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Old 6th February 2011, 08:36   #541
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Default re: The Credit Card Thread

Quote:
Originally Posted by huntrz View Post
In ICICI transfer from ICICI Bank account to ICICI Credit card used to be instant. Ditto for HDFC.
Ditto for Axis Bank too.
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Old 6th February 2011, 20:21   #542
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Default re: The Credit Card Thread

Recently heard of banks giving credit cards against fixed deposits.

Does anyone have such a card? Any catches with it?

Particularly, can it be used online (I've heard of conflicting reviews on the web)? I need one to connect it to
my Paypal account and for online purchases.

Since I've my savings a/c with ICICI, does it make sense to avail of their credit card?

Thanks!

Last edited by NK@Hyd : 6th February 2011 at 20:21. Reason: alignment
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Old 6th February 2011, 22:22   #543
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Default re: The Credit Card Thread

Quote:
Originally Posted by NK@Hyd View Post
Recently heard of banks giving credit cards against fixed deposits.

Does anyone have such a card? Any catches with it?

Particularly, can it be used online (I've heard of conflicting reviews on the web)? I need one to connect it to
my Paypal account and for online purchases.

Since I've my savings a/c with ICICI, does it make sense to avail of their credit card?

Thanks!
Go ahead, i did get one card from ICICI two years back and it will also help you in building your credit history in CIBIL records.
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Old 7th February 2011, 11:37   #544
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Default re: The Credit Card Thread

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Originally Posted by naj View Post
The bank will send you the card before the first one expires.
Quote:
Originally Posted by CRV2010 View Post
I am holding HDFC Platinum Plus Credit Card from past 3 years and is expiry is due next month. So when its expired does HDFC upgrade the card or send the same card to me ? Do they send it automatically to the communication address or i have to contact the customer care for the new card ?
As Naj mentioned above, your renewed card will be sent automatically to your address roughly 2-3 weeks before it expires. No need for any reminders

Quote:
Originally Posted by naj View Post
For a upgrade I think you will have to do a CV and request the bank for the same. This usually involves sending a latest salary statement or last years I-tax returns
I was having a HDFC Platinum Plus Card ( 2.25 Lakhs Limit) since few years. Last month, they just called me and offered their highest card ( World Bank Mastercard) with a limit of Rs.4.50 Lakhs.

I didnt submit any documents. From time of confirming on phone, received upgraded card in 2 business days

Last edited by mobike008 : 7th February 2011 at 11:38.
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Old 7th February 2011, 11:42   #545
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Unhappy re: The Credit Card Thread

Strange issue I have been recently facing with my Stanchart credit card. The card swiping works at some places and fails at others. Is it an issue with the magnetic strip or the problem of the swiping machine. Have seen this problem with those machines which are connected to HDFC banking payment, where as for Axis and ICICI banking payments, it works fine.

Has anyone faced this issue?
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Old 7th February 2011, 12:03   #546
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Default re: The Credit Card Thread

Report this to customer care and ask for replacement card. This issue is with mag strip.

This is frustrating since not all card would still work on some machines.
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Old 8th February 2011, 20:33   #547
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Default re: The Credit Card Thread

Quote:
Originally Posted by mobike008 View Post
As Naj mentioned above, your renewed card will be sent automatically to your address roughly 2-3 weeks before it expires. No need for any reminders



I was having a HDFC Platinum Plus Card ( 2.25 Lakhs Limit) since few years. Last month, they just called me and offered their highest card ( World Bank Mastercard) with a limit of Rs.4.50 Lakhs.

I didnt submit any documents. From time of confirming on phone, received upgraded card in 2 business days
Thank you mobike008.
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Old 20th February 2011, 01:55   #548
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Default re: The Credit Card Thread

My sister recently canceled her Citibank credit card, which the
bank duly did and sent an email and a document that it has been
closed. But instead of instructing her to cut the card and send it back
to them, they simply asked her destroy and dispose it off.

I always thought you needed to send the card back to them?
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Old 20th February 2011, 02:26   #549
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Default re: The Credit Card Thread

Quote:
Originally Posted by NK@Hyd View Post
My sister recently canceled her Citibank credit card, which the
bank duly did and sent an email and a document that it has been
closed. But instead of instructing her to cut the card and send it back
to them, they simply asked her destroy and dispose it off.

I always thought you needed to send the card back to them?
There is no need of sending the card back, the only motive is that the card should not fall in wrong hands, so cut the card (i prefer to cut the card in around 8 pieces, especially the magnetic strip) and throw the pieces in garbage over 3-4 days.

