Dilemma over HDFC NC-EMI Cancellation

[curios_mind_huh]

I just made a purchase on Amazon with my HDFC Millennia credit card that saved me Rs.10,000 in instant discount and an additional Rs.4,500 in No-Cost EMI discount. The processing fee is Rs.353 and the foreclosure charge comes out to Rs.2000. Even if I foreclose the EMI without waived charges, I'll still be in the gains because of the huge upfront No-Cost EMI discount.

This is where the dilemma starts. I've already read all the posts here about the foreclosure charges levied by HDFC. I made a similar EMI transaction with HDFC on 4th December,2024 and fore-closed the EMI via MyCards as soon as it got converted. Despite what everyone said, HDFC did not charge foreclosure fee (even though it was mentioned in MyCards app) and even refunded the processing fee (without GST). What more, contrary to the popular belief the instant discount on EMI wasn't reversed till now as well.

I don't know if much has changed from then. I'm okay paying the processing and foreclosure fee for EMI cancellation. But if HDFC really does reverse the Rs.10,000 instant discount, it absolutely does not make any sense to cancel the EMI. Does HDFC really do this and Has anyone experienced this?

 

[hender]

I just made a purchase on Amazon with my HDFC Millennia credit card that saved me Rs.10,000 in instant discount and an additional Rs.4,500 in No-Cost EMI discount. The processing fee is Rs.353 and the foreclosure charge comes out to Rs.2000. Even if I foreclose the EMI without waived charges, I'll still be in the gains because of the huge upfront No-Cost EMI discount.

This is where the dilemma starts. I've already read all the posts here about the foreclosure charges levied by HDFC. I made a similar EMI transaction with HDFC on 4th December,2024 and fore-closed the EMI via MyCards as soon as it got converted. Despite what everyone said, HDFC did not charge foreclosure fee (even though it was mentioned in MyCards app) and even refunded the processing fee (without GST). What more, contrary to the popular belief the instant discount on EMI wasn't reversed till now as well.

I don't know if much has changed from then. I'm okay paying the processing and foreclosure fee for EMI cancellation. But if HDFC really does reverse the Rs.10,000 instant discount, it absolutely does not make any sense to cancel the EMI. Does HDFC really do this and Has anyone experienced this?

Playing with HDFC's emotions 🧐

 

[honey_jpr]

Haven’t tried to cancel the emi from mycards, I tried cancelling the emi by cc executive, there were 3% + gst foreclosure charges, so dropped the idea as foreclosure charges weee equal to my emi interest.
Anyone else tried the emi cancellation from mycards