Sure, will do.
Yeah its a good trick, especially when coupled with ICICI/Axis I think, where all fees are reversed. Even with HDFC, only a small amount is not reversed. SBI is the worse of the lot with a 3% + GST foreclosure fee.
Thanks, yeah I did order the same Fortune detergent, salt and rinse aide.
Even if you have no intention of opting for EMI, you opt for the maximum possible tenure which offers no cost EMI. The interest component that would be charged is offered as an instant discount as compensation. Once the transaction is converted to EMI, you have to get the EMI cancelled by calling the bank's customer care. You get to keep the upfront discount that was offered.
ICICI/Axis is straight forward, and all charges (like EMI processing fee, GST) are reversed if cancelled within 15 days or so. In case of HDFC, you can do it from MyCards, and only the GST component is not reversed. SBI there is no option for cancellation and you have to foreclose by paying 3% + GST as foreclosure charges.
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In this above case, the Rs 2003 discount is an extra discount which you will not be able to avail otherwise.
One thing to remember is that, if you do want to pay the amount in instalments, this trick wouldn't work as the upfront discount will just be compensating you for the interest that would get charged over the months.
