Emi Card Or Credit Card: Which One Is Better?

With various payment options available, shopping has become far more convenient. Even if you do not have enough cash to buy your desired product, you can make use of a credit card or EMI card to purchase it. Therefore, now you do not have to hold yourself back from buying whatever you wish to. However, people are often confused regarding what they should opt for between a credit card and an EMI card. Let us have a quick look at the basic differences between the EMI card and Credit card. This will help us understand which one of them is better.

EMI Card vs Credit Card

EMI CardCredit Card
An EMI card is basically a pre-approved loan. You can use the EMI card to purchase of any consumer durable and lifestyle product according to your wish.Credit card is a financial instrument that helps you purchase any product by borrowing money from the bank. You can even make small purchases or pay to merchants by using a credit card. 
The loan on the EMI card is a single loan that comes with a pre-approved limit.Every time you swipe your credit card, it’s almost like taking a new loan. 
If you happen to purchase an EMI card, you won’t have to bear any additional interest charges while debt settlement. You are only required to pay a one-time processing fee or handling fee.The interest rate charged on credit card purchase is very high. Interest is charged when you fail to pay off your debt in full. In addition to that, you will also have to bear annual fees and late payment charges. 
You can easily avail an EMI card with the help of a bank or other financial institutions if you have a good credit HistoryFinancial institutions usually have stringent norms for granting a credit card. There are several do’s and don’ts that come along with the credit card payment option. 
Approval of loan against the EMI card is not a time-consuming process as it doesn’t involve physical documentation due to the latest eKYC optionApproval of loan against a credit card is slow as it involves heavy documentation and verifications.
The merchant isn’t charged any fee for the use of an EMI Card.Transaction fees are charged to the merchant every time you use your credit card. 
Since the EMI card comes with an upper limit, it prohibits you from shopping beyond your repaying capacity.Credit cards do not have an upper limit, and hence there are chances that you may unknowingly end up spending above your purchasing capacity. Thus, timely repayment may become difficult.

Keeping all these factors in mind, it can be safely assumed that EMI Card is definitely a better option as compared to a credit card. However, if you are financially disciplined, then you can also use credit cards. Make sure that you do not overuse your credit card and pay the bills on time.

You can easily purchase an EMI card with the help of the Finserv MARKETS app. This finance app is easy to navigate and can be downloaded on both Google Play and App Store. You can also shop various electronic products, home appliances, etc. on the EMI store. This app is safe to use and also supports UPI payment. Reliable customer service is yet another advantage of using the Finserv MARKETS app. Apart from EMI card, you can also use this app to purchase a credit card. So what are you waiting for? Expand your payment options by availing an EMI Card or Credit Card by using the Finserv MARKETS app.