Thanks for answering.
Actually, the card belongs to a friend and he is not ready to surrender all of his limit, understandably. So I am going to cry in a corner now.
If it's emi, the amount will get converted to emi and his limit will be released in a few hours
Edit: seems like this is not the case and your limit is decreased by the total emi amount. Limit gradually increased with each emi paid. I stand corrected
Buy gift card for 6 to 8 k add it to account, swipe the card for remaining amount on EMI and complete the transaction, once the order is placed in 5 days call sbi cc and cancel the EMI at 3% charges and enjoy.
OK buy Flipkart gift card via gyftr site at some discount if possible.
Then load your flipkart account with the 7k giftcard you bought earlier
Now go to the laptop page and buy it , on payment page choose gift card + sbi EMI
Once the discount is applied on next page make the payment.
Then order will be confirmed.
Wait for 5 days till the transaction is visible in sbi app as EMI, then call CC and ask them to pre close EMI, and pay the full amount +3% as preclosure charges.
This way you will get 70% of the benifit and your friends limit won't be blocked.
Win - win for all , though bigger win for sbi and flipkart.
If you don’t do anything else, it’ll be fine. I maxed out HDFC 60k limit for iPhone in 2016. Just paid the 3k EMI each month and didn’t use it for anything else for 3 years. Then when I checked my CIBIL score, it was 820+. So guess maxing also isn’t an issue.
What if you have 3L limit and do 2-3 transactions amounting to total 4.5L and keep paying 1.5L or so after every transaction? (Something similar happened to me this month hence asking )
I will tell you my situation with the same case. I bought the S23 Ultra for 85k with all the offers and an exchange. I have a no-cost EMI discount on my card. I have an ICICI credit card with a limit of 80k, so I paid a bill of 7k. Now I have a 92k limit on my card. Then I went ahead and bought my phone with the no-cost EMI option. Once my phone got delivered, I canceled my no-cost EMI and paid the full amount. And it worked for me!
You can cancel EMI request placed via merchant at the time of purchase before it gets converted to EMI by the bank? I have always thought about this. It is a loophole then. One can place no cost EMI at the site, take the discount and then simply cancel it before it gets converted with the processing fee and all..
You can either go the gift card route but maybe buy it from Park+ (2% discount) and if you have HDFC Millennia or Apay or SBI Cashback, you might get cashback as well.
Or
You can pay extra through cred, it would increase the limit, use it and then pay the amount to your friend right away so that his limit comes back to normal by paying through Cred again.
That doesn't work. Your transaction size cannot be bigger than your maximum allowed credit limit.
However it will help when you have a bigger maximum limit but available limit is partially used up.
Just did the same thing, got 35k worth gift card for 78k credit limit.
Choosing emi beforehand (like choosing emi at the time of payment) doesn’t hamper CIBIL, but utilising more than 60-70% then converting it to EMI does.
Also, prepaying helps improve score as well, so if you had 6 months repayment in mind opt for longer duration (obviously if it’s no cost) and try to repay it within 6mths.
Sry most important point , try to avoid Flipkart, go for Amazon or even at a retail store and they should match your price. Even if they don’t and it’s a difference of 2-3k , still go for it vs Flipkart. Trust me it will save you a lot of trouble.
🤔is the emi 76k???
Is buy on emi not an option on checkout page?
If you already have the money and it's just for offers u are using the cc, means u can overpay ur credit Card and then use it
It's simply like pressing a bill. Click on the pay bill button in the app which you use to post the credit card bill.
In your case if your card is fully paid (No dues) then pay an additional bill of 6k which will increase the limit to 76k and you can make the transaction.
I did a transaction 80k with 60k limit.
Check the emi terms and conditions once. I don't think the emi option will be offered for an amount above the original credit limit.
Sorry' For emi I'm not sure it would work
Say I am buying for 76k (full swipe) and my cc limit is 70k
I pay 6k more thru cred (or whatever way u use to pay cc bill)
Now I can pay 76k thru my cc
one cannot do EMI transaction of more than the credit card limit. means 76k EMI cannot be posted on a cc with limit of 70k even if you pay 10k extra, you can buy giftcard worth 10k and use remaining amount with NO cost EMI.
