How to cancel no cost emi on a merchant transaction on SBI CC

[realReXishere]

Hi, I recently did an EMI transaction on Amazon and contacted SBI CC to cancel the emi. Then I got this response.

Is there a way to cancel the merchant emi and save on interest?

Please advise.

 

[CARDiologist]

Checked just now. I have a total of 3 transactions pertaining to this purchase. First one is debit, which is already billed in my current statement generated on 9th. Second one (credit for merchant emi booked) is credit and third one (transfer to merchant emi) is again debit. The last 2 transactions are under unbilled transactions. No change in outstanding. I don't think they are going to fix this on their end. Obviously the customer has to adjust.

They have converted the purchase into emis

 

[Spoderman]

This is a serious flaw in the system. Basically someone has to pay full amount in order to save cibil score crack and then take the credit of all the emi's and just pay the interest and gst amount per month.
I had a similar situation with HDFC as well, I bought something on no cost emi just 2 days before bill generation. But they started the EMI very next day.
SBI card should remove private limited from their name, everything they do scream like public sector bank.

Yes, agree that this a flaw. I had done a big purchase and my transaction was of 62k. This has put me in a weird situation.

 

[Spoderman]

They have converted the purchase into emis

Yes the transaction is now converted to emi and will start from next month. They should atleast give the option to cancel the emi free of charge.

 

[CARDiologist]

Yes the transaction is now converted to emi and will start from next month. They should atleast give the option to cancel the emi free of charge.

Yeah! It's their flaw they should give the option but, you know it's BANKS and on top of that it's SBI

 

[aceventura]

Checked just now. I have a total of 3 transactions pertaining to this purchase. First one is debit, which is already billed in my current statement generated on 9th. Second one (credit for merchant emi booked) is credit and third one (transfer to merchant emi) is again debit. The last 2 transactions are under unbilled transactions. No change in outstanding. I don't think they are going to fix this on their end. Obviously the customer has to adjust.

Do you have any other spend in the last statement other than this purchase?

 

[Spoderman]

Do you have any other spend in the last statement other than this purchase?

No only this one.

 

[aceventura]

No only this one.

Then the response from customer support makes sense. Pay the minimum amount due. For next month's bill, it will get adjusted by the unbilled credit.

 

[Spoderman]

Then the response from customer support makes sense. Pay the minimum amount due. For next month's bill, it will get adjusted by the unbilled credit.

Thanks, I'll send them an email to get a written confirmation just to be on the safer side.

 

[tbk]

Sharing an interesting observation.
For sbi card if your current outstanding balance is in negative 90-95% of txn, i.e. prepaid more than the enough amount in advance at the time of giving otp doing an emi txn, they will only make emi on that small part which you can ask to advanced foreclosure the extra fee would be minimal.

Example
credit limit 50k, current outstanding 0
pay bill of 40k, current outstanding -40k
do emi txn of principal value 41k,
sbi will process the emi on outstanding 1k only, which can be closed by paying fees. Total extra expenses <= 500₹, plus can also pocket the no cost emi discount :⁠)

I've done this few times, it worked perfectly.

 

[aceventura]

Sharing an interesting observation.
For sbi card if your current outstanding balance is in negative 90-95% of txn, i.e. prepaid more than the enough amount in advance at the time of giving otp doing an emi txn, they will only make emi on that small part which you can ask to advanced foreclosure the extra fee would be minimal.

Example
credit limit 50k, current outstanding 0
pay bill of 40k, current outstanding -40k
do emi txn of principal value 41k,
sbi will process the emi on outstanding 1k only, which can be closed by paying fees. Total extra expenses <= 500₹, plus can also pocket the no cost emi discount :⁠)

I've done this few times, it worked perfectly.

But havent SBI recently stopped the route of prepaying to get a negative balance, as per RBI directives?

 

[tbk]

But havent SBI recently stopped the route of prepaying to get a negative balance, as per RBI directives?

Did this in current sale on amazon still works, on sbi ola cc and aurum cc doesn't works on cashback cc

 

[shutapdiya]

Sharing an interesting observation.
For sbi card if your current outstanding balance is in negative 90-95% of txn, i.e. prepaid more than the enough amount in advance at the time of giving otp doing an emi txn, they will only make emi on that small part which you can ask to advanced foreclosure the extra fee would be minimal.

