A cheeky question regarding credit card spend and cibil credit utilisation

[Batmanbaba]

Suppose my card limit is 34000....and I spend around 8000 to order something...from any website.... Just to utilise my credit card amount... And just after bill generation cancel the order.... And get the refund in my credit card every month..... Will that be reported as credit ulilisation in my cibil report....?? As at the time of bill generation.... 8000 was the spend...

Or something like this can be done just before... The reporting date of different credit cards and then cancel the order and get refund....

 

[Harry1]

Some cards report on bill date and some on month end. But all report total outstanding only. So, whether u pay them or get refund, total outstanding on the reporting date will go to cibil.

 

[Souvik]

Suppose my card limit is 34000....and I spend around 8000 to order something...from any website.... Just to utilise my credit card amount... And just after bill generation cancel the order.... And get the refund in my credit card every month..... Will that be reported as credit ulilisation in my cibil report....?? As at the time of bill generation.... 8000 was the spend...

Or something like this can be done just before... The reporting date of different credit cards and then cancel the order and get refund....

But why would you do that, to keep your cards active ?

But since your bill is generated for 8k, you have to pay 8k on due date unnecessarily isn't it, to keep your CIBIL trustworthy ? Refund adjustments would be made in next billing cycle as I understand.

 

[Batmanbaba]

But why would you do that, to keep your cards active ?

But since your bill is generated for 8k, you have to pay 8k on due date unnecessarily isn't it, to keep your CIBIL trustworthy ? Refund adjustments would be made in next billing cycle as I understand.

Not the case with my bob and one card... After refund the payable amount goes to zero... And yes.... With lot of credit card hacks beings closed... Its very hard to use the credit card other than regular spends....

 

[BankExpertIndia]

Suppose my card limit is 34000....and I spend around 8000 to order something...from any website.... Just to utilise my credit card amount... And just after bill generation cancel the order.... And get the refund in my credit card every month..... Will that be reported as credit ulilisation in my cibil report....?? As at the time of bill generation.... 8000 was the spend...

Or something like this can be done just before... The reporting date of different credit cards and then cancel the order and get refund....

It Depends If The Reporting Date Is Billing Date Then It Will Be Shown... Otherwise It Depends

 

[Souvik]

Not the case with my bob and one card... After refund the payable amount goes to zero... And yes.... With lot of credit card hacks beings closed... Its very hard to use the credit card other than regular spends....

Okay. how many Credit Cards do you have and if you do not mind, may you let us know what purpose are each of them planned to be used or are used for. 🙂

I have only three, might derive some inspiration for a few more.

 

[BankExpertIndia]

Okay. how many Credit Cards do you have and if you do not mind, may you let us know what purpose are each of them planned to be used or are used for. 🙂

I have only three, might derive some inspiration for a few more.

Could You Please List Them With The Use Case

 

[Batmanbaba]

Okay. how many Credit Cards do you have and if you do not mind, may you let us know what purpose are each of them planned to be used or are used for. 🙂

I have only three, might derive some inspiration for a few more.

Currently only 2....bob and one card lite.... I use one card for rewards.... I used to add money in kotak 811 and indusind account.... By using airtel netbanking method.... Also... In paytm account... 4000 pm.... 1 one is not working from this month....... Also... I dont use aeron pay... As its mostly hit and miss.... Also paytm fast tagg has only 10k limit... And most of the websites are removing it... So planning for future....

 

[Souvik]

Currently only 2....bob and one card lite.... I use one card for rewards.... I used to add money in kotak 811 and indusind account.... By using airtel netbanking method.... Also... In paytm account... 4000 pm.... 1 one is not working from this month....... Also... I dont use aeron pay... As its mostly hit and miss.... Also paytm fast tagg has only 10k limit... And most of the websites are removing it... So planning for future....

I hope 2 cards + 1 more if you opt for in the future, would be good to use for electricity bills, groceries to keep them active.

Onecard rewards I expect to perish over time once they have made a sizable customer acquisition, like CRED. CRED nowadays is perhaps paying more for their ads/celebrities engagement that to people using their platform. 😀

 

[BankExpertIndia]

I hope 2 cards + 1 more if you opt for in the future, would be good to use for electricity bills, groceries to keep them active.

Onecard rewards I expect to perish over time once they have made a sizable customer acquisition, like CRED. CRED nowadays is perhaps paying more for their ads/celebrities engagement that to people using their platform. 😀

99% Of Start-Ups Are Like A Triangle... First They Move Up(Grow) Then They Decline(Downfall)

Like PayTM : Many Offers In The Beginning (Made Everyone To Compare The Price On PayTM Also)... Now There Is No Name Of PayTM Mall

 

[Batmanbaba]

I hope 2 cards + 1 more if you opt for in the future, would be good to use for electricity bills, groceries to keep them active.

Onecard rewards I expect to perish over time once they have made a sizable customer acquisition, like CRED. CRED nowadays is perhaps paying more for their ads/celebrities engagement that to people using their platform. 😀

Yes.... But still 1% is given on two categories of spend....... Most cards dont even give that... Like au bank.... Even by bob card... Only gives.... 0.2%

 

[Souvik]

99% Of Start-Ups Are Like A Triangle... First They Move Up(Grow) Then They Decline(Downfall)

Like PayTM : Many Offers In The Beginning (Made Everyone To Compare The Price On PayTM Also)... Now There Is No Name Of PayTM Mall

Even i thought Freecharge is also not doing very well, Paytm shares were hammered badly after IPO. It was cheap money which fueled growth of many loss making entities for years, now the party is over.