Should I pay minimum amount due?

[Spoderman]

Hi everyone,

I purchased an item from Amazon on 7th Oct on no cost emi. My statement got generated on 9th and the complete transaction amount was billed instead of the emi. I contacted the customer care and the solution they're offering is to pay minimum amount due this month and from next month proper emi will start. They also said that the minimum amount that I pay will get adjusted in the next month statement. I've never done this before and have mostly heard negative things about paying minimum amount due. So my queries are as follows:

1. If I just pay minimum amount due, will it get adjusted in the next month statement?
2. Does paying minimum amount due attract any penalty or interest?
3. Does this in anyway get reported to cibil?
4. Is paying the total amount due this month a better option?

Also wanted to mention that there's no auto-debit enabled in my SBI credit card account.

Any help here will be appreciated.

 

[telescope]

Hi everyone,

I purchased an item from Amazon on 7th Oct on no cost emi. My statement got generated on 9th and the complete transaction amount was billed instead of the emi. I contacted the customer care and the solution they're offering is to pay minimum amount due this month and from next month proper emi will start. They also said that the minimum amount that I pay will get adjusted in the next month statement. I've never done this before and have mostly heard negative things about paying minimum amount due. So my queries are as follows:

1. If I just pay minimum amount due, will it get adjusted in the next month statement?
2. Does paying minimum amount due attract any penalty or interest?
3. Does this in anyway get reported to cibil?
4. Is paying the total amount due this month a better option?

Also wanted to mention that there's no auto-debit enabled in my SBI credit card account.

Any help here will be appreciated.

I have been into such situation. The best would be to send email to SBI explaining your scenario and asking them for the amount you need to pay. And then pay whatever they say. You can be rest assured that you won't be charged any penalty.

Also, should you get charged later, the email will serve as proof.

 

[Spoderman]

I have been into such situation. The best would be to send email to SBI explaining your scenario and asking them for the amount you need to pay. And then pay whatever they say. You can be rest assured that you won't be charged any penalty.

Also, should you get charged later, the email will serve as proof.

Thank you for the response. I'll send them a mail. I really wish they had an option to just cancel the emi. I called them today but they said I'll have to pay foreclosure charges to cancel it.

 

[jade]

It is also important to take into consideration that to take an EMI 1 or 2 days before the bill generation means the whole amount will be reflected in the bill.

 

[Spoderman]

It is also important to take into consideration that to take an EMI 1 or 2 days before the bill generation means the whole amount will be reflected in the bill.

From now on I will keep a gap of at least a week between my purchase (on emi) and bill generation date. I've purchased many items on no cost emi before but never ran into this situation before.

 

[jade]

From now on I will keep a gap of at least a week between my purchase (on emi) and bill generation date. I've purchased many items on no cost emi before but never ran into this situation before.

Yes, it takes 2 to 3 days for the amount to be reflected as EMI. First the whole amount will be deducted from your credit card limit and then in next 2 to 3 days it will be reflected as EMI. If in between the bill is generated then the whole amount will be reflected in the bill. Of course you need to talk to the customer service and explain the situation, this can be resolved. Most likely they will ask you to pay the minimum amount. And from next month onwards the EMI will be reflected in your bill.