Bharti Airtel in partnership with VISA cards has struck a deal with ICICI Bank to offer the new iPhone 3G on EMIs.
Customers holding ICICI Bank credit card can purchase the 8 Gb iPhone by paying Rs 2,583 a month for 12 months. So at the end of the year, you end up paying Rs 30,996. It is not very clear if ICICI will bill Rs 2,583 every month as iPhone EMI charge or open a separate account.
Clarifications sought from ICICI:
What if a customer fails to pay the EMI after 3 or 4 installments ?
What if the customer is already carrying forward balance on credit card, so will this EMI component also attract interest rate ?
So ask all these questions before you blindly BUY an iPhone because we don’t want you land into a credit trap.