I requested ICICI bank to cancel my credit card with them, the card was cancelled and I disposed it off but I haven't yet got a no dues letter even after repeated reminders . Its good that your sister had card with Citibank.
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Old 20th February 2011, 09:09   #550
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Default re: The Credit Card Thread

Quote:
Originally Posted by NK@Hyd View Post
My sister recently canceled her Citibank credit card, which the
bank duly did and sent an email and a document that it has been
closed. But instead of instructing her to cut the card and send it back
to them, they simply asked her destroy and dispose it off.

I always thought you needed to send the card back to them?
No. Just destroy it. That's enough. I don't remember ever sending a credit back, here or abroad.
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Old 20th February 2011, 13:05   #551
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Default re: The Credit Card Thread

Quote:
Originally Posted by NK@Hyd View Post
Recently heard of banks giving credit cards against fixed deposits.

Does anyone have such a card? Any catches with it?

Particularly, can it be used online (I've heard of conflicting reviews on the web)? I need one to connect it to
my Paypal account and for online purchases.
Yes, My CC is issued against FD.

No issues whatsoever with it. Works perfect, just like a normal card. PayPal integration, online purchases, all work fine.

Actually, its a normal CC, but the thing is there is strict regulation from RBI, against issuing CC's to non-taxpayers, self employees, or in some blacklisted areas, like my place wayanad. Where even if you show an average savings account balance of 1L, and annual income of 15L, they just wont give you the CC.

CC limit is max 80% of the FD. I got 80k for 1L FD.
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Old 20th February 2011, 15:21   #552
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Default re: The Credit Card Thread

Quote:
Originally Posted by AutoNoob View Post
There is no need of sending the card back, the only motive is that the card should not fall in wrong hands, so cut the card (i prefer to cut the card in around 8 pieces, especially the magnetic strip) and throw the pieces in garbage over 3-4 days.

I requested ICICI bank to cancel my credit card with them, the card was cancelled and I disposed it off but I haven't yet got a no dues letter even after repeated reminders . Its good that your sister had card with Citibank.
Quote:
Originally Posted by carboy View Post
No. Just destroy it. That's enough. I don't remember ever sending a credit back, here or abroad.
Thanks guys.

Quote:
Originally Posted by dhanushs View Post
Yes, My CC is issued against FD.

No issues whatsoever with it. Works perfect, just like a normal card. PayPal integration, online purchases, all work fine.

Actually, its a normal CC, but the thing is there is strict regulation from RBI, against issuing CC's to non-taxpayers, self employees, or in some blacklisted areas, like my place wayanad. Where even if you show an average savings account balance of 1L, and annual income of 15L, they just wont give you the CC.

CC limit is max 80% of the FD. I got 80k for 1L FD.
Thanks Dhanush for the clarification. I too will get one from ICICI.
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Old 21st February 2011, 10:57   #553
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Default re: The Credit Card Thread

Paypal fund transfers are not possible any more due to the RBI restrictions. I've got a mail from Paypal stating that as per RBI regulations they cant do any more fund transfers from India through credit cards. I used to make transfers for the international online purchases through CC with the help of Paypal. Making through banks are waste of money and time as the min bank charges upto 1L is 1200/ IIRC where Paypal takes a very small amount and that too with no formalities once you got registered with them.
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Old 21st February 2011, 12:32   #554
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Default re: The Credit Card Thread

Quote:
Originally Posted by sajjt View Post
Paypal fund transfers are not possible any more due to the RBI restrictions.
The rule is effective from March 1st.
Quote:
Originally Posted by sajjt View Post
I've got a mail from Paypal stating that as per RBI regulations they cant do any more fund transfers from India through credit cards. I used to make transfers for the international online purchases through CC with the help of Paypal. Making through banks are waste of money and time as the min bank charges upto 1L is 1200/ IIRC where Paypal takes a very small amount and that too with no formalities once you got registered with them.
The thing is that, you still can make purchases using your PayPal, but cannot pull money from CC to PayPal account. When you purchase, the money goes directly to the sellers account, and does not stay in your PayPal account.

Also, if you are the seller, the maximum limit for a transaction is $500, and you cant keep the money in your PayPal account for more than 7 days, upon which PayPal will automatically transfer the money to the registered bank.

And PayPal charges 4% for incoming funds. Pretty high.
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Old 21st February 2011, 14:43   #555
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Default re: The Credit Card Thread

I believe the restriction is on Paypal balance, which we can no longer
use to pay and have to transfer to our bank account within 7 days.

You can still pay through Paypal if you have a credit card attached to it,
the amount will be debited directly from the card.

And of course, the $500/transaction limit for sellers.
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