Getting a credit card with EMI features can be a wise financial move if you know the key points before you apply. ‘Credit card is appropriate’ option can sometimes be challenging, whether it’s your first, or you get a new credit card to add to your portfolio. If you know the facts, you can make the right decisions. Taking credit card into account is a significant achievement because it means you meet the requirements that enable banks to offer the card. In this blog, we will list ten essential things to consider before choosing for a credit card application option. Things you need to know before applying for a credit card at EMI 1. Credit card principles A credit card allows you to borrow funds to a certain amount and then repay with interest. All credit cards have costs such as annual fees, late payment costs and interest. It is necessary to compare different schemes and know the terms and conditions. 2. Checking creditworthiness Your creditworthiness is an essential factor in approving your credit card application. Lenders look at your financial history in the past to decide whether you are eligible. If you have a poor creditworthiness, it is worth improving it before you apply for approval. 3. If you understand EMI facilities, an EMI feature with a credit card with large tickets can be transformed into easy monthly payments. Calculate the monthly installments before using this facility, and the total amount you must repay using a credit card EMI calculator. This allows you to plan correctly and stay away from financial pressure. 4. Interest rates and fees Various credit cards have different interest rates and costs. One must compare the cost before choosing a credit card. Certain cards have higher interest rates, but higher annual costs. If you know the cost structure, you can choose a credit card that fits your budget. 5. Verification of eligibility criteria Each credit card has unique suitability criteria, such as income, age and employment status. Verification of the requirements before credit card applies ensures that you are not rejected, which has a poor impact. 6. Payments to pay on time in time to pay your account on time are good to keep your creditworthiness in check and to prevent costs. If you skip payments, this could result in fines and higher interest rates. Automatic payments and reminders can guarantee that you never miss a payment date. 7. The management of credit utilization credit utilization ratio is the ratio of your credit card limit you use. You should keep it below 30% for a good credit rating. Suppose your limit is £ 50,000; Aim to keep the outstanding amount below £ 15,000. 8. With the help of a credit card EMI, it is better to use an EMI calculator before using EMI services to know the monthly amount you have to pay. The calculator gives a good idea of the interest amount you have to pay and help choose the suitable term for repayment. 9. If you apply on multiple cards, although you can apply for different credit cards, you can negatively affect creditworthiness for too much. 10. Review Terms and Conditions Before applying, you must read the terms and conditions carefully, especially about EMI conversion, interest rates and repayment options. To conclude that obtaining a credit card with EMI facilities is an easy way to handle expenses, but it involves planning. Before opt for a credit card application option, you must verify the creditworthiness, use a credit card -Emi calculator and read the conditions and conditions thoroughly to make the right choice. A smart financial planning approach will ensure that you enjoy the best use of your credit card while keeping a healthy financial record. Note for readers: This article is part of Mint’s Paid Consumer Connect initiative. Mint accepts no editorial involvement or responsibility for errors, omissions or accuracy of content. Do you want to story as displayed above? Click here! First Published: 10 Apr 2025, 02:33 PM IST
10 things you need to know before applying for a credit card with EMI facilities | Mint
