total due and refund

[anandbb]

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

 

[helloworld]

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

If your credit card statement is generated and the refund is credited after that, such cases, the credit card customer can deduct the refund amount from the total outstanding bill and pay the rest while paying for the bill.

Remaining outstanding = Total Amount Due – Refund amount

 

[Aniket]

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

Are you talking about Total Amount Due or Total Outstanding?

If TAD is 3400, it's because you got the refund before Due Date and hence it got adjusted against the due of previous cycle, as it belongs to previous cycle only, just got credited in new cycle, as simple as that. It's in compliant with RBI's direction.

Assuming you cancelled the product in current cycle, but the txn was made in previous cycle.

But generally banks are not following this nicely.

Hope, I am able answer to your query, mark ✅ this comment as the solution.

 

[anandbb]

Are you talking about Total Amount Due or Total Outstanding?

If TAD is 3400, it's because you got the refund before Due Date and hence it got adjusted against the due of previous cycle, as it belongs to previous cycle only, just got credited in new cycle, as simple as that. It's in compliant with RBI's direction.

But generally banks are not following this nicely.

Hope, I am able answer to your query, mark ✅ this comment as the solution.

the 600 amount was spent in new cycle and do not belong to previous cycle. but still got adjusted to total due amount

13th sept to 13th October - total bill due 5000
1000 ( which is of the same cycle) got refunded to 5000. due date 2nd nov ( that i understand)

from 14th october (new cycle) - spend 600 cancelled the order got refunded but 600 amount also got adjusted to previous cycle total due

that i dont understand @#aniket
@helloworld

 

[Aniket]

the 600 amount was spent in new cycle and do not belong to previous cycle. but still got adjusted to total due amount

13th sept to 13th October - total bill due 5000
1000 ( which is of the same cycle) got refunded to 5000. due date 2nd nov ( that i understand)

from 14th october (new cycle) - spend 600 cancelled the order got refunded but 600 amount also got adjusted to previous cycle total due

that i dont understand @#aniket
@helloworld

Earlier you said in you main post that you cancelled the order in new cycle so thought you had made the txn in previous cycle only.

Your outstanding balance is only 3400 or more, right now?

Can you attach screenshot/SMS?

Pay 4k then, it would be better to get clarification from Axis, about that 600. See, even if txn was made in next cycle, but refunds got credited before the Due Date of previous cycle, it got adjusted against the due amount of previous cycle. That's what happened here, which is totally unique and out of syllabus. 🤣

Even if txn is made in previous cycle but refunds get credited in current cycle before Due Date, belonging to previous cycle only, even though most of the banks are not adjusting the same and informing the customer. How come Axis adjusted against TAD of previous cycle, with the txn and refund of current cycle. 🤣

I asked earlier whether it was TAD or Total Outstanding, you didn't answer. I hope you're talking about TAD only but not considering Outstanding as TAD.

 

[anandbb]

Earlier you said in you main post that you cancelled the order in new cycle so thought you had made the txn in previous cycle only.

Your outstanding balance is only 3400 or more, right now?

Can you attach screenshot/SMS?

Pay 4k then, it would be better to get clarification from Axis, about that 600. See, even if txn was made in next cycle, but refunds got credited before the Due Date of previous cycle, it got adjusted against the due amount of previous cycle. That's what happened here, which is totally unique and out of syllabus. 🤣

Even if txn is made in previous cycle but refunds get credited in current cycle before Due Date, belonging to previous cycle only, even though most of the banks are not adjusting the same and informing the customer. How come Axis adjusted against TAD of previous cycle, with the txn and refund of current cycle. 🤣

I asked earlier whether it was TAD or Total Outstanding, you didn't answer. I hope you're talking about TAD only but not considering Outstanding as TAD.

its total amount due

 

[helloworld]

the 600 amount was spent in new cycle and do not belong to previous cycle. but still got adjusted to total due amount

13th sept to 13th October - total bill due 5000
1000 ( which is of the same cycle) got refunded to 5000. due date 2nd nov ( that i understand)

from 14th october (new cycle) - spend 600 cancelled the order got refunded but 600 amount also got adjusted to previous cycle total due

that i dont understand @#aniket
@helloworld

Pay whatever it shows and make it '0' outstanding, call customer support and take confirmation about whether you paid full or not.

 

[Aniket]

its total amount due

Who's gonna answer this? 👇

Your outstanding balance is only 3400 or more, right now?

Can you attach screenshot/SMS?

 

[Aniket]

Pay whatever it shows and make it '0' outstanding, call customer support and take confirmation about whether you paid full or not.

3400 matalab kyu ki unka TAD utna hi show ho raha hai 🙂

Issi liye bola 4k pay kar dijye adjust ho jayega itna sar dard kyu, free time mein clarification lete rahe

Iske basis pe RBI ko complaint bhi kar sakta hai, in case charges laga bhi ...

Jada hi safe khel na hai toh TAD jitna statment mein aaya that, as u said 5k, toh 5k hi pay...

 

[NamanGupta]

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

Pay ₹4000 if there will be any Cr. Balance you can use it in future. Better not to get confused.
If by any chance due to confusion some due is lefts then bank will put charges better to play safe.

 

[anandbb]

@Aniket i called customer care and he is saying 1000 will get adjusted in new cycle and not in total due what happen to rbi guideline?

