Query with regards to emi on hdfc tata neu credit card

[the_collector]

Hey guys,

So I made a flight booking of Rs. 32,594 on Makemytrip. This was a 3 months no cost emi.

Now generally in the case of no cost emi, the emi amount is given as a upfront discount althought with this transaction It said it will be reversed as cashback in 21 days to the card account.

The cashback amount : 818

Total transaction amount : 32,594

Now, on my first statement I was charged :
Principal amount : 10,460.70
Interest : 519.42

Now I reached out to hdfc to clarify this and they tell me that they have applied the cashback of 818 and reduced the total amount to 31,776

But this doesn't add up and I am paying more overall.

Can someone help clarify if hdfc is right here?

I am attaching:

1. Email from hdfc ( their explanation)
2. Current monthly emi installment

While the amount may not be significant, I want to make sure I'm not being duped by hdfc.

 

[the_collector]

Tagging some heavy hitters for some advice

@SSV @VISHESH_BANSAL @doraemon @Vasuki @varun__goel_

 

[SSV]

Hey guys,

So I made a flight booking of Rs. 32,594 on Makemytrip. This was a 3 months no cost emi.

Now generally in the case of no cost emi, the emi amount is given as a upfront discount althought with this transaction It said it will be reversed as cashback in 21 days to the card account.

The cashback amount : 818

Total transaction amount : 32,594

Now, on my first statement I was charged :
Principal amount : 10,460.70
Interest : 519.42

Now I reached out to hdfc to clarify this and they tell me that they have applied the cashback of 818 and reduced the total amount to 31,776

But this doesn't add up and I am paying more overall.

Can someone help clarify if hdfc is right here?

I am attaching:

1. Email from hdfc ( their explanation)
2. Current monthly emi installment

While the amount may not be significant, I want to make sure I'm not being duped by hdfc.

DId you have MMT booking SS ? If so share here..

 

[Vasuki]

Hey guys,

So I made a flight booking of Rs. 32,594 on Makemytrip. This was a 3 months no cost emi.

Now generally in the case of no cost emi, the emi amount is given as a upfront discount althought with this transaction It said it will be reversed as cashback in 21 days to the card account.

The cashback amount : 818

Total transaction amount : 32,594

Now, on my first statement I was charged :
Principal amount : 10,460.70
Interest : 519.42

Now I reached out to hdfc to clarify this and they tell me that they have applied the cashback of 818 and reduced the total amount to 31,776

But this doesn't add up and I am paying more overall.

Can someone help clarify if hdfc is right here?

I am attaching:

1. Email from hdfc ( their explanation)
2. Current monthly emi installment

While the amount may not be significant, I want to make sure I'm not being duped by hdfc.

You forgot to reduce
Emi conversation fees I guess

 

[VISHESH_BANSAL]

Everything is Fine. Just see the attached Screenshots

This is New Way to Give NCEMI Discount which will stop abuse of NCEMI

 

[the_collector]

Everything is Fine. Just see the attached Screenshots

This is New Way to Give NCEMI Discount which will stop abuse of NCEMI
View attachment 57888

View attachment 57887

Wow, thank you!

This helps explain it.

Aren't banks getting smart? So no one can cancel emi before it actually gets converted.

 

[VISHESH_BANSAL]

Wow, thank you!

This helps explain it.

Aren't banks getting smart? So no one can cancel emi before it actually gets converted.

Even if you cancel most likely There will be no Benifit in your case

 

[Arnal07]

i have made a no cost emi transaction on flipkart with hdfc cc. In how many days it will be converted to emi?

 

[SSV]

i have made a no cost emi transaction on flipkart with hdfc cc. In how many days it will be converted to emi?

In about 2 to 3 days