SBI Credit Card EMI query

see carefully, they have refunded full amount back to your card and converted to emi

ansh7 wrote:

see carefully, they have refunded full amount back to your card and converted to emi

They have deducted and credited in next month statement but in June statement actuall transaction money is showing as debited

nouserrname wrote:

They have deducted and credited in next month statement but in June statement actuall transaction money is showing as debited

deb3l wrote:

How come there’s a difference of amount shown? So.. is it for 14k or 18k?

In May month bill, i paid 4k extra so they reduced that 4k in my 18k purchase and made emi for 14k only.

Sent a email to SBI cc. Below is their response. They are asking me to just pay the minimum due amount.

Statement Related: We wish to inform you that your statement was generated on 25/06/2022 of Rs. 14,278 and emi of Rs. 14277.55 got converted on 26/6/2022. So the full amount got included in the same statement.

We would request you to please make payment of minimum amount due of Rs. 714 till payment due date 15/07/2022.

nouserrname wrote:

In May month bill, i paid 4k extra so they reduced that 4k in my 18k purchase and made emi for 14k only.

Got it..

Then the 14k is the only credit block on your account that will get settled as you pay up.

deb3l wrote:

Got it..

Then the 14k is the only credit block on your account that will get settled as you pay up.

Yeah 14k is emi amount though my purchase amount was 18k. This looks wierd not sure other banks also follows the same.

nouserrname wrote:

Yeah 14k is emi amount though my purchase amount was 18k. This looks wierd not sure other banks also follows the same.

Nothing weird at all.

18k – purchase
4k – settled

Remaining 14k billed.

I guess the stmt got generated before the EMI approved so.. it got credited back and hence no amount to pay than the minimum balance for this stmt.

It’s simple.

deb3l wrote:

Nothing weird at all.

18k – purchase
4k – settled

Remaining 14k billed.

I guess the stmt got generated before the EMI approved so.. it got credited back and hence no amount to pay than the minimum balance for this stmt.

It’s simple.

Yeah that I got it. So if i paid 17k extra amount to my credit card on the same day i brought my mobile with no-cost emi then my statement generates and as emi will be converted to after statement generates so my final emi will be only 1K right?

nouserrname wrote:

Yeah that I got it. So if i paid 17k extra amount to my credit card on the same day i brought my mobile with no-cost emi then my statement generates and as emi will be converted to after statement generates so my final emi will be only 1K right?

Yes. They will convert the remaining credit only.

deb3l wrote:

Yes. They will convert the remaining credit only.

Ok. So it’s benifit for user instead of bank. Usually for emi we get extra discount and incase of no-cost emi we get emi charges as discount while placing order it self. So if bank only consider 1k as emi amount they only charge emi charges on 1k instead of 18k.  Am I correct?

nouserrname wrote:

Ok. So it’s benifit for user instead of bank. Usually for emi we get extra discount and incase of no-cost emi we get emi charges as discount while placing order it self. So if bank only consider 1k as emi amount they only charge emi charges on 1k instead of 18k.  Am I correct?

Many are getting benefitted out of that scenario, where you get the discount upfront (interest amount) and then cancel the EMI later by paying it full. Different banks have different procedures for that though. Yeah, it works that way too.

deb3l wrote:
Many are getting benefitted out of that scenario, where you get the discount upfront (interest amount) and then cancel the EMI later by paying it full. Different banks have different procedures for that though. Yeah, it works that way too.

So, I can potentially pay full amount on that day and then avoid emi processing fee and any emi conversion also, right?

Knight11 wrote:

So, I can potentially pay full amount on that day and then avoid emi processing fee and any emi conversion also, right?

deb3l wrote:
Not done any recently.. but I think processing fee is payable as you have to call the bank and cancel the EMI. Can ask them to refund the processing fee though.. go and have a try!

Does the transaction have to be 1-2 days before bill generation only so that it is taken into account in next bill only or it will work even in same billing cycle?

Knight11 wrote:

Does the transaction have to be 1-2 days before bill generation only so that it is taken into account in next bill only or it will work even in same billing cycle?