A Step-by-Step Guide to Buying Mobile on Credit Card EMI

Picture yourself holding the latest smartphone, enjoying all its innovative features without worrying about the hefty upfront cost. You’re excited to buy it, but spending a significant amount upfront would be hard on your budget. Saving for months is an option, but who wants to wait that long? Thankfully, financing your mobile through credit card EMI plans presents a practical solution that lets you enjoy the best of both worlds.

This step-by-step guide shows how mobile financing through credit card EMI plans makes buying your desired phone easy and budget-friendly. Let’s dive in and get you the smartphone you’ve been eyeing without dipping into your savings.

6 Steps to Buy a Mobile on EMI Using a Credit Card

1. Check Credit Card Eligibility and Limit

Kick things off by checking your credit card eligibility, including factors like a good credit score, stable income source, and positive credit history. Additionally, verify that your credit card has a sufficient available credit limit to avoid extra charges or transaction rejection due to exceeding the limit.

2. Verify EMI Options Available with the Credit Card Issuer

You should verify whether your card qualifies for EMI transactions because eligibility may be affected by your credit score and history in some cases. It is equally important to know what the minimum purchase price is to qualify for an EMI plan.

3. Compare EMI Plans Offered by Vendors

Review different EMI plans and compare factors like interest rates, repayment periods, and additional credit card fees. Finalise the plan that fits your spending habits and current finances. Take One Credit Card, for example, which offers a seamless digital process and an ultra-low interest rate of 1.33% per month.

4. Calculate EMI Amounts and Total Cost

Your monthly EMI depends on the interest rate from your bank, the repayment time, and how much you pay upfront. Let’s say you buy a phone for ₹40,000 and make a ₹20,000 down payment with a 12% interest rate over one year. In that case, your EMI would be ₹2,400 per month. Many credit card companies also have handy EMI calculators on their websites and apps. The One Credit Card EMI Calculator allows you to experiment with different purchase amounts and repayment periods. Unlike most EMI calculators, which just show a basic conversion, it provides an accurate breakdown of total charges and monthly payments.

5. Track EMI Payments and Manage Credit Card Dues

Consider setting up automatic payments with your credit card issuer so as not to miss any due dates that result in late fees. Or, you can create payment reminders on your phone or calendar app, so you’re always aware when your EMI has to be paid. Additionally, review your monthly credit card statements to monitor EMI payments and overall spending. This helps you stay on track with your finances. Lastly, remember that making timely payments not only keeps your finances healthy but also contributes to a strong credit score. This benefits you in the long run when applying for loans or other services.

Also Read: When To Use Credit Card EMI and When to Avoid

How One Credit Card EMI Works

Ready to experience the convenience of OneCard EMI plans? Here’s a quick guide to get you started:

1. Open the EMI Dashboard in your One Credit Card app.
2. Choose the purchase you wish to convert into an EMI plan.
3. Confirm in how many months you wish to repay it, with options ranging from 3 to 24 months.

Additionally, One Credit Card takes your EMI experience one step further with the ‘Bill to EMI’ option it offers. With it, if you have a bigger bill but are unable to pay the entire bill amount by the due date, you can choose to convert it into EMI.

Also Read: What is the Credit Card Billing Cycle and How Does It Work?

To sum it up, buying a mobile on EMI with a credit card is a convenient and flexible way to snag the smartphone you’ve been eyeing for a while. Using our handy guide, you’ll be able to breeze through the mobile financing process. So, go ahead and own the smartphone you desire while maintaining a healthy budget.