How to cancel no cost emi on a merchant transaction on SBI CC

[realReXishere]

Hi, I recently did an EMI transaction on Amazon and contacted SBI CC to cancel the emi. Then I got this response.

Is there a way to cancel the merchant emi and save on interest?

Please advise.

 

[Rahul Gupta]

Very special thanks to @tbk

This trick has worked very well for me

As i paid even more than the txn amount to sbi card, no emi conversion happened at all
Its 7 days post transaction, no emi processed till date, also i am maintaining no outstanding on my card so don't think any emi conversion will happen now

Saved 5400 because of this trick



Once again thanks @tbk

Did you immediately paid and made transaction or you waited until your payment settled in outstanding. I mean if you pay your sbi cc bill, it will immediately show it but gets settled in 1-2days in outstanding balance.

 

[shutapdiya]

Did you immediately paid and made transaction or you waited until your payment settled in outstanding. I mean if you pay your sbi cc bill, it will immediately show it but gets settled in 1-2days in outstanding balance.

Paid, got credit msg from SBI immediately (15/10)

Made txn on Amazon same day (15/10)

Maintained 0 outstanding since then

Amazon txn settled with SBI in 2 days (17/10)

Statement is going to be generated on 25th, will maintain zero outstanding till then

 

[tbk]

Very special thanks to @tbk

This trick has worked very well for me

As i paid even more than the txn amount to sbi card, no emi conversion happened at all
Its 7 days post transaction, no emi processed till date, also i am maintaining no outstanding on my card so don't think any emi conversion will happen now

Saved 5400 because of this trick



Once again thanks @tbk

Glad it worked for you, this full prepayment to skip the emi conversion is also new info for me, I'll also do the same next time. This is even better.

 

[shutapdiya]

Very special thanks to @tbk

This trick has worked very well for me

As i paid even more than the txn amount to sbi card, no emi conversion happened at all
Its 7 days post transaction, no emi processed till date, also i am maintaining no outstanding on my card so don't think any emi conversion will happen now

Saved 5400 because of this trick



Once again thanks @tbk

Final update:
Statement generated, no sign of any EMI conversion
Also recieved below msg from SBI

Dear SBI Cardholder, we regret to inform you that your MERCHANT EMI conversion request opted at the time of purchase at amazonin for trxn of Rs. 41090.11 done on 15-OCT-23 has not been converted for the following reason: Insufficient Retail Outstanding Balance. For more information, kindly call our helpline at 18601801290 or 39020202 (prefix local STD code).

Superb way to get NCEMI discount with SBI Cards and also avoiding processing/ foreclosure fees

Thanks @tbk

 

[tbk]

Final update:
Statement generated, no sign of any EMI conversion
Also recieved below msg from SBI

Dear SBI Cardholder, we regret to inform you that your MERCHANT EMI conversion request opted at the time of purchase at amazonin for trxn of Rs. 41090.11 done on 15-OCT-23 has not been converted for the following reason: Insufficient Retail Outstanding Balance. For more information, kindly call our helpline at 18601801290 or 39020202 (prefix local STD code).

Superb way to get NCEMI discount with SBI Cards and also avoiding processing/ foreclosure fees

Thanks @tbk

bhai thanks pro max k lie ab mera payzapp balance use karwa do 🤣

 

[Juganta]

Its working even if u repay full outstanding on next day of purchase.

 

[gogeta31]

Final update:
Statement generated, no sign of any EMI conversion
Also recieved below msg from SBI

Dear SBI Cardholder, we regret to inform you that your MERCHANT EMI conversion request opted at the time of purchase at amazonin for trxn of Rs. 41090.11 done on 15-OCT-23 has not been converted for the following reason: Insufficient Retail Outstanding Balance. For more information, kindly call our helpline at 18601801290 or 39020202 (prefix local STD code).

Superb way to get NCEMI discount with SBI Cards and also avoiding processing/ foreclosure fees

Thanks @tbk

can you explain clearly step wise what i have to do to get no cost emi discount? So I dont have to call sbi to cancel emi? Just pay the full amount to sbi credit card after purchasing the item before the emi conversion. I see after 8 days it will be converted to emi.

