SBI Credit Card - No Cost EMI Cancellation

[curios_mind_huh]

I know that this question has been asked before. Just trying to see if any person was successful with a new strategy. I ordered a product from Amazon using No Cost EMI which gave a Rs.2000 discount. My intention was never to use the EMI and cancel it as soon as possible.

With other banks like ICICI, HDFC & Axis, I call the customer care once the transaction is converted to EMI. I state that I wasn't aware of the GST charged on interest (it really isn't mentioned anywhere easily visible) and that I would like to pay it full instead of EMI. They would cancel all the charges and convert it back to a single debit.

But I think SBI doesn't do it as easily as other banks. From what I've heard, there's no way to freely cancel it without paying 3.54% charges. If anyone has come up with anyways, Please bestow upon us peasants with your knowledge.

 

[tappukepapa]

Pay immediately and keep the card unused till you get emi conversion failed message, usually ten days.

 

[Piyush_Jaiswal]

Pay immediately and keep the card unused till you get emi conversion failed message, usually ten days.

I tried that once with Kotak. The limit was 80k and I added 40k extra and made a no cost emi transaction worth 115k, the transaction went through. I immediately paid the rest amount and made the outstanding 0 and credit limit back to 80k.

I expected it won't be converted to EMI since my credit limit is much less than the transaction amount.

But Surprisingly, Kotak converted it to EMI and excess credit was made to the card.

I got the EMI Cancelled by raising a service request but the charges were not reversed. I am not sure whether processing fee was reversed but the gst on that fee and gst on interest was not reversed.

 

[tappukepapa]

I tried that once with Kotak. The limit was 80k and I added 40k extra and made a no cost emi transaction worth 115k, the transaction went through. I immediately paid the rest amount and made the outstanding 0 and credit limit back to 80k.

I expected it won't be converted to EMI since my credit limit is much less than the transaction amount.

But Surprisingly, Kotak converted it to EMI and excess credit was made to the card.

I got the EMI Cancelled by raising a service request but the charges were not reversed. I am not sure whether processing fee was reversed but the gst on that fee and gst on interest was not reversed.

Different methods for different banks, above one is for SBI Only.

 

[alwayswin69]

No matter what you do, SBI charges processing fee+gst+3% interest (not sure about the interest part)

 

[Deepak_Shetty]

Pay immediately and keep the card unused till you get emi conversion failed message, usually ten days.

I am waiting here for EMI conversion failed message since 40+ days.

 

[Piyush_Jaiswal]

Different methods for different banks, above one is for SBI Only.

Yes I know, I was sharing my experience with Kotak.