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Old 2nd May 2021, 17:02   #4381
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Default Re: The Credit Card Thread

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Originally Posted by Fordlover88 View Post
Noticed a strange thing yesterday while shopping in amazon with sbi prime credit card.It send's otp in both registered email & phone number. I normally use sms otp & don't usually bother about email otp. Did the same yesterday but while casually browsing through my email i noticed that the email otp didn't match with the sms one. Is this possible? Can two different otp's be used for the same transaction?
Yes, you do receive two OTP which are not the same and they do work. I believe the only reason to have separate OTP is to distinguish the source of the OTP for future reference like fraud transactions.
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Old 2nd May 2021, 18:27   #4382
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Default Re: The Credit Card Thread

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Originally Posted by binoyyj View Post
yesterday I purchased a phone using the card and my credit limit decreased but the outstanding amount is still 0. Why is that?
Typically (and for historic reasons), charging a purchase to a credit card involves two steps: (1) When the merchant checks with the card issuer whether the card has sufficient credit available to make the purchase (called Authorisation), and (2) when the merchant posts the transaction after delivering the purchased product to you to your card account and expects to get paid (called Capture). In many situations, there is a significant time difference between these two steps (for example, Authorisation might happen when you check in to a hotel and Capture, when you check out after you stay maybe several days later). So what card issuers do is to block off the amount mentioned in Authorisation from your credit limit and report the now lower limit to any other merchant who attempts an Authorisation on the same card. They keep the lower limit for a fixed amount of time after which the "hold" on your card credit is released if the merchant did not complete Capture, or post the transaction to your card account if the merchant did complete Capture. In today's always-connected world both these steps occur simultaneously most of the time, but they happening with a lag is also business-as-usual and nothing to worry about (I believe many processors still do separate Authorisation+Capture to avoid certain types of payment failures).

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Originally Posted by binoyyj View Post
What if I made a purchase using Credit Card and cancelled the order? Where does my refund get credited to?
The refund gets credited to your card. So when it is time for you to pay your monthly bill, you have to pay the total of charges less whatever refunds you received (caveats apply, scroll back in this thread for details)
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Old 3rd May 2021, 09:48   #4383
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Default Re: The Credit Card Thread

Strange incident with Std Chartered.

I have the primary and supplementary cards of Standard Chartered Ultimate. By mistake, I had paid excess(2x) of previous month's dues leading to a credit this time. The statement clearly says so. I had called the customer care yesterday to understand the points redemption procedure etc and inquired about the dues as well, when the rep told me that, while put together the 2 cards are in credit, in isolation the supplementary card isn't. We'll be levying penalty etc if you don't pay by the due date(which is today).

Is that how it works ? I thought it's looked as one account and as long as the account is in positive credit, I don't owe them anything for the cycle in question.
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Old 3rd May 2021, 11:48   #4384
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Default Re: The Credit Card Thread

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Originally Posted by vinu_h View Post
I had called the customer care yesterday to understand the points redemption procedure etc and inquired about the dues as well, when the rep told me that, while put together the 2 cards are in credit, in isolation the supplementary card isn't. We'll be levying penalty etc if you don't pay by the due date(which is today).
Please escalate and get a clarification from the bank again. It seems a no-brainer that the supplementary card balance is always a subset of the primary. You only pay one bill a month don't you?
If you are getting separate bills for each card then you don't have a choice and will need to settle the one even if the other is in positive balance.
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Old 4th May 2021, 21:19   #4385
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Default Re: The Credit Card Thread

So Standard Chartered had cancelled my Lifetime free card and issued me a Digismart card. According to their mail:

We take this opportunity to provide you with the key features and fee structure of the new card as below:

Product features:
20 % discount on single transaction per month incurred towards Myntra subjected to a maximum cash back of INR 700 per month
10 % discount on 5 transactions per month incurred towards Grofers subjected to a maximum cash back of INR 1000 per month (Promocode to be used : DIGISMART)
20 % discount on domestic flight bookings (Max - INR 750), 10% discount on international flight bookings (Max - INR 10000) and 25% discount on domestic hotel bookings (Max - INR 4000) done with Yatra (Promocode to be used : DIGISMART)
10 % discount on 5 transactions per month incurred towards Zomato subjected to a maximum cash back of INR 150 per transaction (Promocode to be used : DIGISMART)
Buy one get one offer on purchase incurred with INOX in weekends (Saturday and Sunday) subjected to Maximum INR 200 per transaction and 2 transactions per month. Transaction to be incurred using Standard Chartered Digi Smart credit card at INOX box office, Inox www.inoxmovies.com, mobile app & mobile website.
15 % cashback on 5 transactions per month incurred towards OLA subjected to a maximum cash back of INR 600 per month

Card fee structure:
Maximum 1 supplementary card can be issued.
Monthly charges of INR 49 + GST will be applicable for primary and supplementary cards individually.
Primary Card monthly charges will be waived off within 60days, if customer spends more than INR 5000 in next the calendar month
Supplementary Card monthly charges will be waived off within 60days, if customer spends more than 5000 in next the calendar month.

Funnily I never use any of the features they have enlisted. Only thing I use my card for is fuel and vehicle service. Rarely shopping at malls. No idea why they gave me this card. With a monthly fee to boot.
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Old 4th May 2021, 21:35   #4386
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Default Re: The Credit Card Thread

So, I just received the new IDFC credit card. Touted as "One Card", this is an all metal card embossed with your name and Visa on front and card details on the back. Seems very premium and with some discounts on offer. Promised to be life time free with no added charges whatsoever.
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Old 4th May 2021, 23:27   #4387
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Default Re: The Credit Card Thread

It would be appropriate to deem this as an SOS call.
How do I get a credit card
Inputs from BHPians would be appreciated

I started my career two years back in 2019 after completing my MBA. Nobody in my family owns a credit card as it is looked down upon - same as taking an unnecessary loan. I followed the herd and have been a cash dependent guy always. I was stupid enough to not open a Salary account with SBI (collaboration with my employer) and continue the only bank account I had for my salary. Come Covid and the dependency towards online shopping, I felt I was missing out on a lot of offers/cashbacks & interest free 50 day loans and I felt it was a right time to get a Credit card for myself. Initially I thought it was an easy process as I have all the requisite documents, a decent Salary, but what I did not know was my Zero credit history will make things worse for me.
Till date I've applied through all available banks for a credit card and my application rejected due to zero credit history. This includes IDFC as well as consumer loan through Bajaj Finance everyone outright refused to give me a loan/CC
As a last resort, I bought a cell phone worth 36k on a Debit card EMI through SBI so as to build a credit score. I've just paid one installment and the tenure is 9 months. The last Bank which rejected my CC application was SBI stating my Credit score is <750.

The question is how do I get a credit card as a first time user.
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Old 5th May 2021, 01:10   #4388
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Default Re: The Credit Card Thread

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Originally Posted by TheRajput View Post
It would be appropriate to deem this as an SOS call.
How do I get a credit card
Inputs from BHPians would be appreciated
Didn't know it was that difficult in today's times. I think there are 2 options-either your existing banker gives you credit card since you are using its banking services for your salary. But since it's SBI, I don't know how eager they are to give you a credit card.

The second option is to open a savings account in a private bank and try to get a credit card via them. Typically a relationship manager may act as a help in fastening these cases.
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Old 5th May 2021, 02:53   #4389
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Default Re: The Credit Card Thread

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Originally Posted by TheRajput View Post
It would be appropriate to deem this as an SOS call.
How do I get a credit card
You probably have too many inquiries on your credit score and that messes things up. What bank account do you have salary linked with. If you can't change it just open another account and park some money there.

