High Value ICICI EMI

[sravi_hm]

I purchased a high value item 2 days ago on ebay and opted for the ICICI 6 month EMI option. I even have a confirmation mail that the money will be deducted from my card in 6 monthly installments.
This morning however i received a message from ICICI that the entire value of the purchase has been deducted from my card! On contacting them, they asked me to contact the merchant. On contacting the Merchant they asked me to contact Ebay customer support. Waiting for a reply from them.
Even if this is done in error, how can there be an option of a 6 month EMI and then you just deduct the entire amount??? Highly negligent on someones part.
Please resolve this issue ASAP as my credit card payment date is coming up soon.

[cutepie292]

EMI option work on credit cards only.

[pymobile]

cutepie292

sravi_hm is talking for his credit card only and not debit card

[vinit.desai]

did you check unbilled credit amount using NetBanking account?

when you purchase something on EMI they just block the full amount of your payment but charge you on monthly basis. for eg. you make purchase of 30,000 on 6 month EMI and your credit limit is about 1,20,000. they will block 30,000 from your credit limit but will bill you only 5,000 every month.

or

it can be eBay system issue, they might charge you full amount.

since i have purchased 2 items until now on EMI base, i never got full billing amount. i was charged regularly only the EMI amount.

[pdn745]

EMI Option from credit card......Whole money is deducted from credit card and credit card company will make 6 monthly installment as per the agreement between merchant and the credit card company.

Talk to your credit card company because merchant already got there money and now it is u and ur bank.

[seemak@ebay.com]

Dear Members,

Your bank will reduce the credit limit to the extent of the entire transaction amount but would debit the card holder on a monthly basis as per the EMI period.

In case of any account related issues, you can contact our Customer Support through any of the following channels-

http://pages.ebay.in/paisapay/phone-support.html

Regards,
Seema

[rptechindia]

thanks vinit , sravi we would also like to hear you again