DEBIT CARD EMI FROM FLIPKART — A Detailed Guide

A debit card EMI is a credit facility provided to selected customers to make the payments in instalments using their debit cards when they don't have sufficient balance in their balance accounts.

Debit card EMI from Flipkart: Banks provide pre-approved credit facility to the selected customers based on the previous payment record. Presently, Flipkart has provided debit card EMI facility in partnership with four banks, which are Axis bank, State bank of India, HDFC Bank and ICICI bank. Banks determine the interest rate based on the customer's credibility and payment record. It may also provide zero cost debit card EMI to its credible customers.

The customers can use this facility if they have made the minimum purchase using their debit card. The minimum limit for the card varies from bank to bank ranging from ₹5,000 (ICICI Bank) to ₹8,000 (Axis Bank and SBI) and ₹10,000 (HDFC Bank).
Availing the EMI option for making purchases:  To check the eligibility for a debit card EMI facility, you can send an SMS DCEMI to 57575. At the payment gateway, you will find the option of 'NO COST EMI' or 'Pay using debit card EMI', if you are already pre-approved for the EMI. Choose the EMI option, and the bank account for availing the EMI. In the next option, you will be asked to select the EMI amount and tenure. You can pay the EMI in 3- 12 months, depending on your repaying capability. After choosing the EMI instalment, enter your debit card CVV number and similarly complete the transaction. Read more: How does debit card works?

What is business debit card and its advantages and disadvantages

A business debit card has become a popular payment method for business owners in times of plastic money. It can be used to fund all business purchases, ranging from day to day requirements to bigger expenses like purchase of equipment or lands. Though many people tend to go for a business debit card, one must consider all the advantages and disadvantages associated with one. These are listed as follows: 

Advantages of a business debit card:

• A business debit card is used to make both small and large payments.
• Further, the application process to attain a business debit card is short and easy.
• One can opt for different types of a debit card as per their convenience.
• The payments made through debit cards need not be repaid through debit card EMIs, as in credit card EMI.
• The payments made through a debit card are safe and secure.
  

Disadvantages of a business debit card:

• A debit card allows expenses only as per the account balance. Therefore emergency funding is not possible.
• A business debit card may not impact your credit score in any form. Thus, debit card transactions can not be utilized to improve one's credit score.

Thus, on a concluding note, it must be identified by every business owner, that before any type of debit card, or even a credit card, one must be aware of all its pros and cons. This will help him, or her make a wise choice as per his or her business requirements.

Click here for more: Know more about business debit cards