Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 8th December 2009, 16:22   #16
Senior - BHPian
 
Join Date: Nov 2007
Location: Bangalore
Posts: 2,365
Thanked: 518 Times
Default

Quote:
Originally Posted by pjbiju View Post
I have used their 3 months interest free cash (they charge 2% processing fee - which is their interest) offer a couple of times. I made sure to pay back everything before 90 days.
This is simillar except that it is for 6 months and the processing fee is around 1%. Probably I will look through the terms and conditions once again and accept the DD
Guna is offline   Reply With Quote
Old 8th December 2009, 16:26   #17
BHPian
 
Join Date: Jun 2008
Location: Mumbai
Posts: 235
Thanked: 29 Times
Default

Quote:
Originally Posted by Guna View Post
I always had the credit card and savings account from the same bank as it is easier to pay the credit card bills but never faced this problem, even when I had overshoot the due date etc. Unlesss someone has opted for the auto payment option, how can they transfer the money without the consent of the account holder? This must be done under some special circumstances.
Don't trust your luck too long.
Seeler_Rebeiro is offline   Reply With Quote
Old 8th December 2009, 16:29   #18
Team-BHP Support
 
bblost's Avatar
 
Join Date: Jul 2007
Location: Hyderabad
Posts: 9,552
Thanked: 6,310 Times
Default

I have a question.

If you take a loan for 3 months or 90 days.
Then there are atleast 3 billing cycles in between.

The amount would show in the total amount due.
So will it calculated into the minimum amount to pay.

i.e. although the loan is for 90 days interest free. Would you need to pay the minimum or 2% every month.
bblost is offline   Reply With Quote
Old 8th December 2009, 16:40   #19
BHPian
 
Join Date: Jun 2008
Location: Mumbai
Posts: 235
Thanked: 29 Times
Default

Quote:
Originally Posted by bblost View Post
I have a question.

If you take a loan for 3 months or 90 days.
Then there are atleast 3 billing cycles in between.

The amount would show in the total amount due.
So will it calculated into the minimum amount to pay.

i.e. although the loan is for 90 days interest free. Would you need to pay the minimum or 2% every month.
No, 2 accounts are created. One your main CC account and the other the merchant account which is created. The min due is based on the outstanding on your main CC account. This was the case for me. But please verify with the advisor.
Also when you pay, you need to call and transfer amount to the merchant account.
Seeler_Rebeiro is offline   Reply With Quote
Old 8th December 2009, 17:15   #20
Senior - BHPian
 
shankar.balan's Avatar
 
Join Date: Apr 2008
Location: BLR
Posts: 8,053
Thanked: 5,304 Times
Default

If there is an overdue outstanding on a credit card, the bank is perfectly within its rights to "collect" its outstanding debts via the bank account and/or if required, through the employer.

This is why it is a seriously bad idea to rotate credit on the credit card. Always pay up the total amount due in full on or before the due date.

Else one will end up paying massive amounts towards interest and other levies which can be extremely difficult if it is allowed to go out of control.

Quote:
Originally Posted by Guna View Post
I always had the credit card and savings account from the same bank as it is easier to pay the credit card bills but never faced this problem, even when I had overshoot the due date etc. Unlesss someone has opted for the auto payment option, how can they transfer the money without the consent of the account holder? This must be done under some special circumstances.
shankar.balan is offline   Reply With Quote
Old 9th December 2009, 10:26   #21
Senior - BHPian
 
Join Date: Nov 2007
Location: Bangalore
Posts: 2,365
Thanked: 518 Times
Default

Quote:
Originally Posted by Seeler_Rebeiro View Post
Don't trust your luck too long.
Of course I will retain the credit card/savings combination but I will not get it in to messy situations.
Quote:
Originally Posted by shankar.balan View Post
If there is an overdue outstanding on a credit card, the bank is perfectly within its rights to "collect" its outstanding debts via the bank account and/or if required, through the employer.

This is why it is a seriously bad idea to rotate credit on the credit card. Always pay up the total amount due in full on or before the due date.

Else one will end up paying massive amounts towards interest and other levies which can be extremely difficult if it is allowed to go out of control.
Still not sure if they can directly collect from the savings account just becasue one has overshot the due date. It may happen if he gets in to a pattern of not paying.
Of course I agree, it is not a good idea not to pay the credit card bills on time.
Guna is offline   Reply With Quote
Old 9th December 2009, 14:00   #22
BHPian
 
Join Date: Nov 2009
Location: Chennai
Posts: 951
Thanked: 7 Times
Default

Banks do not have have the rights to transfer money from one a/c to another (savings/current/cc whatever) unless and until some forms have been signed by the account holder authorizing such payments/transfers like ECS/auto debit etc.

Another catch maybe if the CC is issued based on the customer holding a savings a/c first, in which case the terms & conditions need to be read.

Hence, the best way to get a CC from the same bank where a savings a/c is also there is to apply separately and get this linked.
sanjayc is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
A note of caution for SCB credit card holders MutantX Shifting gears 40 3rd June 2013 14:53
My friend has got an offer in Dubai-Is it a good offer ? snaronikar Shifting gears 50 14th June 2010 16:27
VW Jetta limited time offer 3yrs/45,000km maintence free package + Insurance Free Sahil The Indian Car Scene 15 17th April 2009 23:00
Bajaj Alianz Car Insurance offer: is it a good offer amya Indian Car Loans & Insurance 7 25th January 2008 12:08
Maruti to offer 24% interest for people waiting for Swift and SX4 rahul_intlad The Indian Car Scene 1 3rd October 2007 10:46


All times are GMT +5.5. The time now is 15:37.

Copyright 2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks