[Phoenix_VR]

Hello Everyone,

I need some inputs on which CC might suit my needs based on your experience.

I would be renting a house for the first time and wood be needing to furnish the entire house with the usual electronic items for household needs as well as the furniture etc.

My plan is to buy as much as possible on credit card using no cost EMI but would pay the entire amount and not just the minimum balance due at the end of each cycle with my savings.

This was I can earn a big chuck of cashback and points to redeem later and improve my credit score rather than buying everything by paying the full amount upfront.

I have been waiting for the RBI to remove the ban on new CC issue on HDFC for quite sometime since I have a salary account there. At this stage I'm running out of time since I need to start by August.

Looking forward for your valuable inputs. TIA

[fazayal]

Originally Posted by Phoenix_VR

Hello Everyone,

I need some inputs on which CC might suit my needs based on your experience.

I would be renting a house for the first time and wood be needing to furnish the entire house with the usual electronic items for household needs as well as the furniture etc.

My plan is to buy as much as possible on credit card using no cost EMI but would pay the entire amount and not just the minimum balance due at the end of each cycle with my savings.

This was I can earn a big chuck of cashback and points to redeem later and improve my credit score rather than buying everything by paying the full amount upfront.

I have been waiting for the RBI to remove the ban on new CC issue on HDFC for quite sometime since I have a salary account there. At this stage I'm running out of time since I need to start by August.

Looking forward for your valuable inputs. TIA

If you plan to buy most of the things from Amazon, then close your eyes and get Amazon ICICI Bank Credit Card. You would get 5% flat cash back on all Amazon purchases. Other than that you would get 1% cash back on every other purchase other than fuel. Of you pay bills through Amazon App you would get 2% cash back plus the usual offers they keep on running.

[pandey.jai]

Originally Posted by Phoenix_VR

My plan is to buy as much as possible on credit card using no cost EMI but would pay the entire amount and not just the minimum balance due at the end of each cycle with my savings.

I may be wrong about this but the no cost EMIs still cost you 18% GST because it’s a service you are provided by the card company. Probably something you should keep in mind (and do some research on, because like I said, I may be wrong here).

[mukeshgoel]

Originally Posted by pandey.jai

I may be wrong about this but the no cost EMIs still cost you 18% GST because it’s a service you are provided by the card company.

18% GST is only on the interest and not on EMI.

Interest amount is already reimbursed at the time purchase.

[Aroy]

Originally Posted by pandey.jai

I may be wrong about this but the no cost EMIs still cost you 18% GST because it’s a service you are provided by the card company. Probably something you should keep in mind (and do some research on, because like I said, I may be wrong here).

I have gone for two major purchase at no-cost EMI. The deal, at least for ICICI is as follows
. Instant discount of upto 3,000.
. Interest returned after 3-4 months.
. GST on interest has to be borne by you.

Al that you loose is the interest (on the EMI interest) for 3-4 months.

[IamNikhil]

Originally Posted by Phoenix_VR

Hello Everyone,

I need some inputs on which CC might suit my needs based on your experience.

I would be renting a house for the first time and wood be needing to furnish the entire house with the usual electronic items for household needs as well as the furniture etc.

My plan is to buy as much as possible on credit card using no cost EMI but would pay the entire amount and not just the minimum balance due at the end of each cycle with my savings.

This was I can earn a big chuck of cashback and points to redeem later and improve my credit score rather than buying everything by paying the full amount upfront.

I have been waiting for the RBI to remove the ban on new CC issue on HDFC for quite sometime since I have a salary account there. At this stage I'm running out of time since I need to start by August.

Looking forward for your valuable inputs. TIA

HDFC is hands-down the best of the lot; but since they aren't issuing new cards at the moment, that's a bummer. You can opt for ICICI or SBI Credit Card, both have good offers round the year, and have tie-ups with multiple online portals.

[libranof1987]

Originally Posted by Phoenix_VR

My plan is to buy as much as possible on credit card using no cost EMI but would pay the entire amount and not just the minimum balance due at the end of each cycle with my savings.

This was I can earn a big chuck of cashback and points to redeem later and improve my credit score rather than buying everything by paying the full amount upfront.

Don't know about other banks but from what I see on my statements, you don't get points on no-cost EMI transactions on HDFC. (HDFC has no-cost EMI on six months' tenure). I could and intended to buy both the products that I did on the no-cost EMI option at full price but was persuaded by the sales guy to go for it since I had nothing to lose. I thought opportunity cost yadi yada and took it up. Must've lost on a LOT of points.

The Amazon ICICI card is a good option; you can time your purchases with the various sales on Amazon and maximize cashback.

Another option is the StanC Ultimate.

[IamNikhil]

Originally Posted by libranof1987

Don't know about other banks but from what I see on my statements, you don't get points on no-cost EMI transactions on HDFC. (HDFC has no-cost EMI on six months' tenure). I could and intended to buy both the products that I did on the no-cost EMI option at full price but was persuaded by the sales guy to go for it since I had nothing to lose. I thought opportunity cost yadi yada and took it up. Must've lost on a LOT of points.

This happened with me recently while buying an AC from Reliance Digital. By force of habit, didn't even look at the financing option, but went for the No-Cost EMI since the Sales Guy was too persuasive. Need to check the statement regarding the points now. Losing points is surely a bummer

[Pancham]

Yea, you don’t get points/cash back on zero interest EMIs.

[livelyyoungman]

I am an avid user of CC. Owning quite an handful of them. If one uses CC judiciously, then they are definitely a boon and not a bane. I own and use the following among my cards frequently HDFC, ICICI and SBI. All these have their pros and cons. For e.g. SBI has the BT on EMI feature which is very useful in case of emergencies. Suggest everyone to choose a card that is beneficial for the individual.

[vinu_h]

Source

One of the major difference between a RuPay card, An American Express Credit card, a MasterCard and a Visa debit card is the operating cost of these cards. Since RuPay supports transactions, only within India, the merchants and the banks pay less service charge to the payment gateway as compared to other cards, which are all international payment systems.

If so, then, why are vendors not preferring Rupay ? I can understand large players having tie ups with Visa/Mastercard/Amex but what's stopping local shops from preferring Rupay or UPI ? Lifecare medicals close to where I live, offers 20% discount when paid by cash / UPI. 15% when done by Rupay and 10% when done by other credit cards.

[vinu_h]

Originally Posted by kavensri

You are correct. I didn't realize that till i saw your message here.

Even I think so. So, i am waiting for my billing cycle.

Originally Posted by mukeshgoel

Even I saw it in my ICICI app that no points shown for Amazon purchases.

Statement received. Must be an app issue. Points are as advertised.

[mukeshgoel]

Originally Posted by vinu_h

Statement received. Must be an app issue. Points are as advertised.

Yes.

I also got my statement and in fact, reward points have also been added to my Amazon Pay balance this morning.

[diyguy]

Is there any extra benefit paying EB via credit card? I dont see the option on smartbuy. I usually pay direct via bank account but thought would check if any way to rack up points or cash back of some sort exists these days.

[whitewing]

Originally Posted by diyguy

Is there any extra benefit paying EB via credit card? I dont see the option on smartbuy. I usually pay direct via bank account but thought would check if any way to rack up points or cash back of some sort exists these days.

I assume your CC is from HDFC? If so, you can pay via the payzap app (CC linked to the payzapp account). They have been giving 5% cashback for some months now. There was a max ceiling for the cashback (rs200/250).