Paying House downpayment via Credir Cards

[varun.rt]

Hello

I have recently purchased a property and I've to pay total of 10% as downpayment. Initially paid 5% via cheque (as it was during the time of booking, had no choice) and I'll be intimated to pay next 5% soon via their property App (Godrej Properties). The 5% i.e.. Rs.6.5 lakhs I'm planning to pay via 2 cards, that is Diners Black and Amex Plat Travel.
I have 3 concerns/queries here:

1. High utilization for the month affecting CIBIL - As my usual monthly spends would total to around 1-1.3 lakhs/month, that is around 1-2% of my total credit utilization, I'm concerned that having such high transaction of around 6.5L suddenly this month would affect my CIBIL (almost 90% of my Diners limit and 20% of my Amex Limit) as I'm looking forward for a house loan next month. Is there any way to avoid high utilization reporting? What if I pay back the amount to card on the same day? Would that work?

2. Any additional service charges that may get levied for this transaction either from Merchant side (Godrej Properties via App) or the Bank side (HDFC and Amex) ?

3. Will I get the rewards points on this category of spends? Or should I just be looking it as a way to reach my CC milestones?

Please help me out!
Thanks!

 

[PREMPATEL12]

Bhai tu utilization ki chinta na kar (%).. Chinta yeh kar ki paise bhar payega ya nahi.. If yes then dont worry go ahead.. I used almost 95% of HDFC limit multiple times..
1 Bar Godrej se Merchant code pu6 lena...
if you will spend 6 lacs something from your HDFC then next month 1 mail dal dena Priority team ko ki ku6 LTF karo ya Infinia me upgrade karo..
Ese hi to moke hote h yeh 6 lacs wali bhasudi ko complete kar ne ke..

 

[dravidsarang]

Hello

I have recently purchased a property and I've to pay total of 10% as downpayment. Initially paid 5% via cheque (as it was during the time of booking, had no choice) and I'll be intimated to pay next 5% soon via their property App (Godrej Properties). The 5% i.e.. Rs.6.5 lakhs I'm planning to pay via 2 cards, that is Diners Black and Amex Plat Travel.
I have 3 concerns/queries here:

1. High utilization for the month affecting CIBIL - As my usual monthly spends would total to around 1-1.3 lakhs/month, that is around 1-2% of my total credit utilization, I'm concerned that having such high transaction of around 6.5L suddenly this month would affect my CIBIL (almost 90% of my Diners limit and 20% of my Amex Limit) as I'm looking forward for a house loan next month. Is there any way to avoid high utilization reporting? What if I pay back the amount to card on the same day? Would that work?

2. Any additional service charges that may get levied for this transaction either from Merchant side (Godrej Properties via App) or the Bank side (HDFC and Amex) ?

3. Will I get the rewards points on this category of spends? Or should I just be looking it as a way to reach my CC milestones?

Please help me out!
Thanks!

1. CIBIL effect- if it’s below 30% of your total credit limit (include all credit cards) and your credit history is for over 5 years, do not worry about it.

2. Additional charges- check with the merchant first if they are accepting payments via cc without any additional cost. There must not be any additional charges from bank.

3. Rewards - depends upon the Mcc, if possible check with merchant regarding the mcc and then check in your cc Tnc if that mcc is valid for reward points.

Hope this helps..

 

[varun.rt]

Bhai tu utilization ki chinta na kar (%).. Chinta yeh kar ki paise bhar payega ya nahi.. If yes then dont worry go ahead.. I used almost 95% of HDFC limit multiple times..
1 Bar Godrej se Merchant code pu6 lena...
if you will spend 6 lacs something from your HDFC then next month 1 mail dal dena Priority team ko ki ku6 LTF karo ya Infinia me upgrade karo..
Ese hi to moke hote h yeh 6 lacs wali bhasudi ko complete kar ne ke..

Hey! Thank you!
Haan paise toh hai, i can pay it back immediately to the card account, that's not an issue. I've dropped a mail to godrej cusotmer care seeking the mcc code.
Also abhi ka Diners black LTF hai, toh bas spends hi kar paaunga. And LTF diners se paid infinia not sure it that's worth it bro. Let me know what do you think

 

[varun.rt]

1. CIBIL effect- if it’s below 30% of your total credit limit (include all credit cards) and your credit history is for over 5 years, do not worry about it.

2. Additional charges- check with the merchant first if they are accepting payments via cc without any additional cost. There must not be any additional charges from bank.

3. Rewards - depends upon the Mcc, if possible check with merchant regarding the mcc and then check in your cc Tnc if that mcc is valid for reward points.

Hope this helps..

Hey! Thank you! Helps a lot!
1. Total CL is around 53L, so well below 30%, but credit journey started in 2020 when i took student loan, so just 4 years now. I'm also worried about the sudden spike in the utilization this month. Not sure how will it affect the score.

2&3. Yes I've dropped them a mail to seeking confirmation on the charges and MCC code for the transaction. I just hope they wont categorise it as rent or anything as i read on similar thread.

 

[dravidsarang]

Hey! Thank you! Helps a lot!
1. Total CL is around 53L, so well below 30%, but credit journey started in 2020 when i took student loan, so just 4 years now. I'm also worried about the sudden spike in the utilization this month. Not sure how will it affect the score.

2&3. Yes I've dropped them a mail to seeking confirmation on the charges and MCC code for the transaction. I just hope they wont categorise it as rent or anything as i read on similar thread.

There was a similar thread where the person used cc for car purchase and eventually paid a lot in surcharge as the car dealer had fuel transaction mcc instead of sale.

Really make sure about the Mcc in big payments.

Regarding your CL hit issue, it should be ok, I doubt it will hit bad by a big margin if your overall cl is good.

 

[varun.rt]

There was a similar thread where the person used cc for car purchase and eventually paid a lot in surcharge as the car dealer had fuel transaction mcc instead of sale.

Really make sure about the Mcc in big payments.

Regarding your CL hit issue, it should be ok, I doubt it will hit bad by a big margin if your overall cl is good.

yupp i read that! Scary!
That's why i'm taking a lot of precautions and research before the payment.
And the only reason i'm worried about the CIBIL hit is I'm going for a home loan next month and depending on the score, they'll determine my interest rate.

 

[Somebody2299]

Hey OP, any idea about what's the MCC of the payment done through Godrej Properties app using CC. Want to know if SBI Cashback card would fetch the 5% CB or not, thanks!

 

[varun.rt]

Hey OP, any idea about what's the MCC of the payment done through Godrej Properties app using CC. Want to know if SBI Cashback card would fetch the 5% CB or not, thanks!

Hey

For Godrej Properties, its MCC 1520 (As given by my RM and the Fin team) yes, it's applicable for 5% CB as well as any reward points from any other cards except Amex. (their portal doesn't accept AMEX)