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Old 13th July 2017, 19:08   #2626
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Default Re: The Credit Card Thread

1. Assuming I paid 60% of the billed amount of the statement on the due date, will I be charged with an interest/finance charges if the balance 40% is paid off before the following billing date?

2. Is the GST charged only on interest/finance charges only or on the total outstanding amount?

I hope my question is clear
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Old 13th July 2017, 19:40   #2627
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Default Re: The Credit Card Thread

Quote:
Originally Posted by adimicra View Post
SBI prime is a level below Elite but seems to offer better or similar benefits
as per the review below -
http://www.cardexpert.in/sbi-card-la...t-card-review/


Did you have to pay joining fees or renewal fees? Any chances of waiver based on spend?
How is you overall experience with the SBI Elite card? Any comparison with other cards like HDFC Regalia?
Thank you for this. I was fed up with HDFC reward points and am also holding a SBI SimplySave card. This SBIPrime card looks a lot nice. Let me try and upgrade mine.
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Old 13th July 2017, 19:46   #2628
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Quote:
Originally Posted by petrolhead_chn View Post
1. Assuming I paid 60% of the billed amount of the statement on the due date, will I be charged with an interest/finance charges if the balance 40% is paid off before the following billing date?



2. Is the GST charged only on interest/finance charges only or on the total outstanding amount?



I hope my question is clear


GST will be levied only on the late fee or penalty etc. Not on the finance charge which is the interest.
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Old 13th July 2017, 20:49   #2629
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Default Re: The Credit Card Thread

Quote:
Originally Posted by petrolhead_chn View Post
1. Assuming I paid 60% of the billed amount of the statement on the due date, will I be charged with an interest/finance charges if the balance 40% is paid off before the following billing date?

2. Is the GST charged only on interest/finance charges only or on the total outstanding amount?

I hope my question is clear
1. Yes. If you are not paying full amount, then interest will be calculated from the statement date, till you make complete payment. Once you carry balance like this, then you will lose interest-free credit period and all further purchases will start accumulating interest immediately, till you clear all outstanding dues. Usually an example will be provided in the MITC of the card.

Quote:
Originally Posted by lollapalooza View Post
GST will be levied only on the late fee or penalty etc. Not on the finance charge which is the interest.
According to HDFC Bank MITC, GST is applicable on interest also.

https://www.hdfcbank.com/assets/pdf/cc_common_MITC.pdf

Quote:
Applicable on all Fees, Interest and other Charges. The applicable GST would be dependent on place of provision (POP) and place of supply (POS).If POP and POS is in the same state then applicable GST would be CGST and SGST/UTGST else, IGST. GST For FEE & Charges / Interest transactions Billed on statement date will reflect in next month statement. GST levied will not be reversed on Any dispute on Fee & Charges / interest.

Last edited by SilentEngine : 13th July 2017 at 21:01.
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Old 13th July 2017, 21:04   #2630
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Default Re: The Credit Card Thread

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Originally Posted by SilentEngine View Post
1. Yes. If you are not paying full amount, then interest will be calculated from the statement date, till you make complete payment.
Thank you for responding SilentEngine.

In reality, if my statement and due dates were 20/06/2017 and 10/07/2017 and I paid 60% of outstanding on 10th and the rest of the amount today, I still have to pay interest from 20/06/2017 until 13/07/2017 (24days)? Please correct me if I am wrong.

I am trying to be wary of these facts to make wise usage at least from the coming months.
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Old 13th July 2017, 21:13   #2631
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Quote:
Originally Posted by SilentEngine View Post
1. Yes. If you are not paying full amount, then interest will be calculated from the statement date, till you make complete payment. Once you carry balance like this, then you will lose interest-free credit period and all further purchases will start accumulating interest immediately, till you clear all outstanding dues. Usually an example will be provided in the MITC of the card.







According to HDFC Bank MITC, GST is applicable on interest also.



https://www.hdfcbank.com/assets/pdf/cc_common_MITC.pdf

You are right. Interest is not subject to GST generally but credit card is an exception.
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Old 13th July 2017, 21:33   #2632
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Default Re: The Credit Card Thread

Quote:
Originally Posted by petrolhead_chn View Post
Thank you for responding SilentEngine.

In reality, if my statement and due dates were 20/06/2017 and 10/07/2017 and I paid 60% of outstanding on 10th and the rest of the amount today, I still have to pay interest from 20/06/2017 until 13/07/2017 (24days)? Please correct me if I am wrong.

I am trying to be wary of these facts to make wise usage at least from the coming months.
I may be wrong on this, but i think interest will be charged for ALL the purchases including the 60% that you paid on due date (Interest on 60% from 20/06 to 10/07 + Interest on 40% from 20/06 to 13/07). Based on the MITC calculation that's my understanding.
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Old 14th July 2017, 05:32   #2633
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Default Re: The Credit Card Thread

Quote:
Originally Posted by SilentEngine View Post
I may be wrong on this, but i think interest will be charged for ALL the purchases including the 60% that you paid on due date (Interest on 60% from 20/06 to 10/07 + Interest on 40% from 20/06 to 13/07). Based on the MITC calculation that's my understanding.
Whoa... that is bad! Just bad!
Should be as cautious as possible
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Old 16th July 2017, 09:31   #2634
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Default Re: The Credit Card Thread

Quote:
Originally Posted by SilentEngine View Post
I may be wrong on this, but i think interest will be charged for ALL the purchases including the 60% that you paid on due date (Interest on 60% from 20/06 to 10/07 + Interest on 40% from 20/06 to 13/07). Based on the MITC calculation that's my understanding.

