Anyone using Credit Line On Upi

[Saiv]

As upi pay later option is live on Icici & HDFC bank anyone tried it. I heard hdfc charging ₹149 for activation & ICICI charging service charge for using extra than credit limit

 

[D₹V]

Banks should give offer on credit line then only users will join 😉

 

[Deleted member 11974]

As upi pay later option is live on Icici & HDFC bank anyone tried it. I heard hdfc charging ₹149 for activation & ICICI charging service charge for using extra than credit limit

yes have used this
activation is free for wealth customers
but usage above 3k is levied service charge
i had a limit of 20k and i used to lend money to people with this credit
usually service charge used to be levied but out of the 10 months used i went above the 3k threshold 6 times and calling customer care they reversed the service fee every time

 

[Saiv]

yes have used this
activation is free for wealth customers
but usage above 3k is levied service charge
i had a limit of 20k and i used to lend money to people with this credit
usually service charge used to be levied but out of the 10 months used i went above the 3k threshold 6 times and calling customer care they reversed the service fee every ti

will it be reported to credit bureau as loan?

 

[NShah]

will it be reported to credit bureau as loan?

Yes .It's a paylater

 

[Deleted member 11974]

will it be reported to credit bureau as loan?

yes it is reported
it was reported as a credit card

 

[panchabhut]

ICICI paylater was possibly the first to offer this, several years back. But now they have started to charge for using it beyond basic limit. So stopped using it.

 

[Deleted member 11974]

theres also a 500 rs activation fee for non wealth customers

 

[panchabhut]

theres also a 500 rs activation fee for non wealth customers

earlier, it used to be free for all acct holders

 

[aayusharyan]

earlier, it used to be free for all acct holders

Yes, I am one of those customers who got it for free. Was good for rotating money because I could use NB to pay CC bill with this. But then they started adding Service Charge and so I stopped using it. (Now just once in a while to prevent from dormancy).

will it be reported to credit bureau as loan?

Nope, as a Credit Card

 

[Deleted member 11974]

I had activated this last November and every month I used to lend to my friend who used to lend to his friend and had taken a blank cheque as collateral.
Now he used to lend at 10% a month and I used to make a 7% on this.
Also I used to call customer care and get service charges waived off.
Pretty nice Buisness while it lasted.
Have kept it dormant as of now

 

[aayusharyan]

I had activated this last November and every month I used to lend to my friend who used to lend to his friend and had taken a blank cheque as collateral.
Now he used to lend at 10% a month and I used to make a 7% on this.
Also I used to call customer care and get service charges waived off.
Pretty nice Buisness while it lasted.
Have kept it dormant as of now

Brother opened his own NBFC... lol

 

[Prime Carlsen]

What are the repayment options?

 

[panchabhut]

Yes, I am one of those customers who got it for free. Was good for rotating money because I could use NB to pay CC bill with this. But then they started adding Service Charge and so I stopped using it. (Now just once in a while to prevent from dormancy).


Nope, as a Credit Card

ICICI treats it as current acct with overdraft facility

 

[aayusharyan]

ICICI treats it as current acct with overdraft facility

Their Paylater as Current Account + OD... 🤔
What they report as to Credit Bureaus in your case?

 

[aayusharyan]

What are the repayment options?

I use net banking to pay off Paylater. ICICI to ICICI instantly. But I think. (I THINK, NOT SURE) IMPS can be done from other banks to transfer since this is an OD Account.

 

[D₹V]

Their Paylater as Current Account + OD... 🤔
What they report as to Credit Bureaus in your case?

He meant ICICI charges you if you use pay later while most of the BNPL are free.

So that was sarcasm saying ICICI BNPL as OD facility with charges.

 

[D₹V]

I use net banking to pay off Paylater. ICICI to ICICI instantly. But I think. (I THINK, NOT SURE) IMPS can be done from other banks to transfer since this is an OD Account.

Use pockets app to earn extra cashback on ICICI pay later bill payment of 3k+

 

[aayusharyan]

He meant ICICI charges you if you use pay later while most of the BNPL are free.

So that was sarcasm saying ICICI BNPL as OD facility with charges.

So, if the total bill is under 2K, they don't charge any service fee. then after that they start charging based on the amount used. I had that table of computation somewhere. Not able to find it rn.

 

[aayusharyan]

Use pockets app to earn extra cashback on ICICI pay later bill payment of 3k+

Loot lo harr jagah se bhai aap toh.