[Fountainheader]

Originally Posted by 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.

10% cash back is impossible.

On my StanChart Titanium, I get 1% cash back on all purchaes and 5% cash back on mobile/petrol expenses. So its a sweet deal. Cant expect more from Banks anyways

The Emirates card, in addition of these has free lounge access and 25% of golf memberships.. plus its way too flashy that I wanna flaunt it!

[sam003]

Originally Posted by 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.

I am using HDFC Titanium for 2 yrs now didn't get even Re 1 cashback. May be some offer from yatra.com booking, not on all purchases. Do check with bank directly.

[Eddy]

Originally Posted by Fountainheader

10% cash back is impossible.

On my StanChart Titanium, I get 1% cash back on all purchaes and 5% cash back on mobile/petrol expenses. So its a sweet deal. Cant expect more from Banks anyways

The Emirates card, in addition of these has free lounge access and 25% of golf memberships.. plus its way too flashy that I wanna flaunt it!

Thats why I am miffed with them. They are trying to sell me the card on the basis of this lie. Checked on their website. It says 10% cash back on yatra.com and crap. Lemme see. Will have some fun with these guys tomrrow !!

StanChart sounds very sweet. But they mention an annual fee of Rs 2000/750 bucks on the website ? Can this be waived off ?

Edit: Sam, you are right. The buggers say anything on a sales call and think can get away with it. Tomorrow should be fun

[bblost]

I have a query on interest calculation.

Suppose my total outstanding in the statement is 1 lakh.
I pay 50k before due date.

Will I be charged interest on 1Lakh or on 50k.

[NetfreakBombay]

Interest would be charged on:

1 lakh : From date of transaction to date of payment
50k: Date of payment onwards

[ashthedivx]

Originally Posted by NetfreakBombay

Interest would be charged on:

1 lakh : From date of transaction to date of payment
50k: Date of payment onwards

He said Outstanding amount not Cash Outstanding, in that case Interest will be charged after due date for 50K

[bblost]

Originally Posted by ashthedivx

He said Outstanding amount not Cash Outstanding, in that case Interest will be charged after due date for 50K

Thanks.

No cash transactions on my card. All these were purchases amounts.

So icici has bungled on calculating my interest amount.
A complaint has been logged and I am gonna fight it out with them.

Any advice on this is most welcome.

[ashthedivx]

Originally Posted by bblost

Thanks.

No cash transactions on my card. All these were purchases amounts.

So icici has bungled on calculating my interest amount.
A complaint has been logged and I am gonna fight it out with them.

Any advice on this is most welcome.

Keep your Bank Statement handy in case you paid via your bank account. Though be ready to be pointed to some term in and "terms and condition" thingy

[NetfreakBombay]

Originally Posted by ashthedivx

He said Outstanding amount not Cash Outstanding, in that case Interest will be charged after due date for 50K

Originally Posted by bblost

Thanks.

No cash transactions on my card. All these were purchases amounts.

In this case it does not matter if a transaction was cash withdrawal or some purchase.

Interest will be charged from date of transaction, if payment is not made in full.

In case of cash transactions, interest will be charged even if you make full payment (i.e. 1 lakh). Interest would be from date of transaction to date of payment.

[kb100]

Originally Posted by NetfreakBombay

Interest would be charged on:

1 lakh : From date of transaction to date of payment
50k: Date of payment onwards

Netfreak is right. This is exactly how it is done.

A sample working showing this is typically given behind your statement as well (as per RBI guidelines.)

Please also note that interest will also be charged on ANY fresh transaction on your card TILL such time that you continue to revolve credit. The only way of stopping this would be to pay the complete outstanding - INCLUDING ACCRUED INTEREST TILL THE NEXT WORKING DAY (since it takes a day for these things to reflect) - the only way of getting that would be to call the call centre and ask them how much the TOTAL OUTSTANDING including interest would be, and then make the payment accordingly.

[bblost]

Originally Posted by NetfreakBombay

In this case it does not matter if a transaction was cash withdrawal or some purchase.

Interest will be charged from date of transaction, if payment is not made in full.

In case of cash transactions, interest will be charged even if you make full payment (i.e. 1 lakh). Interest would be from date of transaction to date of payment.

So do you mean to say if I have an outstanding of 1 lakh.

Then even if I pay 99k before due I will be charged interest for 1 Lakh from date of purchase till the 99k was paid and for 1k from the remainder time period.

All within the same statement period.

Edit:
oh my bad. I could have saved some interest money if I had known this.
one mistake and this year has already taken away more in interest than the last 2 put together for all my cards.

[mobike008]

Imran, i thought you knew about that.

That is the trick used by credit card companies to fleece customers and i am sure >90% credit card using population wouldnt know about it

[bblost]

I have very rarely paid any interest on outstanding amounts on my cards.

Even then the outstanding amount would not be greater than 10k ever.
Once bitten twice shy.

I am totally against paying any money when I can avoid it.
Feel like a fool.

[NetfreakBombay]

Originally Posted by bblost

I have very rarely paid any interest on outstanding amounts on my cards.

Just give them a call and be persistent. I am sure this will be reversed if:

1. You deposit cheque of 55k (50k + all outstanding transactions +some buffer) ASAP. And deposit it in branch and get a receipt from cashier. DO NOT drop cheque in some collection box.
2. Total expenditure on card has been more then 1.5 lakh in last 12 months
3. NO late payment in last 24 moths.

Logic is is they already made approx 3000 Rs from you (at the rate of ~2% of 3 lakh). So either they can keep making 3 - 5k per yer from you or just 3k one time (Interest on 1 lakh).

And if you threaten to close the account (after making full payment) they will most probably reverse the interest charge.

Originally Posted by mobike008

i am sure >90% credit card using population wouldnt know about it

This is just the tip of proverbial iceberg. There are NO laws in India to regularize car/home/personal/credit card loan agreements.

If you have a home loan and:

1. Change job
2. Get involved in court case (unrelated to this loan)
3. Many such seemingly trivial things

AND

Fail to inform bank within 2 weeks

You become "defaulter" even if you have been paying ALL EMI on time.

I had to fight 2 months to get that clause deleted from my home loan agreement. Most people would not read car.home loan agreements and would be unaware of such traps.

[bblost]

Have logged and taken an SR number. They should get back in 7 days as per the SR details.

I am not giving this up without a long and nasty fight.
will keep posting updates as they come up.

@netfreak
Point #1. Don't have that much money right now.
Point 2 and 3 are yes. Actually no late payment ever in over 6 years.

The only time I ended paying interest was around the time I got married and was in a financially tight spot.