In today’s day and age, mobile phones are nothing short of a necessity. From OTP-enabled logins to facilitating contactless payments, your mobile phone does it all. To enable a seamless experience, mobile phone technology is increasing in price and sophistication.

While the latest smartphone might be tempting, its price tag can be daunting. This is where the concept of ‘EMI’ or ‘Equated Monthly Instalments’ comes into play. EMI allows you to spread the cost over time, making it more affordable and accessible. 

This article will guide you on how to buy a phone on EMI with a credit card and what to keep in mind during the process.

How to Buy Mobile Phone on EMI with a Credit Card

Here’s a simple process on how to buy your dream mobile phone on EMI:

1. Choose Your Mobile Phone

Start by selecting the mobile phone you want to purchase. Make sure the retailer offers an EMI option, whether you are buying online or in-store. 

2. Check EMI Eligibility

Ensure that your credit card is eligible for EMI transactions. Most credit cards offer EMI options. You can check this by logging into your credit card account online or contacting customer service.

3. Select EMI Option and Tenure

Choose the EMI option during payment when you are ready to buy the mobile phone. You will see various tenure options, such as 3, 6, 9, or 12 months. Choose a tenure as per your preferences.

4. Understand the Terms

Go through the terms and conditions associated with the EMI plan before you buy the mobile on EMI. This includes the interest, if applicable, processing fees, and the total amount payable. Some retailers and banks offer no-cost EMI. Here, you only pay the actual price of the product divided over the tenure without any interest.

5. Complete the Transaction

Now, complete the transaction using your credit card. The total amount will be converted into EMIs. The first instalment will reflect in your upcoming credit card statement.

6. Monitor Your Statement

Keep an eye on your credit card statements to ensure that payments are debited as agreed. 

Hope this blog has helped you understand how to buy a mobile phone on EMI with a credit card. However, it is crucial to remember some important points when going through the process. 

Also Read:  Benefits of a Credit Card – 10 Reasons Why to Use a Credit Card

What to Keep in Mind When Buying a Mobile Phone on EMI

Consider the following points before you choose an EMI plan for your dream phone:

1. Interest Rates and Fees

Check if the EMI plan comes with interest or processing fees. Review different offers and select the most cost-effective option.

2. Tenure Period

A short tenure means a higher monthly payment but lower overall interest. On the other hand, longer tenures spread out the payments, but result in higher interest costs. Hence, choose a tenure wisely.

3. Impact on Credit Limit

The total purchase amount is blocked against your credit limit when you buy a mobile phone on EMI. Your available credit limit will be restored gradually as you pay off the EMIs. 

4. Payment Discipline

Ensure you have the financial discipline to pay your credit card bill on time every month. Missing payments can lead to hefty interest charges and penalties. This can negate the benefits of the EMI plan. Missed payments can also harm your credit score. So, keep your credit score in mind, too. 

Conclusion

Knowing how to buy a mobile phone on EMI with a credit card allows you to benefit from flexible payment options while enjoying your new device. Remember to consider various factors before choosing an EMI plan. 

IndusInd Bank offers various types of Credit Card options with EMI features to suit different financial needs. Whether you use the IndusInd Bank Platinum Card, the Legend Credit Card, the Nexxt Credit Card, or any other type, you can enjoy flexible EMI plans that make buying a mobile phone more affordable.

Apply for a Credit Card with IndusInd Bank today! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

Travelling can be a delightful adventure. If you have access to airport lounges, it can make the experience even more enjoyable. These lounges provide comfortable seating, complimentary food and beverages, and a variety of other amenities. 

Airport lounges have become more accessible in recent years. One of the most common ways to get free airport lounge access is through your credit card. Many premium credit cards offer complimentary lounge access as a perk.

This blog explains how to get free airport lounge access using credit cards.

How to Get Free Airport Lounge Access with Your Credit Card

Here are some general steps to access the airport lounge with your credit card:

1. Choose the Right Credit Card

Look for credit cards that mention airport lounge access in their benefits. Cards like the IndusInd Legend Credit Card or the IndusInd Pinnacle World Credit Card offer such perks.

2. Understand the Terms

Some credit cards offer unlimited access, while others might have limited airport lounge access during the year. Make sure to read the fine print to understand the terms and conditions.

