Credit Card (ICICI Bank) - EMI queries - First Time User - Help Please !


dissel

Well-Known Member
Adept
Sep 23, 2007
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Kolkata,WB
Hello TE's Credit Card Holders as ( I know many people around here already experienced this, So I decided to asked my query here ).

As the title suggest I recently used my one year old ICICI's CC in a online purchase in 12 month EMI transaction on a popular E-Commerce site and opt for 12 month EMI plan, but today I noticed ICICI credit card e-statement page

https://infinity.icicibank.co.in/web/cards/creditcardNLI/jsp/ccNonLoginPage.jsp#

which is Total Amount Due is the amount which is the exact amount of the product I purchase from the site. Upon contacting above merchants billing department they confirm they booked the payment of 12 months EMI plan and the EMI amount reflect in CC's statement after 8 days which will be next Thursday 2/5/13 as my order processed 23/4/13.

So the amount shows under Total Amount Due : 21k which is the actual purchase price and the EMI will be 1742/- to be exact for 12 months.

My question

1.Why the Total Amount due shows 21k instead of 1742/- ?

2.Am I going to charge 21k now and then 1742/- for EMI after the 8 business days ?

3. Is it normal ? Or I'm going to charge double ? Who's fault is this ?

Help Me......Please.....

If needed I can post the screen shot of the ICICI's CC E-statement .....

Please help....
 

m-jeri

A Nobody.
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Jun 21, 2008
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1. Coz thats the total amount. :). But then again, ur statement generated shouldn't show that. is tht total amnt due from statement or just online txn checking.? What is the min amount due?
2. 1742
3. Kinda. I think. Each bank has its own system.

Axis will put that 17K as debit and another 17K as credit. then from next month onwards ur EMI starts. But ur available credit on the CC will be Limit-17k
HDFC is more straight forward. They will only put the EMI from the start. But ur available credit on the CC will be Limit-17k
ICICI..is more confusing. But yea, u will be good. hopefully. :)
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
226
132
Kolkata,WB
Hi, m-jeri

Please look into my statement below attached picture and confirm it is alright....as I gather you already experienced this.

There is no minimum amount due option as well as no due date too......after I transact 23 rd I keep checking & checking each & everyday as I'm nervous due to first time, only today 26th statement shows this.

And Yes credit limit decrease as soon as transaction completed.

 

m-jeri

A Nobody.
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Jun 21, 2008
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Is this ur monthly statement for April? shouldn't the period be from 26/03/2013?

Looks like u havent done a EMI txn. Please wait for some more users to reply.
 

varkey

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Sep 8, 2006
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www.varkey.in
Is this ur monthly statement for April? shouldn't the period be from 26/03/2013?

Looks like u havent done a EMI txn. Please wait for some more users to reply.
His billing date seems to be the 16th of every month. The statement date is always the date you view the online statement.

@dissel - Are you sure you selected the EMI option when you made the payment? Cause the full amount shouldn't be posted in the statement like you've shown. Secondly when you make EMI payments, they usually include the word "EMI" in the transaction description which appears to be missing.

I would call the customer care and double check with them if the transaction was processed an EMI transaction.
 
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smnrock

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If i'm correct, usually EMI should start from next billing cycle in ICICI?
 

logistopath

Molar Police
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May 25, 2007
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^^^True. It should start from the next billing cycle. But until then, usually there is no transaction mentioned in my statement.
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
226
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Kolkata,WB
Is this ur monthly statement for April? shouldn't the period be from 26/03/2013?

Looks like u havent done a EMI txn. Please wait for some more users to reply.
I didn't use the CC regularly , this is e-statement, so receiving regular statement via post is not regular. Last I transact 9/4/13 and paid after that which 15/4/13.

here is the previous statement page :



His billing date seems to be the 16th of every month. The statement date is always the date you view the online statement.

@dissel - Are you sure you selected the EMI option when you made the payment? Cause the full amount shouldn't be posted in the statement like you've shown. Secondly when you make EMI payments, they usually include the word "EMI" in the transaction description which appears to be missing.

I would call the customer care and double check with them if the transaction was processed an EMI transaction.
varkey

Yes I selected for the EMI option, Even today Merchant's (Flipkart) rep called me two times and ensure that it billed as 12 month EMI plan and EMI reflection take after 8 business days which will be 2/5/13 (approx).

I called ICICI IVR service (Customer Care) at noon and automatic voice told the Total Due Amount is that, No due date or minimum amount. Didn't talk with any Banking Officer.

Now if I talk with Human voice over ICICI help line and if this txn not charged to EMI, What I need to ask ? Or what will be next step ?

To whom I need to approach ?

cause from seller side they already confirmed it is EMI payment.
 
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smnrock

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Apr 9, 2009
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^^^True. It should start from the next billing cycle. But until then, usually there is no transaction mentioned in my statement.
True... But the amount is blocked from CC credit limit. I think in OP's case, they may later convert this in to 12 months EMI. Becas the usual 0% EMI plans are either 3 or 6 month limit which usually registered in the first time itself.

New Samsung offers :p
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
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True... But the amount is blocked from CC credit limit. I think in OP's case, they may later convert this in to 12 months EMI. Becas the usual 0% EMI plans are either 3 or 6 month limit which usually registered in the first time itself.

