Have all Bank Credit Cards. Enjoy full Cash & Credit limits. Change the residence, city & office. Do not pay any dues. What Credit card banks will do now?
Re: Never pay part payment for CC.
by Abhijit Dutta on Oct 12, 2009 02:26 PM
And pay it within the due date too so that the bank can't place unexplained charges on your statement.
I have read so many articles on credit cards, very few are really worthwhile. Even the above is not that useful. For example it states that on receiving a bill, the cc holder can pay the dues in full, or just minimum amount. These are not the only options, a person can pay an amount which is higher than minimum but below the full dues (basically taking a middle path). Most people pay minimum and think their problem is solved, but that is temporary, on the other hand conservative users pay the amount in full. Suppose a situation arises where your dues are Rs.20,000, and minimum due is Rs.1,000 its not that you have to pay either 1000 or 20000. Ideally you should pay off fully 20000, but if you can't afrord that, then probably you can pay as much as you can (higher the better). Say a person who can manage Rs.10000 can pay 10000, so that interest is charged only for balance 10000. This kind of carry over is a facility in credit card which can be used for emergencies or extra neeeds, not regularly.
Re: All theory no clear advise to people who are unable to pay
by vishu on Oct 12, 2009 02:01 PM
Guys, Remember, CC is not for everyone. Its only for those who have good bank balance and doesn't want to carry cash or do cash transaction. Unfortunately many of use who doesn't have money neither in our wallet nor in the bank account, try to swipe the care for everything and becomes defaulters. If you are a CC user, you must keep track of your spendings, must know the bills generation date and due date and without waiting for the Intimation clear the dues on or before the due date in any of your convenient modes. If you are perfect, you can enjoy hasslefree shopping, intereste free credit, and you get reward points as bonus and no CC service provider can make you fool. You can redeem the reward points at regular intervals.
Re: All theory no clear advise to people who are unable to pay
by Abhijit Dutta on Oct 12, 2009 02:29 PM
It the total dues are Rs.20000 but the person cannot pay that within the due date, he should have thought about spending Rs.20000 in the previous billing cycle. This part payment makes no sense, you end up paying more via interest charged.
what a useless article!!! it doesn't give one info that everybody doesn't know....
Hey people, just understand your credit card better. The biggest confusion is the 50 days grace period. People think that if they spend now, they can pay in next 50 days and no interest will be there.... that is NOT true.
it is 50 days maximum. just understand through this example...
today is 1 January. your bill is generated every 10th. today you spend 5000. on 5th jan you spend 3000. On 11 Jan you spend 10000.
So on 10th Jan your bill will include only 5000 3000=8000. Now after bill generation they give you around 20 days time to pay that bill. So by 30th Jan if you pay total 8000 rupees, you will not be charged any interest. See therefor you got a grace period of only 30 days here on your first purchase.
Now the money that you spent on 11th Jan, it will be reflected in your 10th Feb statement and you will have to pay it back by 28th Feb to avoid interest. So on this amount you will get a grace period of around 50 days.
if you don;t pay the minimum amount... an extra 350-650 rupees are charged. for every other amount the interest is levied on daily basis from the date of expenditure to the date of payment.
Re: !!!
by PoliticallyIncorrect on Oct 11, 2009 10:38 AM
besides.... if you hold bank account and credit card of the same bank, then never ever pay by online transfer. that transaction does not go through NEFT, and you won't have any reliable, legal transaction reference in case of a dispute.
Therefore always pay by cheque if your bank account and credit card are from the same bank.
Re: Re: !!!
by gaurav agarwal on Oct 14, 2009 11:34 AM
Whether or not your transaction routed through NEFT but a transaction ID is generated for all financial traffic. Unless one is banking with a bank which has minimum or no customer support there are no real reasons to fret on those grounds.
If you have had a bad experience of this sort why not share it with us
I am facing the same problem though i had paid the the money in one shot of Rs.25,000/ after agreeing by the credicard division manager after waving off some amount. But till date they have not sent the settlement letter or no due statement from icici bank and susequently the collection people insisting more money and they are sending the statement for the paid amount. I have desided to take legal action against such frauds who are demanding for the paid amount.
