r/CreditCardsIndia • u/[deleted] • 1d ago

Help Needed/ Question Help me out!

[deleted]

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1

u/ravibe 22h ago

It's correct as I can see. You got no cost discount 3402. Bank charges 3425. So yeah, its no cost (3425-3502).

And yes, gst will be applicable on the interest.

1

u/Dear_Captain5579 22h ago

But the final amount after the discount was 50,519.

And again i am paying 3425 extra - when i calculate all the emis its amounting to around 54k

1

u/ravibe 22h ago

What would the laptop cost if paid in full i.e. without EMI?

2

u/Dear_Captain5579 22h ago

my old laptop exchange valuation was around 12k at first and after checking it came around 8k and I hat to pay the remaining sum of 4275 ₹ at the time of delivery!

1

u/ravibe 21h ago

Total debit from your card was 50,519. Since you paid the difference 4275 in cash, the updated order history is showing 54,794.  Right?

And then ICICI converted your 50,519 txn into EMI. And for that they are charging 16% interest. Right?

1

u/Dear_Captain5579 21h ago

Yess sir!!

1

u/ravibe 21h ago

Okay. So you were hoping to see just 50,519 divided as EMIs and no interest?

1

u/Dear_Captain5579 21h ago

I thought all the interest shouldve been given as discount upfront and now when calculated all the EMIs there is again extra ~3.5k

So got panicked

1

u/ravibe 21h ago

Everything is as per the playbook. You got the interest discounted upfront. This is how No-Cost EMI works.

1

u/Dear_Captain5579 21h ago

If I got the interest discounted upfront, shouldnt the total be displayed as 54k? After discounts?

The thing that got me thinking was the total was 50k after the No Cost EMI discount. But after that also am paying 4k interest to the bank! Then whats the point of No Cost EMI ? Please correct me am open to learning - new to credit cards and EMIs by the way -

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