HDFC Credit Card, my first time.

Hachune

Hachune

Disciple
Hello guys,

So, I have a basic account on HDFC and the sales people kept calling me offering me a credit card, after many rejects, they finally persuade me to apply for one.
I have basic understanding of how credit card works but I don't fully understand how HDFC does things. What I don't understand is what I can see on my net banking profile.

I spent around 50k on the recent Amazon festival offers. Only around a week later, I paid for all my outstanding amount, my Available credit limit went back to 75000. But after a day or so, it dropped automatically to around 28000. My last statement amount is around Rs. -46000 (yes, negative). My outstanding amount which I already paid went to Rs 343 even though I have not made any purchase.

Also, due to different reasons such as shipping issue, Amazon have refunded me around Rs 2000, where does that go? All these are really confusing me. I am sure there are people who are really experienced with HDFC cc's and other cc's in general. Can anyone tell me what's happening? :)
 
yugaaa said:
HDFC is a pain in the ass .
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Almost all banks are.

I had an SBI CC for many years. But, as it happened I hadn't used it for last 3 years (Yes, 3 years), buggers closed the account. I came to know in last FK sale when I couldn't pay. My CC was valid till end of 23, I had no dues, I was also promised lifetime free card too. But, aghouls closed my account even without telling me.

I now have to apply for a fresh one, I am in a fix as I need to get an OLED this Diwali season. Have applied for 2 other CCs, let's see if I get them in time.
 
Hachune said:
Hello guys,

So, I have a basic account on HDFC and the sales people kept calling me offering me a credit card, after many rejects, they finally persuade me to apply for one.
I have basic understanding of how credit card works but I don't fully understand how HDFC does things. What I don't understand is what I can see on my net banking profile.

I spent around 50k on the recent Amazon festival offers. Only around a week later, I paid for all my outstanding amount, my Available credit limit went back to 75000. But after a day or so, it dropped automatically to around 28000. My last statement amount is around Rs. -46000 (yes, negative). My outstanding amount which I already paid went to Rs 343 even though I have not made any purchase.

Also, due to different reasons such as shipping issue, Amazon have refunded me around Rs 2000, where does that go? All these are really confusing me. I am sure there are people who are really experienced with HDFC cc's and other cc's in general. Can anyone tell me what's happening? :)
Click to expand...
Relax! Even after due payments the actual credit limit and outstanding clearance only resets after upon next cycle or next bill generation date. If anything you can always dial cc. Also, the amount to get credit takes at least 3 biz days or 5 depending on bank.
I keep getting payment due smses even after prior payments and also in my a/c it doesn't reflect payment made and still shows the amount. I just ignore as in next months cycle it gets back to 0.00. (this is for axis/icici/hsbc)
 
Remember :
1. Billing Date: The Day your Bill gets Generated, comes with 2 Amounts mentioned and One Date for payment.
a. Minimum Due amount : Don't think about this.
b. Total amount Due : Always Pay this.

2. Payment Due date : The Date on which your Free credit period ends and you start getting charged interest.

So what you should do is, A good day between Billing Date and Payment Due Date(Closed to this) Pay Your TOTAL AMOUNT DUE.

If you Pay all your spending's and Amazon refunds you then that about is like above and over your limit, You can use that like Debit Card, BUT check your bill and pay TOTAL AMOUNT DUE.
 
I just got myself an HDFC millennia CC 3 days ago. I was told if I spend 50k in first 90 days I'd get free renewal every year until the card expires. I didn't have to pay processing fee as well, so what exactly are they getting in profits from me?
The only reason I applied for a CC is to improve my credit score, how much does CC affect your credit score?
Edit: Also, are there any downsides to enabling auto repay?
 
imad7x said:
I just got myself an HDFC millennia CC 3 days ago. I was told if I spend 50k in first 90 days I'd get free renewal every year until the card expires. I didn't have to pay processing fee as well, so what exactly are they getting in profits from me?
The only reason I applied for a CC is to improve my credit score, how much does CC affect your credit score?
Edit: Also, are there any downsides to enabling auto repay?
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And I always opt for lifetime free cards to avoid forceful spendings in lacs.
Credit score improves but only if you use it wisely!
Auto repay depends on how accurate your bill is getting generated, first observe the pattern for few months and then think.
 
Consider me a newbie when it comes to CC as I have always used Debit cards till date though now a days we mostly find deals on CC only and slowly but surely debit cards are being pushed back. I was considering to open an account in HDFC bank and opt for CC and my confusions are

a. Which card should I go with and is there anything that I need to ask before applying?
b. From the discussion above I get a feeling that when we make a purchase from CC we pay from CC and not from your account and then have to pay that amount to CC from our account. Am I right?

