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Old 22nd March 2020, 08:52   #3586
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Re: The Credit Card Thread

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Originally Posted by JMaruru View Post
Does ICICI provide credit cards for a NRI? I have an existing relationship with them in terms of a bank(20+ years) and housing loan(15+ years) account.

Some of these posts on the thread, making me have a card for expenses when I will be in India.
I think cards for NRIs is usually against fixed deposit collateral only. Unlikely you will get a card purely based on any other banking relationship.
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Old 27th March 2020, 10:30   #3587
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Re: The Credit Card Thread

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Originally Posted by tejas08 View Post
... HDFC credit cards.
Do you have any idea, whether HDFC have done any changes recently for conversion from reward points to cash?
Why I am asking is, till last month I saw that the conversion rate was 0.5 (1Point = 50Paise). But, today when I checked it is showing conversion rate of 0.3?

Note: This is for Diners Black.
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Old 27th March 2020, 10:52   #3588
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Re: The Credit Card Thread

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Originally Posted by JMaruru View Post
Does ICICI provide credit cards for a NRI? I have an existing relationship with them in terms of a bank(20+ years) and housing loan(15+ years) account.
Some of these posts on the thread, making me have a card for expenses when I will be in India.
Axis Bank issued me a Credit card because of my long standing account with them and my financial relationship with the bank.
I have to sign an undertaking that the total dues will be debited automatically from my NRE Account at the due date.
I am sure you should be able to avail a card from ICICI.

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Originally Posted by narayan View Post
I think cards for NRIs is usually against fixed deposit collateral only. Unlikely you will get a card purely based on any other banking relationship.
This is at the discretion of the relationship manager and bank manager. I have no FD or loans with them. Just my salary account in NRE.
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Old 27th March 2020, 11:52   #3589
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Re: The Credit Card Thread

Please excuse me if this is the wrong thread to discuss.

About four years ago, I got my first credit card from HDFC, with a limit of about 80 odd thousand. With time, bank offered to upgrade my limit and is currently more than 3 times the original limit. They keep offering me to increase it even further but I have been declining them for a year now.

Now the problem. In these four years, the maximum credit limit I have used is about 60 odd thousand while my average spend would be about 30k per month. Looking at the current limit on my card, this is much less than 20% of the limit.

Few months ago, I started using the CRED app where they offered to show my credit score from Experian and CRIF. Experian score was above 800 and showed very good track record. CRIF score was 650! Reason as per CRIF, I was using a significant chunk of my credit limit i.e. 30-40k out of 80k limit. So all this while, CRIF doesn't know my limit was enhanced.

Spoke to my HDFC RM and they were helpless. They say their system has the correct credit limit reflected. They were also happy to give me a letter stating my credit limit. But I was still worried and since then, have stopped using the CC. I do less than 5k per month now. My CRIF score has also increased to 706. Should I be worried about this falling credit score? How authentic is CRIF score? I don't have any loans till date but have to take a home loan in the coming months, hence my concern.

I was thinking of applying a fresh credit card from HDFC. A fresh card with a limit of 4-5L (whatever bank gives me) should take care of this problem, isn't? I don't need a credit card as such and it is just good to have for such rare occasions.

Last edited by ashis89 : 27th March 2020 at 11:55.
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Old 27th March 2020, 12:02   #3590
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Re: The Credit Card Thread

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Originally Posted by ashis89 View Post
They keep offering me to increase it even further but I have been declining them for a year now.
If you want your credit card to get upgraded, taking the bank's offer for credit limit enhancement is critical. Banks offer the enhancement when they see you as a good customer. And credit card upgrades are typically dependent on how high your credit line is.

Also, PaisaBazaar offers free credit score. You can check it there as well for correct data being considered.
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Old 27th March 2020, 12:18   #3591
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Re: The Credit Card Thread

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Originally Posted by ashis89 View Post
Please excuse me if this is the wrong thread to discuss.


Now the problem. In these four years, the maximum credit limit I have used is about 60 odd thousand while my average spend would be about 30k per month. Looking at the current limit on my card, this is much less than 20% of the limit.
More you spend off the limit, lesser will be your score.
If you are spending up and above 70% of your credit in a month your credit score will go down. You either have to up your credit limit or opt for one more card.
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Old 27th March 2020, 12:54   #3592
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Re: The Credit Card Thread

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Originally Posted by libranof1987 View Post
Banks offer the enhancement when they see you as a good customer. And credit card upgrades are typically dependent on how high your credit line is.

Also, PaisaBazaar offers free credit score. You can check it there as well for correct data being considered.
Thanks. I looked up my credit report on PaisaBazaar. As per the report, the sanctioned credit limit against my credit card is 85k (which was the limit at the time of issue). Since then, the bank has enhanced my limit thrice and is 3.9L today. This new limit is not reflected in my report and does adversely impact my score. How to fix this?

Quote:
Originally Posted by _chikku View Post
More you spend off the limit, lesser will be your score.
If you are spending up and above 70% of your credit in a month your credit score will go down. You either have to up your credit limit or opt for one more card.
I had been spending less than 20% of the new sanctioned limit on my card. But the credit bureau report shows my old credit limit. As per this old limit, my spending was about 50-60% of the limit. Any thoughts how this can be fixed?
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Old 27th March 2020, 13:20   #3593
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
Do you have any idea, whether HDFC have done any changes recently for conversion from reward points to cash?
Why I am asking is, till last month I saw that the conversion rate was 0.5 (1Point = 50Paise). But, today when I checked it is showing conversion rate of 0.3?

Note: This is for Diners Black.
Yes. Recent devaluation of Reward Points for statement credit. HDFC is trying to Discourage people from taking statement credit.

Quote:
Originally Posted by ashis89 View Post
Few months ago, I started using the CRED app where they offered to show my credit score from Experian and CRIF. Experian score was above 800 and showed very good track record. CRIF score was 650! Reason as per CRIF, I was using a significant chunk of my credit limit i.e. 30-40k out of 80k limit. So all this while, CRIF doesn't know my limit was enhanced.

Spoke to my HDFC RM and they were helpless. They say their system has the correct credit limit reflected. They were also happy to give me a letter stating my credit limit. But I was still worried and since then, have stopped using the CC. I do less than 5k per month now. My CRIF score has also increased to 706. Should I be worried about this falling credit score? How authentic is CRIF score? I don't have any loans till date but have to take a home loan in the coming months, hence my concern.

I was thinking of applying a fresh credit card from HDFC. A fresh card with a limit of 4-5L (whatever bank gives me) should take care of this problem, isn't? I don't need a credit card as such and it is just good to have for such rare occasions.
The only score in India you should be concerned about is the CIBIL score. Experian, CRiF etc are private institutes.

Applying for a new credit card from HDFC itself doesn't make sense. You would rather benefit from applying for a credit card from some other bank and keeping the existing HDFC credit card. Take up Credit limit enhancement as and when you get it. Never let it go. CLE is a stepping stone for credit card upgrades. Here's some more insight on credit score and the factors that affect the credit score

http://luxurylifeonbudget.com/blog/w...oes-it-matter/

Quote:
Originally Posted by ashis89 View Post
Thanks. I looked up my credit report on PaisaBazaar. As per the report, the sanctioned credit limit against my credit card is 85k (which was the limit at the time of issue). Since then, the bank has enhanced my limit thrice and is 3.9L today. This new limit is not reflected in my report and does adversely impact my score. How to fix this?
So what was your credit score on Paisa Bazaar?
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Old 27th March 2020, 13:37   #3594
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Re: The Credit Card Thread

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Originally Posted by tejas08 View Post
The only score in India you should be concerned about is the CIBIL score. Experian, CRiF etc are private institutes.
Thanks.

Quote:
Applying for a new credit card from HDFC itself doesn't make sense. You would rather benefit from applying for a credit card from some other bank and keeping the existing HDFC credit card.
Okay. The only reason I wanted to go for another card - this card will be a new entry in my credit report and it will have a bigger credit limit (as per my current credibility).

Quote:
Take up Credit limit enhancement as and when you get it. Never let it go. CLE is a stepping stone for credit card upgrades.
Noted. I have accepted the CLE for now. However my main problem is this new credit limit not reflecting in my credit report. Hence, I feel the CLE is worthless for me as I can't use the card without spoiling my score.

Quote:
So what was your credit score on Paisa Bazaar?
Cibil - 784
CRIF - 706
Experian - 858

The scores match the CRED app report. However the cibil report shows my credit limit as 85k while it has already been enhanced multiple times by the bank to current value of 3.9L. See below:

The Credit Card Thread-credit-report.png


PS: In the past 4-5 months, I have reduced the usage on my card to 5-10k per month. This could be a reason my score has improved as this 10k pm spend is within reasonable range of the 85k limit.
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Old 27th March 2020, 18:12   #3595
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Re: The Credit Card Thread

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Originally Posted by ashis89 View Post
Okay. The only reason I wanted to go for another card - this card will be a new entry in my credit report and it will have a bigger credit limit (as per my current credibility).

Noted. I have accepted the CLE for now. However my main problem is this new credit limit not reflecting in my credit report. Hence, I feel the CLE is worthless for me as I can't use the card without spoiling my score.
That's what I said. For a new entry in the CIBIL score, get a new credit card from other bank instead of HDFC. The reason for this is continuing with the current HDFC card will help you upgrade to premium cards quickly.

So you get the benefit of new Credit Card reflecting in CIBIL too and maintain long relationship with HDFC also for a card upgrade.
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Old 27th March 2020, 18:36   #3596
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Re: The Credit Card Thread

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Originally Posted by tejas08 View Post

The only score in India you should be concerned about is the CIBIL score. Experian, CRiF etc are private institutes.
Er, CIBIL is just like Experian and the other credit bureaus. Its also a private company. In fact Transunion Cibil is much smaller than Experian. Its just that they started Indian operations before the others and have now become synonymous with Credit ratings especially for individuals.
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Old 27th March 2020, 21:50   #3597
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Re: The Credit Card Thread

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Originally Posted by Lalvaz View Post
Er, CIBIL is just like Experian and the other credit bureaus. Its also a private company. In fact Transunion Cibil is much smaller than Experian. Its just that they started Indian operations before the others and have now become synonymous with Credit ratings especially for individuals.
I know. But at the end of the day, all banks & financing companies look at CIBIL score and not at Experian of CRiF. That is why I mentioned that better to concentrate on CIBIL score only instead of fretting over other scores.
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Old 30th March 2020, 16:40   #3598
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Re: The Credit Card Thread

How to make easy points on Amex MRCC

By now most would be aware of the 4 x 1000 Rs. transactions requirement on MRCC for 1000 Bonus Points. Here's a trick that will get you 12,960 Membership Reward Points for just 508.8 Rs. Add to that, this can get you into a disciplined habit of monthly savings. How?

Use Amex MRCC card for NPS Payments. I do four investments of 1000 Rs. each in NPS (National Pension Scheme) every month. Surely there is a nominal charge for making investments through credit card. This charge is 1.6% including taxes. Hence, for every 1000 Rs. invested, the cardholder must pay a charge of 10.6 Rs.

10.6 Rs. per transaction x 4 Transactions per month x 12 months = 508.8 Rs.

Regular Points - 80 Points per Month
Bonus Points - 1000 Points per month

Total Points Annually - 12,960 Points

Remember, NPS is not a spending. It is an investment. So effectively, the cardholder has only spent 508.8 Rs. for these 12,960 Reward Points.

The icing on the cake. NPS Investment has a Tax Benefit under section 80CCD upto Rs. 50,000. So if you are falling in the highest tax bracket, you have saved Rs. 16,000 (Total Investment of Rs. 48,000 annually) also in the process.

Hungry for some more tricks. Use CRED to make payment for this card. Get an average of 8-10 Rs. back through Kill the Bill Reward.

Do you have some more patience left to carry out more tricks? Pay the bills through CRED 1001 Rs. at a time and get one Kill the Bill Reward for every Rs. 1001 payment you make.

If you are lucky, by end of the year, you will have made 12,960 Points without a Re. spent. In less than two years, you can have points which can get you two Nights stay in Taj, SeleQtions, Vivanta or Marriott Group of hotels.

There are a few arguments from people as to why I should do these transactions when I already have multiple other transactions to cover for the 4 x 1000 Rs. transactions. I will keep it simple. You could save a little more on these same transactions through other avenues. In short, higher savings and earnings.

That's all folks. Don't get too greedy.

Last edited by tejas08 : 30th March 2020 at 16:49. Reason: Added more details
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Old 31st March 2020, 12:46   #3599
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Re: The Credit Card Thread

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Originally Posted by tejas08 View Post

Hungry for some more tricks. Use CRED to make payment for this card. Get an average of 8-10 Rs. back through Kill the Bill Reward.

Do you have some more patience left to carry out more tricks? Pay the bills through CRED 1001 Rs. at a time and get one Kill the Bill Reward for every Rs. 1001 payment you make.
......
That's all folks. Don't get too greedy.
There's still one more way left to pinch a few paisa for the really greedy ones

While paying 1001Rs through cred, use samsung pay UPI and earn 20 reward points. One can use points to buy flipkart vouchers at 4:1 ratio, i.e., 1 Re for 4 points.
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Old 31st March 2020, 14:38   #3600
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Re: The Credit Card Thread

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Originally Posted by tejas08 View Post
Do you have some more patience left to carry out more tricks? Pay the bills through CRED 1001 Rs. at a time and get one Kill the Bill Reward for every Rs. 1001 payment you make.
General question about Cred. I always do the payment in one transaction. Did a 50 k payment yesterday and got 4 kill the bill (30k coins burn, 10 k, 5k, 1k). Would I have gotten more if I pay the bill splitting it. How many parts can you split it maximum.
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