3. Register for Lounge Programs

Some credit cards require you to enrol in a lounge program, such as Priority Pass. Ensure you complete any necessary registrations to activate your benefits.

4. Use Your Card for Access

When you arrive at the lounge, present your credit card that offers access to the airport lounge and boarding pass to gain entry. Some lounges may require you to swipe your credit card and pay a nominal fee for verification purposes.

5. Know Your Airports

Not all airport lounges participate in these programs. Check the list of eligible lounges before your trip to avoid disappointment.

6. Check the Amenities You Are Eligible for

You may be eligible for complimentary food and drinks, free Wi-Fi, shower services, and more at the lounge. Not all services may be complimentary. So, check the privileges you can claim with the credit card.

Following the above steps, you can enjoy the comfort and convenience of airport lounges without any additional cost. 

Also Read: 5 Credit Card Features that Can Exclusively Benefit a Traveller Like You 

IndusInd Bank Credit Cards with Free Airport Lounge Access

IndusInd Bank offers a range of Credit Card options with airport lounge access. Here are some of the top picks:

1. IndusInd Bank Legend Credit Card

This innovative card offers access to select airport lounges across India, making it a great option for frequent domestic travellers.

2. IndusInd Bank Pinnacle Credit Card

Great for premium customers, this card provides extensive benefits. It includes access to airport lounges worldwide under their Priority Pass programme. Moreover, you also enjoy travel insurance coverage up to a sum insured of ₹2.25 lakh. 

3. IndusInd Bank Avios Visa Infinite Credit Card

Besides lounge access, this card allows you to earn Avios points at your chosen international destination. You can redeem the points for flights, hotel stays, car rentals, and other travel-related expenses.

IndusInd Bank’s Credit Cards cater to various needs, ensuring customers can travel comfortably and conveniently.

Conclusion

Knowing the answer to how to get airport lounge access can enhance your travel experience and provide a relaxing environment before your flight. The right credit cards can help you enjoy these luxuries without incurring extra costs.

IndusInd Bank offers a range of Credit Cards that provide this perk, making it easy to find a card that suits your travel needs. What more, you ask? Thanks to their Contactless Feature, you can enjoy a hassle-free credit card payment experience during your travels.

Looking for an IndusInd Credit Card with airport lounge access.  Apply now!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information. 

Closing a credit card can be a strategic move to manage your finances. It can be to simplify your finances, reduce overspending, or transition to a new card with better features. However, it is crucial to understand the process and its potential consequences.

This blog explains how to close a credit card and the precautions to mitigate the negative effects on your credit score and financial standing.

Steps for Closing a Credit Card

Here is the usual procedure to close a credit card:

1. Pay off your Balance

Paying off any outstanding dues before closing your credit card is a must. It ensures that you do not incur any additional interest or fees. You can transfer the balance to another card with a lower interest rate if you have multiple cards. 

2. Redeem Rewards

Redeem rewards such as cashback, points, or miles before closing the account. You may lose the accumulated rewards once you close the credit card. 

3. Update Automatic Payments

You may have automatic payments or subscriptions linked to your credit card. Update such services with a new payment method. It prevents any missed payments and service interruptions.

4. Contact Customer Service

Call the customer service number. Inform the representative that you wish to close your credit card account and follow their instructions. 

The representative may offer to lower your interest rate. They may also provide other incentives to keep the account open. Confirm the closure request if you still wish to proceed. 

5. Get Written Confirmation

Request written confirmation from the bank after closing your credit card account. The confirmation must state that your account is closed and there are no pending dues. Keep this document for your records.

6. Monitor Your Credit Report

Keep monitoring your credit report to ensure it reflects the account closure. Dispute any discrepancies with the relevant authorities if necessary.

7. Dispose of the Card

Always dispose of a card by cutting it off or destroying it in another manner. It helps prevent any fraudulent use of a card. 

Also Read: What is Skimming of Credit Cards?

Precautions to Keep in Mind When Closing a Credit Card

Now you know how to close your credit card account. However, it is crucial to carry out the procedure only after following certain precautions.

1. Consider the Impact on Your Credit Score

Closing a credit card affects the credit score in several ways. It may increase your credit utilisation ratio, which means the percentage of available credit you use. A higher ratio affects your credit score. 

Closing an older account also reduces the average age of your credit accounts. This can also negatively affect your credit score.

