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"Do you have XYZ Credit Card?" Thread

Slayer69 said:
Cancel the EMI after delivery to save more by not paying interest+GST for the purchase
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What happens to the person whose cc was used?
Also wouldnt this mean you get the product for 1 installment worth of money and the guy with cc gets danda?
Or will it get converted into one time payment on cancelling
 
awestorr said:
What happens to the person whose cc was used?
Also wouldnt this mean you get the product for 1 installment worth of money and the guy with cc gets danda?
Click to expand...
In simpler terms you buy product of 100000 on NCE (post card discount) for a 12 month emi

Merchant applies some discount which makes principal that is 100000 go down to let's say 80000 so that interest paid on the remaining principal for the tenure (here 12 months) comes out to be lil bit over 100000, if someone cancels the said EMI he needs to pay foreclosure charges which is 3% for most banks on the principal which is 80000 and hence you can get a 100000 product for way cheaper than you are supposed to
 
I will advise against frequently cancelling EMIs just to get No cost EMI discount.
Many banks have foreclosure charges.
Also banks notices and fixes things that people abuse.
Once people start abusing EMIs banks will levy heavy foreclosure charges.
(see the current devaluation of Credit cards as people started using discounts and cashbacks for profit and commercial use..Also the lounge access devaluation.)
earning from Interest is one of their sources of income.
 
samiryadav said:
I will advise against frequently cancelling EMIs just to get No cost EMI discount.
Many banks have foreclosure charges.
Also banks notices and fixes things that people abuse.
Once people start abusing EMIs banks will levy heavy foreclosure charges.
(see the current devaluation of Credit cards as people started using discounts and cashbacks for profit and commercial use..Also the lounge access devaluation.)
earning from Interest is one of their sources of income.
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Cannot agree more. People think they are smart, much smarter than banks but its not !
You can do it for sometime but banks will definitely catch up and in this case, the card holder has to suffer!
 
honest1 said:
Cannot agree more. People think they are smart, much smarter than banks but its not !
You can do it for sometime but banks will definitely catch up and in this case, the card holder has to suffer!
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It's just that bank data science and fraud analytics teams are also lazy to investigate some Mukesh cancelling his NCE repeatedly hence they have implemented rulesets which check for vintage and frequency to block abuse of commercial products, once blocked then begging to bank won't also unblock your card
 
Why cancel emi of no cost emi? I never understood it! I mean the way i see it no cost emi purchases do not levy any additional charges like interest atop of the original value, right? At least that's what it shows before the purchase, total value divided by no. of months
 
sauravghosh said:
Why cancel emi of no cost emi? I never understood it! I mean the way i see it no cost emi purchases do not levy any additional charges like interest atop of the original value, right? At least that's what it shows before the purchase, total value divided by no. of months
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You forgot GST charged on interest amount
 
Just want to add.

when i tried to cancel my ncemi . I was told by HDFC that this one time they will cancel it without processing fees. Second time I had issues cancelling it with processing fees and gst and was charged interest too for first week as I cancelled it within a week of my purchase ( iirc there was a bank holiday too in between and few days I got busy due to travel but it was before card generation) . Most banks dont like to do this so they dont make it easy either. Like I said once or twice in a year after a gap might work but if you constantly try this you might be risking it.

Also I'm sure many Card holder would want this limited facility for his own future purchases. Unless the card holder understands about he/she could be rejected this option in future and still happy to help.
 
solo_wing said:
Just want to add.

when i tried to cancel my ncemi . I was told by HDFC that this one time they will cancel it without processing fees. Second time I had issues cancelling it with processing fees and gst and was charged interest too for first week as I cancelled it within a week of my purchase ( iirc there was a bank holiday too in between and few days I got busy due to travel but it was before card generation) . Most banks dont like to do this so they dont make it easy either. Like I said once or twice in a year after a gap might work but if you constantly try this you might be risking it.

Also I'm sure many Card holder would want this limited facility for his own future purchases. Unless the card holder understands about he/she could be rejected this option in future and still happy to help.
Click to expand...
Banks have catched up on this trick actually, specially axis they have increased their foreclosure charges and are forcing people to foreclosure instead of cancelling, i would advise people not to abuse this "trick" .
 
Any HDFC CreditCard user here? If I want to purchase something from amazon today on 21th July, 2024. will it be billed for this month or next month. Means will I have to pay the amount on 5th Aug, 2024 or 5th Sept, 2024. reason for asking is CC billing for this month is been generated or not is not clear has its Sunday and today I have not received any SMS, email or notification for bill generation. But When checked on web portal or app. no un-billed amount is displayed. The previous month bill amount is shown to be paid on 5th Aug, 2024.

I ordered a small think and that amount is showing under `Total Outstanding Authorization Amount *`.
The amazon big purchase are on hold due to this confusing condition o_O
 
princeoo7 said:
Any HDFC CreditCard user here? If I want to purchase something from amazon today on 21th July, 2024. will it be billed for this month or next month. Means will I have to pay the amount on 5th Aug, 2024 or 5th Sept, 2024. reason for asking is CC billing for this month is been generated or not is not clear has its Sunday and today I have not received any SMS, email or notification for bill generation. But When checked on web portal or app. no un-billed amount is displayed. The previous month bill amount is shown to be paid on 5th Aug, 2024.

I ordered a small think and that amount is showing under `Total Outstanding Authorization Amount *`.
The amazon big purchase are on hold due to this confusing condition o_O
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Every card holder might have different dates for bill generation and due date.

If your bill has already generated then the new purchase will show next month 5th sept.
 
princeoo7 said:
How to know if it’s generated or not?
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Either log into your net banking and check your billing cycle.
You can also check billing cycles through old bills.
If a bill is generated or not, it will show due amount and due date till when it's supposed to be paid.
Usually purchases would show in pending authorization for a day or two. Happens with every cc at times
 
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