[mb_jg]

I recently knocked off my entire outstanding on my HDFC credit card, which was a substantial amount. Now the prob starts, my billing date is 5th of every month, I made the online payment from the HDFC gateway which was on the 4th, so my new bill showed an interest of X rs which I disputed.
HDFC has taken a request for the reversal but I doubt it will happen. Their contention is that it takes 2 working days to credit the payment to a credit card account, my argument was the monies were debited from my account immediately so I will assume the best.
Any comments guys?

[JohnyBoy]

Originally Posted by mb_jg

I recently knocked off my entire outstanding on my HDFC credit card, which was a substantial amount. Now the prob starts, my billing date is 5th of every month, I made the online payment from the HDFC gateway which was on the 4th, so my new bill showed an interest of X rs which I disputed.
HDFC has taken a request for the reversal but I doubt it will happen. Their contention is that it takes 2 working days to credit the payment to a credit card account, my argument was the monies were debited from my account immediately so I will assume the best.
Any comments guys?

You would have got two SMSs
1. First one from your bank account saying 'Rs xxxx deducted'. This shud be on 4th (immediately after you transfer the money to credit card).
2. Second one from HDFC saying 'Rs xxx is credited to your credit card on xyz date'. The SMS may come after 1 or 2 days. The key is xyz date.

If your bank account is also with HDFC, the credit also would have happened on 4th itself. If it is another bank there will be a delay of 2 days and it will be 6th or worst case 7th.

[mb_jg]

Originally Posted by JohnyBoy

You would have got two SMSs
1. First one from your bank account saying 'Rs xxxx deducted'. This shud be on 4th (immediately after you transfer the money to credit card).
2. Second one from HDFC saying 'Rs xxx is credited to your credit card on xyz date'. The SMS may come after 1 or 2 days. The key is xyz date.

If your bank account is also with HDFC, the credit also would have happened on 4th itself. If it is another bank there will be a delay of 2 days and it will be 6th or worst case 7th.

Since my HDFC netbanking was not working I made a payment via their website through my ING Vysya bank, so the delay of the 2 days. But nevertheless, going by plain logic, the money was debited from my ING account on the 4th itself so I will safely assume that my credit card account was credited immediately.
Hopefully they reverse the charges though

[binand]

Originally Posted by JohnyBoy

If your bank account is also with HDFC, the credit also would have happened on 4th itself. If it is another bank there will be a delay of 2 days and it will be 6th or worst case 7th.

Nope, they (it is not HDFC; all banks do this) do it on the subsequent date. The money you pay would have left your bank account on day 1, and would be credited to your card account on day 2. In the hours between, you have no access to your own money or credit.

Where does the money go? Banks generate revenue from this money by lending it in the call money market.

http://en.wikipedia.org/wiki/Money_m...l_money_market

[shankar.balan]

Originally Posted by mb_jg

Since my HDFC netbanking was not working I made a payment via their website through my ING Vysya bank, so the delay of the 2 days. But nevertheless, going by plain logic, the money was debited from my ING account on the 4th itself so I will safely assume that my credit card account was credited immediately. Hopefully they reverse the charges though

Mostly they will not charge you interest un necessarily. Please reach out to your relationship manager and ask him to ensure you are not charged unduly.
If you make the request pro-actively, chances are they will accommodate you on this.

[mb_jg]

Originally Posted by shankar.balan

Mostly they will not charge you interest un necessarily. Please reach out to your relationship manager and ask him to ensure you are not charged unduly.
If you make the request pro-actively, chances are they will accommodate you on this.

I just confirmed the interest charges have been reversed. Phew, I honestly did not want to pay a paisa more after the total amount I cleared.

[Dry Ice]

Originally Posted by mb_jg

HDFC has taken a request for the reversal but I doubt it will happen. Their contention is that it takes 2 working days to credit the payment to a credit card account, my argument was the monies were debited from my account immediately so I will assume the best.
Any comments guys?

I think the reversal depends a lot on your track record. If you have been paying everything in full without any delays, you won't have any problem.

Recently, I paid my CC outstanding amount a good 4 days after the due date (missed the payment for the first time!). When I checked my unbilled transactions online, I was charged a late fee (+taxes) on the due date but it was reversed as soon as the payment was received.

It was more of a goodwill gesture on HDFC's part as I can't dispute the late payment fee since I did pay late.

So, if your earlier payments were in order, I suppose they would have reversed it on their own without you actually requesting it.

[mb_jg]

Originally Posted by Dry Ice

I think the reversal depends a lot on your track record. If you have been paying everything in full without any delays, you won't have any problem.

Recently, I paid my CC outstanding amount a good 4 days after the due date (missed the payment for the first time!). When I checked my unbilled transactions online, I was charged a late fee (+taxes) on the due date but it was reversed as soon as the payment was received.

It was more of a goodwill gesture on HDFC's part as I can't dispute the late payment fee since I did pay late.

