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Old 11th April 2021, 16:46   #4306
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Default Re: The Credit Card Thread

Need an advice.
I have been using CC since more than 20 years now and I had never missed my payment before due date. So, I have no idea on how this late payment fee thing works.
But, it happened this month for my ICIC Amazon Pay CC. Total due amount was 19717. Due date was 6th April. Late payment fee of 750 (plus GST 135) has been charged on 9th April.
I saw this charge today and I made the payment (including late payment fee) immediately.
I would like to know, how this late payment fee is calculated? And do I needed that payment to be done on 9th? If so, will I be charged again for 2 days as I made the payment on 11th?
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Old 11th April 2021, 16:53   #4307
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Quote:
Originally Posted by kavensri View Post
Need an advice.
I have been using CC since more than 20 years now and I had never missed my payment before due date. So, I have no idea on how this late payment fee thing works.
But, it happened this month for my ICIC Amazon Pay CC. Total due amount was 19717. Due date was 6th April. Late payment fee of 750 (plus GST 135) has been charged on 9th April.
I saw this charge today and I made the payment (including late payment fee) immediately.
I would like to know, how this late payment fee is calculated? And do I needed that payment to be done on 9th? If so, will I be charged again for 2 days as I made the payment on 11th?
If you are a long standing customer with perfect payment history, then they may reverse the late payment fee.

You have to contact them on the number provided on the card and make a case to reversal.

I have also been a card user for over 20 years, and had late payment slapped on a couple of times. Every time I contacted the help line a made my case - long standing customer, perfect payment records etc etc, and they relented and reversed the charges.
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Old 11th April 2021, 18:08   #4308
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Originally Posted by kavensri View Post
Due date was 6th April. Late payment fee of 750 (plus GST 135) has been charged on 9th April.
As Aroy said you should attempt to get the fee reversed but i think there can be an interest charge as well that may get added to your next statement. In such cases best to pay some additional 2-3k surplus and not use the card till the next statement. The late fee, if i am not wrong is an administrative fee and does not include the interest that will be part of your next statement, charging you interest on all spends from day 1 of this current statement period.
It is best to get this late payment incident rolled back.
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Old 11th April 2021, 18:16   #4309
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Default Re: The Credit Card Thread

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Originally Posted by Aroy View Post
If you are a long standing customer with perfect payment history, then they may reverse the late payment fee.
Quote:
Originally Posted by diyguy View Post
As Aroy said you should attempt to get the fee reversed but i think there can be an interest charge as well that may get added to your next statement. In such cases best to pay some additional 2-3k surplus and not use the card till the next statement. The late fee, if i am not wrong is an administrative fee and does not include the interest that will be part of your next statement, charging you interest on all spends from day 1 of this current statement period.
It is best to get this late payment incident rolled back.
Thanks for the information. Especially the one about the 'interest' part.
First I will definitely try to get this charge reversed. But if it does not work, then i will make sure that i will pay some surplus amount to cover any possible interest on the late payment.
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Old 11th April 2021, 18:31   #4310
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Default Re: The Credit Card Thread

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Originally Posted by kavensri View Post
Thanks for the information. Especially the one about the 'interest' part.
First I will definitely try to get this charge reversed. But if it does not work, then i will make sure that i will pay some surplus amount to cover any possible interest on the late payment.
Ask them to reverse the interest as well. Given your credit history they should oblige. If they insist, tell them you will pay interest and cancel the card.
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Old 13th April 2021, 12:11   #4311
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Default Re: The Credit Card Thread

I have recieved a notice from Income Tax Dpt saying my credit card usage from 1April 2019 to 31st March 2020 was 26lacs. On checking it only comes to 11.20lacs . I have been writing email for past two weeks to HDFC Credit card and various email ids as provided on website and also approached multiple times local branch where i have savings account but have had no response. With no support from HDFC i am staring at a huge penalty for no fault of mine. I have been HDFC CC / Savings Ac customer for over 10yeasr now and hold Regalia card . Can someone throw light on what are my options . Rgds
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Old 13th April 2021, 12:20   #4312
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I have recieved a notice from Income Tax Dpt [...] With no support from HDFC i am staring at a huge penalty for no fault of mine.
What is the "penalty" you are talking of? Never heard of it.

They might choose to scrutinise your return. Just turn up at the hearing with copies of all your credit card statements for the AY and prove to them that you spent only a lower amount, the bank has mucked up?
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Old 13th April 2021, 12:23   #4313
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Originally Posted by Trust_In_Thrust View Post
I have received a notice from Income Tax Dpt saying my credit card usage from 1April 2019 to 31st March 2020 was 26lacs. With no support from HDFC i am staring at a huge penalty for no fault of mine.
Quote:
Originally Posted by binand View Post
What is the "penalty" you are talking of? Never heard of it.

