A query regarding EMI payment on eBay

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REY619

REY619

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Does anyone has any experience with the EMI payment option on ebay?

I have a ICICI credit card with a credit limit of 17K. If I want to buy an item worth 30K, how would it work?

When I go to make payment it shows whole 30K, so much confusion. :\

Someone has any idea?

Thanks.
 
I don't think you can complete that transaction. When you pay via an EMI, the entire amount is authorised against your card and is blocked from your total credit limit. This blocked amount thereafter reduces with each monthly payment until the entire amount is paid off.

Therefore, if you don't have enough credit limit to cover the whole amount, the transaction will not go through.
 
Even though it is EMI, they will block the entire amount on your card and your credit limit will be reduced by 30K (total amount), but you would be billed to pay the EMI amount every month to your CC.
 
@Maestro Oh man, what a pity. So the transaction will fail?
That sucks.

@theoracle But what if my credit limit is 17K, the transaction will fail?
 
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If you buy an item of 30,000 the entire amount will be blocked from your credit limit (which implies that if you have a credit limit of 17000 you can not buy an item worth 30000).

However when your statement is generated only the emi for the month (30000/6) will appear as payable while the remainder amount will not be charged any interest by your credit card company, in this instance ICICI.

There will also be some amount of administrative fee from Ebay (depending on the transaction amount).

You can read the details in the eBay help section as well..
 
kkchhetri01 said:
If you buy an item of 30,000 the entire amount will be blocked from your credit limit (which implies that if you have a credit limit of 17000 you can not buy an item worth 30000).

However when your statement is generated only the emi for the month (30000/6) will appear as payable while the remainder amount will not be charged any interest by your credit card company, in this instance ICICI.

There will also be some amount of administrative fee from Ebay (depending on the transaction amount).

You can read the details in the eBay help section as well..
Click to expand...

Thanks for clarifying.

tl;dr - If credit limit is less than the total amount, EMI wont work.
 
EMI is applied AFTER the transaction is completed. For the transaction to complete you need to have sufficient balance. Since 17K < 30K, your transaction won't complete, so you won't get any EMI.
 
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Request ICICI CC to increase your credit limit. HDFC CC is generous. I requested them to increase my credit limit and they did it in under a minute. :)
 
there is another workout but you have to transfer 13000rs to your credit card account ,you will have effective balance of 30000 and you could complete your transaction and

As you paid 13000rs upfront,you actually paying rest of 17000 in EMI.

But try for a credit limit enhancement. If cc didnt respond,Try this method atleast you could get 17000rs in EMI
 
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^That method should work... At least it has worked for me very recently for citi CC and i guess its same for everyone! My CC limit was 80K, but i need to transact for 95K. So i did transfer 40K prior(as i had 20K pending previously, so effectively my allowed limits are 60K) and successfully completed the transaction.

Also several occasions, I've been crossed my limits, still the CC allowed me and they put some over limit transaction fee of 500+SC...! Ofcourse i've came out of the over limit fee everytime as i had good history with those people :)
 
Thanks guys, I will try that method. I guess it will work, as sometimes when I pay my CC bill, I tend to pay 10-20 Rupees extra just to round off the amount, and then it shows taht 10-20 rupees extra in my credit limit, so I hope this will work.

Thanks, will update with results.
 
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