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Old 5th June 2012, 13:42   #676
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Default Re: The Credit Card Thread

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Originally Posted by bblost View Post
I have a total of 5 credit cards. One of them is for official expenses only.
Even I have five, one of which is official. I maintain a Google drive folder into which statements are downloaded with a fixed naming convention containing bank name, statement date, due date and full amount due when ever I receive statement alert from the bank. Once paid, I save the payment receipt and move it along with the related statement to a subfolder 'paid'. That way, one look into the folder will tell me the statements that are due for payment and this is accessible from anywhere.
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Old 5th June 2012, 14:05   #677
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Default Re: The Credit Card Thread

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Originally Posted by KSM-Vtec View Post
The Barclays card will be discontinued.
Oh, I better redeem all the points that I have then!
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Old 5th June 2012, 14:33   #678
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Default Re: The Credit Card Thread

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Oh, I better redeem all the points that I have then!
I am told they are migrating the points also, but you better check.
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Old 5th June 2012, 14:39   #679
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Originally Posted by KSM-Vtec View Post
I am told they are migrating the points also, but you better check.
I somehow don't have much faith in SCB. They had apparently blocked my card once as it was not used for 3 months. After that, they asked me to apply for a new card! Luckily, I had some credit left in the blocked card and they had to dispatch a new card for me.

Thanks!
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Old 5th June 2012, 14:47   #680
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Default Re: The Credit Card Thread

I have been using HDFC credit card for good few years.
I have good points accumulated but find no use of the rewards from the points yet.

I want to know which is the best card which provides good money back on utilities - petrol, supermarkets and offers at restaurants and movies.
How do you all rate the CITIbank card which has some good deals at PVR and restaurants.

Is it better to use 2-3 cards or stick to 1 card?
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Old 5th June 2012, 15:04   #681
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Default Re: The Credit Card Thread

In the late 90s when I was at B-school, banks hit upon the brilliant suggestion of free-for-life pre-approved cards for all graduating students. So even before I had my first job I had my first two credit cards: Citi and Standard Chartered. I retained the StanC one, with my alumnus status proudly inscribed, till I left the country nearly 10 years later. When I returned, they told me it wasn't possible to reissue that card, so I moved for the first time to another provider. My StanC experience was very positive.

Ironically ICICI, with which I maintain a so-called wealth management account, refused to issue me a card citing KYC norms. I needed a card in a hurry so escalated to their regional management (both West where I am now and South where my original account is based) but no go. One guy went to the extent of saying, "Chanda Kocchar madam ne manaa kiyaa hai".

So I was wondering what to do when one of those DSA guys outside our office gate accosted me and said those 3 litle words every young man longs to hear: "free for life". I signed up without a second thought and soon became the proud owner of an HDFC card. Excellent service, extremely responsive (Platinum card helpline gets answered within 3 rings), innovative schemes and offers and a decent points redemption catalogue.

I got cold-called for a Kotak Trump card sometime last year and added that to my portfolio: the good thing about that is that it gives you 10% cashback on restaurant and movie expenses. There is a limit per transaction and per month, but otherwise they are fairly honest. They fool around with the categorisation to avoid payouts on occasion ("general entertainment" instead of "movies", "hotel" instead of "restaurant" etc.) but it' not a bad value proposition overall.

I also picked up an Axis Bank and Citi card along the way somehow. Hardly use them though.

