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dhiraz

dhiraz

TF Ace
Hello Guys!
I Want to Discuss Something Please Read Carefully!
I Have a Offer on Paytm for Rent Payment Which is Flat 1.5% Cashback Up to ₹500 Each for Three Times in a Month Before 31-07-2022 23:59:00 Only Rent Payment of ₹15,000 or More.
So if I Pay ₹33,200 Three Times During Offer Period and 1.5% Cashback of ₹33,200 is ₹498 x3 = ₹1494 and the Fees of Paytm Rent Payment is Showing ₹481.40 x3 = ₹1444.20 So The Cost of Paymt Rent Payment Platform Fee is ₹1494(Cashback) - ₹1444.20(Fee) = ₹49.80 Negligible.

Now I Have ₹1,00,000 in My Own Family's Bank Account Through Rent Payment and I Transfer All the Amount to My IDFC First Bank Account Where I Get 4% Interest p.a. And IDFC Credit the Interest Monthly Basis So the Formula of Interest We Get in Savings Account =(100000*4/100)/365 is ₹10.96 Per Day. Total Interest I Get in 45 Day is ₹10.96 X45 = ₹493.15.
At the End After Doing All This Shit I Have ₹493.15 + ₹49.80 = ₹542.95.

My Credit Card Bill Generate on 15th of Every Month So I Have the Right Time to Do All This on 16th July.

And Also the Purpose of Doing All Is to Show the Total Credit Limit to Credit Bureau. I Just Got My Very First Credit Card From ICICI Bank Against FD of ₹1,50,000 and I Get the Credit Limit of ₹1,35,000. When I Get My Credit Card I Just Do a Electricity Bill Payment of ₹508 in the First Month and in the Second Month I Increase My Spending to ₹1835 but When I Spend More From Previous Bill the Report of My Credit Score is Show High Credit Utilization and My Cibil Score Drop From 779 to 728.

So Guys Please Suggest Me I Am Doing Right or Wrong, Good or Bad in This Community We Have Many Experienced Person So Please Suggest Me the Whole Idea Is Good or Just a Shit.
 
Last edited:
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Solution
Subhankar
@dhiraz The one you're trying to do is something called "manufacturing spend". Now let's check the consequences:
1. This will certainly give you the instant benefit you're looking for but you're basically doing "money laundering". I hope these two words are enough to realise what act it's. As you're not doing a proper rent payment and credit card's money is not your money, so it certainly have no source from your tax paid income.
2. Under Section 194-IB, rent-payments more than 50k per month is taxable, so make sure you're paying tax. In usual time you cut the 5% amount, keep it to yourself to pay tax and pay the rest of the rent to the landlord. So with 1L, the tax liability is there, and as you don't have any proper rent...
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dhiraz said:
Hello Guys!
I Want to Discuss Something Please Read Carefully!
I Have a Offer on Paytm for Rent Payment Which is Flat 1.5% Cashback Up to ₹500 Each for Three Times in a Month Before 31-07-2022 23:59:00 Only Rent Payment of ₹15,000 or More.
So if I Pay ₹33,200 Three Times During Offer Period and 1.5% Cashback of ₹33,200 is ₹498 x3 = ₹1494 and the Fees of Paytm Rent Payment is Showing ₹481.40 x3 = ₹1444.20 So The Cost of Paymt Rent Payment Platform Fee is ₹1494(Cashback) - ₹1444.20(Fee) = ₹49.80 Negligible.

Now I Have ₹1,00,000 in My Own Family's Bank Account Through Rent Payment and I Transfer All the Amount to My IDFC First Bank Account Where I Get 4% Interest p.a. And IDFC Credit the Interest Monthly Basis So the Formula of Interest We Get in Savings Account =(100000*4/100)/365 is ₹10.96 Per Day. Total Interest I Get in 45 Day is ₹10.96 X45 = ₹493.15.
At the End After Doing All This Shit I Have ₹493.15 + ₹49.80 = ₹542.95.

My Credit Card Bill Generate on 15th of Every Month So I Have the Right Time to Do All This on 16th July.

And Also the Purpose of Doing All Is to Show the Total Credit Limit to Credit Bureau. I Just Got My Very First Credit Card From ICICI Bank Against FD of ₹1,50,000 and I Get the Credit Limit of ₹1,35,000. When I Get My Credit Card I Just Do a Electricity Bill Payment of ₹508 in the First Month and in the Second Month I Increase My Spending to ₹1835 but When I Spend More From Previous Bill the Report of My Credit Score is Show High Credit Utilization and My Cibil Score Drop From 779 to 728.

So Guys Please Suggest Me I Am Doing Right or Wrong, Good or Bad in This Community We Have Many Experienced Person So Please Suggest Me the Whole Is Good or Just a Shit.


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@BankExpertIndia @Batmanbaba @anirbanm @ashwink Please give attention 🙂
 
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In the entire month.. Do whatever you want... Just make sure that at bill generation date and at reporting date..... It is different for every credit card provider ... Its given on cibil report........ you keep utilisation between 20-30%.... You will have stable and steady cibil.....
 
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Batmanbaba said:
In the entire month.. Do whatever you want... Just make sure that at bill generation date and at reporting date..... It is different for every credit card provider ... Its given on cibil report........ you keep utilisation between 20-30%.... You will have stable and steady cibil.....
Click to expand...
So i shouldn't do all this and use my card normaly??

But in my cibil report my whole credit limit is not showing.
 
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dhiraz said:
So i shouldn't do all this and use my card normaly??

