Holding Multiple Credit Cards? Share your payment strategy to avoid missed payments!!

[rafzy]

Tha

Credit Balances in CA (current account) get ZERO rate of interest.

Credit Balances in SB (savings bank or savings fund) get interest @ declared rates. Calculation is a bit tricky. Mosy banks pay on the MINIMUM BALANCE in the account between 10th n last day of a month. Interest so calculated is paid at half yearly intervals.

Private banks have, most probably to differentiate their products from other's, started paying interest monthly. Or, calculating interest on a daily basis too. In case of MAB accounts, some banks also started NOT PAYING interest for the month, when balance fall below the agreed MAB.

For those below the Senior Citizen cutoff age as per ITD, the permissable Deduction on the SB Interest received is max 10K, under section 80TTA.

Thanks for explaining 🙂

 

[quino]

Mosy banks pay on the MINIMUM BALANCE in the account between 10th n last day of a month.

Didn't rbi mandate banks to pay interest on sb account funds, using the End of day balance method, where they take an average of all EOD balances for every month/quarter and credit interest based on that amount?

Interest so calculated is paid at half yearly intervals

Even sarkari banks are crediting quarterly interest. I don't know of any banks that are doing half-yearly now-a-days

 

[aayusharyan]

Credit Balances in SB (savings bank or savings fund) get interest @ declared rates. Calculation is a bit tricky. Mosy banks pay on the MINIMUM BALANCE in the account between 10th n last day of a month. Interest so calculated is paid at half yearly intervals.

This was in Class 10th Maths syllabus, hehe. 😅

 

[pothi]

I pay CC bills on Sundays. Which Sunday depends on the due date. If the due date is 17th, I pay on second Sunday (that always comes before 15th of every month).

There is a calendar entry to remind me on each Sunday for the CCs to pay.

 

[superstar@123]

I hold 10+ card and I use CRED to track payment. All the cards are supported by CRED except Amex, which I have stopped using now.

Also, for paying HDFC CC, can someone suggest best way to pay for it which is beneficial ?

 

[pothi]

for paying HDFC CC, can someone suggest best way to pay for it which is beneficial ?

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[superstar@123]

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So I am now consolidating my expenses in one primary CC which is HDFC. Generally monthly exps are around 1.5L.

 

[MOhit __]

Install Cred and save time.

 

[rafzy]

Install Cred and save time.

CRED's UI is a mess... you need to spend a good 10 mins to try to understand which option sits where and what the hell is going on in the app.
I personally find it very difficult to navigate. And the problem is they keep changing the UI/UX very frequently. I have it installed and was using it for years, but now seldom even open it.

 

[insight]

CRED's UI is a mess... you need to spend a good 10 mins to try to understand which option sits where and what the hell is going on in the app.
I personally find it very difficult to navigate. And the problem is they keep changing the UI/UX very frequently. I have it installed and was using it for years, but now seldom even open it.

Agree.

Someone put me on CRED, I was happy, then got very annoyed with its UGLY gamification UI & surprising changes and pops and jumps like a muppet cartoon for kids.

Then went to PayZapp & MobiKwik etc.

I think FreeCharge UI is cleaner.

 

[superstar@123]

Agree.

Someone put me on CRED, I was happy, then got very annoyed with its UGLY gamification UI & surprising changes and pops and jumps like a muppet cartoon for kids.

Then went to PayZapp & MobiKwik etc.

I think FreeCharge UI is cleaner.

Cant agree more!
They keep changing their UI like anything and they have such a slow animation. They even dont have search option for the users!!
I can say that they have designed in that way, so that the user spends much more time on their app and then, they can raise money based on this criteria!

Strantegly, they wont best designed award sometime back (Which I believe they paid for !)

 

[realjayt]

Recently did this filter thing. Very helpful.

Also created a separate email id for Cred and set auto forward for any such statements. Same for IndMoney (which is more invasive than Cred)

How to do this?

 

[Copycat]

Credit Balances in CA (current account) get ZERO rate of interest.

Credit Balances in SB (savings bank or savings fund) get interest @ declared rates. Calculation is a bit tricky. Mosy banks pay on the MINIMUM BALANCE in the account between 10th n last day of a month. Interest so calculated is paid at half yearly intervals.

Private banks have, most probably to differentiate their products from other's, started paying interest monthly. Or, calculating interest on a daily basis too. In case of MAB accounts, some banks also started NOT PAYING interest for the month, when balance fall below the agreed MAB.

For those below the Senior Citizen cutoff age as per ITD, the permissable Deduction on the SB Interest received is max 10K, under section 80TTA.

Things changed in 2010. This is the "new" way that interest is calculated
https://groww.in/blog/how-banks-calculate-interest-on-savings-accounts-and-fd

You may refer to the notification about the change here: https://www.rbi.org.in/commonperson/English/Scripts/Notification.aspx?Id=410
And here is the master circular that has been not been changed since 2015: https://www.rbi.org.in/scripts/BS_ViewMasterCirculars.aspx?Id=9867&Mode=0

Actually, I thought the changes happened later but they seem to have happened quite a long time ago.

 

[HumorSimpson]

I pay CC bills on Sundays. Which Sunday depends on the due date. If the due date is 17th, I pay on second Sunday (that always comes before 15th of every month).

There is a calendar entry to remind me on each Sunday for the CCs to pay.

why specifically sunday ?

 

[Riya]

I have about 17-18 cards... for half of them I have set the billing date as 20th and for the remaining I have set it as 5th....
So I get to revolve my usage and pay the dues on 15th and 30th of every month... this way I don't need to keep track on every card

 

[HumorSimpson]

I have about 17-18 cards... for half of them I have set the billing date as 20th and for the remaining I have set it as 5th....
So I get to revolve my usage and pay the dues on 15th and 30th of every month... this way I don't need to keep track on every card

Wow ... dynamic programming in real life. Hatsoff lady 👒

 

[Riya]

Wow ... dynamic programming in real life. Hatsoff lady 👒

thanks a lot...

 

[suhasa010]

How to do this?

Just Google how to set up email filters.

 

[Riya]

Just Google how to set up email filters.

I think everyone uses that now... Otherwise the mailbox will look like a heap of mess...

 

[plastikman]

I save all my cards on subscription app with due dates and tick them off after making the payment.

I don't like to depend on automation for something as crucial as this.