How to convert HSBC credit card payment to EMI? A step-by-step guide
Convert your credit card bill to EMI: Tips for HSBC credit card users
Credit cards provide you with cashbacks and reward points so that you can save on your daily transactions while not compromising your lifestyle. However, credit cards can also make you form a habit of overspending because of which you may end up with a hefty bill which may be difficult for you to repay.
In this case, you can convert your credit card bill into EMI instantly. If you are an HSBC credit card user, you must understand the advantages and disadvantages so that you can convert your credit card bill easily.
Features of balance transfer
- Eligibility: Transactions above ₹2,000 are eligible for conversion.
- Tenure options: Flexible repayment periods of 3, 6, 9, 12, 18, or 24 months.
- Interest rate: Vary between 14.49 per cent to 21 per cent per annum.
- Processing fee: 2.5% of the balance conversion.
- EMI transactions: Get rewarded with reward points
How to apply to convert a credit card bill to EMI?
- Via SMS: You can SMS ‘BALCON’ to 575750. One of the customer care executives will contact you with further details.
- Via customer care number: In case you want to get details on interest rates, repayment tenures over call, you can contact the customer care on the numbers below:
1800 267 3456
1800 121 2208
You can reach out to the customer care anytime between 6:30 AM to 8:30 PM.
Should you convert your HSBC credit card payment to EMI?
| Pros | Cons |
|---|---|
| Flexible repayment: allows you to spread payments over several months, reducing immediate financial burden. | Interest charges: some EMI conversions come with interest rates, increasing the overall cost. |
| No cost EMI options: certain merchants and banks offer no-cost EMI, eliminating extra interest expenses. | Blocked credit limit: The converted amount reduces your available credit limit until fully repaid. |
| Reduced upfront financial strain: enables larger purchases without depleting savings. | Higher credit utilisation: A higher outstanding balance may negatively impact your credit score. |
In conclusion, it is important that you understand your finances and evaluate thoroughly whether converting your EMI will be a better option for you as this will attract a high interest rate which you will be bound to pay along with processing fee. Hence, in order to avoid any financial stress, it is important that you always use your credit card wisely and only when necessary.
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