sector bank also offers smart EMI option where you can convert your purchases into instalments. One can choose a repayment tenure based on your convenience, ranging from 6 to 48 months, mentions the bank’s website.

3. Axis Bank: This private sector bank also offers to convert purchases into EMIs. The instalments are calculated at an interest rate of 1 percent, or 1.08 percent, or 1.25 percent or 1.5 percent or 2 percent per month on monthly reducing balance, mentions Axis Bank website.

4. SBI Card: SBI Card also gives you the option to convert big purchase in flexible instalments. This can be done in 3 simple ways:

1. Login to your SBI Card online account.

3. Call 3902 02 02/ 1860 180 1290.

You can find more details on SBI Card website.

5. RBL Rank: This private bank also allows its customers to convert eligible purchases into EMI of various durations i.e., 3, 6, 9, 12, 18 or 24 months as per your choice.

The bank also offers a low rate of interest on your EMI and also get processing fee discount with EMI Infinity Pass.