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Old 26th December 2014, 01:19   #1831
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Default Re: The Credit Card Thread

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Do you have any annual fee (or joining fee) on this card of yours?

I have a life-time free HPCL co-branded gold card. They have now sent across this coral HPCL card, with a rider for min annual spend or pay annual fee. I do not recollect any statement of 5% cash back for fuel in the welcome letter. I am arguing with them on how can they cheekily send a new card with fee without my consent (and now they claim it is for free). - here (The Credit Card Thread)

Can you cross-check again on the charges & cashback and confirm back?
There are two variations of the Coral card. One is HPCL co-branded, and has 5% cashback (inclusive of 2.5% surcharge waiver, so net 2.5% cashback). Annual fee 199 + tax, waived if annual spend is >50k. Joining fees 199 + tax.

The other option is without HPCL co-branding. This one only has fuel surcharge waiver at HPCL outlets, but has other benefits. Annual fees 500 + tax, waived if annual spend >1.25L. Joining fees 1000 + tax. I just got this one.
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Old 26th December 2014, 08:26   #1832
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Default Re: The Credit Card Thread

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Originally Posted by gearedup View Post
Hi, I use a ICICI coral HPCL co-branded card, and here is how it works: firstly fuel surcharge is levied (2.5%) and then I get a cash back (5%), so I get a 2.5% cash back actually. Am sure you can make this out from ICICI's website. The only catch is that you need to stick to HPCL bunks only. Although HPCL & ICICI have a tie-up on the card terminals, it is best to specify the bunk attendant to swipe only on ICICI terminals to avail this cashback.
Unfortunately, sticking to an HPCL pump that uses ICICI machine is not easy in my case, since the HP pump in my area uses Corporation Bank machine. The pump attendant said that ICICI was charging them more fees than others, probably to offset this 2.5% cashback for these card members. So the pumps are reluctant to use their machines. Once I moved to HDFC, I can use my card in any pump and with any machine, so one big hazzle out of the way.
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Old 26th December 2014, 10:13   #1833
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Default Re: The Credit Card Thread

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Originally Posted by null View Post
Do you have any annual fee (or joining fee) on this card of yours? ........Can you cross-check again on the charges & cashback and confirm back?
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Originally Posted by Chetan_Rao View Post
There are two variations of the Coral card. One is HPCL co-branded, and has 5% cashback (inclusive of 2.5% surcharge waiver, so net 2.5% cashback). Annual fee 199 + tax, waived if annual spend is >50k. Joining fees 199 + tax.....
Actually mine didn't have any joining fees. Annual fees is 199+tax, waived off on spending Rs. 50,000 every year (year is counted as 12 months from issue of the card, AFAIK)

Additional info: I am also using an Axis credit card ('mychoice') with Rs. 250 fixed annual fees. I get upto Rs. 1000 cashback on any 2 types of spend. (I chose fuel & utility bills). I ensure that I take home a net of Rs. 750 every year from Axis and also end up not paying the annual fees to ICICI
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Old 26th December 2014, 10:53   #1834
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Default Re: The Credit Card Thread

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Originally Posted by Chetan_Rao View Post
There are two variations of the Coral card. One is HPCL co-branded, and has 5% cashback (inclusive of 2.5% surcharge waiver, so net 2.5% cashback). Annual fee 199 + tax, waived if annual spend is >50k. Joining fees 199 + tax.

The other option is without HPCL co-branding. This one only has fuel surcharge waiver at HPCL outlets, but has other benefits. Annual fees 500 + tax, waived if annual spend >1.25L. Joining fees 1000 + tax. I just got this one.
I am offered the 1st one (co-branded with HPCL) - which is now mentioned to me as lifetime free because of the noise I created.

I use this card as a secondary card, just for fuel (around 1.5K to 2K / month nowadays). So, I would've never hit the 50K annual spend ceiling on this card.

May be I should accept it now (since they have made it free for me). But, I am miffed that they tried to sneak in a paid card without my approval first. Moreover, they were not responding back, until I escalated it to the next level.
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Old 26th December 2014, 11:37   #1835
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Default Re: The Credit Card Thread

I'm a rather new entrant to the world of credit cards. Using an ICICI VISA Platinum cc with a limit of Rs.1 Lakh.

I get my statement every 9th of every month and last date for payment is 26th of that month.

In the statement, i have total amount due and minimum amount due [for which interest will be charged]. So my query is that i simply pay the total amount due before the 26th?
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Old 26th December 2014, 12:04   #1836
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Default Re: The Credit Card Thread

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Originally Posted by deathwalkr View Post
I'm a rather new entrant to the world of credit cards. Using an ICICI VISA Platinum cc with a limit of Rs.1 Lakh.

I get my statement every 9th of every month and last date for payment is 26th of that month.

In the statement, i have total amount due and minimum amount due [for which interest will be charged]. So my query is that i simply pay the total amount due before the 26th?
Yes, your understanding is correct. ALWAYS pay the total amount due before the due date.

Rohan
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Old 26th December 2014, 12:12   #1837
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Default Re: The Credit Card Thread

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Originally Posted by deathwalkr View Post
I'm a rather new entrant to the world of credit cards. Using an ICICI VISA Platinum cc with a limit of Rs.1 Lakh.

I get my statement every 9th of every month and last date for payment is 26th of that month.

In the statement, i have total amount due and minimum amount due [for which interest will be charged]. So my query is that i simply pay the total amount due before the 26th?
Please, ALWAYS pay the total amount due as a rule.

