[gopinathann]

I used a Deutsche credit card last year and did a 500 rupees petrol transaction. I was informed by the sales team that there will be 2.5% cash back, but it didn't reflect in the statement. Later the customer care told that it is only reward points and not cash back. So I didn't pay that amount and also didn't use that card after that. I received a letter in 2 months that a legal action will be taken if the amount is not paid, but till now I am still receiving monthly statements and the accumulated amount is Rs. 4500. I called the customer care but they are asking to pay the full amount.
I hope if there is no amount paid in 1 year, either the collection department should come and ask for the money, otherwise that amount would be treated as bad debt.

What happens if the bank waits for 5 years to get enough money accumulated as late fee & financial charges to 50K and then send the collection department for collecting it ?

Provide me your valuable suggestion so that I can work on that.

[aka_iitd]

Originally Posted by gopinathann

I used a Deutsche credit card last year and did a 500 rupees petrol transaction. I was informed by the sales team that there will be 2.5% cash back, but it didn't reflect in the statement. Later the customer care told that it is only reward points and not cash back. So I didn't pay that amount and also didn't use that card after that. I received a letter in 2 months that a legal action will be taken if the amount is not paid, but till now I am still receiving monthly statements and the accumulated amount is Rs. 4500. I called the customer care but they are asking to pay the full amount.
I hope if there is no amount paid in 1 year, either the collection department should come and ask for the money, otherwise that amount would be treated as bad debt.

What happens if the bank waits for 5 years to get enough money accumulated as late fee & financial charges to 50K and then send the collection department for collecting it ?

Provide me your valuable suggestion so that I can work on that.

You say 2.5% of 500 ie 12.5 bucks grown to 4500. If yee then it is strange.
If you have not paid 500 bucks then you are defaulter IMO
Is the card still active. If yes better pay off with some charges agreed with bank to get rid off the issue

[gopinathann]

The card is not active and has been cancelled, but still there is outstanding amount.

[NetfreakBombay]

Originally Posted by aka_iitd

You say 2.5% of 500 ie 12.5 bucks grown to 4500. If yee then it is strange.

There might be late fees (approx 2 - 300) every month. And interest would be applied to this fees as well (from Next billing cycle).

[aka_iitd]

Originally Posted by NetfreakBombay

There might be late fees (approx 2 - 300) every month. And interest would be applied to this fees as well (from Next billing cycle).

If he is a defaulter for Rs. 12.5 then Gopi can talk to bank and close the issue. They will settle with 1-200 bucks.

[Fountainheader]

Originally Posted by mobike008

let us know if it reflects on this month's bill. AFAIK, purchases a day before the bill date will certainly reflect in same month bill.

Sorry to have missed out on this post.

I did make the payment at around 8 pm on 12th Jan. The same did not reflect on this month's statement. So full utilization of plastic money

[aka_iitd]

Originally Posted by Fountainheader

Sorry to have missed out on this post.

I did make the payment at around 8 pm on 12th Jan. The same did not reflect on this month's statement. So full utilization of plastic money

Yep infact keep two credit cards with different cycle and take the full advantage of plastic money . Don't try too many cards as it will be difficult to track it

[mobike008]

Originally Posted by Fountainheader

Sorry to have missed out on this post.

I did make the payment at around 8 pm on 12th Jan. The same did not reflect on this month's statement. So full utilization of plastic money

Thats good. I will also use it once like that and check the results

Originally Posted by aka_iitd

Yep infact keep two credit cards with different cycle and take the full advantage of plastic money . Don't try too many cards as it will be difficult to track it

Thats exactly what i do. HDFC Platinum bill dated 2nd of each month. ICICI is for 18th of each month. So usage largely depends on when i am buying using a card

[Fountainheader]

Originally Posted by aka_iitd

Yep infact keep two credit cards with different cycle and take the full advantage of plastic money . Don't try too many cards as it will be difficult to track it

Do you think I dont do that ?

My StanChart Titanium has a billing cycle from 26th of every month.. and the ICICI Platinum from the 13th. All hail plastic money!

[lambuhere1]

guys, need youe help. Recd this communication in my email. Can you kindly explain me the statements


******************************************

YOUR CURRENT DAILY TRANSACTION LIMITS FOR PHONE BANKING TRANSACTIONS ARE:

TRANSFERS BETWEEN YOUR ABOVE ACCOUNTS: INR 10,000,000.00
PRE-DESIGNATED PAYMENTS: INR 250,000.00
NON-DESIGNATED PAYMENTS: INR 50,000.00



*************************************************

Thanks for all your help

[Eddy]

I hold an ICICI Platinum card. Want to apply for another one. Any advice as to which is the best in the market ?

- It has to life time free
- Good reward points and offers.
- If possible, online payments through an ICICI netbanking account.

[praJEEP]

Originally Posted by gopinathann

The card is not active and has been cancelled, but still there is outstanding amount.

It will be shown as amount over due in your cibil records and no of days since last due not paid.

Something like this

xxx x30 x60 xx90 x120 ..... this is no of days since last due paid.

[harry10]

Originally Posted by Eddy

I hold an ICICI Platinum card. Want to apply for another one. Any advice as to which is the best in the market ?

- It has to life time free
- Good reward points and offers.
- If possible, online payments through an ICICI netbanking account.

Try Citibank Platinum.
Meets your criteria.

[Fountainheader]

Originally Posted by harry10

Try Citibank Platinum.
Meets your criteria.

I'd say avoid banks like Citi, ABN Amro, Deutsche etc.

You can look at the following options
1: HDFC Bank Platinum
2: Stan Chart Titanium (Emirates Platinum if you are invited )
3: Amex KF Card (5000 annual charge - but awesome card for frequent fliers)

[Eddy]

I got a call from HDFC guys today offering me this titanium card. They said the benefits include a 10% cash back on all shopping. I don't think this is true. If it is, I will definitely go for it. Lets see.

Stan Chart and Emirates - what are the benefits. I am not a flier at all.