[wanderernomad]

Yes there seems to be some issue with the chip cards. Plus I am being asked to pay a fee if I want to get chip cards instead of my regular swipe ones. If its mandatory wont they have to replace FOC if my previous cards are still valid?

[Guite]

My latest HDFC credit card statement does not have minimum amount due. In that field it says Rs.0.00. Strange.

[Dry Ice]

Originally Posted by Guite

My latest HDFC credit card statement does not have minimum amount due. In that field it says Rs.0.00. Strange.

Check your mails. HDFC has a free credit period kind of thing going on where you pay for all your spends together at the end of 3 months. So no outstanding amount on d first 3 bills, 4th will have the total of previous 3.

I had this up until September. Didnt use it though, cleared the outstanding each month.

[DRIV3R]

Guys, I never used any reward points but my statement reflects some 'adjustments'. What is that supposed to mean?

[Chetan_Rao]

Originally Posted by DRIV3R

Guys, I never used any reward points but my statement reflects some 'adjustments'. What is that supposed to mean?

There will be a PAYBACK (previously iMINT) rewards account linked to your credit card/savings account, and the points get transferred there.

I had never bothered to redeem them either on my ICICI Bank credit card or savings back account until recently. When I got curious with the reward points 'adjustments' on my online statement, I called up PAYBACK customer care and they told me I'd racked up 10000+ reward points over the last 2-3 years. I got them to club my two PAYBACK accounts and send me a single card.

Some of my points had expired after the 3-year validity period. I'd advise calling up PAYBACK and checking on your points status.

[DRIV3R]

Thanks Chetan, will check for the same, but I do not remember linking my CC with PAYBACK. Only my debit card was linked. So wondering how.

[Chetan_Rao]

Originally Posted by DRIV3R

Thanks Chetan, will check for the same, but I do not remember linking my CC with PAYBACK. Only my debit card was linked. So wondering how.

I believe they create separate PAYBACK accounts for each of your cards by default.

In my case, my CC & savings back account had two separate PAYBACK accounts. When I checked for details, I found my savings back PAYBACK account number under the online banking reward points section, and the CC PAYBACK account number on the paper copy of my CC statement in the reward points section.

I had the PAYBACK guys club both and give me a single card, which they readily did.

[amohit]

Originally Posted by Guite

My latest HDFC credit card statement does not have minimum amount due. In that field it says Rs.0.00. Strange.

Originally Posted by Dry Ice

I had this up until September. Didnt use it though, cleared the outstanding each month.

I made use of this facility 2 years ago. After 1 month of no payment, next month's statement they added some late payment processing fee of some kind. Luckily I had saved the letter that I had got from HDFC stating 3 months no payment offer. Had to call the customer care to get the charges reversed.

Since for me CC is more of a Convenience Card rather than credit card, I am in no mood to get inconvenienced by these charges, I have started ignoring such offers.

Regards,

[Guite]

Originally Posted by Dry Ice

Check your mails. HDFC has a free credit period kind of thing going on where you pay for all your spends together at the end of 3 months. So no outstanding amount on d first 3 bills, 4th will have the total of previous 3.

I had this up until September. Didnt use it though, cleared the outstanding each month.

I don't remember receiving any three months offer. The statement states due date as this month, not two months from now. So it does not appear to be the three months offer.

[Gansan]

They inform by email in advance if any payment holiday offer is running. It usually is for three months, and we can pay for everything in the fourth statement.

It usually is offered to guys like me, who regularly use their credit cards like debit cards and never rotate the balance!

This is an inducement to tempt us in to a debt trap!

If they want to reward me so badly, why not just credit some more reward points!

[JohnyBoy]

Originally Posted by wanderernomad

... Plus I am being asked to pay a fee if I want to get chip cards instead of my regular swipe ones. If its mandatory wont they have to replace FOC if my previous cards are still valid?

