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Wednesday, December 1, 2021

Festive Sale: Know math in online shopping cashback, reward point, no cost EMI

In view of the festive season, the festive sales of Amazon, Myntra, Paytm Mall and Flipkart have started. In this cell, from clothes to appliances, it can be purchased at a very low price with a good discount. In addition to the discount, customers are also offered cashback, reward points on the sale. Apart from this, there is also purchase on a fund no-cost EMI. If you are also thinking of buying in this festive season sale, then first know about cashback, reward point and no-cost EMIā€¦.


The fund of cashback is that after the customer has made a purchase, a certain portion of the payment he has made gets back to the customer. In this sense, it can be said to be a little different from the discount because the customer gets the discount before payment. In the festive sale, cashback is offered on purchase of products through select mobile wallets or bank cards. If the cashback is instant, it is immediately credited to the customer’s wallet or bank account linked to it. But if there is no instant cashback, then a period of 24 hours or 48 hours is fixed for it to be credited. That means you get a cashback inside it.

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Many times companies set a minimum amount for cashback. That is, cashback is not available for purchases less than that. In such a situation, to get cashback, the buyer has to buy that minimum amount. Also keep in mind that if the price of a product has increased in the cell than before and after that cashback is being given, then it is not a real discount.

Reward point

Many times customers are offered a reward point instead of cashback in the cell. For example, for every payment of 100 rupees, 1 reward point and 1 reward point means 1 rupee. That is, these reward points are only a kind of cashback but the difference is that they can be redeemed at the time of next purchase. In a way, the customer is encouraged to buy again through the reward point.

Some companies allow the entire purchase to be redeemed when a reward point amount is available equal to the amount paid in the next purchase. That is, the customer can buy from these reward points without paying a single penny. At the same time, some companies ban to use only 10 or 20 percent of the reward point at a time.

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No cost EMI

Customers often resort to EMI to buy an expensive product. If you take any product or service on EMI installments, then you have to give the same amount over a fixed period of time. There is also interest. This interest has to be paid in lieu of taking EMI facility. That is, if you have bought something worth Rs 12000 and have to pay it on EMI for 3 months, then you have to pay installment of Rs 4000 plus interest.

At the same time, in no-cost EMI, the customer only has to pay the price of the thing in the EMI and no interest has to be paid. That is, if you have bought 12000 items for 3 months on EMI, then only 4000 rupees will have to be paid every month. That is, only 12000 rupees will be left from your pocket.

Actually, no-cost EMI is a way to woo customers. Like the interest paid in ordinary EMI, companies also count interest in it. There are two ways. The first is that companies offer a no-cost EMI option as well as a discount on the lump sum payment of the product. Whereas if you choose no-cost EMI, then the product has to be purchased at full price. The second way is that interest is included in the product cost itself. The reason for taking interest on no-cost EMI also is that zero percent interest is not allowed by RBI.

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Input: bankbazaar.com

Source: www.financialexpress.com

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