Amex Credit Cards have the Lowest Interest Rates on EMI

Be it your new iPhone purchase or a high value transaction, Credit card EMI options comes handy to make your wish come true. Considering the high EMI interest rates in the market, I never suggest anyone to get into the Credit Card EMI trap in life. But when the rates are too low, it just makes sense to go with it, at times.

Interest Rates on Other Credit Cards

Two years back HDFC Credit cards used to provide one of the lowest interest Rates in the industry on EMI conversions, as good as 12% and even I made my dad avail them once. But at present HDFC charges one of the highest EMI ROI’s, as bad as 15% or even 17% to start with for 6 months.

Interest Rates on Amex Credit Cards

That said, Amex currently has the lowest interests on EMI (12% p.a.) with attractive options like 0% processing fee and 0% foreclosure charges. Here are different EMI options available with American Express credit cards and the respective benefits.

EMI Options on American Express Cards

1. Through Merchant

Merchant offers are the online & offline offers that specific merchant runs on Amex cards. These are the offers that you see on Flipkart/online, or Apple/Samsung store offline.

  • Interest: 12% p.a.
  • Processign Fee: 0%
  • Foreclosure: 0%
  • EMI Tenure: Depends on merchant

2. Through OTP Page (Amex Safekey)

When you’re doing an online transaction on any website, you can choose the EMI option while you’re on the OTP page. Below rate is applicable for the same.

  • Interest: 12% p.a.
  • Processign Fee: 0%
  • Foreclosure: 0%
  • EMI Tenure: 3,6,9,12 months

3. Through Customer Care

If you’ve decided to convert the transactions to EMI after actually making the transaction either with merchant/offline/online, you can still do so by calling Amex Customer care. Below are the rates for the same.

  • Interest: 14% p.a.
  • Processing Fee: 2% of txn amount
  • Foreclosure: 0%
  • EMI Tenure: 6,12 months

Note: Min. Transaction size for EMI conversion is 5000 INR and you can avail maximum of 6 EMI’s at any point of time. Jewellery purchases are prohibited for EMI conversions.

So, if you’re doing an online transaction, its better to convert during the OTP verification page as Amex has full control on whats being given and for offline transactions, You get better rate only when you convert it while swiping. Even if you choose to do so via customer care, 14% is quite decent compared to other banks.

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