BANGALORE: As plastic money is becoming an important part of our day today lives there are some important points to be aware of credit cards. These cards looks like they make life easier and most of the employed people has a credit card of their own. There some facts to take a look at when you decide to pay credit card dues by EMIs. Let us look at five such things as reported by Economic times.

If you are in a hurry to set your credit card dues but not having enough money in hand then there is always a way. The banks enable credit card dues to be converted into a personal loan which can be paid by EMIs. The outstanding amount will be repaid over a period of time. The time duration will be according to the terms and conditions but usually of 6-18 months.

The bank which issued the card offers its customer with the option to convert the dues to loans. This can be happening either at purchase or at a later date when outstanding is overdue. But this offer is completely depend on the credit history of the customer.

The conditions for which the EMI facilities are available are usually specified by the card issuer. The conditions may be in terms of specific purchases from selected stores and the amount of money spent.

Usually people tend to think over and over before taking a loan but the EMI facility eventually converts the credit card into a consumer loan, which is typically at a lower rate. Thus the cardholders are free to shop as much as they require within the limit without worrying more about the repayment they have to make.

When the dues are converted into EMI for a defaulting credit card holder, the terms can be more stringent in terms of rate and time to repay.

Read More: All You Need To Know About Credit Card Reward Points

'Banks Have $380 Bn Market Opportunity in Financial Inclusion'