Online shopping and cashless transactions have now become a habit thanks to the number of perks offered on credit cards and debit cards. The trend picked pace during the coronavirus pandemic where social distancing became the new normal.
Credit card often comes to rescue when you have to make an urgent purchase without worrying about the money in your account. As luring as it may sound, using credit cards pose a significant risk when misused and can even lead to debts when not used with care. Credit cards are comfortable and convenient to use but many a times we forget our budget and get carried away when shopping only to realise when making the credit card payment.
Are you worried about settling your credit card bill at once? SBI credit card holders are in for some relief as the bank offers you to convert spends into EMI online. The facility is offered to most credit card holders through the Flexipay platform.
Using internet banking, SMS or customer care you can convert your SBI credit card purchases to simple instalments.
For internet banking:
Step 1: Login to your SBI card website using your customer ID and password.
Step 2: Go to the ‘Benefits’ (on the left panel) and select ‘Fexipay’ option under the drop-down menu.
Step 3: You will be able to see your recent transactions, select the one you wish to convert into instalments. Check the offers in the ‘Flexipay Offer’ option and convert your transactions into Flexipay purchase.
Step 4: Now choose the tenure and you will see the exact EMI amount. Accept the terms and confirm the order.
On completion of the process, you will receive a confirmation from the bank on your registered mobile number and e-mail address.
The minimum amount is Rs 2500. The Flexipay option will be cancelled on your credit card if you are unable to pay the EMI for 3 consecutive months.
You can also send an SMS “FP” to 56767 or call on 390202 and 1860 180 1290. Your EMI can be as low as Rs 52 per Rs 1000 in a month. Credit card companies can also charge a processing fee to transfer transactions to EMI and the charges varies from 1-3 percent of the transaction amount.