But in my cibil report my whole credit limit is not showing.
Click to expand...
I think for the secured credit card, ICICI is not reporting the entire card limit (like HDFC even for unsecured credit cards) and highest used amount is reported only leading to 100% utilisation as highest utilised amount = balance amount.

One way to keep your utilisation low (under 30%) for this card is to re-pay 90-95% of the used amount prior to bill generation which would bring down the balance amount on the reporting date and utilisation would come down as well.

Hope this helps!
 
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prc1990 said:
I think for the secured credit card, ICICI is not reporting the entire card limit (like HDFC even for unsecured credit cards) and highest used amount is reported only leading to 100% utilisation as highest utilised amount = balance amount.

One way to keep your utilisation low (under 30%) for this card is to re-pay 90-95% of the used amount prior to bill generation which would bring down the balance amount on the reporting date and utilisation would come down as well.

Hope this helps!
Click to expand...
If i use 100% limit of my card and then use 20% 30% after using 100% isn't helpful.

If i pay bill before bill generation date i can't enjoy 45% interest free days.
 
Upvote 0 Downvote
dhiraz said:
Hello Guys!
I Want to Discuss Something Please Read Carefully!
I Have a Offer on Paytm for Rent Payment Which is Flat 1.5% Cashback Up to ₹500 Each for Three Times in a Month Before 31-07-2022 23:59:00 Only Rent Payment of ₹15,000 or More.
So if I Pay ₹33,200 Three Times During Offer Period and 1.5% Cashback of ₹33,200 is ₹498 x3 = ₹1494 and the Fees of Paytm Rent Payment is Showing ₹481.40 x3 = ₹1444.20 So The Cost of Paymt Rent Payment Platform Fee is ₹1494(Cashback) - ₹1444.20(Fee) = ₹49.80 Negligible.

Now I Have ₹1,00,000 in My Own Family's Bank Account Through Rent Payment and I Transfer All the Amount to My IDFC First Bank Account Where I Get 4% Interest p.a. And IDFC Credit the Interest Monthly Basis So the Formula of Interest We Get in Savings Account =(100000*4/100)/365 is ₹10.96 Per Day. Total Interest I Get in 45 Day is ₹10.96 X45 = ₹493.15.
At the End After Doing All This Shit I Have ₹493.15 + ₹49.80 = ₹542.95.

My Credit Card Bill Generate on 15th of Every Month So I Have the Right Time to Do All This on 16th July.

And Also the Purpose of Doing All Is to Show the Total Credit Limit to Credit Bureau. I Just Got My Very First Credit Card From ICICI Bank Against FD of ₹1,50,000 and I Get the Credit Limit of ₹1,35,000. When I Get My Credit Card I Just Do a Electricity Bill Payment of ₹508 in the First Month and in the Second Month I Increase My Spending to ₹1835 but When I Spend More From Previous Bill the Report of My Credit Score is Show High Credit Utilization and My Cibil Score Drop From 779 to 728.

So Guys Please Suggest
dhiraz said:
If i use 100% limit of my card and then use 20% 30% after using 100% isn't helpful.

If i pay bill before bill generation date i can't enjoy 45% interest free days.
Click to expand...
Yes that might be another option. Your score will take a dig once and will get recovered in the subsequent months.

On a side note, using credit card amount to earn interest in savings account leads to sort of Harshad Mehta philosophy 😂.
Click to expand...
 
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dhiraz said:
Hello Guys!
I Want to Discuss Something Please Read Carefully!
I Have a Offer on Paytm for Rent Payment Which is Flat 1.5% Cashback Up to ₹500 Each for Three Times in a Month Before 31-07-2022 23:59:00 Only Rent Payment of ₹15,000 or More.
So if I Pay ₹33,200 Three Times During Offer Period and 1.5% Cashback of ₹33,200 is ₹498 x3 = ₹1494 and the Fees of Paytm Rent Payment is Showing ₹481.40 x3 = ₹1444.20 So The Cost of Paymt Rent Payment Platform Fee is ₹1494(Cashback) - ₹1444.20(Fee) = ₹49.80 Negligible.

Now I Have ₹1,00,000 in My Own Family's Bank Account Through Rent Payment and I Transfer All the Amount to My IDFC First Bank Account Where I Get 4% Interest p.a. And IDFC Credit the Interest Monthly Basis So the Formula of Interest We Get in Savings Account =(100000*4/100)/365 is ₹10.96 Per Day. Total Interest I Get in 45 Day is ₹10.96 X45 = ₹493.15.
At the End After Doing All This Shit I Have ₹493.15 + ₹49.80 = ₹542.95.

My Credit Card Bill Generate on 15th of Every Month So I Have the Right Time to Do All This on 16th July.

And Also the Purpose of Doing All Is to Show the Total Credit Limit to Credit Bureau. I Just Got My Very First Credit Card From ICICI Bank Against FD of ₹1,50,000 and I Get the Credit Limit of ₹1,35,000. When I Get My Credit Card I Just Do a Electricity Bill Payment of ₹508 in the First Month and in the Second Month I Increase My Spending to ₹1835 but When I Spend More From Previous Bill the Report of My Credit Score is Show High Credit Utilization and My Cibil Score Drop From 779 to 728.

So Guys Please Suggest Me I Am Doing Right or Wrong, Good or Bad in This Community We Have Many Experienced Person So Please Suggest Me the Whole Idea Is Good or Just a Shit.


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Can Totally Do This... Max To Max CIBIL Will Drop 10-15 Points... So No Problem
 
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