iPhone EMI Deal - Airtel

Bharti Airtel in partnership with VISA cards has struck a deal with ICICI Bank to offer the new iPhone 3G on EMIs.

Customers holding ICICI Bank credit card can purchase the 8 Gb iPhone by paying Rs 2,583 a month for 12 months. So at the end of the year, you end up paying Rs 30,996. It is not very clear if ICICI will bill Rs 2,583 every month as iPhone EMI charge or open a separate account.

Clarifications sought from ICICI:
What if a customer fails to pay the EMI after 3 or 4 installments ?
What if the customer is already carrying forward balance on credit card, so will this EMI component also attract interest rate ?

So ask all these questions before you blindly BUY an iPhone because we don't want you land into a credit trap.

Peerless Credit Card with ICICI

Peerless General Finance just a while ago released a Co-Branded Credit Card in association with ICICI Bank. This will add value to Peerless' product folio under Peerless Smart Money.

Mr. S.K.Roy, MD of Peerless said,

The cardholders of Peerless-ICICI can avail themselves of standard offers such as equated monthly installments, personal loans on credit cards, balance transfers, utility bill payemnt services etc. They also get reward points on shopping.

Generous royalty reward points will be awarded for using the credit card at Peerless Hospitals, Peerless Hotels and Kaizen Leisure and Holidays.

So who is next amongst the NBFCs to offer credit cards ? Sahara India ?