Important: Credit card payment can be made through EMIs!I didn't know it! Banks enable credit card dues to be converted into personal loan with provision to pay the outstanding amount through EMIs. The card-issung bank offers the option to convert the dues to loans either at the time of purchase or a later date when the outstanding amount is overdue. It depends upon the credit history of the card-holder. The card-issuing bank usually specifies the conitions for which the EMI facility is available in terms of specific purchases.
The EMI facility actually converts the credit card dues into a loan, which is at a lower rate than the rate which the credit card charges. This is done by the banks as a strategy to indirectly encourage the card-holders to spend more.
Although this information may be useful for some people, I feel that all of us must try to avoid such debt-trap.