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Old 7th September 2012, 06:22   #736
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Default Re: The Credit Card Thread

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Originally Posted by .sushilkumar View Post
Between HSBC owns 0.81 paise to me . wondering how they will settle it
If you ask for that money, they might offer to send you a check for that 0.81 paise.

It happened with me couple of years back when I was closing a defunct account in ICICI. I had some single digit amount balance (since I couldn't withdraw it through ATM) in that account and since the bank folks had already torn my check leaves, they offered to send me a check for that.

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Old 7th September 2012, 08:14   #737
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Default Re: The Credit Card Thread

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Originally Posted by R-Six View Post
If you ask for that money, they might offer to send you a check for that 0.81 paise.

It happened with me couple of years back when I was closing a defunct account in ICICI. I had some single digit amount balance (since I couldn't withdraw it through ATM) in that account and since the bank folks had already torn my check leaves, they offered to send me a check for that.

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Happened to me with StdChartered few years ago. Had a single digit balance; NEFT'd 100 rs to the account and NEFT'd 100+single digit out. Abuse of technology?!
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Old 7th September 2012, 10:38   #738
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Default Re: The Credit Card Thread

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Originally Posted by .sushilkumar View Post
As per procedure they are supposed to recover even if outstanding amount is 0.1 paise.
Oh is it? Pray, tell me how should i pay that 0.1 paise? If i pay them 1 rupee, will they not owe me back 0.99 rs? And, how will they pay me back that money?

Hope you heard of bad debts? Banks can easily put such figures into that bucket.

Btw, i dont even remember when i cancelled the card if i owed them that one rupee or whatever as i always pay my card dues in full and ALWAYS round them of to higher rupee figure. For example if my CC bill is Rs.38,985.57 then i pay them 38,986 and never 36,985

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^^ Difficult to say. Different people have different opinions. HDFC seems to be universally accepted as one of the better service providers, though. I have a Signature card with them and use it almost exclusively.
I am one of the most happiest user of a HDFC credit card. Have a World Master and their service is nothing short of a miracle...Everything works like clockwork

I am not saying this because my wifey works for HDFC Credit Cards

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Originally Posted by Vasuki View Post
IMHO, you should be careful. These debts, even small, can affect your CIBL rating. It is better to clear the same, so that it does not affect your score.
My CIBL rating is fine. I have taken numerous loans after that and it gets approved in 1-2 days
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Old 7th September 2012, 10:39   #739
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Default Re: The Credit Card Thread

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Originally Posted by mobike008 View Post
Suddenly, after 2 years it magically stopped. They blew lot of postal and paper money on me for nothing
Don't leave it like that. If the statements have stopped it's because the responsibility has got transferred to their outstanding department, usually a third party. They sit on it for years and come back after the amount has increased considerably. Remember the penalty for not paying even if the amount is 50p is Rs.250 or so. So after a few years this amount multiples a lot. Happened to me with HSBC. For a paltry sum like this which i forgot to pay in 2003, they came back in 2008 and had to shell out around Rs.2000 to get the settlement letter.
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Old 13th September 2012, 11:34   #740
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Default Re: The Credit Card Thread

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Originally Posted by benbsb29
After being a SCB credit card customer for over 7 years, i still have to pay the annual fee, which was never waived off.
All you need to do is make a call and insist they waive off the annual fee or you move to another free card. And it will be taken care of. Works for Debit card fees too with specific banks - they will debit it from the account, but if you have a good relationship with the bank, they will waive it off if you take the trouble to call them up.

Quote:
Originally Posted by supremeBaleno
Indeed a good card that I moved to recently after some niggling issues with ICICI. The best part is the fuel-cashback - for a filll of 2800 worth of petrol (~40litres), got back Rs71.75, which is like getting a litre of petrol free.
SCB has made changes to their fuel-cashback. While retaining the cashback as 5%, they now limit it to Rs100 max per transaction and Rs500 max per month. Since the cashback includes the surcharge reversal also, it effectively is 2.5% cashback. So, for a fuelup of Rs2000, you will get Rs50 cashback + another Rs50 as reversal of the surcharge they added on Rs2000. Even if you fuel for more than Rs2000, it will be 100 max.

Last edited by supremeBaleno : 13th September 2012 at 11:37.
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Old 14th September 2012, 19:29   #741
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Default Re: The Credit Card Thread

Recently I got SCB - Platinum Card owing to an upgrade from Lifestyle Platinum Member Card. Haven't used the card yet. Recently I got a call from SCB offering an extended program (don't remember the exact name). Anyway here's what the program is

You get 3 vouchers @ 4000

a) Dining Card valid for restaurants & resorts across India. It is supposed to offer 20% on food bill on any day irrespective of the minimum billing.

b) A 2N/3D domestic / international holiday (only stay). No tax / luxury tax to be paid. Just need to book 15 days in advance. Offer valid for any 3* or 4* property

c) An Apollo Health check up coupon worth Rs 5000 (transferable)

Haven't received the package yet so not yet read T&C. Wanted to know if anybody has heard something like this. The package can be returned back within 30-days unused for a refund.
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Old 15th September 2012, 21:33   #742
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I have cards from various banks but prefer using my HDFC and CITIBANK INDIANOIL credit cards due to the following reasons,

HDFC: They usually throw in a lot of offers and discounts on certain products or brands and more importantly these days am seeing them giving an interest free credit period of about 2 months where in which you can purchase anything and need not even pay the MAD during the offer period. Payment dues go by the statement cycle. Secondly, their reward points redemption catalogue has more number of items than other cards.