Example
credit limit 50k, current outstanding 0
pay bill of 40k, current outstanding -40k
do emi txn of principal value 41k,
sbi will process the emi on outstanding 1k only, which can be closed by paying fees. Total extra expenses <= 500₹, plus can also pocket the no cost emi discount :⁠)

I've done this few times, it worked perfectly.

Hi Bro

Took the bet and followed the route you suggested

However I kept negative balance even more than the amount i was looking to purchase for so will there be no emi conversion at all on my card?

Also is this automatic process or we need to get it done by calling customer care?

 

[tushu5121]

If you want to save interest, why you did txn in EMI mode instead of full swipe?
Ya cancellation ka reason khuch aur hi hai🤣

HE get extra emi discount on making emi.
Now he want to cancel it.
ANd want to take that extra discount.
But it is not possible

 

[tushkasturi]

Hi, I recently did an EMI transaction on Amazon and contacted SBI CC to cancel the emi. Then I got this response.

Is there a way to cancel the merchant emi and save on interest?

Please advise.

Isme cancellation request dalne k baad turant full payment krna padega nhi to ye cancel nhi hogi emi continue rhegi HDFC me bhi same scene hai ICICI me aisa nhi h ICICI me “no cost emi” me bindaas order kro fir product deliver hone k baad customer care me call kr ke cancel kr do ho jaega cancel interest jo charge hone wala tha jo ki product company ne bhara tha vo as a discount mil jaega or payment bhi turant nhi bharna hai due date p hi bharna hai jese normally bharte hai

 

[tbk]

Hi Bro

Took the bet and followed the route you suggested

However I kept negative balance even more than the amount i was looking to purchase for so will there be no emi conversion at all on my card?

Also is this automatic process or we need to get it done by calling customer care?

It'll should be automatic, although I'm not sure about keeping the full emi value as negative balance, don't know how their system is setup for that. Do keep us posted,

Because from my experience if we leave some balance pending it initiated the emi on pending amount only.

 

[shutapdiya]

It'll should be automatic, although I'm not sure about keeping the full emi value as negative balance, don't know how their system is setup for that. Do keep us posted,

Because from my experience if we leave some balance pending it initiated the emi on pending amount only.

Sure bro will update here within 2-3 days

Your post gave me confidence to try this emi trick on sbi

 

[shutapdiya]

Hi Bro

Took the bet and followed the route you suggested

However I kept negative balance even more than the amount i was looking to purchase for so will there be no emi conversion at all on my card?

Also is this automatic process or we need to get it done by calling customer care?

I see my transaction is settled today and so far no entry in transactions about any EMI conversion or processing fee,etc

@tbk generally if txn has to convert into EMI, within how many days it will be converted after its posted in unbilled txn?

 

[tbk]

I see my transaction is settled today and so far no entry in transactions about any EMI conversion or processing fee,etc

@tbk generally if txn has to convert into EMI, within how many days it will be converted after its posted in unbilled txn?

It can take 2-3 days to convert emi after base txn settlement

 

[shutapdiya]

It can take 2-3 days to convert emi after base txn settlement

Ohk. In that case by 20th everything should be clear for me

 

[shutapdiya]

Sharing an interesting observation.
For sbi card if your current outstanding balance is in negative 90-95% of txn, i.e. prepaid more than the enough amount in advance at the time of giving otp doing an emi txn, they will only make emi on that small part which you can ask to advanced foreclosure the extra fee would be minimal.

Example
credit limit 50k, current outstanding 0
pay bill of 40k, current outstanding -40k
do emi txn of principal value 41k,
sbi will process the emi on outstanding 1k only, which can be closed by paying fees. Total extra expenses <= 500₹, plus can also pocket the no cost emi discount :⁠)

I've done this few times, it worked perfectly.

Very special thanks to @tbk

This trick has worked very well for me

As i paid even more than the txn amount to sbi card, no emi conversion happened at all
Its 7 days post transaction, no emi processed till date, also i am maintaining no outstanding on my card so don't think any emi conversion will happen now

Saved 5400 because of this trick



Once again thanks @tbk