So, if your earlier payments were in order, I suppose they would have reversed it on their own without you actually requesting it.

Believe it, I haven't missed a single payment till date, even if it was a minimum due amount. The problem is with the general junta at the call center, I had to speak with their supervisor, who clearly was listening to my side of the story, & he did get the reversal done.
I've worked at SBI Cards in my college days, & even now, the recommendations come through the associates taking calls. They are required to review the accounts for client continuance.
Anyways, I am glad they reversed it.

[JohnyBoy]

Originally Posted by Dry Ice

...
So, if your earlier payments were in order, I suppose they would have reversed it on their own without you actually requesting it.

My Citibank credit card payment was due on 2nd Dec. Did the payment through HDFC bank online on 2nd. Got SMS from Citi saying money was credited on 4th. I was expecting a late fee + interest charges. But surprise, got the next statement today and there are no charges.

So there are some instances of good customer service from banks.

[nitin.rai]

Originally Posted by JohnyBoy

My Citibank credit card payment was due on 2nd Dec. Did the payment through HDFC bank online on 2nd. Got SMS from Citi saying money was credited on 4th. I was expecting a late fee + interest charges. But surprise, got the next statement today and there are no charges. So there are some instances of good customer service from banks.

It's an RBI guideline - if the customer has made an attempt to pay (including dropping a cheque in a bank's drop box) the credit card provider bank can't levy a late fee on you.

[babhishek]

Originally Posted by JohnyBoy

My Citibank credit card payment was due on 2nd Dec. Did the payment through HDFC bank online on 2nd. Got SMS from Citi saying money was credited on 4th. I was expecting a late fee + interest charges. But surprise, got the next statement today and there are no charges.

So there are some instances of good customer service from banks.

This is generally the norm, I might have been charged late fees, 1out of a 100 times in this typical scenario - was promptly reversed with a single phone call!

Originally Posted by nitin.rai

It's an RBI guideline - if the customer has made an attempt to pay (including dropping a cheque in a bank's drop box) the credit card provider bank can't levy a late fee on you.

Good to know there is a defined guideline around this - any links?

[Dry Ice]

Originally Posted by JohnyBoy

I was expecting a late fee + interest charges. But surprise, got the next statement today and there are no charges

Yes, I guess the relationship with the bank here is the key.

Originally Posted by nitin.rai

It's an RBI guideline - if the customer has made an attempt to pay (including dropping a cheque in a bank's drop box) the credit card provider bank can't levy a late fee on you.

That's good to know. Would like to read more about this particular thing, any pointers?

But my guess is, RBI won't direct the banks to reverse the charges if the customer tries to pay after the due date. Or is it like a due date + 5 days sort of thing? Curious to know.

[myavu]

Originally Posted by JohnyBoy

My Citibank credit card payment was due on 2nd Dec. Did the payment through HDFC bank online on 2nd. Got SMS from Citi saying money was credited on 4th. I was expecting a late fee + interest charges. But surprise, got the next statement today and there are no charges.

Instead of online payment try NEFT. It is a same day transfer if done forenoon else next day.

Details here

BANK NAME : CITI BANK (CIT)

SAVINGS ACCOUNT : Your 16 Digit Credit Card Number

IFSC Code : CITI0000003

BRANCH : ANNA SALAI, CHENNAI

Pan-India Citi Bank Credit Card payments can be done through above IFSC code and Branch.

Cheers!

Vinu

[JohnyBoy]

Originally Posted by myavu

Instead of online payment try NEFT. It is a same day transfer if done forenoon else next day.
...
Pan-India Citi Bank Credit Card payments can be done through above IFSC code and Branch.
..

Thanks Vinu.
I knew this and was doing this for a while. Then the chip card issue came and Citibank changed my card 2 times. So in last 3-4 months I have 3 cards with 3 different numbers. Adding all these in HDFC beneficiary list was a pain (or read I was lazy) and it takes 12 hours. So didn't do that.

The chip issue has created some chaos. Different bank doing it different way.
a. Citibank sent me new chip card 3-4 months ago. And another one 2 months ago.
b. StanC sent me a new chip card with the same number as old card.
c. HDFC - i was having a chip card for more than a year, they sent one recently.
d. Amex is the worst. They sent new card (apparently with same number) 3 times to me, but not delivered. I got 3 letters from them saying they couldn't deliver the card at the address. I got the letters in the same address!!

I will wait for the chip card chaos to settle down. Then will add the NEFT payment method. Thanks for reminding me.

[Navneet]

I am being offered Diners Club International Premium Card. Apparently, the joining and annual fee are being waived off. The card promises unlimited free lounge access in 21 domestic lounges. Is the card good? Is there any catch?

HDFC Regalia is also on offer, but the one has to spend Rs 4 Lakh in a year for the annual fees (Rs 5000/-) to be waived off.