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Old 13th September 2022, 00:26   #5746
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Re: The Credit Card Thread

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I am unable to add money to my Amazon pay wallet using any CC. This is the message "Credit card is currently not supported for this transaction. Please use UPI, Debit Card or Net Banking".
Yep, it's been few months already with this change. Not sure why it was restricted, maybe some RBI guideline but I couldn't find anything while doing a quick search about it. If you do not care about the CC points part then there is a workaround. Just buy Gift card from Amazon using your CC and load it to your own account, haven't tried this but it should work IMO.
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Old 13th September 2022, 15:42   #5747
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Re: The Credit Card Thread

My Axis relationship manager is offering a Burgundy Private credit card. Should I go for it? Many of the benefits don't appeal to me - I don't play golf, eat out rarely and prefer OTT to theatres. On the other hand I do travel a bit these days and its travel benefits are good.

I expect this will eventually be the only card I own.
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Old 13th September 2022, 16:31   #5748
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Re: The Credit Card Thread

I have close to 50k Amex MRCC points and need to fly to Canada around December. Can someone guide which would be the best Airline partner to transfer and redeem points for this.
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Old 13th September 2022, 20:51   #5749
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Re: The Credit Card Thread

How is everyone's experience with Axis Bank credit cards? I have a Citibank credit card for almost thirty years now. But it seems Citi is exiting the cards business in India and Axis is taking over. I was recently requested to give my consent by Citibank for transfering my card to them.
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Old 14th September 2022, 12:33   #5750
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Re: The Credit Card Thread

Need advice.
One of my cards have a limit of 50k. I need to purchase something close to 60k. Should i make an advance payment of 10k in the card so it's not over limit or should I ask the card company to give temporary increase in credit limit if that's even possible. What is the correct procedure for this if someone has done this before?
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Old 14th September 2022, 12:43   #5751
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Re: The Credit Card Thread

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Originally Posted by harry10 View Post
Need advice.
One of my cards have a limit of 50k. I need to purchase something close to 60k. Should i make an advance payment of 10k in the card so it's not over limit or should I ask the card company to give temporary increase in credit limit if that's even possible. What is the correct procedure for this if someone has done this before?
Call the CC company and ask for a temporary increase in credit limit. Depending on your relationship with them they would oblige.
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Old 14th September 2022, 16:57   #5752
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Re: The Credit Card Thread

Finally took the plunge and applied for my first credit cards. I never felt the need for CC and always used my debit card. But with my purchases being more and more online, I felt that I should have a credit card to get that extra discount being offered. Plus, certain payments were difficult to be made through debit card. So, applied for SBI Cash Back card and ICICI Card.

ICICI people have not responded even after one week while SBI processed my application (without asking for any income related documents etc.). Hope to get one before the Diwali sale starts.
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Old 14th September 2022, 17:29   #5753
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Re: The Credit Card Thread

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Originally Posted by harry10 View Post
Need advice.
One of my cards have a limit of 50k. I need to purchase something close to 60k. Should i make an advance payment of 10k in the card so it's not over limit or should I ask the card company to give temporary increase in credit limit if that's even possible. What is the correct procedure for this if someone has done this before?
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Originally Posted by whitewing View Post
Call the CC company and ask for a temporary increase in credit limit. Depending on your relationship with them they would oblige.
The simple and easy way is the first option. Just make an advance payment of 10k to cc account so that your credit limit will not be breached when you do the purchase.
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Old 14th September 2022, 17:40   #5754
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Re: The Credit Card Thread

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Originally Posted by Everlearner View Post
The simple and easy way is the first option. Just make an advance payment of 10k to cc account so that your credit limit will not be breached when you do the purchase.
I don't think it works this way. In fact trying this might be detrimental (the transaction might go through, but then the bank could enforce overlimit charges and GST on top of that).
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Old 14th September 2022, 17:45   #5755
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Re: The Credit Card Thread

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Originally Posted by binand View Post
My Axis relationship manager is offering a Burgundy Private credit card. Should I go for it? Many of the benefits don't appeal to me - I don't play golf, eat out rarely and prefer OTT to theatres. On the other hand I do travel a bit these days and its travel benefits are good.

I expect this will eventually be the only card I own.
I read about this card online and it seems an excellent lifestyle card and will be more suitable for travels and holidays (international as well) with 0 Forex markup, Hotel memberships for F&B and stays in the luxury hotels, airport transfers, global lounge access. If you are into these, it is more suitable for you. On the other hand, it becomes chargeable at Rs. 50K per annum if Burgundy private account is not maintained with Axis.
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Old 14th September 2022, 17:56   #5756
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Re: The Credit Card Thread

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Originally Posted by Everlearner View Post
The simple and easy way is the first option. Just make an advance payment of 10k to cc account so that your credit limit will not be breached when you do the purchase.
I do not recollect the specifics of CIBIL scoring, but, remember reading that utilizing credit limit > 50/70% has a negative impact on the score.
A point to be considered only if one is planning to take on some loans in the short term.
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Old 14th September 2022, 18:10   #5757
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Re: The Credit Card Thread

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I don't think it works this way. In fact trying this might be detrimental (the transaction might go through, but then the bank could enforce overlimit charges and GST on top of that).
I have used this method in few instances and never faced an issue. Once you make an advance payment of 10k, the card will have 10k credit balance. When you make a purchase of 60k, you will have an outstanding balance of 10k-60k = -50k. So it never breached the limit and they cannot penalise you.

Quote:
Originally Posted by whitewing View Post
I do not recollect the specifics of CIBIL scoring, but, remember reading that utilizing credit limit > 50/70% has a negative impact on the score.
A point to be considered only if one is planning to take on some loans in the short term.
This will impact only when you regularly reach near your max limit. One off cases doesn't matter, it's the pattern that makes a difference.
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Old 14th September 2022, 18:58   #5758
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Re: The Credit Card Thread

Is there any way to ask for reject reason in India?

My BoB CC was rejected by the bank after taking all my documents including last 2 years IT returns.
I already have 4 other cards with a pretty good credit limit as well as a clean credit history.

I am really surprised that the application was rejected and I am looking to understand the reason for the same.
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Old 14th September 2022, 19:07   #5759
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Re: The Credit Card Thread

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Originally Posted by thanixravindran View Post
I read about this card online and it seems an excellent lifestyle card...
Well, he's telling me that it is a 3-in-1 card: credit card, ATM card because there are no charges for cash withdrawals, and Forex card because there is no forex markup. I'm not too sold on the latter two (cash withdrawals impact free credit period; it is not clear if foreign currency transactions use the day's exchange rate or not). Still, with Citi going away I need a card; and this looks as good as any.

I do have a bit of travel at this time but I don't expect it to last for more than another year or so.
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Old 14th September 2022, 22:38   #5760
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Re: The Credit Card Thread

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Originally Posted by harry10 View Post
Need advice.
One of my cards have a limit of 50k. I need to purchase something close to 60k. Should i make an advance payment of 10k in the card so it's not over limit or should I ask the card company to give temporary increase in credit limit if that's even possible. What is the correct procedure for this if someone has done this before?
Don't make advance payment. Instead make the maximum payment possible right after the purchase. So that not only you do not cross the given limit, you also maintain a healthy available credit limit which ensures that you do not have any impact on CIBIL score. So let's say you have 30k (higher the better) in-hand, make the 60K purchase and then immediately pay the 30k towards CC payment well before the bill generation date and you should be good. No need to ask bank for limit increase and all since that rarely happens and it make take time if you are in hurry.

Last edited by Funny : 14th September 2022 at 22:39.
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