EMI schemes on Credit cards

Hold on for a moment, take a deep breath and ask yourself a question. Do you really know the cost of that 0% EMI? 1-Apart from the interest cost, most credit card companies charge a processing fee when you opt for an EMI scheme. This is a percentage on the transaction amount and varies from bank to bank. 2-Revolving the credit: The EMI amount is reflected on your monthly credit card bills along with your other dues. When you opt to rotate the balance due to additional commitments, you will be charged the normal interest of anywhere between 34%-42% for non-payment. 3-No Discounts: Most products carrying the EMI option do not have the benefits of a discount or any offers. 4-Pre-closure charges: If you purchase a product on an EMI scheme offered by your credit card company, it is most likely that there will be a pre-closure penalty.

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