My advice to anyone who wants a credit card:
- Two is a good number to have. If on occasion you need to cancel a card (for reported misuse for example) you have a backup.
- Chip-enabled cards are becoming increasingly popular for the additional security they provide but these sometimes get declined especially at upcountry pumps. I suggest one card be a swipe-only one just in case.
- Pay your bills on time. If you MUST revolve credit,pay the minimum amount every month and save on the late charges.
- HDFC Bank has a "smart revolve" option that is quite reasonable- they charge a flat 1000/- per month for the outstanding amount in a particular range. I accidentally invoked it one time and then promptly paid up my dues. No additional back-breaking charges, which I appreciate.
- Maintain records of expenses, receipt slips (add tip in both copies), statement soft copies at least going back a year. When I was in Singapore a hotel charge once showed up after 3 months thanks to some procedural delay on the establishment's side. American Express was kind enough to ask me if I wanted to dispute the charge but after checking my records I realised it was a valid expense only delayed inordinately and paid up.
- Some of the better providers offer categorisation of expenses and even pie charts and other graphic aids to help you monitor and plan expenses better.
- Some people prefer using debit cards or cash so that they do not get into debt, which is laudable.
- Others prefer loading everything on the credit card since that makes it easier to track .
- Some cards offer EMI option for certain purchases. This definitely makes sense for big ticket items like TVs and refrigerators for example.
- Points have a way of expiring when least expected. Keep track of your points tally and redem these from time to time.
- Choose a provider that offers WebPay option. Dropboxes are so 20th century! Pay your bills through your internet banking account from the comfort of your desk and get instant confirmation.
- Please enter card details correctly when using Webpay or any other method not linked to your card account login. A single digit here and there can mean your hard-earned money gets credited into the wrong account. Good luck getting it back of you do that!
- If your card goes out of your sight even for a brief time and you suspect it may be misused, block it immediately and to be safe, cancel it and get it reissued under a new number.

Last edited by noopster : 5th June 2012 at 15:08.
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Old 5th June 2012, 15:33   #682
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Default Re: The Credit Card Thread

A big thumbs up to Anoop's post. I 100% agree with whatever he's posted. Know your cards and make the most of it. If possible, plan your shopping in advance and use the card that gives you the maximum credit facility in terms of re-payment. Ensure available balance in your account and never ever top up your credit card!

Most important thing - Even if you have to, never remove cash from your credit card!
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Old 5th June 2012, 15:43   #683
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Default Re: The Credit Card Thread

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Originally Posted by 999 View Post
Mobike, you can't/shouldn't compare personal banking to normal banking. Have you experienced HSBC premier? I suggest you give it a try before making sweeping comments based on one service the bank provided to you.
Hari
999, I have added that point just as a value addition and it's not a premier service aka the one you outlined from HSBC and iam not paying anything extra for it which I suppose you pay to HSBC for this premier service. It's not personal banking but, a relationship that I have established with them over a number of years. I dont go through a call center with personal banking pin et. all. I have direct access to this lady who happens to help me out whenever i am in a situation.

I am using credit cards from last 15 years and expressed my opinion of which is the best card from that experience. You may have had a different or better experience with HSBC and i am not challenging that at all.

But, in my personal opinion keeping some of these parameters in consideration like past usage of other major credit cards, number of services provided, number of times errors in your billing, experience with call center folks, resolution timeframe etc. I have come to conclusion that HDFC credit card is the best (for my usage pattern) and it could be different for others which i am not refuting.

To answer how many cards are useful, below is my personal opinion

I have 3 credit cards (HDFC, ICICI, American Express) and have never used a debit card in my life.

1. I chose these cards with different bill dates which was an option provided when opted for the card as If i am not wrong every bank has 2 or 3 billing cycles each month. One of my card's bill date is 2nd, another at 12th and third one is 18th. I use the CC with 2nd and 18th bill dates quite regularly and make sure to utilize the full 50 day credit period.

2. I always pay the dues only on last day ( Have a recurring alarm on my BB for this payment ).Since I have a HDFC bank account, paying the CC bill via. ATM is the easiest even though there is a web pay option too

3. When you use a credit card, if possible never carry forward your balance and always pay in full (which I know is easier said than done for many people)

4. Avail free installments options (if available) to make your higher purchase transactions to spread the money.

5. Hold on to charge slips till the payment is cleared and you receive a confirmation. After that you can destroy it.

If credit cards are used with a certain precision, its a great tool but, used in haste or casually it can easily become a noose around one's neck.

Happy CC Shopping !!!

Last edited by mobike008 : 5th June 2012 at 15:45.
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Old 5th June 2012, 15:59   #684
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Default Re: The Credit Card Thread

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Originally Posted by amtak View Post
I somehow don't have much faith in SCB. They had apparently blocked my card once as it was not used for 3 months. After that, they asked me to apply for a new card! Luckily, I had some credit left in the blocked card and they had to dispatch a new card for me.

Thanks!
Normally it should not happen like that, I guess it could be some other reason other than non-usage of cards for 3 months, may the conditions at the time of joining or so. Believe me, I was holding a SCB card which was not using for more than 4 years due to some issues with the charges but I used to get the statements every month promptly as I was having a small amount credit.

