How to cancel no cost emi on a merchant transaction but get the interest as discount?

[pavan000]

How to cancel no cost emi on a merchant transaction but get the interest as discount. For example, etailers give interest as discount upfront. How to retain that while cancelling the emi.

 

[chasni]

Own ICICI Amazon Pay and HDFC Times!

I have purchased products from Amazon using ICICI Amzn Paym card to get the no cost emi benefits and once the transaction in converted, I usually call the cs saying that I don't want this to be an EMI and would like to cancel it. I usually call after the transaction is converted into EMI (4-5 days) and they have cancelled the EMI everytime (20+). I usually pay the amount on due date.

Now, HDFC is some cheap mfs. They do have cancellation window for EMI but only for those EMI which gets converted through them meaning that if you purchase something for 20k and later decide to convert it into EMI, you can call them and request for EMI. This particular type of EMI can be cancelled within 7 days.

But if you decide to cancel a Mer related EMI (Amzn, Flpkrt or any other), they call it Pre-Closure and they will charge you for everything from processing fee to interest on pro-rata basis but it will be worth it as the benefits of no cost EMI will be greater than the charges here.

Just make sure to raise the request next day after the transaction is converted into EMI so you can save pro-rata interest.

Few questions: ICICI Amazon Pay card doesn't charge pro-rata interest for No cost emi cancellation? I guess this transaction doesn't give back 5% cashback?

 

[NOOBY]

If done within 15 days.... U only have to pay principal amount... Even processing charges and gst is reversed... I have done for axis, hdfc and icici in last 2 months...

What if I got 4.5k upfront discount for choosing 3 month EMI on an item priced 45k ?

POS machine showed "effective cost to customer" as 41.6k (approx) and the card was wiped for 40.5k (maybe remaining 1k was EMI conversion cost and gst on it)

So, if I call tomorrow and cancel my EMI, I will have to pay whole 41.6k upfront and will get 1.1k reversed ?

So, effectively I will get 45k item in 40.5k with paying any EMI interest and conversion cost ?

Please confirm as I do not wish to keep the EMI (have already got the discount of 4.5k on item, and have received thr item at my place)

 

[Batmanbaba]

What if I got 4.5k upfront discount for choosing 3 month EMI on an item priced 45k ?

POS machine showed "effective cost to customer" as 41.6k (approx) and the card was wiped for 40.5k (maybe remaining 1k was EMI conversion cost and gst on it)

So, if I call tomorrow and cancel my EMI, I will have to pay whole 41.6k upfront and will get 1.1k reversed ?

So, effectively I will get 45k item in 40.5k with paying any EMI interest and conversion cost ?

Please confirm as I do not wish to keep the EMI (have already got the discount of 4.5k on item, and have received thr item at my place)

U have to pay whatever is showing in ur transaction amount in the card.... After it start showing in transactions... Call customer care and cancel the emi..... Sometimes they tell to pay the full amount on call itself and then they cancel..... I have seen this with hdfc... Else.... It will be added to ur next bill for payment

 

[NOOBY]

U have to pay whatever is showing in ur transaction amount in the card.... After it start showing in transactions... Call customer care and cancel the emi..... Sometimes they tell to pay the full amount on call itself and then they cancel..... I have seen this with hdfc... Else.... It will be added to ur next bill for payment

okay,

I have done it via ICICI and so, I don't think they would make me pay on call itself.

So, first I need to wait for the the transaction to appear in my current (unbilled) statement (which usually reflects in 1/2 days). Once it starts showing, call ICICI customer care and ask them, not to convert that transaction to emi OR to cancel it ?

Will try to have a word with them once it starts showing in my transaction list, hoping not to loose anything 🤞

UPDATE: Just had a word with CC, they told me "as its merchant emi, they can cancel it only when merchant converts it to emi. But if I cancel it within15 days (from the date of purchase, not from the date of emi conversion) I will get the conversion fees reversed too"

Thanks again for this information!

 

[Batmanbaba]

okay,

I have done it via ICICI and so, I don't think they would make me pay on call itself.

So, first I need to wait for the the transaction to appear in my current (unbilled) statement (which usually reflects in 1/2 days). Once it starts showing, call ICICI customer care and ask them, not to convert that transaction to emi OR to cancel it ?

Will try to have a word with them once it starts showing in my transaction list, hoping not to loose anything 🤞

UPDATE: Just had a word with CC, they told me "as its merchant emi, they can cancel it only when merchant converts it to emi. But if I cancel it within15 days (from the date of purchase, not from the date of emi conversion) I will get the conversion fees reversed too"

Thanks again for this information!

