The Hindu Business Line : StanChart launches EMI credit card

TO further the retail revolution, Standard Chartered Bank on Monday introduced an EMI credit card. The card provides customers a `hassle-free' payment schedule by automatically converting all purchases into 24 EMIs (equated monthly instalments).

Purchases and payments can be made by swiping the new EMI card and the amount automatically gets converted into 24 EMIs, thereby eliminating phone calls, paperwork, down payment, post-dated cheques, processing fee or any pre-closure charges, said a press release from the foreign bank.

For example, if the customer makes a purchase of Rs 48,000 with the EMI Card, the customer will pay only Rs 2,544 per month, unlike a regular credit card, where the bill statement would carry the entire value of the purchase i.e., Rs 48,000. An interest rate of 2 per cent per month would be charged on the outstanding amount as against 2.95 per cent charged on the regular credit card.

Any transaction through this card above Rs 2,000 will automatically be converted into EMIs and behave like an unsecured personal loan. The product has no prepayment penalty attached.

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