so this is my first credit card(s) and I don’t know anything about it. Now i probably won’t make any purchase from it apart from the usual BOGO on bms for some movies, but is there anything like if I don’t use it for a certain time it gets deactivated, or something? And what other offers can i use this card for, like cashback or lounge access or something?
Quick Basics.
- Pay ASAP. Full amount. Never wait.
- It says “Minimum payment” don’t believe it. It means “Minimum payment unless you want EVEN MORE MORE MORE penalty fees”
- Money you use via credit card (is Bank Selling a PRODUCT to you, and SERVICING you) - So GST & SGST applies, you gonna pay tax for ‘getting’ the money.
- If you don’t pay it all back in FULL within 30 days. You pay a penalty. If you Don’t pay the MINIMUM REQUIREMENT. You pay and additional penalty. All penalties are a ‘service’, so you pay tax on those penalties as well.
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Never withdraw any cash using credit card.
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No cost EMI is not completely no cost.
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Watch out for additional cost while adding money to wallets.
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Make payment 7-8 days before actual due date as payments may fail and refunds take time.
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Make sure your bill is always less than 30% of the credit limit by prepayment.
hey quick question out of curiosity why to not withdraw any cash using cc?
Withdrawing cash will result in additional charges as cash withdrawal fees also you don’t get the grace period of 30 days for cash withdrawal. So you will be paying interest from day 0 in case of cash withdrawal.
so I have transactions worth 50k as of now. if i withdraw lets say 5k, do I need to pay 55k right now so that I dont pay fees for cash? or just 5k?
No matter if you pay now or later your statement will contain some additional charges as withdrawal fees and interest. You cannot reverse those charges, check with your bank if there is any option
Okay thank you got it