 

[gogeta31]

Its working even if u repay full outstanding on next day of purchase.

So there is no need to keep balance negative before purchasing item on Flipkart?? I can just pay the outstanding amount on sbi cc before 8 days(before it getting converted to emi) i.e. after purchasing I just pay the amount on sbi card?

 

[shutapdiya]

can you explain clearly step wise what i have to do to get no cost emi discount? So I dont have to call sbi to cancel emi? Just pay the full amount to sbi credit card after purchasing the item before the emi conversion. I see after 8 days it will be converted to emi.

Pl. look at the previous messages from myself and @tbk you will be able to find the steps clearly

 

[gogeta31]

Pl. look at the previous messages from myself and @tbk you will be able to find the steps clearly

Is it compulsory to keep balance negative or I can first complete Flipkart transaction and then pay the amount on card?

 

[shutapdiya]

Is it compulsory to keep balance negative or I can first complete Flipkart transaction and then pay the amount on card?

You can complete the txn first but you will need to pay that amount and make credit utilized as zero within a day and keep it like that till emi conversation gets rejected (you will get msg about it)

 

[gogeta31]

You can complete the txn first but you will need to pay that amount and make credit utilized as zero within a day and keep it like that till emi conversation gets rejected (you will get msg about it)

I thought we get 8 days of time before it gets converted to EMI? Isn't that the case? I need to repay the amount on same day of flipkart transaction?

 

[shutapdiya]

I thought we get 8 days of time before it gets converted to EMI? Isn't that the case? I need to repay the amount on same day of flipkart transaction?

Its not like that, they can do the conversion anytime within the period of 8 days, even next day is also possible

So to be on safer side, pay immediately is the best way to make this trick work

If you do any other txn after this Flipkart txn, that should also be paid immediately else it can create mess
Better to not use

 

[gogeta31]

Its not like that, they can do the conversion anytime within the period of 8 days, even next day is also possible

So to be on safer side, pay immediately is the best way to make this trick work

If you do any other txn after this Flipkart txn, that should also be paid immediately else it can create mess
Better to not use

Damn my SBi Credit card got blocked because of suspicious transaction. How to do the same thing on HDFC? What things I have to take care of? @shutapdiya

 

[shutapdiya]

Damn my SBi Credit card got blocked because of suspicious transaction. How to do the same thing on HDFC? What things I have to take care of? @shutapdiya

Pl. search the forum, hdfc process has been discussed alot of times

 

[gogeta31]

Pl. search the forum, hdfc process has been discussed alot of times

Can you please send the link or tell me the steps directly. Your help would be greatly appreciated please.

 

[shutapdiya]

Can you please send the link or tell me the steps directly. Your help would be greatly appreciated please.

Thread 'Query- HDFC EMI Pre-Closure' https://www.technofino.in/community/threads/query-hdfc-emi-pre-closure.13994/

See related threads as well, do the complete study and then proceed

 

[Juganta]

So there is no need to keep balance negative before purchasing item on Flipkart?? I can just pay the outstanding amount on sbi cc before 8 days(before it getting converted to emi) i.e. after purchasing I just pay the amount on sbi card?

Just repay Total outstanding immediately after the purchase, and wait till u get “emi not processed” confirmation msg from SBICARD, after receiving that msg u can continue to use ur card for other txn.
1. Yes no need to keep negative balance before txn.
2. Pay immediately ASAP, (not before 8 days. )

 

[gogeta31]

Just repay Total outstanding immediately after the purchase, and wait till u get “emi not processed” confirmation msg from SBICARD, after receiving that msg u can continue to use ur card for other txn.
1. Yes no need to keep negative balance before txn.
2. Pay immediately ASAP, (not before 8 days. )

Thank you so much for clear explanation!

 

[hackymanoj]

I tried this trick and appears to be working. I have made a transaction on 18th January which was 18 months emi. It's been more than 10 days neither the transaction got converted to emi nor I did receive the message that emi conversion failed.

Do I need to keep the balance in negative until the generation of statement?