U will get reversal for everything.... Conversion fees, gst all will be back... Usually.... Its good to call after 4-5 working days.... They cancel instantly

 

[jack333]

U will get reversal for everything.... Conversion fees, gst all will be back... Usually.... Its good to call after 4-5 working days.... They cancel instantly

Bro this trick works with which bank cards?
apart from icici and hdfc?

 

[Batmanbaba]

Bro this trick works with which bank cards?
apart from icici and hdfc?

Axis

 

[jack333]

What about sbi?

 

[VISHESH_BANSAL]

What about sbi?

SBI shana hai.

Woh bolta Refund aayega toh hi EMI cancel karege🤣

Yeh shanapan baaki banks m naa aajaye🤣

 

[Batmanbaba]

What about sbi?

They have 3% charges....

 

[NOOBY]

U will get reversal for everything.... Conversion fees, gst all will be back... Usually.... Its good to call after 4-5 working days.... They cancel instantly

1 thing, we do not get the Reward points reversed

when I swiped 40k for emi, I got some RPs, which were deducted after EMI conversion

but When I called today to cancel the emi, they said I won't get the Reward points as the swipe was done for an EMI, which does not give RP (which is logical, but they should display RP being credited initially if its going to be converted to EMI after 2-3 days)

So, got the reversal successfully but no RPs for those EMI transactions

 

[Batmanbaba]

1 thing, we do not get the Reward points reversed

when I swiped 40k for emi, I got some RPs, which were deducted after EMI conversion

but When I called today to cancel the emi, they said I won't get the Reward points as the swipe was done for an EMI, which does not give RP (which is logical, but they should display RP being credited initially if its going to be converted to EMI after 2-3 days)

So, got the reversal successfully but no RPs for those EMI transactions

YES...u wont get any RP,S but icici rp,s are not worth anything I guess....discount is worth something atleast

 

[NOOBY]

YES...u wont get any RP,S but icici rp,s are not worth anything I guess....discount is worth something atleast

RPs are 4:1 which looks fine when compared to SBI

I just hope ICICI/Merchant doesn't ask back the discount

 

[Batmanbaba]

RPs are 4:1 which looks fine when compared to SBI

I just hope ICICI/Merchant doesn't ask back the discount

this trick is quite open now....in future we can expect some sort of buthering on it.............

 

[NOOBY]

this trick is quite open now....in future we can expect some sort of buthering on it.............

yeah, but as of now we shouldn't be charged for that instant discount right ?


----

Also, I am failing to understand why any bank would give instance cashback for EMI transaction if they also have the option to cancel it within 1 days ?

I was told that as it was a Merchant EMI and so, I assume Merchant gave me the discount and then he would be taking that money from the bank.... Once merchant has received the payment and I have received the package, the bank would be at a loss if I cancel the EMI as they would lose instant discount (as they would have to pay the merchant) plus the interest and EMI conversion charges...

Its strange... I never bought anything on EMI and so it was all new to me (Thanks for helping me out) but this got me intrigued

 

[vm999]

What about sbi?

From what I observed:
if you buy any item and pay the same immediately, they can't convert it to EMI as there is no pending amount. I did this accidentally and got the complete no cost EMI as discount

 

[SwipeSavvy]

yeah, but as of now we shouldn't be charged for that instant discount right ?

@NOOBY I want to purchase something and they offer huge discount/cashback only on merchant emi transaction which I don't need.
Did you have to pay discount/cashback back on canceling emi?

 

[NOOBY]

@NOOBY I want to purchase something and they offer huge discount/cashback only on merchant emi transaction which I don't need.
Did you have to pay discount/cashback back on canceling emi?

I am in the same boat which is why I too asked the same thing 😂

@Batmanbaba or anyone else have cancelled Merchant EMI (which gave instant cashback) before ?
Just want to know what happens to the cashback/discount

 

[4uziaul]

I am in the same boat which is why I too asked the same thing 😂

@Batmanbaba or anyone else have cancelled Merchant EMI (which gave instant cashback) before ?
Just want to know what happens to the cashback/discount

You will get it upfront and bank will not take it back later on.

 

[NOOBY]

You will get it upfront and bank will not take it back later on.

That is what I and @1pratham are rooting for..

I am particularly scared of banks coming back after a year or so, charging the cashback back into our accounts by saying offer was only for emi. We would have to fight back with nothing but a general reply that it was not told to us while cancelling emi on phone (proofs which we do not have).