In today’s digital world, you want anything and everything completed as quickly as possible, and cards provide the option for payments. One of the biggest pros of a credit card is the EMI feature, which makes big purchases easy. But credit cards come with their fair share of downsides, which makes one curious to all and any better opinions available, especially whether you can avail the benefit of emi without a credit card. Here’s a little list of alternatives for credit cards.
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- The Unified Payment Interface (UPI) lets you use your mobile as a virtual debit card thanks to a new payment model. It has also made instant money sending and receiving possible.
- What is UPI
UPI is a platform that brings together a variety of banking services and features into one place. To send and receive money, all you need is a UPI ID and PIN. A mobile number or a virtual payment address may be used to make real-time bank-to-bank payments (UPI ID).
UPI payment is easy, fast, and secure. For transactions, there is no need to add a beneficiary. There are no processing fees on UPI purchases, unlike with a credit card.
2. Debit Card
Credit cards and debit cards look nearly alike and can also make it simple and convenient to make transactions in stores or online, but they have a fundamental difference.
- Debit cards allow you to spend money by withdrawing funds from your bank account.
- Credit cards allow you to borrow money from the card issuer for purchases or cash withdrawals up to a certain amount.
When you use your credit card to make a purchase, the bank is legally paying for it, and you are obligated to pay the bank that amount once the bill is generated.
A debit card is more convenient and less stressful because it allows you to spend within your financial means without accruing debt or incurring potential interest. Using a credit card is appealing because you can spend much more than you have available cash, but the downside is that you will ultimately be responsible for repaying the debt or loan.
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3. EMI cards
Nowadays, EMI cards are becoming a more common way to make transactions. EMI cards use the Equated Monthly Instalments concept to make the process of borrowing to finance a purchase easier and more seamless.
The Bajaj Finserv EMI Network Card is one of the most hassle-free and convenient EMI cards.
What is the bajaj finance card
The Bajaj Finserv EMI Network Card makes transactions simple by using No Cost EMIs. It includes a pre-approved loan that can be used to make purchases. You can then turn these costs into easy equated monthly instalments (EMIs) that you can pay back with great convenience. With the bajaj finance card, you can take advantage of a variety of exciting deals and discounts.
Why you should get the bajaj finance card
1. Pre approved loan
The Bajaj EMI card comes with a pre-approved loan. The exact amount is determined when you apply for an EMI card. Bajaj Finserv does not require any additional approval or authentication at the time of purchase. The card is used like a regular debit or credit card
2. Big purchases
The EMI Card allows you to shop for almost everything, including lifestyle items, electronics, home, kitchen, and furniture products, fitness, travel, and fashion. These items are available for purchase on the Bajaj Finserv EMI Store or any of the online partner stores in India, which number over 84,200.
3. Easy Repayment
Repayment is simple and there is no down payment needed. It is a no cost emi option
It’s obvious that EMIs are a boon to millennials, so it’s only natural that financial payment instruments have created a way to borrow without delay when making those purchases. The Bajaj Finserv EMI Network card was well-received.
They function similarly to a credit card in that you must swipe them to complete the transaction. They do, however, cater to individual transactions, making them more tailored to the needs of any prospective customer.