Credit Card (ICICI Bank) - EMI queries - First Time User - Help Please !

[m-jeri]

Sorry to hijack this thread, but I tried finding online but couldnt get much info .
What happens if in case I am short of funds & I keep paying the minimum amount on credit card bill for few months till I get the funds and clear up the amount.
Next month what all will my bill have and similarly, subsequent months ?
Does interest get charged ? I have Axis bank CC.

NO NO NO NO.

Pay the full amount. The revolving interest rates is where CC makes money. under no circumstance pay the min amount. Pay the full amount due. Or convert into EMI.

 

[puns]

So I can convert the final amount to EMI's ? How is that different from minimum payment in terms of % difference.
Its an issue just for 1 month. So say my bill is for 100 Rs & I have been asked to pay minimum 10 Rs. How much interest is levied on the 90 Rs which I will pay next month.
Does this affect credit score too ?

As for EMI's, I already have 1 purchase on EMI's on tthe CC. Will the bank accept my request for EMI's on the bill amount ?

 

[hotshot05]

So I can convert the final amount to EMI's ? How is that different from minimum payment in terms of % difference.
Its an issue just for 1 month. So say my bill is for 100 Rs & I have been asked to pay minimum 10 Rs. How much interest is levied on the 90 Rs which I will pay next month.
Does this affect credit score too ?

As for EMI's, I already have 1 purchase on EMI's on tthe CC. Will the bank accept my request for EMI's on the bill amount ?

Check your credit card bill. The rate of interest in such cases would be mentioned on the back of the bill.
As far as I remember, in HDFC, the interest is charged on a per day basis and is a huge percentage ( 3.25% per month and 39% per annum).

For EMI transactions, the rate of interest is 13.2% p.a and 11.88% p.a depending upon the term of the loan.

If you can, borrow money from a friend/relative and pay the bill this month. Since this is a problem just for this month, it wont be too much of a problem.

You will be able to convert purchases into EMI only if the amount is above a certain value. For HDFC, the value is Rs.3000.

 

[Vince]

Just a follow-up to Puns query. Will paying only the minimum amount affect the CIBIL score?

 

[m-jeri]

^^

Nope. Unless you default on a payment, it wont affect the CIBIL Score. This is what I know from banking people. Min payment is a perfectly OK for CC companies. As that's where they make you really pay.

Treat CC as a debit card only. Or else EMI.

Things I look for CC is No annual fee, better reward and cash points, free miles that I can convert to air tickets, car rental insurance, EMI facility. Even if its with 1% interest.

I never read the min payment interest rates.

 

[m-jeri]

So I can convert the final amount to EMI's ? How is that different from minimum payment in terms of % difference.
Its an issue just for 1 month. So say my bill is for 100 Rs & I have been asked to pay minimum 10 Rs. How much interest is levied on the 90 Rs which I will pay next month.
Does this affect credit score too ?

As for EMI's, I already have 1 purchase on EMI's on tthe CC. Will the bank accept my request for EMI's on the bill amount ?

As long as you have enough credit balance, they will entertain the EMI request. There you pay monthly EMI.