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Old 17th December 2013, 20:47   #1456
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Standard chartered never stop surprising me with their poor service.
I was requesting them to increase credit limit from last few months they never did, today I received a message by sc that they decreased my credit limit of half, really disappoint with them, will pay my dues & close the card.

Any other standard chartered customers have received message of decreased credit limit these days ?
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Old 17th December 2013, 22:20   #1457
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Originally Posted by Navneet View Post
I am being offered Diners Club International Premium Card. Apparently, the joining and annual fee are being waived off. The card promises unlimited free lounge access in 21 domestic lounges. Is the card good? Is there any catch?

HDFC Regalia is also on offer, but the one has to spend Rs 4 Lakh in a year for the annual fees (Rs 5000/-) to be waived off.
Both the cards are good. My FIL has diners club and really is happy with the service as well as benefits of reward program. Especially the lounge and miles benefit he is happy with as he travels a lot.

I have been offered Regalia with same conditions and looking at the benefits I am more than willing to take it. Taj membership comes free with it which itself is worth more than 5k. My card is expected in a day or two.

I would say go for Regalia and put all your purchases on the card to hit 4L limit.
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Old 18th December 2013, 13:24   #1458
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Thumbs down Re: The Credit Card Thread

Quote:
Originally Posted by unknown View Post
Standard chartered never stop surprising me with their poor service.
I was requesting them to increase credit limit from last few months they never did, today I received a message by sc that they decreased my credit limit of half, really disappoint with them, will pay my dues & close the card.

Any other standard chartered customers have received message of decreased credit limit these days ?
Ditto.. !!
When I reached home last night, I was pleasantly greeted by this news! BTW, they got my credit limit halved.

Last edited by dmplog : 18th December 2013 at 13:25. Reason: added thumbs down
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Old 18th December 2013, 14:54   #1459
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Originally Posted by unknown View Post
I was requesting them to increase credit limit from last few months they never did, today I received a message by sc that they decreased my credit limit of half
Quote:
Originally Posted by dmplog View Post
Ditto.. !!
When I reached home last night, I was pleasantly greeted by this news! BTW, they got my credit limit halved.
There is a lesser-known RBI circular which essentially asks the card-issuing banks to fix the credit limit of a card holder after taking into consideration the credit limits of all other cards held by him/her, including those issued by other banks. The rationale is to avoid the situation where a given customer enjoys credit far in excess of his/her creditworthiness, simply by applying to multiple banks. Presumably SCB is implementing this directive.
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Old 18th December 2013, 18:02   #1460
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Originally Posted by mb_jg View Post
I recently knocked off my entire outstanding on my HDFC credit card, which was a substantial amount. Now the prob starts, my billing date is 5th of every month, I made the online payment from the HDFC gateway which was on the 4th, so my new bill showed an interest of X rs which I disputed.
HDFC has taken a request for the reversal but I doubt it will happen. Their contention is that it takes 2 working days to credit the payment to a credit card account, my argument was the monies were debited from my account immediately so I will assume the best.
Any comments guys?
Hi, with credit cards you have a "pay by date" and a " billing cycle" date. For example, My credit card with HDFC has a billing cycle from the 8th of every month to the 7th of the following month. The payment due date is the 27th of every month. So, for 8th November to 7th December, I should receive my bill by around the 10 of December and make the payment by 27th December. Interest begins to get calculated effective 28th December. Now if you make the minimum payment before the due date that was 27th December, you do not get charged a late fee but interest starts getting calculated and that will be on the total billed amount. Say I pay the remaining balance on the 6th Jan which is a day before my next bill is generated, there should be no interest since the system will show 0 outstanding when the bill is being generated.

With doing this, you should make sure it is done early morning so the payment gets applied to your credit card the same day so as not to show an outstanding the next day when the new bill is being generated. If interest showed up on your bill, you probably made the payment later in the day and it was not credited to your card the same day and hence showed an outstanding amount when your new statement was generated.

I too have had a similar problem a few times and HDFC usually reverse the charges if your history with them has been good and all previous payments have been on time.
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Old 18th December 2013, 19:49   #1461
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Default Re: The Credit Card Thread

I have applied for American Express Payback credit card. The guys from American Express told me that the first year fee will be 750/- and from second year it will be 1500/-. But if I make transactions above 1,50,000/- in the first year, then the card will be life time free.

Now while talking to the verification team, they say ONLY for the years where I make transactions above 1.5L, the fee will be waived off and there is NO life time waive off.