Am having 4 Platinum cards and all are maintaining without any dues hence I used to get many offers like instant loans with no NIC, TOP ups etc. So if you maintain the track records, you can make use of other benefits too.

My City card due date is on 13th, I used to make half of my dues before the due date if the amount is more than 10K, and the balance will be before the statement date which is 24th. I never used to get any finance charges if I make the payment before the statement date. Try it.

Last edited by sajjt : 5th June 2012 at 16:08.
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Old 5th June 2012, 16:01   #685
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Default Re: The Credit Card Thread

I have been using credit card for almost 9years now. My 1st card was HSBC and i am using it till now. I am happy with the card. As somebody said,Based on the usage and credit history,They will upgrade the credit amount as well as the card.Currently i have a platinum card.
Other card, i got a few years ago is ICICI gold,So far no problems with this card.
One gripe is that they constantly call me to check if i want to increase my credit limit, which is already on the higher side.Roughly 3times my salary.

I use one card exclusilvely for online payments and other for all offline transactions.

I use credit card for all my purchase right from IRCTC to buying a plasma TV online.There will not be a problem as long as we pay the dues in time.
For me its a boon really.
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Old 5th June 2012, 16:07   #686
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Default Re: The Credit Card Thread

^^ That's true. Cards stay valid despite not being used. Sometimes the banks act smart ad levy an annual charge when they realise you're not using the card as a primary. In which case just call and ask for a cancellation- you'll be surprised how quickly they waive the annual fee!!
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Old 5th June 2012, 16:26   #687
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Default Re: The Credit Card Thread

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Originally Posted by noopster View Post
^^ That's true. Cards stay valid despite not being used. Sometimes the banks act smart ad levy an annual charge when they realise you're not using the card as a primary. In which case just call and ask for a cancellation- you'll be surprised how quickly they waive the annual fee!!
Agreed. It was Manhattan card. I too was surprised and rather more embarrassed, as I was in the shopping queue at the payment counter at a big mall! To save the situation, they sent me a new Manhattan card + an SCB card too

Last edited by amtak : 5th June 2012 at 16:34.
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Old 5th June 2012, 20:37   #688
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Default Re: The Credit Card Thread

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Originally Posted by mobike008 View Post
999, I have added that point just as a value addition and it's not a premier service aka the one you outlined from HSBC and iam not paying anything extra for it which I suppose you pay to HSBC for this premier service.
Not really. One has to keep a specific banking relationship balance with them. In lieu you get a personal manager and a few more perks. They do offer wealth management services and charge you handsomely if you use their services. One point of contact helps a lot when you are travelling around frequently. Also you get the same privileges in any HSBC branch worldwide.
Regards
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Old 5th June 2012, 23:49   #689
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I use an Amex Gold (Charge Card) as my primary card and a Citibank Titanium Card as my secondary card. There are still places in India that don't accept Amex so it is imperative to have a back up Credit Card. I love Amex for its service and customer friendliness. The cards don't require an OTP and makes online transactions when you are out of India easy. (Getting an OTP on a international roaming no. is irritating). Also the protection Amex offers you against Credit Card fraud is unmatched. The card does have an Annual Fee but is offset by the points you receive for renewal. I have actually requested them to waive off my annual fees and they have agreed on occasion. The card has no pre set spending limit, but you do have to pay the amount charged in FULL. This works really well for me!
The Citibank Titanium Cash Rewards cards also has a good cash back policy, and I have gotten around 6k worth of cash back last year. Also they have a lot of merchant tie ups with restaurants, spectacle stores etc and offer discounts upto 20percent, which is quite impressive.
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Old 6th June 2012, 12:53   #690
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Default Re: The Credit Card Thread

Question.

Lets say I have a credit card with the limit of Rs.10,000. I purchase something worth Rs.500 and during the billing cycle of that month, repay it in full.
So now my credit continues to remain at Rs.10,000.
However, my purchase went bad and the merchant refunds my Rs.500 , what will be my credit limit now ?
Or will it still remain Rs 10,000 , but I wont need to repay anything for bills upto Rs.500 ? I am confused.

Also, how long does it take to get a refund? The merchant says he had done it at his end on 31st May. The card in question in from HDFC bank.
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