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How to cancel no cost emi on a merchant transaction but get the interest as discount?
- Thread starter pavan000
- Start date
22sumit
TF Select
yes, I recently closed my emi same day via mycards and the Processing Charge of Rs 199 was reversed but GST on it for Rs 35 was still charged.
Apart from this I only see the total merchant txn amount reflecting in my txn history.
Piyush_Jaiswal
TF Ace
Did it show some interest calculated on pro rata basis during closure of EMI on mycards?
Was the same amount charged on your card or the interest was waived off?
22sumit
TF Select
It showed the pro rata interest but wasn't charged till settlement in my card
realReXishere
TF Buzz
varkey
TF Buzz
The other day I cancelled the no-cost EMI on my HDFC card from MyCards.
Interest from last statement date to day of cancellation was charged, which is odd. I'd have expected them to charge interest from day of EMI transaction to day of cancellation.
Anyway, it also said that I would need to make the payment of the entire amount on the next day itself, which I did. I see that the Rs 199 fee charge was reversed, however the GST component isn't reversed yet.
Interest from last statement date to day of cancellation was charged, which is odd. I'd have expected them to charge interest from day of EMI transaction to day of cancellation.
Anyway, it also said that I would need to make the payment of the entire amount on the next day itself, which I did. I see that the Rs 199 fee charge was reversed, however the GST component isn't reversed yet.
In Amex zero foreclosure charges . But I received mail yesterday in which 3 % foreclosure charges from August’s
lucifer69
TF Select
How many days after your order you did that ? I ordered today and EMI is not showing by when am I supposed to cancel it ? Having HDFC card as well
varkey
TF Buzz
@whoanuragbhardwaj - As can be seen in the screenshot, I did this on the 3rd day. Normally it will take 2-3 days for the transaction to be posted and to be converted to EMI. You'd also get an email once its done.
lucifer69
TF Select
I'm trying to do same but it's not going after entering otp and customer care is saying can't cancel on same day as it's settled as emi today. Any workaround ?
lucifer69
TF Select
Hey, Can you please tell me on which day you tried to cancel the EMI after it showed on my cards? Because, It appeared on mycards today and i'm not able to cancel it little worried because my bill stmt is 20th
22sumit
TF Select
Don't panic bro, that's how HDFC's systems work. They don't allow to foreclose emi same day when the txn reflects in ur account.
Even cc wasn't able to cancel it on same day so I had to cancel the next day myself.
I cancelled an emi on ICICI MU credit card today (as soon as the transaction got converted to emi) and all charges were reversed (emi processing fees + gst and interest + gst) with no pre closure fees. Total due shows the same amount as what I trasacted. As per the customer care rep, there is no fees. Will wait and see if there will be any fees added in coming days.
vireshverma2594
TF Buzz
Just want to check that if you cancel the NCEMI and convert it to a normal transaction, do you get reward points on it? Since most cards do not give rewards on EMI transactions.
Last edited:
crazyuploader
TF Premier
+1 and if we'd cashback on cashback cards
lucifer69
TF Select
I did on HDFC MILENNIA. Will inform when my statement will come next 20th
No. I can confirm after few days for ICICI cc.
BanarasiBabu
TF Neo
Own ICICI Amazon Pay and HDFC Times!
I have purchased products from Amazon using ICICI Amzn Paym card to get the no cost emi benefits and once the transaction in converted, I usually call the cs saying that I don't want this to be an EMI and would like to cancel it. I usually call after the transaction is converted into EMI (4-5 days) and they have cancelled the EMI everytime (20+). I usually pay the amount on due date.
Now, HDFC is some cheap mfs. They do have cancellation window for EMI but only for those EMI which gets converted through them meaning that if you purchase something for 20k and later decide to convert it into EMI, you can call them and request for EMI. This particular type of EMI can be cancelled within 7 days.
But if you decide to cancel a Mer related EMI (Amzn, Flpkrt or any other), they call it Pre-Closure and they will charge you for everything from processing fee to interest on pro-rata basis but it will be worth it as the benefits of no cost EMI will be greater than the charges here.
Just make sure to raise the request next day after the transaction is converted into EMI so you can save pro-rata interest.
I have purchased products from Amazon using ICICI Amzn Paym card to get the no cost emi benefits and once the transaction in converted, I usually call the cs saying that I don't want this to be an EMI and would like to cancel it. I usually call after the transaction is converted into EMI (4-5 days) and they have cancelled the EMI everytime (20+). I usually pay the amount on due date.
Now, HDFC is some cheap mfs. They do have cancellation window for EMI but only for those EMI which gets converted through them meaning that if you purchase something for 20k and later decide to convert it into EMI, you can call them and request for EMI. This particular type of EMI can be cancelled within 7 days.
But if you decide to cancel a Mer related EMI (Amzn, Flpkrt or any other), they call it Pre-Closure and they will charge you for everything from processing fee to interest on pro-rata basis but it will be worth it as the benefits of no cost EMI will be greater than the charges here.
Just make sure to raise the request next day after the transaction is converted into EMI so you can save pro-rata interest.