As far as I know no bank is charging for chip cards. I got chip cards to replace older cards from HDFC, Citi and StanC. All of them free of charge.
You talk to your bank and they will waive off the charges.

[Dry Ice]

Originally Posted by amohit

I made use of this facility 2 years ago. After 1 month of no payment, next month's statement they added some late payment processing fee of some kind. Luckily I had saved the letter that I had got from HDFC stating 3 months no payment offer. Had to call the customer care to get the charges reversed

I didn't use this offer, so can't say. But knowing their CC, very much possible.

Originally Posted by Guite

I don't remember receiving any three months offer. The statement states due date as this month, not two months from now. So it does not appear to be the three months offer.

Yes, the date will be for current month, since it's a one month statement. The minimum amount due, as in your case, would be Zero.

Originally Posted by Gansan

They inform by email in advance if any payment holiday offer is running. It usually is for three months, and we can pay for everything in the fourth statement.
..

That's why I asked him to check the emails, maybe it went to junk. They usually send this mail 2-3 times during this 3 month period.

Here is one such mail I got a couple of days back

We understand that paying your HDFC Bank Credit Card bill on time requires commitment and diligence at your end. Therefore, as a gesture to acknowledge your exemplary track record of repayment, we are pleased to offer you 3 month interest free payment holiday for retail transactions from July'13 statement.

Enjoy Interest Free Payment Holiday for retail transactions on your July'13, August'13 & September'13 statements*!

Shop to your heart's content without worrying about repaying before due date, as you are entitled for Payment Holiday for retail transactions on the following Credit Card statements:

Statement date 1 July xx 2013
Statement date 2 August xx 2013
Statement date 3 September xx 2013

You may pay for all your shopping spends on the card only by the payment due date as communicated in the October'13 Credit card statement. What’s more, you do not incur any interest charge on these spends for this period.

Any part payment made towards your June'13 statement will attract finance charges as applicable and payable as indicated in your July'13 statement.

Remember, only retail transactions are considered for payment holiday. You would have to pay off any dues incurred by way of Cash withdrawal / Cash on call / Dial-an-EMI / Balance Transfer on 'EMI' / Jumbo Cash Loan / EasyEMI Transactions, before the payment due date.

The illustration below further clarifies the offer benefit:

[null]

I have a query on this topic of total annual spends >2 lakhs on credit card & its implications on income tax. I have read that IT dept can probe you if your spends are beyond this limit. I am curious since I have already spent 1L on my card in this FY and another 60K is in the pipeline for oct'13. At this rate, I would surely cross 2L this year on my cards and hence asking these questions.

So, what exactly happens if we spend more than 2 lakhs in a year on a credit card? We pay our taxes correctly & file our returns on time. So, what is the concern here (esp. if we have paid the card payments electronically & not by cash)?
- is there any way to declare our CC transactions in the ITR form?
- is this 2LPA threshold a sum total of spends across each card we have (ideally should be)?
- has anyone in the forum faced a probe for credit card usage>2LPA ? what was done to resolve it?
- there is no information flowing from credit card into our 26AS report. How will the IT dept track this?
- Any other useful information that can be shared in this regard?

Thanks.

[shankar.balan]

Originally Posted by null

I have a query on this topic of total annual spends >2 lakhs on credit card & its implications on income tax. I have read that IT dept can probe you if your spends are beyond this limit. I on time. So, what is the concern here (esp. formation that can be shared in this regard? Thanks.

Would be grateful if anyone can throw light on this.

[jkrishnakj]

Most transactions these days are tracked by banks and reported out to IT by means of daily and monthly reports. One of the reasons why a PAN number is insisted for any large value transactions.

In fact even closing or part payment of loans have to be declared and substantiated with proof of source of funds.

IT won't 'probe' , but can send you a note asking explanations if they have any queries. So long as the returns are in order and have been submitted on time and in proper there is no reason to worry at all. Just like the 2 L on credit cards spends they have a few other criteria as well that they track.

This is my take with my limited knowledge.