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

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realReXishere

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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.
 

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I don't think it will work now. It might work if you make a purchase and then IF (a big IF) SBI lets you pay the outstanding amount right after the purchase.
 
Last edited:
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tbk said:
This trick still working, used for Amazon nc emi on 26 sept
Click to expand...
Hi ,

Do you mind telling how you made the payment. As in which platform? Credit/cheq ? Also.were.you abel to pay in excess as other OP'Ss have suggested . Plz advise. I have bought a tv at NCEMI. want to cancel.the no cost emi now after availing the discount
 
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mohit.taparia20 said:
Hi ,

Do you mind telling how you made the payment. As in which platform? Credit/cheq ? Also.were.you abel to pay in excess as other OP'Ss have suggested . Plz advise. I have bought a tv at NCEMI. want to cancel.the no cost emi now after availing the discount
Click to expand...
Generally, if there is cashback involved while doing the transaction, there is a foreclosure fee of 3% if you decide to cancel the EMI transaction.

Earlier, there was no such fee and this has just been introduced say some 60 days from now. Banks became aware of this loophole and decided to plug it as card holders exploited it to the fullest potential.

So, I would suggest that you read the transaction terms and conditions before going for cancellation.

Thanks!!
 
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mohit.taparia20 said:
Hi ,

Do you mind telling how you made the payment. As in which platform? Credit/cheq ? Also.were.you abel to pay in excess as other OP'Ss have suggested . Plz advise. I have bought a tv at NCEMI. want to cancel.the no cost emi now after availing the discount
Click to expand...
Same here bought a TV on 26th on NCEMI. Paid the full amount immediately after transaction.
I paid credit card bill via Canara Setu (you can pay from any platform).
You need to keep the outstanding amount 0 or near 0. In my case Rs.0.45 is still in outstanding but it doesn't matter as they can't make EMI for that amount.

I also tried to pay excess via Cred, Paytm, NEFT but nothing worked, so don't go looking for any method. Just pay the maximum amount allowed and keep the outstanding near zero.
 
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MrJJ said:
Same here bought a TV on 26th on NCEMI. Paid the full amount immediately after transaction.
I paid credit card bill via Canara Setu (you can pay from any platform).
You need to keep the outstanding amount 0 or near 0. In my case Rs.0.45 is still in outstanding but it doesn't matter as they can't make EMI for that amount.

I also tried to pay excess via Cred, Paytm, NEFT but nothing worked, so don't go looking for any method. Just pay the maximum amount allowed and keep the outstanding near zero.
Click to expand...
This ↑ i also did pretty much same, just paid the outstanding amount by cred just after the amazon txn, made the total outstanding zero.
 
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Another tip for people with insanely low limits who plan to use card for larger txns.

First place any order on websites (not amzn or fk) with quick refund processing and then immediately pay the outstanding balance by cred, etc. after the credit limit gets restored cancel this order so that now refund gets credited and you get negative outstanding, go make your big purchase.

Friend bought Bajaj Chetak scooter from this method, as his cl was less than 1lkh, sbi is stingy on limits so need to be dealt with uniquely.
 
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tbk said:
Another tip for people with insanely low limits who plan to use card for larger txns.

First place any order on websites (not amzn or fk) with quick refund processing and then immediately pay the outstanding balance by cred, etc. after the credit limit gets restored cancel this order so that now refund gets credited and you get negative outstanding, go make your big purchase.

Friend bought Bajaj Chetak scooter from this method, as his cl was less than 1lkh, sbi is stingy on limits so need to be dealt with uniquely.
Click to expand...
What are some websites which process refunds quick
 
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MrWick said:
It's from a random watsapp. I don't know if the person made a mistake while making full payment or paid late !! but it's Converted to emi
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Bro EMI on credit card is= Personal loan against credit limit, paying extra will only get your limit restored but will not effect EMI schedule and interest charged as it will be a contract of you with your card provider to pay a amount in EMI for certain tenure, for EMI closure you have to contact them and agree for paying prepayment charges
 
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what to do if sbicard generates statement(as full amount due) before converting the transaction to merchant emi done on amazon?
(The emi purschase on done 2days before bill generation).
 
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