Team-BHP - The Credit Card Thread

Quote:

Originally Posted by binand (Post 3225421)

This is correct. They get the money only on the next working day due to the way inter-bank cheque clearing system works (since your account was debited on 10/8 and since 11/8 was a Sunday, the card company could get their hands on your money only on 12/8).

CTS is about the authenticity of the cheques; not about the funds transfer process itself.

Ideally, you should be dropping the cheque at least 3-4 working days prior to your pay-by date. Even better, make the payments via NEFT - it has a credit-next-working-day SLA.

CTC checks are not only for authentication. It is for speedy clearance. There is no physical movement of checks between banks in this system. Scanned copy of check is sent for clearing
check this link: http://rbi.org.in/scripts/FAQView.aspx?Id=63

I had deposited the check on 6th. what HDFC is doing till 9th or 10th without depositing the check for collection. who is responsible for this delay.

I had deposited SCB CC check yesterday, today i got message for SBI it is cleared. Why can't HDFC do it.

Further, till now they have not sent me how the finance charges are calculated even though they promised to do so.

I have been using Citibank cards for 20 years and HDFC Bank cards for 10 years. I too have had this occassional issue of the cheques I dropped in their collection boxes exactly on the due date, being debited to my bank account some days later, and late payment fees being levied in my card account.

I just had to call their customer service on those few occassions and explain my point, and the charge was reversed immediately. Perhaps because I normally make my payments at least a week before the due date. I have never had any issues with either bank, all these years. Both provide excellent service IMO.

Quote:

Originally Posted by rkg (Post 3226203)

CTC checks are not only for authentication. It is for speedy clearance. There is no physical movement of checks between banks in this system. Scanned copy of check is sent for clearing

The "speedy clearance" refers to the elimination of delays in cheque authentication. Ultimately, money has to flow from the cheque issuing bank to the recipient's bank - that still happens only at pre-defined intervals (once a day, iirc).

In India, ACH (Automated Clearing House - the technology that enables realtime debits and credits) is still only on RBI's roadmap. I guess it is about 2-3 years away.

Quote:

Originally Posted by amtak (Post 3225972)

My experience was somewhat similar. All of a sudden, they sent me a message on Friday night that on Saturday my card would be de-activated due to prolonged in activity; fair enough on their part. when I called the HDFC guys to check on the points (I guess i had 4K points); I was told if I swipe the card, they wont cancel it. Now came the twist, I swiped the card, they still blocked it and my points are gone. I ended up paying unnecessarily for the swipe that I had made.

Even I haven't used HDFC card for sometime now! How long before they deactivate it?

Also, about the points, did you try redeeming them online after you got the message? I recently reclaimed my points and the goods were delivered without any issue, in spite of the inactivity.

Hi friends,

I need some help in getting the refund amount credited to my HDFC credit card.

I cancelled my KSRTC tickets, which I had booked online using my HDFC credit card. I called up KSRTC customer care, and they told that the refund was done on Aug 24th itself, and they even provided the reference number of the transaction.
I then called up HDFC. They confirmed that they have not received the refund from KSRTC yet. They told that they cannot use this reference number, since it does not belong to them.

KSRTC asked me to check-up with HDFC, and HDFC is asking me to check-up with KSRTC. Please suggest how to proceed further.

Quote:

Originally Posted by scorpion_blore (Post 3226758)

Just give them 7-10 working days from today. It should happen. You already have reference numbers etc provided amount is not big.

Need feedback on your experiences with Flipkart's 3/6/9 month EMI option (with no processing fee - offer on some items) on specific credit cards? It is mentioned that, full amount is charged at first on the card and within 7 days, the amount is refunded and subsequently, every month, the EMI amount is charged to the card.

- How safe is it?
- Is there anything to worry about?
- Will the bank charge us anything extra? (nothing is mentioned on the Flipkart site)
- Any bad experiences with this EMI option from Flipkart?

PS: some interesting timex watches are on offer on Flipkart. Want to make myself feel less guilty by buying it using the EMI option.

Quote:

Originally Posted by null (Post 3234823)

You can go ahead. They are pretty good. No hidden surprises. No problems at all.

Quote:

Originally Posted by null (Post 3234823)

I had availed the EMI option last year and it was flawless. Though I do not remember paying full amount and then getting a refund. There was an EMI for 6 months that's all. This concept of paying full amount and then getting a refund must have been introduced this year I guess.

Quote:

Originally Posted by null (Post 3234823)

Refund always happen on paper. Full transaction is recorded for the record :) and then reversed. If you look at your credit card statement you will see something like this (example for Rs.6000 transaction split into 6 EMI):-
Rs.6000 CR = the full transaction
Rs.6000 DR = reversed
Rs.1000 CR = 1st EMI

Quote:

Originally Posted by rkg (Post 3226203)

HDFC has reversed the finance charges along with taxes.

Quote:

Originally Posted by idea (Post 3231405)

Just give them 7-10 working days from today. It should happen. You already have reference numbers etc provided amount is not big.

Refund initiated by KSRTC on 24th August, and HDFC has not yet received the refund. The amount is more than 1000 bucks. KSRTC call center folks are totally clueless. Will call them up again tomorrow and verify.

Citibank upgraded my normal card to EMV Chip + PIN card without any charge. I have been using the EMV chip for few months. I have noticed that while pin is required at most terminals, at few places it doesn't. Is it normal to not to enter PIN in some cases?

They have upgraded my card as well to the same thing , i have not been asked for a PIN yet in some of the places i have used it.

Quote:

Originally Posted by msdivy (Post 3237134)

Amex sent a mail last week mentioning that they are increasing the minimum spend amount from 250 to 1000 for the minimum 4 transactions required per month to earn 1000 points.

I am finding it extremely difficult now to make those 4 transactions with limited acceptance of Amex cards.

Anyone else received such communiqué?