You are absolutely correct. Even if you pay 99% of your card bill, you'll still be charged interest on 100% of the billing amount till you pay up the entire amount (including any outstanding charges and interest).

For eg: your card bill on the 20th of July is 1,00,000
On the payment due date, say the 10th of Aug, you pay 99,000
On the 15th of Aug, you make a purchase of 50,000
On the 20th of Aug, you will be charged interest on 1,00,000 (from 20/7-20/8) +50,000 (from 15/8-20/8).
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Old 16th July 2017, 10:24   #2635
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Default Re: The Credit Card Thread

I just got the HDFC Diners Premium card after the recommendations in this thread and going through the features and reviews. I was pretty happy with the decision but now this happens -
http://www.cardexpert.in/huge-devalu...#comment-13004

Main points -
Reward points are worth much less
Unlimited lounge access gone.(limited to 6)
Golf program gone


The way HDFC is devaluing their premium credit cards is really a disturbing trend. I am sure this will lead to a loss of trust among their customer base and people will exit and choose other options. I am pretty sure that even the 10X rewards which are offered on various sites like amazon, bigbasket etc will be gone before the end of this year (it's confirmed till October 2017). After that, I do not see any reason to have this card any more. Also, Diners card is not acceptable everywhere and you have to always have a back-up card. So, why all the hassle?

I am seriously considering SBI prime/Elite card. Both cards seem to me as good options and SBI seems to be really interested to become market leaders in Credit card segment. Also, I find the SBI customer service to be way better than HDFC - surprising that a state owned bank is providing better service to customers than private sector banks.

So, all in all, people looking for new premium cards should seriously consider SBI Prime/Elite cards or other alternatives and stay away from HDFC.
I will probably close my Diners card in October once the 10X program is over.
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Old 16th July 2017, 12:57   #2636
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Default Re: The Credit Card Thread

I am also seriously thinking of going for SBI Prime or the Yes First Preferred Credit Card. This is the 2nd time HDFC has devalued their points.
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Old 16th July 2017, 21:12   #2637
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Default Re: The Credit Card Thread

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I am also seriously thinking of going for SBI Prime or the Yes First Preferred Credit Card. This is the 2nd time HDFC has devalued their points.
The Yes First Preferred card be had as a life time fee card (won't be mentioned on the site, by ask the person who comes to get the forms filled). I just got one this month and it comes with a priority pass, with 4 free visits per year.

As for HDFC, the only cards worth having are the Jet Privilege cards or the Infinia (if you're invited)
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Old 17th July 2017, 10:16   #2638
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Default Re: The Credit Card Thread

Everyone who's recommending the SBI Prime/Elite; are either these free?

Elite is 5k, Prime is 3k; I doubt they'll be worth paying for.
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Old 17th July 2017, 10:24   #2639
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Default Re: The Credit Card Thread

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Originally Posted by libranof1987 View Post
Everyone who's recommending the SBI Prime/Elite; are either these free?

Elite is 5k, Prime is 3k; I doubt they'll be worth paying for.
According to the card comparison tool at sbicard.com ; sbi prime would have the annual fee reversed if the annual spends exceed 3L / year. No such provision for Elite as far as I am aware.

https://www.sbicard.com/en/personal/...are-cards.page
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Old 17th July 2017, 11:02   #2640
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Default Re: The Credit Card Thread

Quote:
Originally Posted by libranof1987 View Post
Everyone who's recommending the SBI Prime/Elite; are either these free?

Elite is 5k, Prime is 3k; I doubt they'll be worth paying for.
Quote:
Originally Posted by govigov View Post
According to the card comparison tool at sbicard.com ; sbi prime would have the annual fee reversed if the annual spends exceed 3L / year. No such provision for Elite as far as I am aware.

https://www.sbicard.com/en/personal/...are-cards.page
I have been using the SBI Elite Card for almost 2 years now. Earlier they did not have the Fees Reversal. They have added it albeit with a change of the Reward Point Slabs.

Fee Reversal for the Elite card is post Annual Spends worth Rs. 10 Lacs. They have bonus rewards points at 3, 4, 5 & 8L totaling to 50,000 Points.

I encash the Reward Points leading to reversal of fees anyhow and getting some extra amount over an above it. Added to that are the Two free Movie tickets every month through BookMyShow.com If you are a movie buff, this saves you around 5K minimum.

Other stuff such as Petrol Surcharge waiver and Lounge Accesses are available with the Elite Card. Club Vistara Membership and Taj Membership too available. Beneficial for people who are frequent travellers although Vistara doesnt have the connectivity as desired.
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