Team-BHP > Shifting gears


Reply
  Search this Thread
2,002,322 views
Old 14th September 2022, 23:30   #5761
BHPian
 
shikh_oberoi's Avatar
 
Join Date: Aug 2022
Location: Delhi
Posts: 113
Thanked: 468 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Funny View Post
. 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.
By doing this he will definitely go above the limit and bank will charge over limit charges plus GST. This month I went above by 900 rupees and i instantly got this message-
Quote:
.Dear Customer, The outstanding balance on your Kotak Bank Credit Card xxxx has exceeded the credit limit and applicable fee is charged. T&C apply.
I was charged 500 rupees plus gst.
If he pays the 10k in advance, i don't think there will be any problem.
shikh_oberoi is online now   (3) Thanks
Old 15th September 2022, 01:57   #5762
BHPian
 
Funny's Avatar
 
Join Date: Jun 2014
Location: Bengaluru
Posts: 438
Thanked: 1,223 Times
Re: The Credit Card Thread

Quote:
Originally Posted by shikh_oberoi View Post
I was charged 500 rupees plus gst.
If he pays the 10k in advance, i don't think there will be any problem.
Interesting, that shouldn't be a problem for the bank if you have pre-paid before statement generation. Did you try getting the charges reversed assuming you pre-paid to get the value under limit before bill generation? Going by that logic, I think the bank may charge overlimit fee in both the case, doesn't matter if you pre-pay before or after the transaction because for them an over-limit is a over-limit after all, doesn't matter if you have negative balance. I guess it's better to confirm with your bank before going ahead with the transaction in any case.
Funny is offline  
Old 15th September 2022, 08:18   #5763
BHPian
 
logicalidiot's Avatar
 
Join Date: May 2020
Location: Kannur/B'lore
Posts: 126
Thanked: 498 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Funny View Post
Don't make advance payment. Instead make the maximum payment possible right after the purchase.
I don't understand why you would say to make the purchase first and then pay later. I believe not all cards allow to spend over the credit limit, the transaction may get declined probably. Again not sure what difference it makes as CIBIL looks at if the balances are settled it not.

I have done a transaction last year on ICICI CC by making advance payment and then proceeding with the payment. Worked out fine but I think I received an alert stating you have exceeded/used over your limit or something. But fortunately there was no charge or penalty applied on it, but I believe it did effect my CIBIL a bit - not really bothered as the score climbs back up if you're prompt on your payments.

The immediate next month (Dec-21) after the purchase, I received the below message. So as long as you make purchase and settle it before the statement generation, it should be fine.

"Dear Customer, from 02-Dec-21 an over limit fee of 2.5% of the over limit amount (subject to a revised minimum of INR 550 instead of INR 500) will be levied, if the total outstanding amount exceeds the overall credit limit of your ICICI Bank Credit Card, except for ICICI Bank's Emeralde Credit Card."
logicalidiot is offline   (1) Thanks
Old 15th September 2022, 11:37   #5764
Senior - BHPian
 
harry10's Avatar
 
Join Date: Jul 2008
Location: Faridabad/Delhi
Posts: 2,685
Thanked: 3,378 Times
Re: The Credit Card Thread

Thank you for all the suggestions guys.
I spoke to the bank guys.
It's a new card so I can't apply for limit increase technically as bank needs card to be used atleast for 6 months before credit limit increase. Same goes for the temporary limit increase as well.

As for paying beforehand and then making a purchase they won't give a straight answer as it's against their policy to recommend it. However the details I could gather was we can go overlimit of 10% of our current limit which bank will approve but will levy 2.5-3% or maximum 500 plus GST for overlimit. More than 10% overlimit bank may decline the transaction.

Anyways, I found a better workaround which doesn't involve dealing with the bank so thanks for all the inputs. Cheers
harry10 is online now  
Old 16th September 2022, 12:12   #5765
Senior - BHPian
 
Join Date: Aug 2010
Location: Delhi
Posts: 2,572
Thanked: 2,689 Times
Infractions: 0/1 (5)
Re: The Credit Card Thread

Quote:
Originally Posted by harry10 View Post
Thank you for all the suggestions guys.
I spoke to the bank guys.
It's a new card so I can't apply for limit increase technically as bank needs card to be used atleast for 6 months before credit limit increase. Same goes for the temporary limit increase as well.

