Credit card (EMI)

[Shaad]

Hello Everyone
(1).I have never used a credit card before. I have the full amount of that item, so should I pay the full amount while buying online or take it on no-cost EMI?

If EMI, then tell me how can i use remaining EMIs amount to get some extra bucks with that amount.

(2).Does a credit card pay interest to the user?

(3).Is it necessary to open an account at the bank whose credit card you have?

(4).The money in the credit card is deducted from the bank itself or has to be deposited separately in the credit card ?

I need full information about credit cards, and that too in detail.
thank you
Shaad

 

[ShavirB]

1) No-Cost EMIs have a lot of hidden charges, so won't recommend you taking that without knowing fully what those charges are..

2) Credit Card doesn't pay interest to the user, it offers rewards and cashback (usually in the range of 1-3%). It does offer you an Interest Free Credit Period of 45-50 days.

3) No it is not necessary

4) If you don't have a savings account in that Bank, then the money has to be deposited in the credit card separately

 

[RahulRawat230411]

Citibank is charging me EMI processing fee, monthly interest plus IGST on a product which initially i bought on Flipkart, however within 48hours of placing the order I cancelled the order before even the product the delivered. Citibank is denying the reversal of charges and says that it was my duty as a customer to inform them to stop the EMI process and bank is not at any fault and will keep on incurring the monthly interest plus IGST on an EMI for which i have never taken any service or product from Flipkart

 

[RahulRawat230411]

1) No-Cost EMIs have a lot of hidden charges, so won't recommend you taking that without knowing fully what those charges are..

2) Credit Card doesn't pay interest to the user, it offers rewards and cashback (usually in the range of 1-3%). It does offer you an Interest Free Credit Period of 45-50 days.

3) No it is not necessary

4) If you don't have a savings account in that Bank, then the money has to be deposited in the credit card separately

Citibank is charging me EMI processing fee, monthly interest plus IGST on a product which initially i bought on Flipkart, however within 48hours of placing the order I cancelled the order before even the product the delivered. Citibank is denying the reversal of charges and says that it was my duty as a customer to inform them to stop the EMI process and bank is not at any fault and will keep on incurring the monthly interest plus IGST on an EMI for which i have never taken any service or product from Flipkart

 

[chintanwadhwani]

You will have to contact citibank through their customercare number as nobody in the branch will understand it. According to my knowledge they will get the latest information through the merchant and the reversal will happen in the next billing cycle but they will not reverse the processing fees as the process was done by the bank and you cancelled the order so they might say that its not their fault.... Its always better to listen to your instincts before making any purchase....

 

[RahulRawat230411]

All my communication is with Citibank customer care only. But other bank does not have these kind terms n conditions in terms of merchant EMI purchases as i have made purchases in cancelled them in the past also with other banks

 

[chintanwadhwani]

I think all the private banks have these rigid types of terms and conditions, same thing has happened with me also but it was with icici bank... Nobody heard me and i have to pay whole amount if a mobile fone without even buying it as i also cancelled the order. It was a lesson learned by me in a very hard way. I hope you file a written complaint and even if they do not take any action till 30 days thenkindly visit banking ombudsman....

 

[RahulRawat230411]

I think that is the option for me now.
Thank you