Only Premium & Super Premium Cards Discussion

[Wealth is my birth right!]

I understand that BharTnxt does not allow transfer to self or accounts with matching names.
Would it matter if the last name is the same or wife with husband's name as surname.

And are there any other requirements like GST number

Till February they allowed spouse accounts to be used for transfer they did an update recently

 

[VISHESH_BANSAL]

It would be negative ER. For cash equivalents what value of each ER can be? If they do 1 ER = ₹0.2 then it could be good for card holder.

I forgot that it was redeemed for Airlmiles/other Loyalty Points.
I was thinking , it was converted to some GV @0.20/ER😅😅

 

[NikTravelEnthusiast]

Till February they allowed spouse accounts to be used for transfer they did an update recently

What's the update exactly about?
Now can we transfer amount to spouse or not?

 

[NikTravelEnthusiast]

My Tata Neu Infinity limit is 4.75 lakhs and I received the card in Jan 2023.
Post that I have done more than 17 lakhs.
Result - HDFC investigating team has called me twice to enquire what type of transactions are been done. Each transaction they asked why I have done. Today HDFC executive came for home inspection to see if I stay in the house and whether I am running some sort of business. He even asked to show credit card to prove that I am holding the card. I hope they are satisfied and they don't block the card. So, please be careful with huge transactions on any card.

Be careful Sirji.
Also I didn't understood how it is possible to spend 17 lakhs within such short span. If you are spending more than 3 laks per month, thats roughly more than 66.00 % utilization of credit limit. Isn't that high utilization?.

 

[Wealth is my birth right!]

What's the update exactly about?
Now can we transfer amount to spouse or not?

Now they named it as business payments if we want to add spouse account
So the catch is if we spend bill amounts if scrutiny done by IT the BharTnxt ppl will say simply as it’s business payment and receiver is liable for tax

 

[technom]

Till February they allowed spouse accounts to be used for transfer they did an update recently

Thank you for confirming

Now they named it as business payments if we want to add spouse account
So the catch is if we spend bill amounts if scrutiny done by IT the BharTnxt ppl will say simply as it’s business payment and receiver is liable for tax

By this logic, transfer to any other family members or friends is also risky for the receiver. Do you guys know if this happened with anyone yet

 

[Deathsnatcher]

Thank you for confirming


By this logic, transfer to any other family members or friends is also risky for the receiver. Do you guys know if this happened with anyone yet

by default if someone is recieving funds to his/her account its liable to tax
because as per it why would someone send you money ?
and if the sums are huge you will recieve notice to explain
Just For Info: i remember 5-6 years back i received funds of 30L and got a notice with a salary of 5L/month lol had to explain everything got from wife/brother and cousin [had to pay a fine for receiving money from cousin and not paying tax over it]

 

[kkk]

Be careful Sirji.
Also I didn't understood how it is possible to spend 17 lakhs within such short span. If you are spending more than 3 laks per month, thats roughly more than 66.00 % utilization of credit limit. Isn't that high utilization?.

My overall credit limit across all cards is close 80lakhs. So, even though for this card the utilization is more than 80% overall is till way less than 30%.

 

[Deathsnatcher]

My overall credit limit across all cards is close 80lakhs. So, even though for this card the utilization is more than 80% overall is till way less than 30%.

Still becareful the cards spendings are meant for personal use not for other purposes..if you can explain your person expenditure more than 3l/month you are good to go

 

[technom]

by default if someone is recieving funds to his/her account its liable to tax
because as per it why would someone send you money ?
and if the sums are huge you will recieve notice to explain
Just For Info: i remember 5-6 years back i received funds of 30L and got a notice with a salary of 5L/month lol had to explain everything got from wife/brother and cousin [had to pay a fine for receiving money from cousin and not paying tax over it]

If you don't mind sharing... What kind of taxes and/or penalty did you have to pay

 

[kkk]

Still becareful the cards spendings are meant for personal use not for other purposes..if you can explain your person expenditure more than 3l/month you are good to go

Bro, I am transferring CC limit to bank and earning points. This is not an usage of CC and no bank will allow this and will lead in blocking of card.
My ITR is around 40 lakh so expense of 3lakh/month can be justified but not like this.

 

[venkateshr]

My Tata Neu Infinity limit is 4.75 lakhs and I received the card in Jan 2023.
Post that I have done more than 17 lakhs.
Result - HDFC investigating team has called me twice to enquire what type of transactions are been done. Each transaction they asked why I have done. Today HDFC executive came for home inspection to see if I stay in the house and whether I am running some sort of business. He even asked to show credit card to prove that I am holding the card. I hope they are satisfied and they don't block the card. So, please be careful with huge transactions on any card.