As for paying beforehand and then making a purchase they won't give a straight answer as it's against their policy to recommend it. However the details I could gather was we can go overlimit of 10% of our current limit which bank will approve but will levy 2.5-3% or maximum 500 plus GST for overlimit. More than 10% overlimit bank may decline the transaction.

Anyways, I found a better workaround which doesn't involve dealing with the bank so thanks for all the inputs. Cheers
In such circumstances it pays to have a few credit cards.

Otherwise you can negociate with the merchsnt and split payments between Credit CArd, Debit Card and Online Transfer.
Aroy is offline   (1) Thanks
Old 16th September 2022, 13:25   #5766
BHPian
 
Join Date: May 2020
Location: Anantapur
Posts: 84
Thanked: 135 Times
Re: The Credit Card Thread

I have an ICICI Amazonpay card but I wanted to get another ICICI card because the Amazonpay card is excluded from many ICICI card offers. I applied and got video KYC done in early August. About 2 weeks following that, i raised a query on imobile app and was told that I'll get a reply within a week regarding the status of my application along with a service request number. And now I'm getting a call from ICICI cards number but when I pick up, the call is blank and gets disconnected in less than 10 seconds. Can someone please suggest on how to trace the status of my application?
professor.march is offline  
Old 20th September 2022, 06:26   #5767
BHPian
 
Ithaca's Avatar
 
Join Date: Sep 2017
Location: MH 43 // MH 46
Posts: 342
Thanked: 886 Times
Re: The Credit Card Thread

I was applying for the SBI Cashback card after reading about it on this forum. During the application process, since I have an account with SBI, when I punched in my email & mobile number, they were able to confirm my name and PAN.
At one stage, I was asked if I would like to share permissions with SBI Cards to access my Digilocker to verify my Aadhaar card.
I refused to do so because I am not sure why they need that access. My SBI account has my Aadhaar card linked to it too anyway. I was able to complete the application process and a few days later, a person visited my home, and completed the Aadhaar based verification using a finger print reader.

My query is - Why am I asked to share my Digilocker access.


Quote:
Originally Posted by professor.march View Post
I have an ICICI Amazonpay card but I wanted to get another ICICI card because the Amazonpay card is excluded from many ICICI card offers. ............
Can someone please suggest on how to trace the status of my application?

Quote
ICICI credit card status
  • To check ICICI credit card application status, applicants must visit the bank’s website and credit card section under it
  • Credit card status can be viewed by entering either the application number or mobile number
  • If the absence of an application number, the bank requests for further authentication through the applicant’s mobile number, date of birth and OTP
  • Once the details are provided, click on ‘Continue’ to check the status
End Quote

Source: https://www.creditmantri.com/credit-card-status/

Last edited by Ithaca : 20th September 2022 at 06:32.
Ithaca is offline   (1) Thanks
Old 20th September 2022, 07:43   #5768
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 3,417
Thanked: 5,098 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Ithaca View Post
My query is - Why am I asked to share my Digilocker access.
Digilocker has two facets - first as a platform where document issuers can do so digitally (without paper), and a second where document requesters can do so digitally (ie, doing away with self-attested Xerox copies). In this case it appears that SBI Cards subscribes to Digilocker's services in the latter use-case.

Last edited by binand : 20th September 2022 at 07:44.
binand is offline   (2) Thanks
Old 20th September 2022, 08:47   #5769
BHPian
 
Ithaca's Avatar
 
Join Date: Sep 2017
Location: MH 43 // MH 46
Posts: 342
Thanked: 886 Times
Re: The Credit Card Thread

Quote:
Originally Posted by binand View Post
Digilocker has two facets - first as a platform where document issuers can do so digitally (without paper), and a second where document requesters can do so digitally (ie, doing away with self-attested Xerox copies). In this case it appears that SBI Cards subscribes to Digilocker's services in the latter use-case.
Thank you for replying to the query. I was hesitant to share access to my digilocker and the process may then have moved on to off-line verification with the person coming home for Aadhaar verification.