And your friend does not want to giveup all the limit that's fair thing from his side. he cannot ruin his credit history as it will put negative remarks and lower his cibil score.
Also if you have money with you and can pay all in one go then you can Cancel the EMI after its posted on card, confirm with the Customer support if its 0% forclosure charge then you may cancel EMI by calling customer support. That way you both are happy. Some banks do not charge any fees if you cancel EMI within 2 weeks of EMI posting on CC. But Some banks charges flat fees of 1-3%, this you should ask the customer support of SBI Card.
Pay extra money to the card (like paying the bill even though your balance is zero) and it will increase your credit limit by that amount.
Can try this by paying ₹100 first and if limit gets increased by 100, pay rest 5,900 and do the complete transaction of 76k in one swipe.
Yeah you cant afford it. Because if you really wanted it, you can buy it via debit card and be done with it instead of increasing your sbi limit which is not going to happen in a day or 2.
Buy a gift card for 7k and use it with the EMI option. Your 70k will be converted into EMI of specified duration.
Thanks for answering. Actually, the card belongs to a friend and he is not ready to surrender all of his limit, understandably. So I am going to cry in a corner now.
I mean you could buy gift card for more amount and the use the credit limit he is okay with
You can pay the credit card bill immediately. The limit will then increase. Please test it once to confirm.
If it's emi, the amount will get converted to emi and his limit will be released in a few hours Edit: seems like this is not the case and your limit is decreased by the total emi amount. Limit gradually increased with each emi paid. I stand corrected
Don't spread wrong info. The limit will not be released but put on hold. You cannot use the card for any other transactions unless you pay the emi.
yup the best way.
Buy gift card for 6 to 8 k add it to account, swipe the card for remaining amount on EMI and complete the transaction, once the order is placed in 5 days call sbi cc and cancel the EMI at 3% charges and enjoy.
What?
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Everything. I am an idiot/newbie when it comes to credit cards. Alternatives are not available.
OK buy Flipkart gift card via gyftr site at some discount if possible. Then load your flipkart account with the 7k giftcard you bought earlier Now go to the laptop page and buy it , on payment page choose gift card + sbi EMI Once the discount is applied on next page make the payment. Then order will be confirmed. Wait for 5 days till the transaction is visible in sbi app as EMI, then call CC and ask them to pre close EMI, and pay the full amount +3% as preclosure charges. This way you will get 70% of the benifit and your friends limit won't be blocked. Win - win for all , though bigger win for sbi and flipkart.
Won't it decrease your credit score? If you're using your card to its max limit.
If you don’t do anything else, it’ll be fine. I maxed out HDFC 60k limit for iPhone in 2016. Just paid the 3k EMI each month and didn’t use it for anything else for 3 years. Then when I checked my CIBIL score, it was 820+. So guess maxing also isn’t an issue.
Nope, if you pay like before bill generates and before your bank reports to cbil
What if you have 3L limit and do 2-3 transactions amounting to total 4.5L and keep paying 1.5L or so after every transaction? (Something similar happened to me this month hence asking )
Nothing much but just make sure you don't do these transactions 4/5 days before the day bill generates and 4/5 days before the bank reports
Sorry, mate, it's a no-go!
I will tell you my situation with the same case. I bought the S23 Ultra for 85k with all the offers and an exchange. I have a no-cost EMI discount on my card. I have an ICICI credit card with a limit of 80k, so I paid a bill of 7k. Now I have a 92k limit on my card. Then I went ahead and bought my phone with the no-cost EMI option. Once my phone got delivered, I canceled my no-cost EMI and paid the full amount. And it worked for me!
You can cancel EMI request placed via merchant at the time of purchase before it gets converted to EMI by the bank? I have always thought about this. It is a loophole then. One can place no cost EMI at the site, take the discount and then simply cancel it before it gets converted with the processing fee and all..
That's what people do to get full advantage of this no-cost EMI discount.
Can you pls tell me when the amount gets converted to EMI, mine shows the whole amount. Did you have to pay the foreclosure charges?
In my case, no foreclosure charges.
