Team-BHP - The Credit Card Thread

Quote:

Originally Posted by vikash49 (Post 4419329)

Any other demerits you can think of?

Nothing if you have avoided the CC payment markup. I know someone with an Amex who did exactly that for a 20L car. :-)

For me they said they will not charge markup for the first 1L but will do for anything above that. So I limited CC payment to 1L and did NEFT for the rest.

Quote:

Originally Posted by vikash49 (Post 4419329)

I'm picking up a Hyundai Grand i10 car tomorrow.. and an idea just struck me if I could purchase the same with my HDFC Diners Black card? I plan to pay the entire amount before the due date and will not be using their expensive financing.

Spoke to the dealer and initially they demanded 1.25% additional for payment by Credit Card but later agreed to not charge anything additional.

Then spoke to HDFC and they also have no issues with this either.

What would I gain by routing the payment via my Credit Card? I will get 3.3% reward points which equals to almost 20k in value terms.

Any other demerits you can think of?

Nothing that I can think of.
Very rare for Car Dealers to accept full payment through Credit Card.

Quote:

Originally Posted by Mishrap (Post 4419117)

For Stan Char Titanium it seems 750/- is min swipe amount.
Is there any minimum amount to be swiped for this card to get points ?
Thanks.

Minimum is 400 or 500 . think so. Below that fuel surcharge is levied, subject to a minimum of Rs 10+ GST

For fuel, telecom and electricity payments No points in Super value titanium card.

Annual fee is waived off, if the total value of transactions in a year is above 60k

Other than cashback , points on this card is useless @1 point for Rs150. Each point value less than 20p.

Cashback is good feature

Quote:

Originally Posted by vikash49 (Post 4419329)

Any other demerits you can think of?

Not sure how prevalent chargebacks are in India but that's a risk for the merchant. You may initiate chargeback once you buy the car which goes through a time consuming dispute resolution process for the merchant. Even if they all have supporting documents, the money won't be released until the process is completed. I have seen US merchants not accept Credit Cards for very high value transactions because of that.

Quote:

Originally Posted by vikash49 (Post 4419329)

Hi Vikash

Any update on your endeavor?
A little late, but a possible demerit I think of is that is HDFC Diners has a cap on earning points. For e.g. the maximum points one can earn in a transaction is say 10000 or so.

Quote:

Originally Posted by turbospooler (Post 4422727)

Yes, it all went through smoothly. I was wary of this condition so divided the payment into three parts and each of these will be taken as a separate transaction :)

Quote:

Originally Posted by antz.bin (Post 4427243)

I had a query. Will getting 3 new credit cards within the span of 1 month adversely affect my credit score?

Not by much, but it will. Because it shows credit hungriness, high dependency on credit - which is a negative factor with respect to credit scores. There should always be gap (at least a month) between new applications.

I applied for HDFC Regalia recently and my application was disapproved.

As usual, banks will never give a proper reason for disapproval. Any idea what it could be?

My credit score is above 800. Enough credit history available with Home Loan & SBI Elite Card usage for the last 6-7 years. Have not defaulted on any due date of CC or Loan or anything else. All the other eligibility were being fulfilled. On the website, after undergoing 'Check Eligibility', it recommended Regalia and still got disapproved. :Frustrati

Initially, I wash pushing for Diner's black although I wasn't eligible for that on the Net Monthly Income front for it.

HDFC is turning out to be one of the most arrogant banks in India, if not there already. I have had my account with HDFC for over 5 years now and been holding Diners Rewardz card for 3 years. Due to significant usage of credit card, I asked for upgrading the credit card which was outright rejected. I then tried going through the route of Preferred Banking to get Diners Black and HDFC rejected Preferred Banking request because my Prime Banking RM did not want me to upgrade. I wrote several emails but my RM replied on my behalf that I am happy with Prime Banking and do not want Preferred Banking.

Since this episode last year, I have stopped using HDFC credit card altogether diverting expense to other cards which have better benefits.

Guys,

Something very scary happened to me last week,

I have a Axis bank card and it had an outstanding of 21k. I paid 21K but only 13k got added to my credit limit.

I called them and they kept saying that its because of some charges and when I asked him to show this on my statement he just put me on hold and came back and told me that it has been added to my credit limit :eek:

I am more worried now, does this happen to others as well?

It goes without saying that one needs to go through the statements with a fine comb every month.

Pramod

Quote:

Originally Posted by rajesh1868 (Post 4427530)

Any idea if HDFC auto renews cards? Do I need to specifically write to them not to renew this?

Yes, HDFC renewed my Diners Club card automatically when old one expired. The new card has same card number with new validity and CVV. I guess you will need to write to HDFC in case you don't want to receive new card.

Quote:

Originally Posted by antz.bin (Post 4427243)

I had a query. Will getting 3 new credit cards within the span of 1 month adversely affect my credit score?

Yes, Because there will be multiple credit checks performed in a short period of time which directly impacts Credit score.

However, it should recover within 2-3 months IMO.

Quote:

Originally Posted by tejas08 (Post 4427416)

Do you have an existing HDFC credit card? Or do you have a corporate card issued by HDFC?
If that is the case, then they tend to reject the application.
I am a Preferred Customer stuck with a Corporate Card (can't get rid of it), yet they won't issue me a personal card despite my RM saying so.