They might choose to scrutinise your return. Just turn up at the hearing with copies of all your credit card statements for the AY and prove to them that you spent only a lower amount, the bank has mucked up?
In addition to above, it will be useful if you can check your credit score report and see if there is any other credit card issued against your name whose spent might be added to your PAN.

With this credit report and your statement of accounts (All accounts - HDFC and non-HDFC) and credit card statements (Available thru internet banking and in your email inbox), you can approach the assessing officer and clear the matter.

Last edited by roamer012 : 13th April 2021 at 12:24.
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Old 14th April 2021, 09:13   #4314
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Quote:
Originally Posted by kavensri View Post
But, it happened this month for my ICIC Amazon Pay CC. Total due amount was 19717. Due date was 6th April. Late payment fee of 750 (plus GST 135) has been charged on 9th April.
Another reason to have this reversed is to prevent this from getting on your credit score.

Quote:
Originally Posted by Trust_In_Thrust View Post
I have recieved a notice from Income Tax Dpt saying my credit card usage from 1April 2019 to 31st March 2020 was 26lacs. Can someone throw light on what are my options . Rgds
Why is this a concern ? What does the notice say ? Secondly, credit provider has no role to play in this. This is an observation of the tax department. Write to them or visit them in person. Consult a CA.
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Old 14th April 2021, 10:31   #4315
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Quote:
Originally Posted by Trust_In_Thrust View Post
I have recieved a notice from Income Tax Dpt saying my credit card usage from 1April 2019 to 31st March 2020 was 26lacs. On checking it only comes to 11.20lacs . I have been writing email for past two weeks to HDFC Credit card and various email ids as provided on website and also approached multiple times local branch where i have savings account but have had no response. With no support from HDFC i am staring at a huge penalty for no fault of mine. I have been HDFC CC / Savings Ac customer for over 10yeasr now and hold Regalia card . Can someone throw light on what are my options . Rgds
IT department indulging in a "fishing" exercise once in a while. The idea is to catch big card spenders who have not declared income to the tune of their spending. They also try to intimidate tax payers into giving them a bribe to rectify "their mistake".

I suggest that you write them a reply to the notice, enclosing all the CC spend statements, and the total spend as per your calculations.

1. Collect the CC spend from the monthly statements.
2. Create a spread sheet to tabulate spends over various CC.
3. Add interest received (if any) from bank deposits.

Attach the CC statements and a PDF of your worksheet along with the reply to the notice.

If the notice has an option of visiting the assessment officer, do so along with printed copies of what ever you have sent by mail. If they still insist on the amount of spends and penalty, simply file an appeal.

Last edited by Chetan_Rao : 14th April 2021 at 10:43. Reason: Typos
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Old 14th April 2021, 16:58   #4316
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Originally Posted by vinu_h View Post
Another reason to have this reversed is to prevent this from getting on your credit score.
Understood your point.
I spoke to the CC representative and the person has agreed to reverse this fee. I need to wait for 4 working days to see it being reflected in my account.
Thanks everyone with your suggestions.
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Old 15th April 2021, 21:54   #4317
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Default Re: The Credit Card Thread

Citigroup exiting consumer retail market in India. Does that mean credit cards as well? I use the Citibank Prestige as my primary card. Time to think to changing to others?

https://www.cnbc.com/2021/04/15/citi...s-1q-2021.html

Last edited by GTO : 16th April 2021 at 08:13. Reason: Fixing url
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Old 16th April 2021, 08:02   #4318
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Citigroup exiting consumer retail market in India. Does that mean credit cards as well?
Yes, looks like. Retail banking is savings/current accounts, credit cards, retail loans (personal, auto... ) , branches and ATMs and all suchlike. As a Citi customer of 20+ years this is a bummer.

All the above will be sold / transferred to another bank is my guess. But I doubt the benefits package will be comparable. Let us wait for more details.

They plan to continue WMS though. So hopefully Citigold will continue in some shape or form.
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Old 16th April 2021, 09:24   #4319
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As a Citi customer of 20+ years this is a bummer.
Same here, I have my salary account with Citibank since 1998 and I may have to think about moving it to ICICI or HDFC now. I also have Indian Oil CC, but I am rarely using it these days. So, I am not worried even if i have to let it go.
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Old 16th April 2021, 10:15   #4320
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Citigroup exiting consumer retail market in India.
Quote:
Originally Posted by binand View Post
As a Citi customer of 20+ years this is a bummer.
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Originally Posted by kavensri View Post
Same here, I have my salary account with Citibank since 1998 and I may have to think about moving it to ICICI or HDFC now.

Wait for the details to emerge and also see who is going to Buy it. Some large bank will do. Citi has had good customers (including myself ) for many years now. I expect a good bank to take it over and the transition should be smooth. At best we may get a new login id or cheque book or card. Will be better than running around and trying to switch on your own.

It may even take more than a year for it to actually happen. We never know. This is a global announcement but each country will need its own time to compete the due process.
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