2. Evaluate the Need for the Card

Consider whether a credit card is necessary. It might be worth keeping active if it has no annual fee and offers valuable benefits. You can also switch it with another card with no annual fee. It can help you avoid the fee while maintaining the account’s history.

You can also deactivate the credit card if you are looking for a temporary closure. 

3. Opt for Closure at the Right Time

Avoid closing the credit card right before applying for a loan or mortgage. This may lead to a temporary dip in your credit score, which could affect your loan application. Plan the closure when you do not have major credit needs.

Conclusion

Closing a credit card requires careful consideration and planning. Remember to follow the steps outlined above and take the precautions. 

IndusInd Bank offers a range of Credit Card options for all your financial needs. We also have solid customer service to offer help for any queries or doubts. With best-in-class features and an easy digital application process, we make your credit card experience seamless and stress-free. 

Apply for a Credit Card Online with IndusInd Bank today! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

Unexpected medical expenses can lead to emotional as well as financial stress. It is crucial to prepare for unforeseen health challenges. Two common financial tools often come into play when faced with medical costs: a medical loan and a health insurance plan. 

Both options serve distinct purposes and can be critical in times of need. Understand the differences between these two financial tools to make informed decisions. 

Understanding Medical Loans

A medical loan is a type of personal loan that can help cover urgent medical expenses. These loans can help pay for surgeries, treatments, medications, and other healthcare costs. Medical loans can provide quick access to funds, which can be crucial during medical emergencies. One must repay the loan according to the terms agreed with the lender. 

Medical loan interest rates can vary based on the lender, your credit score, and the loan amount. 

Understanding Health Insurance

It is a form of financial protection that helps cover the costs of medical treatment. In exchange, one must pay regular premiums. It can cover a range of medical services, which include hospitalisation, surgeries, medications, and preventive care. 

With health insurance, you pay a deductible and a portion of the medical expenses (co-pay). The insurance company takes care of the remaining eligible costs. Health insurance policies have coverage limits and exclusions. So, it is essential to read the policy details. 

Also Read: What Are the Benefits of a Medical Loan and How Does the Process Work?

Key Differences between Medical Loans and Health Insurance

Medical loans and health insurance differ in several ways:

Conclusion

Choose between medical loans and health insurance based on your immediate needs and long-term financial goals. Health insurance provides a safety net for unforeseen medical events. However, a medical loan can help you deal with immediate expenses so you can focus on what is more important, which is rest and recovery. 

For a quicker loan application process, opt for a Medical Emergency Loan from IndusInd Bank. Apply for a loan with IndusInd Bank in 4 simple steps. Have easy access to funds when you need them the most. 

Apply for a Personal Loan for medical expenses with IndusInd Bank today. 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information. 

To finance your dream home, it is essential to understand the different loan types available. Two common options are home loans and home renovation loans. While both serve the purpose of improving your living conditions, they cater to different needs and come with distinct terms and benefits. 

Let’s understand the differences between the two and check which one is the ideal option for you.

Key Differences between Home Loans and Home Renovation Loans

The below table illustrates the major differences between the two types of loans:

Also Read: Essential Criteria for Qualifying for a Personal Loan

Should You Opt for a Home Loan or a Home Renovation Loan?

Choosing the right loan depends on your circumstances and financial goals. 

You should opt for a home loan if:

• You are purchasing a new property.
• You need a large loan amount.
• You prefer lower interest rates and longer repayment tenures.

A home loan is a suitable choice if you are looking to buy a new home and need funds for the same. You can also spread the cost over a longer period with manageable home loan interest rates.

You should opt for a home renovation loan if:

• You want financing options for home renovations on existing property.
• You need a smaller loan amount.
• You prioritise a quicker loan process and flexible repayment options.

A home renovation loan is ideal if you already own a home and want to make improvements. It provides the funds you may need to upgrade your living space. One must also consider the benefits of home renovation, such as increased property value or improved living conditions.

Conclusion

While home loans are suitable for purchasing new properties, home renovation loans are suitable for improving existing homes. Each comes with its own set of terms, benefits, and interest rates. 

IndusInd Bank offers Personal Loans for Home Renovations so that you can transform your abode into a personal sanctuary. With competitive interest rates, best-in-class features, and a simple application process, IndusInd Bank has got you covered! 

Apply for a Personal Loan with IndusInd Bank now and take the first step towards your dream home!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.