An Equated Monthly Installment (EMI) card is essentially a financial tool enabling you to convert your purchases into simple, easy-to-handle monthly installments. On the other hand, a credit card is a payment card that allows you to borrow funds to make purchases, you must then repay at a later date, typically with interest.
Having presented a distinctive difference, let's delve deeper to figure out which alternative of the two is better for students.
Benefits of an EMI Card for Students
Whereas a credit card typically comes with the potential risk of overspending and sinking into a debt trap, an EMI card offers a safer alternative. The most significant advantage of an EMI card for students is that it inculcates disciplined shopping habits and the responsibility of making timely payments, thus facilitating a healthy credit history.
One of the best EMI cards available for students in the market today is Bajaj Finserv's Insta EMI Card. With this card, students can shop from over 1 Million+ products and 60,000+ partner stores across the country. Also, it offers online, and offline shopping flexibility with easy EMI payments. Its credit limit can go as high as 4 lakh, providing financial backup for students for any substantial purchase.
Benefits of Credit Cards for Students
On the other hand, credit cards come loaded with other perks like reward points, cash backs, discounts and offer on travel, dining, shopping, etc. These cards also act as an excellent tool for emergency funds when needed. However, it requires strict financial discipline regarding its usage. Improper use may result in damaging one's credit score due to late payments or defaults.
Applying for Bajaj Finserv Insta EMI Card:
This EMI card carries no foreclosure charges, which further enhances its appeal to financially prudent students. The application process for this card is straightforward. Online, visit Bajaj Finserv's official website, fill out the application form and submit the necessary documents. The card gets approved almost instantly.
For offline application, you can visit any of the Bajaj Finserv branches across India, fill out physical forms and submit required documents.
Shopping with Insta EMI Card:
One of the prime advantages of the Bajaj Finserv Insta EMI card is its ease of use – both online and offline. While shopping online, choose the Bajaj Finserv EMI Network Card on the payment page. For offline shopping, you can swipe the card at any Bajaj Finserv partner stores and convert your purchase into easy EMIs.
In conclusion, whether an EMI card or a credit card is better primarily depends on students' spending habits and how disciplined they are about the repayments. If you are looking for controlled expenditure with convenient repayment options, an EMI card like the Bajaj Finserv Insta EMI Card is the better choice. But if you handle credit responsibly and want to enjoy several perks, a credit card can be the right choice. Remember, either way, making timely repayments and maintaining good credit behaviour are vital.