If you're wondering how credit card emi works in amazon then you're at the right place as today you're not only gonna know about amazon icici credit card and emi on amazon but also about how you're charged interest on amazon while credit card emi.
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| how credit card emi works in amazon |
How credit card emi works in amazon
Amazon EMI on credit card works on the concept of buy now and pay in small amounts for a given interval of time per month. Credit card emi divides your full amount into equal parts for 3, 6, 9, or 12 months for you to pay it.
It is very convenient in a way if you're buying anything online or offline. It totally depends on your budget, what you're buying, and the credit card you're using. Talking about how credit card emi works in amazon is very easy.
How does no cost EMI work on Amazon credit card
No cost emi on Amazon credit card is that you won't be charged any extra interest on your purchase. Otherwise while buying something on emi you have to pay interest on it.
Rate of interest is something that varies and depends on the credit card you have. You'll have to check that on Amazon. Check from here.
So in no cost emi, you don't have to pay the interest, only your total amount will be paid by you.
How EMI is deducted from Credit Card
It's a simple but yet not known to many people that how emi is deducted from credit card. So now suppose you buy something worth 15000 INR from a credit card of yours and the credit limit of your credit card is 40000 INR. The emi plan you select is of let's say 3 months, so your emi will be 5000 INR per month.
What bank will do is, the total amount of your purchase which is 15000 INR in this case will be blocked on your credit card after you make the purchase. As the bank has already paid the full amount to amazon or from wherever you bought the product. Hence your limit will be blocked.
Now you'll pay the emi to the bank and not the amazon, which is a huge confusion among people. As you pay your emi your credit limit gets unlocked. And after 3 months of paying 5000 INR on time, your full limit of 15000 INR will be ready to use again.
So this is how credit card emi works in amazon.
Also Read:
Can I use Amazon credit card for EMI?
Yes you can use amazon credit for emi and it will be a great option as the interest rates are also low on amazon credit compared to credit cards of other banks. And if there is an option of no cost emi then nothing to worry.
Also if you use amazon credit card on amazon you'll get 5% cashback on all your amazon spends on your amazon pay balance itself.
Is amazon emi safe
Yes, amazon emi is safe as long as you check a few things like if the seller has a good review. The product you are buying has both replacement and return policies incase of any defective item.
Overall, Amazon emi is absolutely safe and sometimes, if you check the deals, very beneficial.
Does Amazon charge interest on EMI
Yes amazon charges interest on emi unless there is an option of no cost emi. In no cost emi the interest is charged by the bank but amazon additionally gives the extra discount of the same amount. So technically it becomes no cost emi.
Below is the table of rate of interest amazon usually charges.
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| amazon charges interest on emi |
How do I know if EMI is working on Amazon
Emi option is always mentioned just below the name of the product either in amazon website or the amazon shopping app.
You can clearly see in the picture above which is a screenshot from amazon itself that the amount charged by the bank as interest is already being deducted and given to you as discount from amazon.
How do I check my EMI balance on Amazon
You can not check the emi balance on amazon. For that you'll need to contact your banking partner. Suppose you have an icici bank amazon pay credit card then you'll have to check the icici mobile app or your monthly credit card statement.
Is no cost EMI available on Amazon Icici credit card
Yes. no cost emi is always available on amazon icici credit card. You just need to make sure the product you're buying is more than 3000 INR.
For more information on how credit card emi works in amazon you can check the latest amazon instructions here.
1 Comments
Thankyou so much. Very nice information 👍🏻👍🏻
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