I use HSBC Platinum Credit Card for the last 5 years and I didn't face a single problem so far as I clear the full amount on time by online fund transfer.Actually few people misunderstand that they have to clear the Minimum Payable Amount only.If you clear only the Minimum Payable amount,what will happen to the remaining amount? It will be charged with interest plus other charges.So the next month your due will go up and you think that the Bank is cheating you after you have cleared the amount.But actually the mistake is on your side not on the bank side. You should understand the system before you try to use it as Finance is the most sensitive area in everyone's life.
Re: Re: Understand the system first.
by gaurav agarwal on Oct 14, 2009 11:37 AM
True i have been using CC for the last 5 years and to be true they have been my best friends in the way that they have greatly helped in my financial lows. One needs to plan up. CC are only short term loans not a 99 year loan
I had credit card for 17 months. credit purchase,cash drawal , during the period is Rs.101000/- during same period, repaid Rs.139000/- this is status of sep2008. in the same month end, i got notice saying 10000/- still outstanding. i went to hyderabad nampally ICICI credit card office and said i no more want to pay. close it. but every month adding 5 to 8 thousand, notices coming to me now my present status is Rs.95000/- i shall have to pay to icici. the most shocking shameless act on the part of icici is that they seized my entire salary of dec.2009 Rs.18000/- without giving any notice. till today, daily phones coming to me to repay. executives coming to my residence warning me dire consequnces if not cleared.
Re: entire salary siezed by ICICI
by amit saxena on Oct 09, 2009 02:27 PM
make a police complaint against recovery agents and go to court . court will give you a good compensation.
Re: entire salary siezed by ICICI
by Chetan Asthana on Oct 10, 2009 09:41 AM
Nothing doing . write a mail to the "grievance" cell for 'One Time Settelment' at ICICI cerdit card div ( email id is there in their web site) they will reply you in no time . What they gen do they will just take the actual amount spend and revise all the fine. Do take the full & final letter from them before paying
Re: entire salary siezed by ICICI
by Jayesh Bhowmik on Oct 09, 2009 01:49 PM
one must not forget that when one has enjoyed the credit facilities they have to pay the bills. does not matter how much you have taken credit and paid back in a certain period. your outstanding bills are to be paid and if there is any dispute in billing then you must contact your card provider to make it corrected. You have accepted the card knowing and agreeing all the rules and regulations, so why cry now
Re: Re: entire salary siezed by ICICI
by Chandraprakasam Arunachalam on Oct 09, 2009 08:26 PM
HAVE WE HAVE ACCEPTED FRAUD AND CHEATING AND THREATENING? BANKS ARE USING THEIR MUSCLE POWER. YOU USE YOUR LAW AND TAKE THEM TO COURT , IF YOU ARE CORRECT.
Re: entire salary siezed by ICICI
by send on Oct 10, 2009 11:36 AM
Hi! friend, From your comment, what I understood that you did not understand how the Credit Card system works.Please don't repeat the same mistake again as it will create a big mess in your life.I have seen few of my friends did the same thing and I helped them to come out from that mess and they are not doing it now and few even stopped to use CC now. Best Luck!
Re: entire salary siezed by ICICI
by anuj kashyap on Oct 10, 2009 02:51 AM
You must bifurcate the amount spend on the cash withrawal , trxn and other purchases, as cash withrawal fetch the finance charges right from day one, if you have not withdrawn the heavy cash then the finance charges were high and the amount will rise substancially. Also if you revolve(make partial payment towards your dues) you do not enjoy any 20-50 days credit free period and are charged on your fresh trxn right from day one. Check with all the statements you have recieved for the certainity of wrong billing, and if so, you can go to Banking Ombudsman.
why cc companies should have a 40% return per year on their investment when out investments are not even capital protected. this is wrong. and specialy in the times of recession govt shd probe in and ask all the cc cos to charge a mere 5% interest on outstanding.
Re: credit card
by Chandraprakasam Arunachalam on Oct 09, 2009 08:31 PM
we have not sighed and accepted drop system, when credit card was issued. they should get our permission , if there is any change in the method of collection. for all their BPO INEFFICIENCY, WE CANNOT PAY. ASKING TO DROP FOUR DAYS EARLIER THAN THE DUE DATE IN DUE TO BPO PROCESS/ DELAY.