I'd have just walked into a branch and had that conversation, I don't see them turning down free money. There's also something called credit card against FD so check which banks offer that.
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Old 5th May 2021, 06:30   #4390
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Default Re: The Credit Card Thread

Quote:
Originally Posted by TheRajput View Post
Initially I thought it was an easy process as I have all the requisite documents, a decent Salary, but what I did not know was my Zero credit history will make things worse for me.
Till date I've applied through all available banks for a credit card and my application rejected due to zero credit history.


The question is how do I get a credit card as a first time user.
The answer is you won't get one during these times unless you take a credit card against a FD which is plain stupid considering the interest rates on them.

Even I tried to get one for the first time after the pandemic started. Only tried 3 times and all 3 got rejected. No specific reason is mentioned. They're rejecting all new applicants because of economic uncertainty.

Currently looking at the possibility of continuing a complete debt free life.
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Old 5th May 2021, 07:25   #4391
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Default Re: The Credit Card Thread

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Originally Posted by Turbohead View Post
Currently looking at the possibility of continuing a complete debt free life.
My wife and I live a totally debt free life. Just the feeling of not owning money to anybody is just amazing. The banks dont own me.

I dont think about having to pay my intallments. I can do what I want.
I have a credit card that I use when buying online and for airline tickets and I pay back within the interest free period.

I have a Curve Mastercard that is connected to my debitcard that I use when I travel. This is a debit card. I can withdraw cash from the ATMs abroad without paying any fees. That way I have full control.

https://www.curve.com/

Credit card loan are not free money. They have to be paid back.
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Old 5th May 2021, 08:34   #4392
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Default Re: The Credit Card Thread

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Originally Posted by TheRajput View Post
How do I get a credit card
Unless you have international usage requirements (and some very specific domestic requirements), today in India you actually don't need a credit card. UPI is that pervasive.

I have cut down my credit card usage to these bare minimum use-cases.
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Old 5th May 2021, 09:19   #4393
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Default Re: The Credit Card Thread

Quote:
Originally Posted by TheRajput View Post
The question is how do I get a credit card as a first time user.
In your case, the quickest path to a credit card is the FD route. Almost all banks do it. Ignore the ROI offered for the FD, your goal is to get your credit score up. Once issued, do not cross 40% of your limit and after 6 months apply for another card with another bank. Over a period of 6 months, do not allow more than 3-4 requests on your CIBIL. By the time you reach 750, you'll know better than we do.

There are a ton of sites on this subject. Here's one.
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Old 5th May 2021, 10:49   #4394
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Default Re: The Credit Card Thread

Quote:
Originally Posted by TheRajput View Post
It would be appropriate to deem this as an SOS call.
How do I get a credit card
Inputs from BHPians would be appreciated
I suppose the quickest way is to get a Amazon ICICI card, i.e. if you plan to buy a lot from amazon and are ready to take the prime membership. As far as I know, they give the card to all prime members. I might be wrong and others can chip in, but I haven't heard about amazon card application being rejected.

Even though you might not want to be dependent on credit cards, building a good credit score is unfortunately essential in todays world. It is a rigged game not in the favour of consumers but that's the reality. One never knows when you might have the need to take a loan or need credit; a good credit score would really benefit you. So get a beginner credit card, use it sparingly and pay on time. Within couple of years you will have a good score.

Last edited by click : 5th May 2021 at 10:51. Reason: spelling and grammer
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Old 5th May 2021, 16:06   #4395
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Default Re: The Credit Card Thread

I don't understand why people who seemingly loathe credit cards are on this thread? Living debt-free and using credit cards are totally different things. There are multiple instances, especially during emergencies where credit cards are extremely useful, if not indispensable. For example, recently there was a medical emergency in my family, which required a few lakhs. Instead of running around deciding which FDs to break or which MFs to redeem, I could just swipe the credit card and concentrate on getting the treatment done on time. Once things had settled, I had the time to think and work out the finances in a sensible manner before the card payment was due. If I had to use a debit card or UPI instead, I would have needed the liquid cash to be kept in the savings account, which is plain financial stupidity.
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