How to buy electronics on EMI with Credit Cards? Important points

Updated on: 30 Nov 2023

Want to make the most of seasonal offers on electronics, gadgets and electronics? Well, by using credit cards, you can avoid making lump sum payments and convert your bill into affordable EMIs. Simply put, buying products on EMI gives you the benefit of buying now and paying in instalments.

This way, you can buy big-ticket items such as smart televisions, washing machines, refrigerators, air conditioners and more without depleting your savings. By learning how to make purchases on EMI using your credit card, you can enhance your shopping experience.

Read on to learn how to buy electronics on EMI with a credit card, the type of EMI options you can get and more.

How do Credit Card EMIs work?

The credit card EMI facility is very easy to use. For instance, if you want to buy electronics on EMI using your credit card, you can choose the EMI option at the time of payment. However, this is also available for eligible products. You will also have to choose a suitable tenure for your EMIs.

However, note that the issuer may levy an interest for the same. The interest rate depends on your card, issuer and bill amount. To calculate the EMI, your entire transaction amount plus the interest amount will be considered. Then, the total will be divided into equal instalments spread throughout your chosen tenure.

Remember that in some cases, the products you choose to buy on credit card EMIs may be eligible for no-cost EMIs. Here, the issuer will not charge any interest and only the transaction amount will be divided into equal instalments.

For instance, let’s assume you buy ₹50,000 worth of electronics on EMI and can choose the no-cost EMI option. Now, the amount will be divided as per a tenure of your choice. If you choose 10 months, the EMI may be ₹5,000. Generally, choosing the no-cost EMI option is beneficial as there are no additional costs above your bill amount.

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How to buy products on EMI with Credit Cards?

With the credit card EMI facility, you can grab exciting offers on electronics and other products without any hassles! Opting for the EMI option is as simple as paying with your credit card. Here are the steps to buy products on EMI with credit cards:

Choose a product of your choice
Check if the product and your card are eligible for EMI payments
Proceed to payment and choose the EMI option
Make a down payment, if needed, and choose a suitable tenure
Authorise the transaction to complete the payment

Upon successful authorisation, your transaction will be complete. You can check the EMI plan and other details by logging into your credit card account via net banking or using the issuer’s mobile app.

Alternatively, you can also convert your entire credit card bill into EMIs. This way, you can pay your entire credit card bill with easy monthly instalments and repay on time. You can do this by contacting the issuer’s customer support team or through your credit card account.

Factors to consider when shopping on EMI with a Credit Card

While there are many benefits of the EMI option, here are some points you must keep in mind.

Before buying the products using the credit card EMI option, make sure that your issuer provides an EMI facility on your card.
Often, issuers charge a small processing fee to convert your purchases into instalments. Knowing these charges is important as they add to your overall costs.
Keep in mind that shopping for any products on EMI will reduce your credit limit for the entire transaction amount and not just the EMI amount.
Check the interest rate offered by your issuer for the EMI option.
Choose the tenure wisely and opt for prepayment to save on interest.

Considering these factors, you can decide if shopping for electronics on EMI suits you. To enjoy other money-saving benefits, get the Fibe Axis Bank Credit Card. With it, you can get up to 3% cashback on transactions, making every payment more rewarding.

A significant benefit of this card is that you can link it with your UPI ID for convenient and safe payments. Moreover, it has zero joining and annual fees. To apply for this credit card, download the Fibe Instant Loan App or register on our website.

FAQs on Buying electronics on EMI using a Credit Card

How can I get an EMI facility for electronics shopping?

With a credit card EMI option, you can easily convert all your gadget shopping bills into affordable instalments spread across a comfortable tenure.

Can I buy electronic appliances on EMI with a credit card?

Yes, you can convert the cost of electronic appliances into EMIs at the time of purchase. You can also convert your credit card bill into EMIs. Both can attract interest, so make sure you choose a cost-effective option.