#Have some Doubts on Credit Card payment that are converted to EMI

47 messages · Page 1 of 1 (latest)

reef sundial
#

Im planning to get a FD credit card, to build my Cibil and at the same time it sounds easy to use a Credit card to buy stuff and i can convert it into EMI (i know there is a small proecessing fee) still its a win i guess..

so my Question is - if i was to buy something with my CC within my Credit limit, and convert the Due to EMI of 3 months, do i get the blance back to my credit??
like - i buy something for 30K, and that amount is spend from the card .now i go to the cards app and convert it to emi and do 3 month in it, such as, 10K each is taken every month ,
therotically speaking , they shud only take 10K now right?? ... sooo remianing 20k which paid shud be credited back to CC??

or is it that, i can repay back that 30K in 3 months, with minimum off 10k each , but credit utilization still wud be 30K?

shed light on this please

weak saffron
#

So simply, the credit amount is the CC Limit amount deducted by amount you owe.

Suppose you pay 1/3 installment of 10k, your credit amount will become 30k (50-30+10). Supposing your CC Limit is 50K

#

Alternatively
Credit Limit 50K (-) Amount you owe (30K - 10K =20K) = 30K

reef sundial
#

shudnt it be 40?

#

reminaing

#

still didint understand

weak saffron
reef sundial
#

sooo

#

do i get that 20K back to my remaing credit ?

#

(man this shit is tough)

#

or im brain dead

weak saffron
#

Because you still owe that

#

Your limit will increase only when you pay your EMI

reef sundial
#

Bruh , got it , so im asking for extension time , to pay of that money

#

in small bits

#

and as i do it, my limit increases,

weak saffron
#

Credit Limit: 50L
Purchase: 30K
Credit Limit: 20K
Payment of 1st Insallment: 10K
Credit Limit: 30K
Payment of 2nd Insallment: 10K
Credit Limit: 40K
Payment of 3rd Insallment: 10K
Credit Limit: 50K

reef sundial
#

so if i did pay my first month ka 10K, i shud get back the 10K right ?

reef sundial
#

yes

#

yes

#

this

#

Thanks allot

#

understood

#

any CC recomention??? i dont want to get One card cuz it wudnt help me to build cibil , but will destry my cibil

#

ICICI platininum increased thier Minimum

#

AXIS or something i have to check

weak saffron
reef sundial
#

i had bad truama with axis,

#

i will go for HDFC

#

then

weak saffron
#

HDFC is decent

reef sundial
#

yee also heard , they will offer unsecure CC after 4 months use of FD CC if i have good record

#

💀 Cant wait to get bankrupt

weak saffron
#

Why do you want FD based credit card?

#

Dont have regular income to show?

reef sundial
reef sundial
#

heard if i see CC selling agents who we can see in malls , i cud get one easy .. but again .. i want FD so i can have controll over it, and it be a cool savings also in long term

weak saffron
#

ITR is best proof of income and doesnt matters where your company is

reef sundial
#

i joined this one like 3 months ago