If its true we then it means we can be charged even though we have enough funds in our account.
 
Hachune said:
Amazon have refunded me around Rs 2000, where does that go?
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Depending on option you have selected (if you were given a chance), it would go to Amazon Pay or original payment method. If it goes to original payment method i.e. your CC, it takes few days for it to get reflected.

Hachune said:
I spent around 50k on the recent Amazon festival offers. Only around a week later, I paid for all my outstanding amount, my Available credit limit went back to 75000. But after a day or so, it dropped automatically to around 28000. My last statement amount is around Rs. -46000 (yes, negative). My outstanding amount which I already paid went to Rs 343 even though I have not made any purchase.
Click to expand...
Have you bought stuff on EMI ?
 
Hachune said:
Hello guys,

So, I have a basic account on HDFC and the sales people kept calling me offering me a credit card, after many rejects, they finally persuade me to apply for one.
I have basic understanding of how credit card works but I don't fully understand how HDFC does things. What I don't understand is what I can see on my net banking profile.

I spent around 50k on the recent Amazon festival offers. Only around a week later, I paid for all my outstanding amount, my Available credit limit went back to 75000. But after a day or so, it dropped automatically to around 28000. My last statement amount is around Rs. -46000 (yes, negative). My outstanding amount which I already paid went to Rs 343 even though I have not made any purchase.

Also, due to different reasons such as shipping issue, Amazon have refunded me around Rs 2000, where does that go? All these are really confusing me. I am sure there are people who are really experienced with HDFC cc's and other cc's in general. Can anyone tell me what's happening? :)
Click to expand...
I have a very silly question. for a 75k limit, did you made a fix deposit of 75k or more with them as I think 80% is the limit ? on what base this limit are set. I have never owned CC before.
 
princeoo7 said:
I have a very silly question. for a 75k limit, did you made a fix deposit of 75k or more with them as I think 80% is the limit ? on what base this limit are set. I have never owned CC before.
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Limit is given as per your take home salary. Mostly about 10% for starters. No FD etc needed.
 
You will get a low limit if you don't have prior credit history. If you have made timely payments for other cards over a period of time, then you mostly get a limit around 5 times your monthly salary.

But then, they stop asking for salary slips and just base it on your credit score and past usage. Some banks like IDFC mention the limit in credit history making it easier for other banks whereas others just report the maximum billed amount.
 
vyral_143 said:
Depending on option you have selected (if you were given a chance), it would go to Amazon Pay or original payment method. If it goes to original payment method i.e. your CC, it takes few days for it to get reflected.


Have you bought stuff on EMI ?
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On amazon no, i did not opt for any emi. However, I did get an email regarding EMI on Rs 15000 I have spent, and it will be around Rs 1500 per month. But I repeat I did not opt for an EMI unless HDFC automatically opt me in.
 
Kevin Lane said:
Limit is given as per your take home salary. Mostly about 10% for starters. No FD etc needed.
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Home salary means yearly or monthy ? If monthly, Then I don't need for this CC :p
Hachune said:
On amazon no, i did not opt for any emi. However, I did get an email regarding EMI on Rs 15000 I have spent, and it will be around Rs 1500 per month. But I repeat I did not opt for an EMI unless HDFC automatically opt me in.
Click to expand...
Aapke saath SCAM hua he :p Yet chotasa PRANK hua he :p
 
Hachune said:
On amazon no, i did not opt for any emi. However, I did get an email regarding EMI on Rs 15000 I have spent, and it will be around Rs 1500 per month. But I repeat I did not opt for an EMI unless HDFC automatically opt me in.
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This sounds weird. I have HDFC CC as well but never found such 'Automatic opt in'.
 
One can log-in to the netbanking profile for the CC and see if any EMI is running for their card. They also mention it separately in the CC statement with both EMI amount and corresponding GST.
 
rdst_1 said:
One can log-in to the netbanking profile for the CC and see if any EMI is running for their card. They also mention it separately in the CC statement with both EMI amount and corresponding GST.
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vyral_143 said:
This sounds weird. I have HDFC CC as well but never found such 'Automatic opt in'.
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I contacted HDFC and indeed I have active EMI. They told me that they will close it and will be reflected within 4 days. I have no idea how it was converted to EMI though, I might have done it accidentally or something.
 
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