https://www.desidime.com/comments/permalink/10417182
Pay due amount as shown in the statement.
SBI NO-COST EMI ISSUE
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Recently, i purchased a LED-TV on Amazon.in under the No-Cost EMI scheme on October 6th, 2024, of amount ₹61,490
My bill was generated on the usual date of October 7th, 2024, with a total outstanding amount of ₹71,216, which includes ₹61490 for the LED TV as it was purchased before the bill generation date. I have been waiting for the EMIs to be converted, but they have not been processed yet. Additionally, there are some unusual transactions showing up in the unbilled section where the amounts of ₹61490 have been credited as "CREDIT FOR MERCHANT EMI BOOKED" and then deducted again as "TRANSFER TO MERCHANT EMI."
With the due date approaching, I am uncertain about the next steps. If I am required to pay the outstanding amount of ₹71,216, it defeats the purpose of opting for the EMI scheme.
Already raised the complaint to SBI customer care twice on mailbox and once on the helpline number.
Aready escalated the issue to the Nodal officer by sending him an email directly.
Now, should i pay
- complete outstanding/total due or
- minimum amount due or
- balance amount after deducting Led tv cost from total due
Please help.
My bill was generated on the usual date of October 7th, 2024, with a total outstanding amount of ₹71,216, which includes ₹61490 for the LED TV as it was purchased before the bill generation date. I have been waiting for the EMIs to be converted, but they have not been processed yet. Additionally, there are some unusual transactions showing up in the unbilled section where the amounts of ₹61490 have been credited as "CREDIT FOR MERCHANT EMI BOOKED" and then deducted again as "TRANSFER TO MERCHANT EMI."
With the due date approaching, I am uncertain about the next steps. If I am required to pay the outstanding amount of ₹71,216, it defeats the purpose of opting for the EMI scheme.
Already raised the complaint to SBI customer care twice on mailbox and once on the helpline number.
Aready escalated the issue to the Nodal officer by sending him an email directly.
Now, should i pay
- complete outstanding/total due or
- minimum amount due or
- balance amount after deducting Led tv cost from total due
Please help.
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https://www.desidime.com/comments/permalink/10417197
Always pay total due amount as shown in statement.
Speaking from personal experience - credit card interest and charges are autocalculated based on how much you have paid via a vis dues (as per statement). For this, all credit card systems consider a transaction type (of personal transfers of money to the bank) as 'payment'. Merchant refunds are technically another transaction type and won't count as 'payment'. So you will only be in the clear if you pay total dues.
I understand your unfortunate case where the emi becomes pointless. But better to be in the clear for high value transactions
https://www.desidime.com/comments/permalink/10417352
Merchant refunds are considered as payment as per new rbi rules as long as the refunds are for those txns which were already billed in last/past statements. Only merchant refunds for unbilled txns are not counted as payment.
https://www.desidime.com/comments/permalink/10417260
Your due date is around oct 26. So wait until oct 24 for any update on the complaint register. It is showing transfer to merchant emi means your emi transaction is already processed so wait for official reply and pay only emi due amount, merchant processing fee, interest,Gst18%
https://www.desidime.com/comments/permalink/10417353
You have to wait for sbi to credit your acc with emi conversion credit so that your current total outstanding reduces but if it is not done before payment due date then you will have to pay the entire total due amt & wait for that credit to come afterwards which you will then have to withdraw to your bank acc using excess credit withdrawal option.
https://www.desidime.com/comments/permalink/10417617
When i spoke to customer care, they said NOT TO PAY TOTAL DUE. Just pay the balance my deducting the 56k from 71k outstanding.
Also, today, i have received Emi conversion details/tenure on gmail, but still, the money has not been credited in the card & outstanding is still still 71k.
https://www.desidime.com/comments/permalink/10419285
Money will gets credited, if that happens pay the minimum due and the subtract the emi refund and pay the balance amount to the card, but don't forget to pay minimum due
https://www.desidime.com/comments/permalink/10419437
I think you might not need to pay anything if amount paid for tv is only amount in the bill.
You would notice that the same amount is credited to your account when transaction has been converted to EMI. SO it would be considered as payment for current bill. And in next bill you will get emi amount.
Experience based on HDFC card
But it is always better to confirm from SBI card over email
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Always pay total due amount as shown in statement.
Speaking from personal experience - credit card interest and charges are autocalculated based on how much you have paid via a vis dues (as per statement). For this, all credit card systems consider a transaction type (of personal transfers of money to the bank) as 'payment'. Merchant refunds are technically another transaction type and won't count as 'payment'. So you will only be in the clear if you pay total dues.
I understand your unfortunate case where the emi becomes pointless. But better to be in the clear for high value transactions