New Samsung offers :p
Yes.... :) it is Samsung Offer - Usually I don't (want to) use CC but this time I can't resists to avail that. It is 12 month free EMI with 15% Cash back "OWN NOW" offer.

My Credit limit is 50k.
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
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Update :-

Called Up ICICI Bank customer care and talked with a Human Voice (Phone Banking Officer) and they state;

'As of now it is charged as Full Amount, but if you selected it as EMI txn during purchase the seller is the person to whom You need to contact as they convert this txn to EMI....there is nothing to do with ICICI Bank's Credit Card section or Bank itself'.

Current Mental State : A little Bit relaxed....Yet to wait for 8 business days to show up as EMI according to FK's Customer Care Phone Call (Yesterday).

Upon E-mailing 26/4/2013 to this
My Order ID : OD************ which I opt for 15% Cash Back offer with 12 months EMI plan. But today Amount due shows at my ICICI CC e-staetment is 20900/- instaed 1742/- which is each month EMI for 12 month. why you charged full amount in the first month ?
Today I got the reply :
Dear ******,

Greetings from Flipkart!

Order No: OD**************
Reference No: ****************

I would like to inform you that the EMI will be calculated on the whole amount at the time of the transaction and it will be converted into 12 months EMI by your bank within 7-10 business days and you will be charged on 12 months installment.The cashback will reflect into the credit card account on or before 15.Jun.2013.

Illustrative flow of cash (mobile value used here is only indicative): eg. If the product value is Rs.24000; your EMI will be calculated on Rs.24000 to Flipkart and purchase at 12 months free EMI using any credit card. If the card used is ICICI or Standard Chartered you would get a refund of Rs.3600 into the credit card account on or before 15.Jun,2013. You pay Rs.2000 per month for 12 months to the bank.

I hope this helps. We look forward to seeing you soon.


Please write back to us should you have any other questions or need further assistance.

Regards,
durba
Customer Support
Response received from Seller: WS Retail
[DOUBLEPOST=1367123416][/DOUBLEPOST]Those who avail this EMI scheme under ICICI Bank Credit Card all become victimized - Not only me.

So anyone planing to do this with your ICICI CC, please don't else you will also join the club.

[DOUBLEPOST=1367123649][/DOUBLEPOST]
[DOUBLEPOST=1367123695][/DOUBLEPOST]The offer it self here at ICICI Page

http://www.icicibank.com/online-services/offer-zone/Samsungemioffer.html
 

Vince

Boogie-Man
Adept
Jun 11, 2005
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I'm in the same boat!
Bought off flipkart on 26th.
Shows the full amount.
My billing cycle is from the 4th, so it won't be converted into an EMI within this cycle.
So i'm writing a mail to flipkart and icici to see what exactly is happening.
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
226
132
Kolkata,WB
This is the complete list of OWN NOW 15% Cash Back scheme under the umbrella of Flipkart Online retail chain.

15% Cashback: Buy Mobiles Online at Best Prices in India in India: Flipkart.com

And I'm here proudly inform that this is not only for ICICI Bank's customers but this EMI / Cash Back SCAM will applicable to Standerd Charted Bank's customers too.

Here is the proof on Galaxy Tab2 review page: -













[DOUBLEPOST=1367313852][/DOUBLEPOST]Now I request to the MOD please change thread title to "Samsung OWN NOW 15% Cash Back SCAM / EMI Presented By FlipKart"
 

sandeepsachin

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Dec 16, 2011
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Sorry to bump an old thread. Just wondering, @dissel Did the amount get converted into emi ? and did you get the cashback?
 

dissel

Well-Known Member
Adept
Sep 23, 2007
875
226
132
Kolkata,WB
Sorry to bump an old thread. Just wondering, @dissel Did the amount get converted into emi ? and did you get the cashback?
Yes, for almost 1 month that transaction showed in Credit Card statement as Full Amount, but just before the Billing Cycle the whole amount disappear and statement become Zero. From the next month which was May 2013 EMI enabled and after first month nearly 3000/- added to CC a/c as cash back, from then on twelve month EMI ended successfully without any problems.
 
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puns

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Mar 24, 2005
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Sorry to hijack this thread, but I tried finding online but couldnt get much info .
What happens if in case I am short of funds & I keep paying the minimum amount on credit card bill for few months till I get the funds and clear up the amount.
Next month what all will my bill have and similarly, subsequent months ?
Does interest get charged ? I have Axis bank CC.
 

logistopath

Molar Police
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May 25, 2007
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Erode
Sorry to hijack this thread, but I tried finding online but couldnt get much info .
What happens if in case I am short of funds & I keep paying the minimum amount on credit card bill for few months till I get the funds and clear up the amount.
Next month what all will my bill have and similarly, subsequent months ?
Does interest get charged ? I have Axis bank CC.
Yes. Interest does get charged, at a huge rate that too, for the balance amount. It would be wise to find funds elsewhere and settle your CC bills on time in full.
 
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abhi1984

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Nov 20, 2010
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Sorry to hijack this thread, but I tried finding online but couldnt get much info .
What happens if in case I am short of funds & I keep paying the minimum amount on credit card bill for few months till I get the funds and clear up the amount.
Next month what all will my bill have and similarly, subsequent months ?
Does interest get charged ? I have Axis bank CC.
Your CC kit will have a document as to what happens if you pay "minimum amount". That said its a very bad idea to do that. You get charged an interest + "finance charges" which could make you poorer by quite a lot.