How to Avail EMI for Retail Purchase Using HDFC Credit Card?

If one needs to pay a huge expense on their credit card issued by the HDFC Bank, the best way to manage it is by converting retail purchases into EMI (equated monthly instalment). With HDFC Bank, the customers will get many options, including ‘Smart EMI’, where transactions can easily be changed into simple EMIs.  Continue reading to check how to convert hdfc bank credit card bill to EMI.

How to Convert HDFC Bank Credit Card Bill to EMI?

To convert HDFC bank credit card bills/purchases to EMI, there are some easy methods available. Depending on needs, availability, and convenience. One can decide from the following and convert all their retail purchases into EMIs:

1. Using Net Banking

• This method is only for all unbilled transactions made through the HDFC credit card.
• To start the process, sign up/sign in to your HDFC Bank’s net banking account.
• Use the customer’s name and password to log in.
• Find and click on “Cards”.
• After this, click on “Transact” and choose the  “SmartEMI” option under the ‘Credit Card’.
• Now, check the eligibility by clicking on a transaction.
• Select the ‘tenure’ along with the ‘interest rate’.
• To submit the request, accept all ‘terms and conditions’.
• Once it is successfully submitted, you will receive an acknowledgment message containing relevant details.

2. Using Phone Number

• Customers can also avail EMI for their retail purchases made via an HDFC credit card.
• For this, contact the customer support of HDFC Bank in the respective city.
• Or, dial the 24/7 toll-free number 1800-1600, 1860–2600.
• Request the HDFC representative check the eligibility and provide EMI options.
• Also, ask about the tenure and interest rates.
• Once everything is fine, they will instantly process the load without any documentation. 

3. Using Mobile Application

• It is a preferred method to change paid bills of retail purchases into EMIs.
• Open the bank’s app, using the credentials.
• Now, navigate to options – CARDS > CREDIT CARDS > TRANSCAT > SmartEMI.
• Check the eligibility and process further.

4. Using WhatsApp 

• Open WhatsApp on your mobile phone
• Type “convert to EMI” 
• Send it to 7070022222 using your registered mobile number
• Enter the last 4 digits of your HDFC bank credit card to continue
• Now, select 10 transactions for SmartEMI options
• Choose a tenure that works for you and confirm
• An OTP will be received on your registered mobile number
• Enter the OTP received to confirm and book SmartEMI instantly.

Remember: When additional support is needed, or there is any confusion regarding the process, it is suggested to visit the nearest HDFC Bank branch for better assistance.

Fees and Charges of Converting a Transaction to an EMI

HDFC Bank charges a fee for converting credit card retail purchases into EMIs. Keep in mind that the rate of interest and other applicable charges are subject to change from time to time. Before considering the tabulated details, kindly refer to the website of HDFC Bank to know the latest interest rates.

Key Things to Consider When Converting a HDFC Credit Card Bill to EMI

Before considering the Smart EMI option with the HDFC Bank Credit Card, there are a few things one should consider. Knowing these is essential to prevent unexpected penalties and other financial issues. Some of these key considerations have been outlined here:

• Credit Limit: The bank will consider the credit limit of a credit card while converting retail purchases into EMIs. When these EMIs are repaid, HDFC Bank will continue releasing the corresponding amount until the given limit of credit is restored.
• Cost of interest: Undeniably, EMIs are the best way to ease the financial burden; you should keep in mind that they often come with interest fees and charges. These make the overall purchase cost higher than the actual expenses. Therefore, it is good to check the deferred payment options.
• Credit Score: If you are looking for ways to make your credit score better, repay the credit card EMIs on time. If you miss out on one or have delayed repayments, it will adversely affect your credit score and creditworthiness.
• Merchant Offers: Periodically, HDFC Bank may give “no-cost” EMI options. However, this is not assured. To have one, you will need to keep a close check on the bank’s offers or directly ask the HDFC executive if there is any offer to save on the EMIs.

Conclusion

Converting the HDFC retail purchases of credit cards into EMIs is indeed a wiser option. This is particularly a helpful method for those who have an improper flow of finances and are unable to pay the credit card bills on time due to this. But before considering this option, always check the applicable rate of interest and other charges. Also, measure the pros and cons of the same to make an informed decision. Besides, refer to this post to know the fees charged by HDFC Bank for this service to make the most out of it.