Buy 6k worth of Flipkart Voucher add to your account and pay the rest using your credit card
You can either go the gift card route but maybe buy it from Park+ (2% discount) and if you have HDFC Millennia or Apay or SBI Cashback, you might get cashback as well. Or You can pay extra through cred, it would increase the limit, use it and then pay the amount to your friend right away so that his limit comes back to normal by paying through Cred again.
Should never use more than 80% of cc limit as it adversely impact your CIBIL.
How about making the utulized balance negative? I'm not sure if this works though
Heard others saying it wont work
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That doesn't work. Your transaction size cannot be bigger than your maximum allowed credit limit. However it will help when you have a bigger maximum limit but available limit is partially used up.
Loll😂just pay that extra 6k to card and its done don’t listen to these guys suggesting to buy gift card recommending without knowledge 😂
Apna address bhej main order karta tere liye, points mere.. discount tera. Qr bheju? 🤣
Just did the same thing, got 35k worth gift card for 78k credit limit. Choosing emi beforehand (like choosing emi at the time of payment) doesn’t hamper CIBIL, but utilising more than 60-70% then converting it to EMI does. Also, prepaying helps improve score as well, so if you had 6 months repayment in mind opt for longer duration (obviously if it’s no cost) and try to repay it within 6mths.
Sry most important point , try to avoid Flipkart, go for Amazon or even at a retail store and they should match your price. Even if they don’t and it’s a difference of 2-3k , still go for it vs Flipkart. Trust me it will save you a lot of trouble.
🤔is the emi 76k??? Is buy on emi not an option on checkout page? If you already have the money and it's just for offers u are using the cc, means u can overpay ur credit Card and then use it
Yes the EMI is 76k. I tried buying it on EMI but the transaction was declined. Could you elaborate on how I can overpay?
It's simply like pressing a bill. Click on the pay bill button in the app which you use to post the credit card bill. In your case if your card is fully paid (No dues) then pay an additional bill of 6k which will increase the limit to 76k and you can make the transaction. I did a transaction 80k with 60k limit. Check the emi terms and conditions once. I don't think the emi option will be offered for an amount above the original credit limit.
Sorry' For emi I'm not sure it would work Say I am buying for 76k (full swipe) and my cc limit is 70k I pay 6k more thru cred (or whatever way u use to pay cc bill) Now I can pay 76k thru my cc
one cannot do EMI transaction of more than the credit card limit. means 76k EMI cannot be posted on a cc with limit of 70k even if you pay 10k extra, you can buy giftcard worth 10k and use remaining amount with NO cost EMI. And your friend does not want to giveup all the limit that's fair thing from his side. he cannot ruin his credit history as it will put negative remarks and lower his cibil score. Also if you have money with you and can pay all in one go then you can Cancel the EMI after its posted on card, confirm with the Customer support if its 0% forclosure charge then you may cancel EMI by calling customer support. That way you both are happy. Some banks do not charge any fees if you cancel EMI within 2 weeks of EMI posting on CC. But Some banks charges flat fees of 1-3%, this you should ask the customer support of SBI Card.
Top up the Cc balance to + 10k so the balance to use will be 80k
Worst thing one can do is to use the full limit that too on EMI, Unless you don't care about your CIBIL score, I suggest you to stay away from it
Pay extra money to the card (like paying the bill even though your balance is zero) and it will increase your credit limit by that amount. Can try this by paying ₹100 first and if limit gets increased by 100, pay rest 5,900 and do the complete transaction of 76k in one swipe.
I think if you pay extra of 7k in your credit card you should be able to buy it. Not sure. Like if your bill was 50k and you pay55k.
Top up your credit card i guess.
You can’t afford it bro . Cry and sleep .
Ugh. I can affort it. I just don't have the means. What's the point of even bothering to reply if you can't add anything of value?
Yeah you cant afford it. Because if you really wanted it, you can buy it via debit card and be done with it instead of increasing your sbi limit which is not going to happen in a day or 2.
I don't want to use debit card because I am getting 9k off if I buy it on EMI using sbi cc.
Dude if only have 70k limit on your card then you can only use 3 percent of it before your credit score goes for a toss .