The minimum amount due is a just a lure; it says you can avoid late payment fines (doesn't mention they're minuscule) by paying minimum due, but your actual total amount due keeps accumulating interest (which can be humongous) at an annual compounded rate of 36-39%.
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Old 26th December 2014, 12:14   #1838
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Default Re: The Credit Card Thread

Thanks Rohan and Chetan. That minimum amount due is indeed a temptation to behold
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Old 26th December 2014, 12:16   #1839
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Originally Posted by deathwalkr View Post
In the statement, i have total amount due and minimum amount due [for which interest will be charged]. So my query is that i simply pay the total amount due before the 26th?
Min amount due is to keep your account active. Interest is charged on the balance amount (Total - minimum due) if you pay only the minimum due. This can have a snow balling effect where your total due will start increasing rapidly.

Always pay up Total amount due before the due date to keep yourself debt free.
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Old 26th December 2014, 12:18   #1840
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Default Re: The Credit Card Thread

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Originally Posted by null View Post
I am offered the 1st one (co-branded with HPCL) - which is now mentioned to me as lifetime free because of the noise I created.

I use this card as a secondary card, just for fuel (around 1.5K to 2K / month nowadays). So, I would've never hit the 50K annual spend ceiling on this card.

May be I should accept it now (since they have made it free for me). But, I am miffed that they tried to sneak in a paid card without my approval first. Moreover, they were not responding back, until I escalated it to the next level.
Be very skeptical of the bank's promises. Did they waive off only this year's charges for you (because you made noise) or waived off lifetime charges? If the latter, do you have anything in writing from the bank? If not, it will be your word against theirs when the renewal comes around.

I was charged the annual fees this year even though I comfortably outspent the waiver limit, and it took several calls and a month+ to get the charge reversed. Their escalation matrix is hit and miss. I went as far a the Nodal Officer for a credit limit enhancement issue but am yet to get a response, well past their claimed turnaround time.
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Old 26th December 2014, 12:24   #1841
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Default Re: The Credit Card Thread

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Originally Posted by zenren View Post
Fuel surcharge was the primary reason I stopped using my ICICI credit card and moved over to HDFC. ICICI started charging me fuel surcharge one fine day without any intimation and I caught it in my monthly statements back then. Upon calling the customer care, they informed that the terms and conditions have changed and it would be chargeable from then on.
I spoke to the ICICI customer care lady and she said that my current card (Coral) has the same benefits as that of the HPCL Coral card but whatever gearedup said below holds valid. She insisted that the machine used to swipe the card must be that of ICICI to avail these benefits.

Quote:
Originally Posted by gearedup View Post
Hi, I use a ICICI coral HPCL co-branded card, and here is how it works: firstly fuel surcharge is levied (2.5%) and then I get a cash back (5%), so I get a 2.5% cash back actually. Am sure you can make this out from ICICI's website. The only catch is that you need to stick to HPCL bunks only. Although HPCL & ICICI have a tie-up on the card terminals, it is best to specify the bunk attendant to swipe only on ICICI terminals to avail this cashback.
StanChart has the Super Value Titanium card that enjoys benefits from fuel charges (any pump, any machine) apart from utility bill (electricity bill, gas bill etc.) payments. So I filled up their online form and was rejected! It looks like pin code and location might be the culprit since my take home salary is pretty much decent by CC issuing standards. I might have to speak to a customer care personnel directly.
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Old 26th December 2014, 12:51   #1842
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Default Re: The Credit Card Thread

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Originally Posted by deathwalkr View Post
I'm a rather new entrant to the world of credit cards. Using an ICICI VISA Platinum cc with a limit of Rs.1 Lakh.

I get my statement every 9th of every month and last date for payment is 26th of that month.

In the statement, i have total amount due and minimum amount due [for which interest will be charged]. So my query is that i simply pay the total amount due before the 26th?
Total amount due. If you pay only minimum amount, then you will be charged interest of 36% pa on your bill.

I will suggest you to treat your credit card as a cash wallet, and buy only if you can pay off in cash. Don't pay the minimum charges ever, if possible. Always pay the full bill only. For convenience, you can set up the auto payment from your bank account for full payment.
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Old 26th December 2014, 14:22   #1843
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Default Re: The Credit Card Thread

HDFC offered me an upgrade from Platinum Plus to Signature Superia. This comes with an increased limit (2.5L), 3 points for every Rs. 150 spent (against 2 earlier) and it's a lifetime free card (the welcome letter clearly states this) !

The only catch was that they would halve my existing points. It worked out perfectly since I had just redeemed my points and barely had around 3000 points remaining.

I've been using a HDFC & Citi IOC card for around 4+ years now and have had absolutely no problems with both. I'm lucky there is a IOC bunk near my house to make full use of the Citi card, speaking of which it's time to get a free tank of diesel with the Citi points.

Last edited by fiat_tarun : 26th December 2014 at 14:27.
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Old 26th December 2014, 14:29   #1844
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Default Re: The Credit Card Thread

Just got a call from ICICI Bank. After rejecting my credit limit enhancement request quoting some bizarre 'policy' they're unwilling to reveal, they've now offered to reconsider if I send them my latest salary slips. I'm in two minds, esp. because the salary slips also contain other sensitive info (including PF A/C# and my employment info). I can edit out those details, but I'm more skeptical why they're acting so roundabout for a routine request.

Advise?
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Old 26th December 2014, 14:38   #1845
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Default Re: The Credit Card Thread

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The only catch was that they would halve my existing points. It worked out perfectly since I had just redeemed my points and barely had around 3000 points remaining.
I think it wouldn't matter when they convert your points. The points required to purchase any item differ from card to card, and the final item remains the same, only the 'currency' or the points change based on the card type. Your past points would hold same purchasing power in the new card, even though they would appear reduced.
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