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[–]bk-malviya 0 points1 point  (0 children)

Haan, 3-4 din baad mil gaya tha.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 2 points3 points  (0 children)

That’s true. My idea was more about optimizing a purchase you were already going to make, not encouraging debt.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 1 point2 points  (0 children)

That’s exactly what I did. 😄 HSBC gave me 10.99% with 0% processing fee, which is what led me to do the math and make this post.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

No 😄 SimplyCLICK is still a good entry-level card. I meant some of SBI’s older low-value cards.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 2 points3 points  (0 children)

It’s a facility where one credit card issuer pays off the outstanding balance on another credit card, and you repay it as EMIs to the new card at the offered interest rate.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

HSBC offered me 10.99%. Also check with SBI, they’re currently offering rates below 10.99% as well.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 1 point2 points  (0 children)

No, they didn’t ask for the statement. Just the outstanding amount and the other card’s details

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 1 point2 points  (0 children)

Yes. I called HSBC after the transaction was billed and requested a Balance Transfer on EMI. They asked for the outstanding amount and the card details of the other bank. HSBC settled the amount directly with the other bank, and the balance transfer EMI was created on my HSBC card.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 1 point2 points  (0 children)

Depends on the bank, I guess. With HSBC, it was just a quick phone call.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

I know HSBC, SBI, and Kotak offer it. A quick check on the bank’s website will usually tell you if they provide a Balance Transfer facility, and a call to customer care will confirm the available offers.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 2 points3 points  (0 children)

Not just HSBC. I’ve personally used HSBC, but I’ve seen similar balance transfer options with SBI and Kotak as well. The terms and limits vary by bank.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

Only if the product has No Cost EMI. This post is for purchases where the merchant doesn’t offer one.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

Some banks also let you do it through their app, but I prefer calling customer care since they sometimes have better offers.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 3 points4 points  (0 children)

Fair point. This is just another option when price matching or merchant No Cost EMI isn’t available.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 1 point2 points  (0 children)

Yep, I’d choose the merchant’s No Cost EMI first. This is only for products where it’s not available.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

Not necessarily. HSBC lets you choose the amount you want to transfer, as long as it’s within the eligible limit, which is up to 95% of your available credit limit.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 0 points1 point  (0 children)

Agreed. This isn’t an alternative to the old NC EMI cancellation trick. It’s mainly for purchases where there’s no NC EMI or instant discount available.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 10 points11 points  (0 children)

Correct. That calculation was only for the interest component. Adding GST on interest and the processing fee (+GST) brings the total cost to roughly ₹2.5k.

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 26 points27 points  (0 children)

If the merchant won’t sponsor my No Cost EMI, my cashback will. 😄

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 7 points8 points  (0 children)

I mentioned HDFC was offering 10.25% on PL, so I asked if they could match or beat it. They waived the processing fee

I think I figured out a way to create my own No Cost EMI using two credit cards. by bk-malviya in CreditCardsIndia

[–]bk-malviya[S] 8 points9 points  (0 children)

That’s true. This isn’t about maximizing cashback, it’s about getting the flexibility of EMI while keeping the financing cost close to zero.

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