 

[Aniket]

@Aniket i called customer care and he is saying 1000 will get adjusted in new cycle and not in total due what happen to rbi guideline?

No, it's against RBI's direction, as I said earlier many banks are not following it, up to the date.

But generally banks are not following this nicely.

 

[anandbb]

No, it's against RBI's direction, as I said earlier many banks are not following it, up to the date

i called again and now they are acknowledging the rbi guideline but are saying to pay full (safer side) and 1000 will adjusted in next cycle

 

[Aniket]

i called again and now they are acknowledging the rbi guideline but are saying to pay full (safer side) and 1000 will adjusted in next cycle

Acknowledgement ka kya matalab jab implementation 0 hai and batane pe acknowledgement ka kya matalab?

See, 2 ways:

1) Ya toh jaisa bol raha hai waisa kar dijye

1) Ya jitna actually mein RBI ke mutabik hona chahiye utna kariye, uske baad if charges lagte hain... negative impacts aate hain then RBI BO ko complaint and compensation demand

Aapko call pe nahi e-mail pe karna tha ye communications, hope atleast call recording ho.

See what suit you, choose any of them.

 

[jar89]

This is not the same with all banks or all cards for me.

For my Yes Marquee - it will reduce all the refunds(from bill generation date till bill due date) from Total Amount Due till I pay the bill.
but for my Infinia, once the statement is generated, and if I get refunds after that -all those will be adjusted on next statement only and I have to pay the full amount this cycle as per the statement.

 

[helloworld]

This is not the same with all banks.

For my Yes Marquee - it will reduce all the refunds(from bill generation date till bill due date) from Total Amount Due till I pay the bill.
but for my Infinia, once the statement is generated, and if I get refunds after that -all those will be adjusted on next statement only and I have to pay the full amount this cycle as per the statement.

Post in thread 'total due and refund'

Oct 27, 2024

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

If your credit card statement is generated and the refund is credited after that, such cases, the credit card customer can deduct the refund amount from the total outstanding bill and pay the rest while paying for the bill.

Remaining outstanding = Total Amount Due – Refund amount

• helloworld

• 

This is RBI rule and applies to all banks. Just have to make sure 'refund is related to last generated statement' then you can safely ignore, can fight for it if they wrongfully charged and escalate to Ombudsman.

It doesn't matter whether bank do reduce the due amount at that time or not. We settles whole amount by using "Remaining outstanding = Total Amount Due – Refund amount".

But to avoid all the hassle (which we shouldn't do btw, there are rules that everyone should follow and make sure they pay for it if not followed properly), pay entire total due amount and adjust refunds in next statement.

 

[jar89]

Post in thread 'total due and refund'

Oct 27, 2024

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

If your credit card statement is generated and the refund is credited after that, such cases, the credit card customer can deduct the refund amount from the total outstanding bill and pay the rest while paying for the bill.

Remaining outstanding = Total Amount Due – Refund amount

• helloworld

• 

This is RBI rule and applies to all banks. Just have to make sure 'refund is related to last generated statement' then you can safely ignore, can fight for it if they wrongfully charged and escalate to Ombudsman.

It doesn't matter whether bank do reduce the due amount at that time or not. We settles whole amount by using "Remaining outstanding = Total Amount Due – Refund amount".

But to avoid all the hassle (which we shouldn't do btw, there are rules that everyone should follow and make sure they pay for it if not followed properly), pay entire total due amount and adjust refunds in next statement.

yeah, for my Tata Neu Infinity this works. But for Inifnia, CC is saying they can't do anything. I said its an RBI rule and all, even mailed grievance redressal. Nothing positive yet.

 

[deep@vie]

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

Different banks have different policies, I would suggest to pay the full amount in order to avoid interest charges.
SBICARDS, STANDSRD CHARTERED ETC don't consider it as payment & will charge interest on the whole amount.

 

[helloworld]

yeah, for my Tata Neu Infinity this works. But for Inifnia, CC is saying they can't do anything. I said its an RBI rule and all, even mailed grievance redressal. Nothing positive yet.

you can definitely escalate to Ombudsman and get compensation for the trouble and not following rbi rules.

 

[anandbb]

Post in thread 'total due and refund'

Oct 27, 2024

total due for previous cycle was 5000 then came 1000 as refund for previous cycle now due is 4000. In current cycle i cancelled one order of 600 but why did my total due reduced to 3400 as 600 refund was not of previous cycle but current cycle?

If your credit card statement is generated and the refund is credited after that, such cases, the credit card customer can deduct the refund amount from the total outstanding bill and pay the rest while paying for the bill.

Remaining outstanding = Total Amount Due – Refund amount

• helloworld

• 

This is RBI rule and applies to all banks. Just have to make sure 'refund is related to last generated statement' then you can safely ignore, can fight for it if they wrongfully charged and escalate to Ombudsman.

It doesn't matter whether bank do reduce the due amount at that time or not. We settles whole amount by using "Remaining outstanding = Total Amount Due – Refund amount".

But to avoid all the hassle (which we shouldn't do btw, there are rules that everyone should follow and make sure they pay for it if not followed properly), pay entire total due amount and adjust refunds in next statement.

in this case refund was in fact related to last statement but i will pay full amount.

i have no will power nor time to fight these bank