Standard Chartered Credit Card EMI

The advantages and disadvantages associated with Standard Chartered Credit Card EMI are:

Standard Chartered Credit Card EMI Conversion – Benefits

Deferred Payment – If customers are facing problems in paying off certain purchases then EMI conversion can help them. By converting their purchases into EMI they can spread the payment over a desired time period.

Low Upfront Financial Strain – When cardholders pay off a purchase gradually over an extended period of time they face reduced financial burden. This is beneficial for salaried individuals.

No-cost EMI – In this scenario customer aren’t charged interest or processing fee. Thus, they get all the benefits associated with EMI conversion without suffering any of the drawbacks.

Standard Chartered Credit Card EMI Conversion – Drawbacks

Interest – Standard Chartered credit card EMI conversion facility, Kuch Bhi on EMI, is not free of cost. Processing fee and Interest will be applied to the amount. Standard Chartered credit card EMI interest rate starts from 1.08% p.m. For merchant EMI conversions the interest is about 14% p.a.

Blocked Credit Limit – The total purchase amount is blocked against the user’s credit limit. The limit will be cleared as they gradually pay the EMIs.

Increased Credit Utilization – Since the available credit limit is reduced, all new purchases use the remaining credit limit. In this scenario, if cardholders do not reduce their expenses then their Credit Utilisation Ratio will go up. This will result in the lowering of their credit score.

Customers who are facing an urgent cash crunch can consider Standard Chartered Credit Card Loan option. Here, loans are given against the credit limit of the credit card.

Before opting for Standard Chartered credit card EMI, you should know the following:

Tenure – An important point to remember is that longer tenures usually charge lower interest rates. However, customer should go for longer tenure only if they cannot pay a larger EMI amount per month. This is because cardholder will end up paying more interest in longer tenure option. In certain scenarios, the benefits of low EMI amount will be outweighed by the huge interest charged. The below-given illustration will make the point clearer.

Now, the payable interest amounts for different tenures are:

Credit Card Variant– Not all credit cards charge the same interest rate on EMIs. Even credit cards from the same bank don’t charge the same interest rate. Thus, customers with multiple cards must compare the interest rates offered on each of them and make a wise decision.

Lost Benefits – Customers must remember that sometimes reward points or discounts are not applicable when they apply for Merchant EMI conversions. If the discount offered is significant then it will be best advised that the customers save up for the purchase.

Timely Payments – Payments must be made by the due dates. Otherwise, customers will run up a huge bill. This might prove to be quite tough to pay off. The reasons for that are:

• Lost Interest-Free Period – When you do not pay your credit card bills in full, you do not get the benefit of the interest-free period. All new purchase will carry interest from the very first day.
• Credit Card Interest Rate – Standard Chartered credit card interest rate (about 42% p.a.) comes into effect when the outstanding amount isn’t paid by the due date. This can lead to high-interest accumulation

Credit Score – Standard Chartered Bank will report missed payments to the credit bureau. This will lower the customer’s credit score.

There are two ways through which customers can apply for Standard Chartered credit card conversion. These are:

Merchant EMI Conversion

Cardholders can convert their purchases at the time of payment when making retail or online purchases. All they have to do is ask for it or click on Pay via EMI option. This option may be available only with select merchants.

Post Purchase EMI Conversion through ‘Kuch Bhi on EMI’ Feature

There are three ways via which customer can convert their transactions into EMI post-purchase.

Net Banking

• Log in to Standard Chartered Net-banking account
• Go to the credit cards section
• Choose Convert Credit Card Transactions Into EMI
• Select the purchases for EMI conversion
• Choose Tenure & Confirm

SMS

Upon completing a transaction worth Rs. 5,000 or more, the cardholder will receive an SMS asking if they want to convert the transaction into EMI. Respond to it to convert the purchase into EMI.

Phone Banking

Call the Standard Chartered credit card customer care team in order to convert the purchase into EMI. The city-wise numbers can be found here.

Alternatively, customers can SMS KBE to +91-9223010121 to get a call back.

What is Kuch Bhi on EMI?
Standard Chartered Bank’s EMI conversion facility is called Kuch Bhi on EMI.

How long does it take to process Standard Chartered EMI conversion request?
Standard Chartered EMI conversion request is accepted instantly. Cardholders will receive a notification once their request is approved.

Can I convert credit card bill into EMI?
Currently, Standard Chartered bank only allows conversion of particular transactions into EMI. So, customers can convert a few big purchases on their credit card bill into EMI and pay the remaining amount by the due date.

I have a Standard Chartered credit card but I cannot convert my purchases into EMI?
The EMI conversion offer is only for select card members. You may contact the Standard Chartered credit card customer care cell for more details.

What is the tenure options provided on EMI conversions?
You may avail the following tenure options on EMI conversions: