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Old 8th November 2020, 13:57   #3961
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Default Re: The Credit Card Thread

Our application for Amazon Pay ICICI card for my wife (working as school teacher for 5 years) didn't go through, so it doesn't seem like a very easy card to get. I only tried because they have been sending invitation emails to her for a few months, not sure why they do that when then can clearly filter based on their criteria. They waste customer time and their own time too (we went through video KYC too).
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Old 8th November 2020, 14:45   #3962
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Default Re: The Credit Card Thread

Hi,

I have been using a basic standard chartered platinum credit card all this while(14 years).

Now I intend to get a new card that helps in these cashbacks (apple , amazon, flipkart offers) , lounge access in domestic and international flights and fuel/grocery cashbacks from big bazaar and likes. Any suggestions which card from hdfc can help with this? I have my salary account in hdfc.

My monthly usage is anything between 20-40k per month usually, so hope that would cover the annual cost part as well?

Thanks in advance!!!
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Old 8th November 2020, 16:13   #3963
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Originally Posted by haridsv View Post
Our application for Amazon Pay ICICI card for my wife (working as school teacher for 5 years) didn't go through, so it doesn't seem like a very easy card to get. I only tried because they have been sending invitation emails to her for a few months, not sure why they do that when then can clearly filter based on their criteria. They waste customer time and their own time too (we went through video KYC too).
I got mine as
1. I had an ICICI bank account
2. ICICI credit card
3. Bought regularly on Amazon

In fact I got the invite while ordering some items on Amazon. The USP was that they will process the card immediately. I got a facsimile of the card in five minutes.
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Old 8th November 2020, 20:56   #3964
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Originally Posted by SoumenD View Post
Hi,

I have been using a basic standard chartered platinum credit card all this while(14 years).

Now I intend to get a new card that helps in these cashbacks (apple , amazon, flipkart offers) , lounge access in domestic and international flights and fuel/grocery cashbacks from big bazaar and likes. Any suggestions which card from hdfc can help with this? I have my salary account in hdfc.

My monthly usage is anything between 20-40k per month usually, so hope that would cover the annual cost part as well?

Thanks in advance!!!
Regalia would be a good starting point.
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Old 13th November 2020, 15:04   #3965
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Originally Posted by Ithaca View Post
In my case, the Prime account is in my father's name and the card is in my name. I make the payments using my card on my dad's prime account. As @Pequod has mentioned, being a prime account, it gets 5% cashback. The amount is directly credited into my father's Amazon Prime Pay balance.
Got my Amazon Pay card yesterday and did a transaction on my friends Prime account. Just to clarify one thing in your above post, which I also confirmed with the customer care executive on call. Only the card holder gets 5% if they have Prime on their account. For everyone else, Prime or not cashback is capped at 3%.

So using it in my non prime account is the same as using it in my friends prime account. I made a purchase of 1399 from his prime and pending cashback is 41 as per customer care which will be credited at end of billing cycle.
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Old 15th November 2020, 15:16   #3966
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Default Re: The Credit Card Thread

Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? It was supposed to be released by 5th Nov.

I got it for all my secondary cards - ICICI, Amex but not on my primary HDFC DB card.

When I called the customer care, they didnt have a clue.
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Old 15th November 2020, 15:20   #3967
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Default Re: The Credit Card Thread

Yes. I did receive for my Regalia. Got an SMS on 10th Nov stating that the amount has been credited on 3rd Nov.
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Old 17th November 2020, 10:01   #3968
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I did a large online transaction close to the end of the statement cycle & cancelled it the same day. The refund however reflects in the next cycle. Would the bank be willing to review the amount payable ? I'll end up with a big surplus next month.
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Old 17th November 2020, 10:48   #3969
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The refund however reflects in the next cycle. Would the bank be willing to review the amount payable?
I don't think it would be a problem because the refund would be considered as a credit/payment on the statement. For example, if you've made 60k worth of purchase in your latest statement, the bank will generate you a 60k bill due amount which has to be paid before the due date. Let's say the refund you're expecting is 50k and it is credited back before this due date, then the 50k is already adjusted and you need to make only the remaining 10k balance as payment.
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Old 17th November 2020, 11:22   #3970
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I don't think it would be a problem because the refund would be considered as a credit/payment on the statement. For example, if you've made 60k worth of purchase in your latest statement, the bank will generate you a 60k bill due amount which has to be paid before the due date. Let's say the refund you're expecting is 50k and it is credited back before this due date, then the 50k is already adjusted and you need to make only the remaining 10k balance as payment.
It is not quite that simple. Many banks do not adjust credit against current bill and will charge you interest if it is not paid in full (inspite of a credit balance after the bill was generated).
If you have a large credit then your best recourse is to contact the credit card help line. They will in most cases adjust the credit balance against the current bill, but do not bet on it.
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Old 17th November 2020, 11:41   #3971
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Originally Posted by vinu_h View Post
I did a large online transaction close to the end of the statement cycle & cancelled it the same day. The refund however reflects in the next cycle. Would the bank be willing to review the amount payable ? I'll end up with a big surplus next month.
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Originally Posted by logicalidiot View Post
I don't think it would be a problem because the refund would be considered as a credit/payment on the statement.
It is not that straightforward.

The "Outstanding" in your statement is your liability. If your statement reflects the large transaction then it is something you have to pay up (and is reflected in minimum due and interest calculations).

Most card providers have language in their T&C that only payments that you trigger are counted towards "card payment" and not refunds and other credits. So the refund that you got is not considered as a payment.

So, if I were you I'd do this:
  1. Take sum of all charges excluding the large payment. If this is below minimum due, make payment of minimum due. Else, make payment of this amount.
  2. Allow the refund to be accounted for as per bank's policies.
  3. Next statement, whatever I paid (see above) plus the refund will cover entire current outstanding. So its outstanding will only be all new charges. And they wouldn't go into rollover credit or interest calculations.
This way, you'll end up with a (small) surplus only if the sum of charges is below your current minimum due.
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Old 17th November 2020, 12:36   #3972
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Default Re: The Credit Card Thread

Quote:
Originally Posted by vinu_h View Post
I did a large online transaction close to the end of the statement cycle & cancelled it the same day. The refund however reflects in the next cycle. Would the bank be willing to review the amount payable ? I'll end up with a big surplus next month.
Quote:
Originally Posted by binand View Post
Most card providers have language in their T&C that only payments that you trigger are counted towards "card payment" and not refunds and other credits. So the refund that you got is not considered as a payment.
In case of HDFC, any credit is counted towards payment. Once, I had made a big purchase and then cancelled it, after the statement generation date but before the payment due date. The cancellation amount was more than the total due of the previous statement and since it got credited to my CC account before the due date, the auto-debit (for the card payment from HDFC bank) didn't trigger. I was expecting to get hit with late payment and interest charges and preparing for a long conversation with the customer care, but that was not required and everything was normal in the next statement.

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Originally Posted by binand View Post
Take the sum of all charges excluding the large payment. If this is below minimum due, make payment of minimum due. Else, make payment of this amount.
This way, you'll end up with a (small) surplus only if the sum of charges is below your current minimum due.
Yes, this is the safest option.
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Old 17th November 2020, 12:51   #3973
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Default Re: The Credit Card Thread

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Originally Posted by dhruvwali View Post
Did anyone get the "Ex-gratia refund" on their HDFC credit card yet? It was supposed to be released by 5th Nov.
I too received this for my HDFC Moneyback CC. Could you please help me understand what exactly this, as I haven't received this in the past.
Also, is this ONLY for CC?

Pardon my ignorance on the subject.
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Old 17th November 2020, 13:15   #3974
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Default Re: The Credit Card Thread

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Originally Posted by haridsv View Post
Our application for Amazon Pay ICICI card for my wife (working as school teacher for 5 years) didn't go through....
It's easier to get if you have a good credit score and have repayed on time. Good score without any credit repayment doesn't go through. Hence I got Kotak CC first. No annual charges, and they give based on FD amount as security deposit and not credit score.

Now I can increase my credit worth using Kotak CC, reapply and possibly get the Amazon one.
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Old 17th November 2020, 15:29   #3975
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Originally Posted by Aroy View Post
Many banks do not adjust credit against current bill and will charge you interest if it is not paid in full
Quote:
Originally Posted by binand View Post
Most card providers have language in their T&C that only payments that you trigger are counted towards "card payment" and not refunds and other credits. So the refund that you got is not considered as a payment.
Thanks for sharing. Maybe not every banks allow this but I think I did do this once with HDFC CC.

But doesn't it make much sense if all the banks allow it? It puts an unnecessary extra burden on the customer when they have to pay for cancelled orders. It blocks their money for a while and kind of defeats the purpose of a credit card in my opinion.

Quote:
Originally Posted by binand View Post
So, if I were you I'd do this....
It makes sense to do this to be on the safer side.

Quote:
Originally Posted by Jaguar View Post
In case of HDFC, any credit is counted towards payment.
Even I've had an similar experience with HDFC but going by the above posts it looks like it differs between banks.

Quote:
Originally Posted by ashvek3141 View Post
Could you please help me understand what exactly this, as I haven't received this in the past.
This was passed by the finance minister recently to provide some relief for any interest accrued during the lockdown period. Basically, this scheme grants ex gratia payment of the difference between compound interest and simple interest for six months loan moratorium period starting from March 1st - August 31st 2020 to borrowers in specified loan accounts. This is being credited to all folks whether they availed the moratorium or not.

Quote:
Also, is this ONLY for CC?
Nope, it covers most of the loans including Credit Card EMI's, Automobile Loan, Education Loan, Housing Loan etc.
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