Re: credit card
by Siva Kumar on Oct 09, 2009 11:05 AM
I agree. For the past 3 months, I have been made to look like a joker by HSBC. My payment due date is 7th of every month and I drop the cheq as soon as I get my salary, on 1st. But irrespective of this, the cheq comes for clearing only around 9th or 10th and I am made to face a lot of unwanted calls from collection agents. To top this, the bank doesnt wink a second to charge me late payment fees (750 rupees). Several calls to their phone banking, arguments, etc. and finally the bank send a shameless mail advising me to drop the cheque earlier. I tried NEFT (online funds transfer) which is supposed to be real-time. Even this takes 4 working days. Tried cash deposit. The credit is given on the evening of the 3rd day. Where does one go for justice? All these JUST go unnoticed.
Re: Re: Re: credit card
by Chandraprakasam Arunachalam on Oct 09, 2009 08:37 PM
I HAVE INFORMED THEM , THEY ARE NOT providing THE NECESSARY ARRANGEMENT TO CLOSE. CAN YOU HELP TO CLODSE?
Re: Re: credit card
by arun punjabi on Oct 09, 2009 03:21 PM
Since the crash of Lehman Brothers and the losses to HSBC, this bank has started all kinds of ways and means to penalise their account / credit card holders. You can forget about getting any justice or anyone hearing your complaints. Best is to repay and throw their card in the dustbin
Re: Re: credit card
by gaurav agarwal on Oct 14, 2009 11:45 AM
Siva bad that you are so disturbed. Dont worry so much over this small thing. Just pay them in cash on the 2nd of each month. I have an HSBC card as well. If the day was saturday when u deposited the money then you would be able to see the status on Monday evening but the money actually gets deposited into ur account the very same day. If you are not able to still manage this request them to change your billing cycle, if they dont comply just apply for a new card.
Re: Re: credit card
by Chetan Asthana on Oct 10, 2009 09:48 AM
Nothing doing. do the payment on line , it is the safest and the accurest way of tranfer many . Do it on the last day of due date only. All bank do now adays. even it is encouraged by credit card people also.
Re: Re: credit card
by Chandraprakasam Arunachalam on Oct 09, 2009 08:34 PM
credit card company objective is to make you as a "failure candidate, by all means", for making their organisation, richer.
Re: Re: credit card
by Jayesh Bhowmik on Oct 09, 2009 01:45 PM
NEFT is not real time transfer and takes in packet delivery system of RBI which may take at the most 3 days. for real time transfer try RTGS. for instant payment of your credit card bills try paying online from your bank account.
Re: Re: Re: credit card
by Chandraprakasam Arunachalam on Oct 09, 2009 08:42 PM
let them send statement ontime, first. it is not recd properly on many occations, since BPO PERSON DOES NOT CARE. IF IT IS HANDLED BY THE BANK , THEN THINGS WILL BE PROPER.
Re: Re: Re: Re: credit card
by gaurav agarwal on Oct 14, 2009 11:49 AM
Dear this is not a tussel between you and the bank. If u have a mobile phone or internet you ideally dont have to wait for the statement. Just pay it on the right day and its all sorted. Check are primitive instrument avoid using them if u can
Re: Re: Re: Re: credit card
by send on Oct 10, 2009 11:24 AM
I use HSBC Platinum Credit Card for the last 5 years and I didn't face a single problem so far as I clear the full amount on time by online fund transfer.Actually few people misunderstand that they have to clear the Minimum Payable Amount only.If you clear only the Minimum Payable amount,what will happen to the remaining amount? It will be charged with interest plus other charges.So the next month your due will go up and you think that the Bank is cheating you after you have cleared the amount.But actually the mistake is on your side not on the bank side. You should understand the system before you try to use it as Finance is the most sensitive area in everyone's life.
Re: Re: Re: Re: Re: credit card
by mansukh patel on Oct 12, 2009 08:08 PM
one more issue is if u take from agents don't sign blindly where they tell u to...they make u sign for sections such as medical cover, whose premium would be shown every month in ur bill. Also, when u say a clear NO to verifying dept,tht u dnt wnt mediclaim, still they will put it in ur bill. And they will not be even ready to waive off tht whn u complain,they will say 'sir we will cancel it,but the first bill amnt u wud have to pay'. so just take care of this.
