Their fates are sealed the moment salaries are credited to accounts. “The heart wants what it wants,” they say, and they couldn’t be more correct. The credited amount is divided into recurring payments such as EMIs, utility bills, salaries, and so on over a short period of time. But that isn’t all. Wishlists are overflowing with various desires by the time pay day arrives. Even if the bank account is running on fumes, the heart will continue to covet until the next paycheck arrives!
The Difference Between Credit Cards and EMI Cards
Most of your questions can be answered on the internet, but not without some confusion. While attempting to understand what the two cards have to offer, you may notice some overlapping qualities. Aside from providing cardholders with instant access to pre-approved funds, they serve a variety of functions and cater to various demographics.
Credit Card
Credit cards, also known as “plastic money,” provide a variety of benefits such as interest-free periods, EMI options, joining gifts, cash backs, and more. While they charge a higher interest rate, you can avoid it by making timely payments. If users do not pay their outstanding dues in full, they will face late payment penalties as well as additional interest on the unpaid amount.
EMI Cards
This payment option, which is frequently misidentified as a credit card, allows users to purchase small and large-ticket items via EMIs. Based on their applications and repayment capacity, cardholders are assigned a pre-approved amount that can be used to make online and offline purchases. Certain EMI cards enable you to buy products without paying interest on the amount.
In summary
Credit cards and EMI cards allow users to buy items by converting the transaction into an EMI. However, this does not indicate that one is superior to the other! Choose the one that corresponds to your interests based on your financial needs or lifestyle.
