Preferred Credit Card

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@mojo

Whatever card you get always make FULL payment before the due date, ignore the MINIMUM payment thing completely. The interest rate is killing for payment default.
 
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@raksrules ---> I'm saying minimum purchase amount bro.
Like if i get a credit card, should i buy some minimum amount of items using that card every month or can i keep it aside for months without using.
 
mojo said:
@raksrules ---> I'm saying minimum purchase amount bro.
Like if i get a credit card, should i buy some minimum amount of items using that card every month or can i keep it aside for months without using.
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Yes yes I know what you asked but I am Just telling you about this minimum payment thing. Not related to the minimum expense you have to do.
That depends but in most cases there is no minimum purchase necessary but do see that some credit cards have annual fees attached to it.
 
mojo said:
@raksrules ---> I'm saying minimum purchase amount bro.
Like if i get a credit card, should i buy some minimum amount of items using that card every month or can i keep it aside for months without using.
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Well it actually depends. There are lifetime free cards which are/were given out during promotions. There are no purchases required. On the flip side you have annual fees cards, which bill you whether you have some transactions or not. In both the cases, its immaterial if you do a minimum purchase or not.
Then there are cards with annual fees being waived off due to annual spending. If you for see meeting the annual spending amount easily no minimum purchases are necessary. If not, better to spread them out over some months.
And do take note of @raksrules advice, always pay the full amount. Make sure the amount is sent at least 2 days in advance. I just got screwed by HSBC even when I paid them the 21k I owed using the same bank IB on the 2nd last day. Got slapped with interest and a financial statement charge. Cost me over 600 just like that.
 
sharktale1212 said:
.....I just got screwed by HSBC even when I paid them the 21k I owed using the same bank IB on the 2nd last day. Got slapped with interest and a financial statement charge. Cost me over 600 just like that.
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Shouldn't you complain about this and get it reversed? That 600 may not be worth the effort but a negative credit score is definitely worth a fight especially if it is not your fault.
FYI, I have sometimes missed the due date on HDFC CC by a day or two but no penalty was charged ever. It might be because I use it for absolutely everything and will continue to do so as I've never had a problem with them. Had an issue with StanChart which was resolved in the end but the "trust" factor was lost and eventually I switched.
 
@sharktale1212 - Why didn't you dispute the charges. Same has happened with me twice or thrice when I paid with a cheque on the last day for my SBI CC. I always call them and get the charges reversed. Since you deposited the amount before the last date they can't penalize you whatever be the mode of payment. Since they don't have different due dates for different modes of payment, you have done nothing wrong.
 
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@pr0ing @rdst_1 The charges were disputed. Their reply was that the "payment page" specifies the delayed credit part clearly (the unsaid hint was - don't use HSBC's own IB to send in the payment) . Hence, I have asked them to close off my credit with them.

The worst part in all of this was I am a former employee of HSBC. My account and card has some Staff priviliges (it will remain so until I close the account). They previously were happy to write off the charges; not this time.

That was primary reason I was in the hunt of a new CC and hence this thread :)
 
6pack said:
I closed my hsbc card years back and still get CC statement in my email. Tried to unsubscribe but it does not work. Stupid bank.
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Even bank accounts do not get closed . I has closed my ICICI bank account tin 2011 and burnt the debit card . Still i get the quarterly bank statement and can even log in using my id and password through internet banking . They even deducted minimum balance charges of whatever interest money had come .
 
Those with unclosed account please get your account closed . You don't need to worry unless you have a account closure form with a receiving stamp from the bank . You may never know you will receive a Summon demanding 40-50k 6-7 years down the line (yes you reliance and HDFC )
 
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+1 to what @mpaspc said. Please do not treat financial matters/deals lightly. You might have closed the account, but if the bank is still charging fines then it is not closed as per their "system". You may be able to prove your case but it will cause unnecessary headache and wastage of time.
In addition to this, whatever transactions you do or are done in your name affect your "Credit Rating". This is universal and not bank specific. So if you mess up a CC payment of Bank A or default on a loan from Bank B, Bank C will know about it when your application for a Home Loan goes for a background check.

@mpaspc , you have a double negative in your 2nd statement. I think you meant "don't need to worry if" instead of "don't need to worry unless".
 
mpaspc said:
Those with unclosed account please get your account closed . You don't need to worry unless you have a account closure form with a receiving stamp from the bank . You may never know you will receive a Summon demanding 40-50k 6-7 years down the line (yes you reliance and HDFC )
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I did officially close it with bank account closure form and have the bank receipt also , so just enjoying it
 
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