CITIBANK INDIANOIL: In this card purchase of fuel at most of the indian oil outlets does not involve an extra 2.5% surcharge and the turbo points are usually more on purchase of fuel. If I have accumulated say about 1000 turbo points then I can redeem the same at the Indian oil outlet for a fuel purchase equivalent to Rs.1000. This card makes more sense as each turbo point is worth Re1.
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Old 1st October 2012, 17:48   #743
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I recently made a transaction in US dollars using my debit card and was charged a lot more than the normal bank conversion rate.

What conversion rates do commercial bank apply if you use your debit/credit card to buy something in USD ? Axis Bank charged me a cool 5 rupee more per dollar, than the prevalent RBI rate as on the transaction date, and some 400 bucks as commission on this transaction.

Inflating the overall value of my transaction by 1k plus in INR
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Old 1st October 2012, 18:14   #744
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Default Re: The Credit Card Thread

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Originally Posted by shashank.nk View Post
What conversion rates do commercial bank apply if you use your debit/credit card to buy something in USD ?
For forex payments through credit cards, the banks charge the exchange rate charged by VISA/Master and then add their own transaction charge (i think 3% and also service tax on this charge).
But it takes some time to finalize the actual amount and during this time it is also possible that you may be benefited if the change in exchange favors you.
This has happened to me.
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Old 1st October 2012, 18:42   #745
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Quote:
Originally Posted by Jidousha
For forex payments through credit cards, the banks charge the exchange rate charged by VISA/Master and then add their own transaction charge (i think 3% and also service tax on this charge).
But it takes some time to finalize the actual amount and during this time it is also possible that you may be benefited if the change in exchange favors you.
This has happened to me.
You're right about the transaction charges, it seems to be approx 3% How much time does it take for the final amount to reflect in the statement ? Been a week since I made this payment.
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Old 2nd October 2012, 01:00   #746
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Default Re: The Credit Card Thread

Hi everybody
Dues for my HDFC were to be paid by 24/9.On 17/9 I deposited a cheque in the box.On 24th i.e 7 days after I received SMS that the cheque is incomplete as the card number is not mentioned.The counterfoil of the statement was attached.My question is why did it take 7 days?I could have avoided rushing to the bank.
On an aside my bank would have honoured the cheque.No two ways about it.Once I had not signed yet they honoured after calling me and asking me to come and sign.
Regards
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Old 10th October 2012, 18:52   #747
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Default Re: The Credit Card Thread

Is it wise to swipe the credit card for purchasing a new two wheeler?

I have a HDFC credit card with 1 lac limit which i want to swipe for full amount for purchase of new bike. Do they easily convert it into EMI's(12 months, 18 months, etc)? or is it a risk-they may or maynot convert the amount into EMI's?

I want to avoid 2 wheeler loan because I do not want the hassles of hypothecation. Another option is going for a personal loan for 1 lac & repayment in 12-18 months. What would you guys suggest?
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Old 10th October 2012, 19:11   #748
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Default Re: The Credit Card Thread

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Originally Posted by racingmachine View Post
Is it wise to swipe the credit card for purchasing a new two wheeler?
No issues at all.

Quote:
I have a HDFC credit card with 1 lac limit which i want to swipe for full amount for purchase of new bike. Do they easily convert it into EMI's(12 months, 18 months, etc)? or is it a risk-they may or maynot convert the amount into EMI's?
First check with your dealer if he has any CC-tieups (most unlikely).
Ideally most (and definitely HDFC) provide you the option to break down high amount purchases into EMI based payments. You are generally allowed to do this even after you have done the swipe. As a precautionary option, call them up and check what are the charges (they can charge additional charges depending on the number of months). But I don't believe you'll be offered more than 3/6/9 months, still the bank would give the final answer on this.

Quote:
I want to avoid 2 wheeler loan because I do not want the hassles of hypothecation. Another option is going for a personal loan for 1 lac & repayment in 12-18 months. What would you guys suggest?
That is a personal choice you need to make. Eventually you'll be paying similar EMIs. IMO, hypothecation shouldn't be that much a deal, still take a call once you have the full details of both options.
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Old 10th October 2012, 19:28   #749
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Default Re: The Credit Card Thread

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Originally Posted by racingmachine View Post
Is it wise to swipe the credit card for purchasing a new two wheeler?
AFAIK no automobile dealer accepts CC/debit card with out transaction fee, which will be around 2%. So for a bike costing 50K one ends up paying 1 k as transaction fee. please check it before swiping it. If this fee is ok, you can opt for CC swipe
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Old 10th October 2012, 19:59   #750
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Default Re: The Credit Card Thread

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AFAIK no automobile dealer accepts CC/debit card with out transaction fee, which will be around 2%. So for a bike costing 50K one ends up paying 1 k as transaction fee. please check it before swiping it. If this fee is ok, you can opt for CC swipe
Yes, I am aware of that.

2% transaction fees for CC, or appx. 2.5% charges if you avail personal loan.

Obviously we can try to negotiate with the dealer to reduce the transaction fees to as low as possible.

The only worry I have with swiping CC is if the amount is not converted to emi by the cc company.
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