If anyone has this card, could you provide an answer please?
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Old 18th December 2013, 22:37   #1462
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Originally Posted by swiftnfurious View Post
The guys from American Express told me that [...] if I make transactions above 1,50,000/- in the first year, then the card will be life time free.

Now while talking to the verification team, they say ONLY for the years where I make transactions above 1.5L, the fee will be waived off and there is NO life time waive off.
Standard DSA tactic. You've been had. When the sales guy made such a claim, you should have asked him to show it on print somewhere in all the brochures and stuff he carries around. If it is not there, it doesn't exist.
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Old 19th December 2013, 11:45   #1463
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Standard DSA tactic. You've been had. When the sales guy made such a claim, you should have asked him to show it on print somewhere in all the brochures and stuff he carries around. If it is not there, it doesn't exist.
To be honest, I am NOT much worried. I'll go ahead and cancel the card before I hit one year window, incase the fee is NOT waived off for the life time. I do NOT think I have anything to lose in this case.
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Old 19th December 2013, 14:53   #1464
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Default Re: The Credit Card Thread

All my cards are StanChart and there is a single limit across all of them combined.
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Old 22nd December 2013, 18:47   #1465
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My HDFC World CC was set to expire in Jan 2014. They sent me a replacement card (which I've already used), but it is standard plastic without the chip. I thought all renewal cards being issued were chipped. There are posts here saying they got a chipped HDFC card. What gives?
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Old 22nd December 2013, 20:15   #1466
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@TheTeacher: HDFC (like StanC, from what I've seen), for some reason, is lazy/conservative with this. I had to upgrade my HDFC card to get the chip on it.
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Old 23rd December 2013, 14:10   #1467
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Originally Posted by Scorpioman View Post
Now if you make the minimum payment before the due date that was 27th December, you do not get charged a late fee but interest starts getting calculated and that will be on the total billed amount. Say I pay the remaining balance on the 6th Jan which is a day before my next bill is generated, there should be no interest since the system will show 0 outstanding when the bill is being generated.
The two bold parts seem to contradict, kindly elaborate. First you say, to paraphrase, "if you make only minimum payment before due date, interest will be charged", which I agree. In the second instance you say no interest is charged when balance amount (over and above minimum amount due) is settled just before start of next billing cycle. This part contradicts my understanding of credit card bill payment system. If this is true, credit cycle becomes 60 days from the usual 45 - 48 days.
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Old 23rd December 2013, 14:52   #1468
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Quote:
Originally Posted by Scorpioman View Post
Now if you make the minimum payment before the due date that was 27th December, you do not get charged a late fee but interest starts getting calculated and that will be on the total billed amount. Say I pay the remaining balance on the 6th Jan which is a day before my next bill is generated, there should be no interest since the system will show 0 outstanding when the bill is being generated.
Quote:
Originally Posted by Guite View Post
The two bold parts seem to contradict, kindly elaborate.
Suppose you have a credit card with 1st of the month as statement generation date and 20 days free credit (ie, payment due date is 20th of the month). Then:

- On 1/1, a statement is generated with say, Rs. 50000 outstanding, minimum payment Rs. 2500 (5%).
- On 20/1, you pay Rs. 2500. So, you have not defaulted. You still have Rs. 47500 outstanding.
- On 31/1, you pay off the remaining Rs. 47500.
- On 1/2, when your next statement is generated, your outstanding (from past statements) is zero. So, no interest is charged.

I am a bit skeptical about this - it might even be bank-specific. In any case, over the weekend the RBI has come up with some stringent norms on the outstanding balance rolled over on credit cards, which would soon make this loophole (if it exists) obsolete.
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Old 24th December 2013, 06:27   #1469
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Yesterday I received a mailer from ICICI saying that they are providing me a pre-approved loan on credit card. Here are the details - loan amount 200000, EMI - 7230 ( service tax extra), no of EMIs - 36. I am not sure about service tax, can experts give some suggestions?
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Old 24th December 2013, 06:47   #1470
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Yesterday I received a mailer from ICICI saying that they are providing me a pre-approved loan on credit card. Here are the details - loan amount 200000, EMI - 7230 ( service tax extra), no of EMIs - 36. I am not sure about service tax, can experts give some suggestions?
This works out to about 60k interest paid over 3 yrs translating to about 10.04% pa flat rate. This is expensive as you will get personal loans at lower rates typically 14 to 15 % diminishing which is about 7 to 7.5% flat. The rates on personal loan are negotiable and if u are salaried employed in a cat A company with good cibil score you can negotiate even better rates. Unless you don't have financial dox or need the money in a hurry would advise to stay away from this offer.
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