When applying for the card, I was not asked to upload any documents - Photo, Pan or Aadhaar. The person who came home, completed the photo & Aadhaar verification and he did not take any photocopies. As per procedure, he physically checked the Aadhaar card, keyed in the Aadhaar number for which I got an confirmation OTP which was shared with him along with Virtual Id for Aadhar which is a 16 digit code received immediately as an SMS and that was that. And I had to sign a paper application form.
Ithaca is offline   (1) Thanks
Old 20th September 2022, 08:48   #5770
BHPian
 
kavensri's Avatar
 
Join Date: Oct 2015
Location: BengaLooru
Posts: 316
Thanked: 686 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Ithaca View Post
My query is - Why am I asked to share my Digilocker access.
I too have applied for this card couple of weeks back. Went through the same process, but surprisingly I was not asked to share the permission for Digilocker access.
It has been more than 10 days since they came home and completed the verification. They had told me that I will be receiving my card within one working week. I am still waiting for my card
kavensri is online now   (3) Thanks
Old 20th September 2022, 09:42   #5771
BHPian
 
Join Date: May 2004
Location: Chennai
Posts: 389
Thanked: 240 Times
Re: The Credit Card Thread

Amex : New applications have opened up for all cards. No offer for any of the cards through.

SBI Cashback card: Tried applying for the card but got rejected (For whatever reason) even though I already hold a SBI card and HDFC Infinia.

Might apply for Amex Platinum Travel (I hold a MRCC card).
bharanidharang is online now  
Old 20th September 2022, 10:20   #5772
BHPian
 
Join Date: Dec 2009
Location: Bengaluru
Posts: 517
Thanked: 810 Times
Re: The Credit Card Thread

Quote:
Originally Posted by vinu_h View Post
Interesting move by SBI.
I did my 1st transaction with this card today. 60% of my expenses happen online, so this credit card makes most sense for me. They have given me a healthy limit as well. The app is really bad, no match in front of SC or ICICI. At almost every step it throws up "SBI server not reachable" - "try again".
vinu_h is offline   (1) Thanks
Old 20th September 2022, 10:25   #5773
BHPian
 
kavensri's Avatar
 
Join Date: Oct 2015
Location: BengaLooru
Posts: 316
Thanked: 686 Times
Re: The Credit Card Thread

Quote:
Originally Posted by vinu_h View Post
I did my 1st transaction with this card today. 60% of my expenses happen online, so this credit card makes most sense for me. They have given me a healthy limit as well. The app is really bad, no match in front of SC or ICICI. At almost every step it throws up "SBI server not reachable" - "try again".
After the verification was done, how long did they take to deliver the card?
kavensri is online now  
Old 20th September 2022, 10:34   #5774
BHPian
 
Join Date: Nov 2007
Location: Pune
Posts: 990
Thanked: 639 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Ithaca View Post
I was applying for the SBI Cashback card
Quote:
Originally Posted by kavensri View Post
I too have applied for this card
I too applied for this card last week. I was hoping to get it before upcoming Amazon Sale as SBI is their CC partner this time. Looks like they are too slow to process. I too was advised by the KYC executive that I'd get it in a weeks time. Looks like it is not going to happen.

Quote:
Originally Posted by vinu_h View Post
I did my 1st transaction with this card today.
Same query as Kavensri. How long did it take for you to receive it post application?
shipnil is online now  
Old 20th September 2022, 10:37   #5775
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 3,417
Thanked: 5,098 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Ithaca View Post
When applying for the card, I was not asked to upload any documents - Photo, Pan or Aadhaar. The person who came home, completed the photo & Aadhaar verification and he did not take any photocopies.
So SBI Cards got your photo and PAN from SBI the bank. That took care of ID proof.

SBI Cards asked you if it is OK to access Digilocker to get your address from your Aadhaar details. You refused.

The person came home and took your Aadhaar verification for address proof.

I suppose SBI the bank is not allowed to share Aadhaar details with SBI Cards due to the SC judgment that prohibits this.

SBI Cards is permitted to use Aadhaar only via the VID route. They did exactly that.

All working as intended? There might have been a step where you could have provided any other document for address proof that you missed. And if you had allowed the Digilocker access my guess is that the whole process would have proceed in a no-contact fashion.
binand is offline   (2) Thanks
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2023, Team-BHP.com
Proudly powered by E2E Networks