EMI credit cards offer easy financing for big purchases but come with hidden costs

EMI credit cards allow consumers to make large purchases by converting them into monthly installments. They offer benefits like cashback and zero down payment, but users should be aware of potential hidden fees and interest rates that can raise overall costs. These cards are designed for buying high-value items and come with a pre-approved credit limit. Unlike traditional credit cards, purchases made with EMI cards automatically convert to EMIs. Eligibility typically requires individuals to be aged 21-65 with a good credit score and sufficient income. While EMI cards provide advantages such as instant purchases and rewards, they may also include hidden costs. The Reserve Bank of India has banned misleading "no-cost EMIs," and lenders often charge interest and fees that can increase the total expense.