No Cost emi On Television

[Redflag]

Apologies for making a seperate thread for this if it is against the rules but is anyone aware if the No Cost Emi trick is still working with Flipkart Axis Credit Card?

 

[OM_2K19]

@waris had some exciting experience with a No Cost EMI purchase, if I remember correctly. Go through the fine print carefully before pulling the trigger.

 

[waris]

@waris had some exciting experience with a No Cost EMI purchase, if I remember correctly. Go through the fine print carefully before pulling the trigger.

The technique only works if you make the full payment in first cycle. However if you intend to actually go for EMI be cautious of additional charges like CGST and SGST.

 

[waris]

@waris had some exciting experience with a No Cost EMI purchase, if I remember correctly. Go through the fine print carefully before pulling the trigger.

Indeed dear.. Generally i am careful with EMIs. But this time fell for Amazon's tactics.

 

[Redflag]

@waris had some exciting experience with a No Cost EMI purchase, if I remember correctly. Go through the fine print carefully before pulling the trigger.

Yeah even I have done it successfully once with hdfc but not sure if it is still working.

The technique only works if you make the full payment in first cycle. However if you intend to actually go for EMI be cautious of additional charges like CGST and SGST.

When was the last time that you tried it and which bank?

 

[BLASTO]

What technique?

 

[Redflag]

What technique?

The one that involves making pre payment instead of EMIs

 

[manindra.mukherjee]

Honestly there is no technique of trick behind this no cost EMI. There is nothing as no cost EMI. Offers which claim to offer zero cost EMI basically provide upfront discount on the list price and then recover the cost as interest throughout the EMI tenure. To given an example, I purchased the Mi TV when its list price was 1.19L. There was a 7500 upfront discount . I chose a 12 months EMI period and i was billed an upfront amount of ~1.02L . This was to be later converted to monthly EMI wherein I was to pay roughly Rs.10K per month for 12 months which would in total amount to 1.2L
(actual cost of tv).

Now here's what is to be done subject to : merchant and the bank (whose credit card was used to avail no cost EMI) allowing a pre closure of the EMI loan .

Call the bank after 3-4 days when the transaction starts reflecting in your credit card statement. Tell them that you would want to close the EMI by paying upfront interest amount (accrued pro rata basis in last 4 days) + principal (1.02L in my case) + any penalty + any processing charges + GST . The bank will send you an email with the amount that needs to be paid off within 2 days.

I ended up paying ~1.05L and closed the EMI thereby saving 15K on the overall transaction.

 

[Redflag]

Honestly there is no technique of trick behind this no cost EMI. There is nothing as no cost EMI. Offers which claim to offer zero cost EMI basically provide upfront discount on the list price and then recover the cost as interest throughout the EMI tenure. To given an example, I purchased the Mi TV when its list price was 1.19L. There was a 7500 upfront discount . I chose a 12 months EMI period and i was billed an upfront amount of ~1.02L . This was to be later converted to monthly EMI wherein I was to pay roughly Rs.10K per month for 12 months which would in total amount to 1.2L
(actual cost of tv).

Now here's what is to be done subject to : merchant and the bank (whose credit card was used to avail no cost EMI) allowing a pre closure of the EMI loan .

Call the bank after 3-4 days when the transaction starts reflecting in your credit card statement. Tell them that you would want to close the EMI by paying upfront interest amount (accrued pro rata basis in last 4 days) + principal (1.02L in my case) + any penalty + any processing charges + GST . The bank will send you an email with the amount that needs to be paid off within 2 days.

I ended up paying ~1.05L and closed the EMI thereby saving 15K on the overall transaction.

I know the trick. I was just wondering if it's still working with the axis Flipkart card

 

[SwaroopKS]

I know the trick. I was just wondering if it's still working with the axis Flipkart card

No cost emi option on flipkart axis card stopped showing up for few months now. Right now on many products, it shows Bajaj finserve but not the axis card. Only 5% cashback on full payment purchases now

 

[Redflag]

No cost emi option on flipkart axis card stopped showing up for few months now. Right now on many products, it shows Bajaj finserve but not the axis card. Only 5% cashback on full payment purchases now

I this you're wrong in that one. It is showing

 

[BLASTO]

Honestly there is no technique of trick behind this no cost EMI. There is nothing as no cost EMI. Offers which claim to offer zero cost EMI basically provide upfront discount on the list price and then recover the cost as interest throughout the EMI tenure. To given an example, I purchased the Mi TV when its list price was 1.19L. There was a 7500 upfront discount . I chose a 12 months EMI period and i was billed an upfront amount of ~1.02L . This was to be later converted to monthly EMI wherein I was to pay roughly Rs.10K per month for 12 months which would in total amount to 1.2L
(actual cost of tv).

Now here's what is to be done subject to : merchant and the bank (whose credit card was used to avail no cost EMI) allowing a pre closure of the EMI loan .

Call the bank after 3-4 days when the transaction starts reflecting in your credit card statement. Tell them that you would want to close the EMI by paying upfront interest amount (accrued pro rata basis in last 4 days) + principal (1.02L in my case) + any penalty + any processing charges + GST . The bank will send you an email with the amount that needs to be paid off within 2 days.

I ended up paying ~1.05L and closed the EMI thereby saving 15K on the overall transaction.

You were billed for 1.02L but ended up paying 1.05L, How is it beneficial?
Why not pay 1.02L upfront instead? 1.02L billing is valid only of you buy in EMI?

 

[SwaroopKS]

I this you're wrong in that one. It is showing

Nope, its showing only for select products where even other cards where no cost emi is available. Flipkart axis card had by default no cost emi option before, it was either no cost emi or 5% cashback on upfront full payment

 

[Maint1234]

tv prices on Amazon and flipkart are nearly always more than in physical stores.
Some stores are still offering credit card based no cost emi or other offers with substantial discounts.
But don't base your buy on listed price.
Go to the shop with a fair price based on your research and make them a offer. The EMI should be based on this price , not a inflated list price.

 

[Redflag]

Nope, its showing only for select products where even other cards where no cost emi is available. Flipkart axis card had by default no cost emi option before, it was either no cost emi or 5% cashback on upfront full payment

I just ordered and it gave me both. Maybe it's on selected products.

tv prices on Amazon and flipkart are nearly always more than in physical stores.
Some stores are still offering credit card based no cost emi or other offers with substantial discounts.
But don't base your buy on listed price.
Go to the shop with a fair price based on your research and make them a offer. The EMI should be based on this price , not a inflated list price.

Sadly U6G is not available locally in my city anywhere.