With most of the marketplace going online these days, cash transactions are slowly going out of fashion. There are a number of ways you can make purchases online these days, though your credit card, debit card, UPI or other e-wallets like PhonePe and PayTM. Recently a new development in payment methods has been catching a lot of attention, Debit Card EMIs. Debit Card EMIs are gaining popularity because they allow customers to purchase items online and make deferred payments on them, this allows the customer to maintain a good level of liquidity as the entire amount for the purchase is not paid up in one shot and also does not increase the debt burden of the customer. In addition to the existing advantages of using Debit Card EMIs for making purchases online, some banks offer additional benefits on EMI purchases made through their Debit Cards. Let’s take a look at some of these benefits of Debit Card EMIs.

1. Promotes Healthy Financial Habits

The fact that an amount will be deducted from your savings every month towards an EMI will require you to budget effectively. Effective and efficient budgeting is something that is required, not just when you have EMIs to pay off, but even when you want to build savings. Paying EMIs in a timely fashion can help you enforce this crucial habit for financial success.

2. Cashbacks

Many online shopping platforms like Amazon and Flipkart tie-up with banks to provide customers with attractive offers. Debit Card and no-cost EMI offers on Amazon can help save you a ton of cash if you do the research. For example, presently Amazon is offering up to Rs. 1 lakh cashback on HDFC Debit Card EMIs. Flipkart has partnered with Axis Bank, SBI, ICICI Bank and HDFC Bank to provide Debit Card EMIs to its customers.

3. Build up Points

Most banks provide loyalty points to their customers. Loyalty points are given to customers on using the bank’s debit card, and Debit Card EMIs help you build these points. Loyalty points can be exchanged to purchase items online, avail discounts, buy flight tickets, book hotels, etc. These points can come in handy when you plan your next vacation.

4. Payment Options

Most Debit Card EMI options have three different repayment periods, 3 months, 6 months and 12 months. You can choose one depending on your convenience. HDFC Debit Card EMIs carry low to no interest EMIs with them, this means that you will end up paying the Retail price of the product rather than an interest adjusted price by the end of your EMIs.