"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?
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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
 
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