I think HDFC is acting way out of its approved jurisdiction by doing this physical checks. When your account is in good standing and you have made payments without any revolves what locus standi do they have to come and check your home. Please file a complaint at the local police report for this bloody nonsense. The credit dept has given you a card, you may have used it for personal or business. Their rights are restricted to only ask for clarifications and if not satisfied block the card or limit the usage. This physical check is way above their pay grade with absolutely scant regards to any privacy or social impact.

As a matter of fact, you should mail this to the CEO Sasidhar Jagadishan and mark the cards head too to ensure this doesn't happen again. If it were me, I wouldn't have allowed him for any investigation without proper documentary evidence of their right to do such enquiries.

 

[Deathsnatcher]

If you don't mind sharing... What kind of taxes and/or penalty did you have to pay

my salary was that time low 40k something so i didnt hired any ca or anyone because i wasnt filling income tak or anything since it was so low
and i recieved payments from my family members since i need to purchase something big
so commulative was 30L and i recieved a notice that year upon my surprise visit i got to know cousins cant give you money as lending or anything they argued it as a gift i recieve and had to pay tax as per the slab
while wife and bother transfers was justified
since i didnt filed any tax that year and if i include the gift i was in tax slabs
will look for the sections they imposed that year and the penality i paid will share here

 

[technom]

my salary was that time low 40k something so i didnt hired any ca or anyone because i wasnt filling income tak or anything since it was so low
and i recieved payments from my family members since i need to purchase something big
so commulative was 30L and i recieved a notice that year upon my surprise visit i got to know cousins cant give you money as lending or anything they argued it as a gift i recieve and had to pay tax as per the slab
while wife and bother transfers was justified
since i didnt filed any tax that year and if i include the gift i was in tax slabs
will look for the sections they imposed that year and the penality i paid will share here

Thank you for the detailed response.
Yes, the penalty will be helpful for others

 

[Deleted member 9785]

Be careful Sirji.
Also I didn't understood how it is possible to spend 17 lakhs within such short span. If you are spending more than 3 laks per month, thats roughly more than 66.00 % utilization of credit limit. Isn't that high utilization?.

U are screwed if they report this to IT department. How much money did to save via this rotation?

I strictly advise money rotation because if it gers reported then the mental agony and penalty and money to sort out will be enormous.

 

[vaibhav111vaibhav111 is verified member.]

Hey folks,

I have been paying CC bills via Tata Neu Infinity for last few months now.

It got me thinking, is it possible to rotate between magnus and tata card?

The way i thought is -
Magnus -> via Snapay/BharatNxt -> Tata Neu Inf -> via Gpay/PayTM/BHIM -> Magnus

It will be net 0 transaction considering BharatNxt charges and Neu coins.

Is anyone doing this already?
Also if its possible, how much amt you think is safe in a month, so that i wouldn't block my magnus?

Is it safe for 10k/20k/30k of such rotation every month? Or how much would you recommend?

So I was about to try this and pay my idfc cc through phonepe using iphone so np gpay and paytm and on 28th and 30th both day it showed my Tata rupay card and today when I tried cause tomorrow is my statement date the option to pay using tata rupay vanished! 😅 I kind of knew thought cause I'm merchant on razorpay and they did sent notice saying now the customer can pay using rupay on cc and they will charge 2.1 so I knew this will get patched up soon than later.

 

[sheru]

So I was about to try this and pay my idfc cc through phonepe using iphone so np gpay and paytm and on 28th and 30th both day it showed my Tata rupay card and today when I tried cause tomorrow is my statement date the option to pay using tata rupay vanished! 😅 I kind of knew thought cause I'm merchant on razorpay and they did sent notice saying now the customer can pay using rupay on cc and they will charge 2.1 so I knew this will get patched up soon than later.

Try using PayZapp credit card bill payment option and then head over to BHIM.

 

[sheru]

So I was about to try this and pay my idfc cc through phonepe using iphone so np gpay and paytm and on 28th and 30th both day it showed my Tata rupay card and today when I tried cause tomorrow is my statement date the option to pay using tata rupay vanished! 😅 I kind of knew thought cause I'm merchant on razorpay and they did sent notice saying now the customer can pay using rupay on cc and they will charge 2.1 so I knew this will get patched up soon than later.

Tried paying 1000 on my IDFC card on Gpay via PhonePe. Still showing me Tata Neu option.

 

[Wealth is my birth right!]

Try using PayZapp credit card bill payment option and then head over to BHIM.

No more it’s possible
Payzapp did something not Bhim I think

 

[vaibhav111vaibhav111 is verified member.]

Try using PayZapp credit card bill payment option and then head over to BHIM.

On iphone using phonepe, I can't see tata neu option to pay just debit card for amount 1000 or 20000