[AZT]

IDFC credit cards are starting a reward poora redemption charge of 99 post October. Also the cards have been devalued recently.

Redemption charges start from October 1st, 2022. and devaluation has kicked in from the 17th of May.

[SoumenD]

Originally Posted by SoumenD

My only gripe is the low limit initially for first 6 months. Waiting for 3 more months to see if they actually increase it depending on spending pattern as promised by customer care executive.

Update: Almost forgot about the limit issue as flipkart axis card became my primary card due to better limit and cashback options. Use this only for amazon shopping & utility bill payments. However I noticed my limit in this icici amazon card has been increased substantially. Although I am not increasing and limiting it to the initial small limit itself.

[praveen789]

Originally Posted by SoumenD

Update: Almost forgot about the limit issue as flipkart axis card became my primary card due to better limit and cashback options. Use this only for amazon shopping & utility bill payments. However I noticed my limit in this icici amazon card has been increased substantially. Although I am not increasing and limiting it to the initial small limit itself.

Any particular reason you are not increasing the limit? From what I understand, percentage utilisation of credit limit is one of the factors that affect credit score so having a higher limit automatically reduces the percentage utilised so that is a good thing right? I opted for an almost 4x increase in limits offered by Amazon Pay credit card.

[SoumenD]

Originally Posted by praveen789

Any particular reason you are not increasing the limit? From what I understand, percentage utilisation of credit limit is one of the factors that affect credit score so having a higher limit automatically reduces the percentage utilised so that is a good thing right? I opted for an almost 4x increase in limits offered by Amazon Pay credit card.

Actually I don’t need it anymore. Amazon shopping is under 5k in any given month so that’s anyways under 10% utilisation. My majority is on FK or other apps where I use FK axis card and that too has high limit (of which i utilize maybe 20% max). Then I have a 3rd card which is smused only for filling fuel once a month. So increasing this limit isn’t going to help/harm my credit score that’s already 850+

[praveen789]

Originally Posted by SoumenD

Actually I don’t need it anymore. Amazon shopping is under 5k in any given month so that’s anyways under 10% utilisation. My majority is on FK or other apps where I use FK axis card and that too has high limit (of which i utilize maybe 20% max). Then I have a 3rd card which is smused only for filling fuel once a month. So increasing this limit isn’t going to help/harm my credit score that’s already 850+

Ok. It might not make much sense in your case as your utilisation is already low and you have a good score. But just FYI, the utilisation is based on the sum total of all cards and not just for the card you are using.

'the credit utilisation ratio, sometimes called credit utilisation rate, is the amount of credit you’re using to the total amount of available revolving credit. This means the total credit you owe on all your credit cards to the total credit limit available on all your credit cards.'

Source: https://www.bankbazaar.com/credit-ca...ion-ratio.html

[tejas08]

Here's what Credit Cards can get you!

78,000 Infinia Points + Rs. 4,440

The result is a Business Class Return ticket from Mumbai to Bali on Singapore Airlines with an experience of Business Class of three different Singapore Airlines Aircrafts

Airbus A380-800
Boeing 787-1000
Airbus A350-900

Also, I got access to the Business Class Lounges on Mumbai, Singapore & Bali Airports which no credit card can get you.

Here are some images in the following order:

- Adani Lounge Mumbai International Terminal
- A380-800 Business Class
- Changi Airport SilverKris Lounge
- A350-900 Business Class

[Ithaca]

For folk / members who are using CRED

Link: https://twitter.com/abhymurarka/stat...kR2OoL5vCe4NcQ

[top_gear]

Happened to you as well?

10 Apr 22 - I do online transaction for Rs 5000.
15 Apr 22 - My credit card statement generated. There is only one transaction done (10 May 22) and nothing else. Total Outstanding : Rs 5000.
20 Apr 2022 - I cancel 10 Apr 22 transaction of Rs 5000 and i can see reversal of Rs 5000 in current statement to be billed.

My outstanding in mobile app starts showing "Zero" outstanding. (-5000+5000=0)

So i don't make any credit card payment.

On 15 May 22, credit card company charges me with Late Fees and interest on Rs 5000 towards non payment.

After calling customer care, they tall me reversal of transaction is not considered as payment of credit card outstanding.

Solution given by card company : Pay all penalties and may be they will think of waiver.

My Argument : If i pay Rs 5000 towards outstanding and resersal of Rs 5000 will leave me Rs 5000 blocked on card as credit and i will be forced to use credit card to consume this 5000.

Well, how to tackle this as credit card company says their system is correct and this is how it should work(?)

[Funny]

Originally Posted by top_gear

Well, how to tackle this as credit card company says their system is correct and this is how it should work(?)

Yes this is how CC works. Reversals are generally not considered as payment for already generated bill. As they said, make the total outstanding payment and request them to waive off the late payment charges and also ask them if they can get the reversed amount credited to your bank account since few of the banks have this option available.

[Engine_Roars]

I need to book flight tickets Pune>Delhi>Pune for 3 of us, is there any offer on credit card that I can make use of? I have almost all major bank's credit cards.

[top_gear]

Originally Posted by Funny

Yes this is how CC works. Reversals are generally not considered as payment for already generated bill. As they said, make the total outstanding payment and request them to waive off the late payment charges and also ask them if they can get the reversed amount credited to your bank account since few of the banks have this option available.

Thanks for thoughts.

1. This practice doesn't sound logical from accounting basics perspective.
2. I could not find this in written on their website informing customer specifically about such non recognition of reversal of transaction.
3. Is it in line with RBI guideline at least?

Any other thoughts?

[tejas08]

Originally Posted by top_gear

Thanks for thoughts.

1. This practice doesn't sound logical from accounting basics perspective.
2. I could not find this in written on their website informing customer specifically about such non recognition of reversal of transaction.
3. Is it in line with RBI guideline at least?

Any other thoughts?

There is no RBI Guideline on this part. You have to fight it out with the card issuer only. I would rather suggest to try and talk it out with the card company than pursuing a fight with them.

The key reason is your CIBIL Score. Since, you have not paid the MAD (Refund is not counted towards MAD), the Card Issuer is going to report this as a payment default in CIBIL. One Payment default, takes away around 60-80 points from CIBIL.

So, it is best you try to close this quickly before the Card Issuer reports it (IF they havent already)

[SoumenD]

Originally Posted by Ithaca

For folk / members who are using CRED

Link: https://twitter.com/abhymurarka/stat...kR2OoL5vCe4NcQ

I just did my CC payment couple of days back on CRED and didnt notice anything of this sort? I haven't synched my bill generation process with CRED(didnt give them access to my personal mail account) and do manual payments on the app every month from my savings account.

[logicalidiot]

Originally Posted by Ithaca

For folk / members who are using CRED

Link: https://twitter.com/abhymurarka/stat...kR2OoL5vCe4NcQ

Originally Posted by SoumenD

I just did my CC payment couple of days back on CRED and didnt notice anything of this sort?

What was this about? The tweet seems to have been deleted. Being a regular Cred user, curious to know if it is something I need to be bothered about.

[Ithaca]

Originally Posted by logicalidiot

What was this about? The tweet seems to have been deleted. Being a regular Cred user, curious to know if it is something I need to be bothered about.

The gentleman has deleted the post. Here is the screenshot. Hope this helps.