Credit card EMIs: - Deepstash

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Credit card EMIs:

Banks and financial institutions offer Cardholders the option of paying for certain purchases through Equated Monthly Instalments (EMI).

In fact, several card issuers even walk that extra mile, to offer interest-free EMIs with tenures ranging from 3 to 36 months.

This is a useful option for those who do not wish to pay for large purchases in one go. Instead, they are comfortable spreading out the re-payments over a few months.

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These include benefits like discounts, cash backs, reward points, loyalty credits, complimentary club memberships, free access to the airport lounges, among many others.

Credit card issuers offer pre-approved loans to card users with a healthy re-payment record and credit profile.

Credit cards become a valuable financial tool once you learn to use them sensibly and responsibly.

Arguably, the most attractive feature of a credit card is the interest-free grace period that can be availed by users provided, the amount to be repaid, is cleared by the due date.

Since credit card transactions are similar to availing loans, all such transactions are reported to the credit bureaus that use them for calculating, as well as building your credit profile.

You can time your big-ticket purchases in a way that can help you gain a longer credit period.

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These ideas help to understand why credit cards remain a popular means of payment despite being a form of debt.

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