Planning Diwali shopping on credit card EMI? 5 hidden costs to check before choosing no-cost EMI offers
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Diwali shopping on 8 November can strain budgets, leading many to use credit card EMIs.
- ✓While no-cost EMI offers seem attractive, they often hide extra charges like processing fees and GST.
- ✓Experts said, "a smaller monthly EMI does not automatically mean a cheaper purchase." Always check costs before you swipe.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Livemint
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The festivities of Diwali and Dhanteras are in full swing, with Dhanteras concluding yesterday, i.e., 6 November, as we build towards Diwali tomorrow, on 8 November. In such a euphoric environment, Diwali-related shopping can strain an individual’s budget if payments and expenses are not properly planned and implemented strategically.
This is because, during festivities, products and services such as new clothes, gifts, crackers, and similar items are usually purchased through prominent e-commerce platforms, and payments are made digitally. During such payments, clearing the full payment can sometimes be quite challenging.
To deal with such situations, credit card EMIs may come in handy by allowing cardholders to plan and spread large purchases over several months. Still, what aspiring borrowers and credit card holders should not ignore is the fact that a ‘no-cost EMI’ offer, as the name suggests, does not necessarily mean or signal that you pay nothing extra.
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