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Escape debt trap: How balance conversion is revolutionising money management

Summary: Money management is crucial for your financial well-being. Understanding what is Credit Card balance conversion and its impact on debt management and Credit Card payments can transform your financial future. Read on to know more.

18 Aug 2023 by Team FinFIRST

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Today, Credit Cards have become an essential part of everyone’s wallets. However, Credit Card debt management can be challenging, especially when it starts to accumulate and becomes overwhelming. In such times, a wise money management strategy is necessary to maintain a healthy financial life.

That's where Credit Card balance conversion steps in as a game-changer. By converting your Credit Card debt into affordable monthly instalments, this powerful feature empowers you to take control of your finances for effective money management.

Let’s explore Credit Card balance conversion in detail.

What is Credit Card balance conversion?

Credit Card balance conversion is a powerful money management tool that allows you to convert your outstanding Credit Card balance into equated monthly instalments (EMIs). This option becomes particularly beneficial when you have a considerable expense or an unexpected financial emergency. It enables you to spread the cost over an extended period, making it more affordable.

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How does balance conversion work?

When you opt for balance conversion as part of your money management strategy, your credit card issuer will convert your outstanding balance into EMIs, which you will settle over a predetermined period. The bank will set the interest rate and tenure for the EMIs, and you can select a repayment plan that suits your budget and financial goals.

Advantages of balance conversion

Improved money management

Converting your Credit Card balance into EMIs can help you better manage your finances by breaking down your large Credit Card payment into smaller, more manageable payments.
Lower interest rates

EMIs often come with lower rates than the standard Credit Card interest rates, helping you save money in the long run.
Flexible repayment options

With balance conversion, you can pick a repayment plan that suits your needs.
Reduced financial stress

By converting your debt into manageable payments, you can alleviate some of the stress of mounting Credit Card bills.

Credit Card balance conversion: Key factors to consider

Additional fees

Some banks may charge processing fees or prepayment penalties for balance conversion. So read the terms and conditions before you select this option.
Impact on credit limit

Converting your balance into EMIs may temporarily reduce your available credit limit until the debt is repaid.

Availing balance conversion with Metra Trust Credit Cards

To avail balance conversion with Metra Trust Credit Cards, follow these simple steps -

Log in to your Metra Trust account or mobile app
Navigate to the Credit Card section and select the 'Convert to EMI' option
Review the interest rate, processing fees, and other terms before confirming

With Metra Trust, you can convert your outstanding balance into an easy EMI with a flexible tenure of 3–18 months.

Besides, Metra Trust Credit Cards provide a range of perks, including -

No annual fees
Low interest rates starting from 9% p.a.
Rewards and cashback on purchases, airport lounge access, complimentary golf rounds, travel insurance, roadside assistance, fuel surcharge waiver, lost card liability cover, online shopping benefits, and discounts and offers on various outlets
These benefits are tailored to different card variants, making them an excellent choice for money management and overall financial well-being

To sum it up

Credit Card balance conversion is a powerful tool for smart money management. By understanding how it works and availing it with Metra Trust Credit Cards, you can quickly come out of debt and take control of your financial future.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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