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

[CARDBITRAGE]

One trick would be to have a consistent statement date across your cards. This can be requested from your card provider. What works for me is I always pay the card dues on the statement generation date itself, because sometimes you could get carried away with other things and miss your payments. And if like me, you are someone who checks your mail every day, you should not miss your CC statements either.

 

[BlueFlash]

Create a new / dummy gmail account ----> Auto forward all the bank statements from main account to this dummy account. ----> Give access to cred for this dummy account ----> Voila! All the statements automatically get populated with due dates in Cred!

Just word of caution with this pro setup -> Make sure to check the "Never mark this as Spam" while creating the forwarding filter in Gmail... Recently my PNB statement for some reason was marked as Spam, and Gmail by default never forwards a spam mail unless you have explicitly allowed in your forward filter, and hence this didn't get forwarded to my cred gmail account, and I nearly missed the payment. Fortunately Cred also has a feature where it sends reminder when it detects that no statement has been generated/received, so that caught my attention. This would also help in a rare event where if the bank changes it's from/sender email address for the bill statements, or whatever you have set in your filter criteria to forward emails.

 

[sourpai]

Just word of caution with this pro setup -> Make sure to check the "Never mark this as Spam" while creating the forwarding filter in Gmail... Recently my PNB statement for some reason was marked as Spam, and Gmail by default never forwards a spam mail unless you have explicitly allowed in your forward filter, and hence this didn't get forwarded to my cred gmail account, and I nearly missed the payment. Fortunately Cred also has a feature where it sends reminder when it detects that no statement has been generated/received, so that caught my attention. This would also help in a rare event where if the bank changes it's from/sender email address for the bill statements, or whatever you have set in your filter criteria to forward emails.

Yes Spam issue can happen. However, it will get noticed in the first instance and once you mark it as 'not spam', issue will get sorted next time onwards. Gmail, especially is quite good in spam filtering and not filtering once marked

 

[ltf4ever]

Why you should think of it –​

While holding multiple credit cards has its perks, one of its biggest disadvantages is missing a payment inadvertently and then ruining your Credit score which takes an ample amount of time to fix.

Many of the smartest and most careful of us, may miss a payment, owing to our busy schedules and maybe unplanned emergencies.

My payment strategy –​

I am pretty stingy with credit card spends and only use them for rewards and cashbacks. Well, most of us here do the same. If I don’t see a benefit, I just use UPI or cash.

I maintain an account in HDFC which I generally keep funded for emergencies. I use this account to pay my credit card bills. So, it doubles up as an emergency fund and since it is funded all the time, any payment that I may probably forget doesn’t bounce.

For HDFC Cards, there is an option in netbanking to autodebit your bank account with your linked credit card bill amount (or minimum amount due, which you should never select) on the due date. In case, you do not see your card then you have the option to link it.

For other Cards, such as SBI Cards, you will be able to find the option of NACH mandate in the SBI Card App. Use this to setup an autodebit of your Credit Card Bill amount with your Bank Account (which can be any bank in India). It is a two minute process, where you will be asked for the 4 digits of your PAN and then login to your netbanking to approve the NACH request. They may also share an agreement with you and ask you to sign it digitally using an OTP received on your registered mobile number.

I have linked all my credit cards except one (ICICI Amazon Pay Credit Card, which I use as a primary card) with HDFC for autodebit and this facility works pretty well.

Now, I also make payments for friends, family and in-laws using my Cards to get and give them the benefits of schemes and rewards. I take a cheque from my friends and directly deposit it to ICICI Credit Card Account. I take a note of the bill amount and after deducting the payments deposited in the Card Account by others, pay the entire bill upto 7 days in advance.

Disadvantages of using Autodebit (NACH) –​

• Firstly, you miss the petty cashbacks which you get while making payments using Amazon and the like. I don’t trust CRED and such apps and just stay miles away from them.
• Your bank may charge a one time fee of Rs 100+Gst (Rs 118) to setup autodebit from our account. Some banks do (PNB does) and some don’t (HDFC doesn’t, maybe because I am an Imperia or preferred customer, I don’t know) charge this fee.
• If your card account has received some cashback credit or even if you pay the credit card bill beforehand, the NACH will trigger and debit the entire bill amount. This will result in some credit balance to your card bill account which you will need to utilize later.
• I would like to make an exception here for SBI. In case of SBI, I have set up autodebit for my SBI BPCL Octane Card and then transferred some small amounts after the card bill date. Say, the bill was Rs 11800 and I paid Rs 400 once and Rs 500 later, SBI smartly picked up Rs 10900 using NACH and not Rs 11800 which was the bill amount.
• In case you have not funded your account, the NACH will bounce and you will have to pay Cheque bounce charges as per Bank policy, thus ruining the whole purpose. So, keep your account well funded at all times.
• In case there is a fraudulent charge to your account, then it may go unnoticed. You need to monitor your credit card account regularly.
• Just one more point to add, your NACH may trigger a day later after the due date. Don't worry about it. It won't be counted as a late payment.

Advantages of Autodebit –​

• You may save a little on account of Saving Bank interest, since the credit card bill amount is debited on the due date and not before.
• You shop without fear knowing that bill payment has already been taken care of.
• Peace of mind, as credit card bill payment is one of the worst liabilities when it starts to affect your credit score.

Other ways to avoid missing payments –​

• Use Reminders from Amazon, paytm or such apps which remind you of your due bills.
• You can setup a recurring calendar event in your phone to remind you of your bill payments.

Drop a comment if you have something to add.

Hit a Like, if you enjoyed this!!

Thanks.

I clear all my dues on 15th and 30th of the month. I don't use any 3rd party apps for keeping track. have set a recurring reminder for 15th and 30th.

 

[RaviAgl]

I also use Subscriptions app from google play store and add the bill generation date for each card since payment date is nearly 20 days from bill generation date !

Please share the Google play store link of the Subscription app, you are talking about.

It looks good and I would like to try it.

Thanks.

 

[plastikman]

Please share the Google play store link of the Subscription app, you are talking about.

It looks good and I would like to try it.

Thanks.

There you are -

Subscriptions - Manage your re - Apps on Google Play

Manage your subscriptions with ease

play.google.com

 

[kej]

Certainly it’s fun to see CL
I think my total is above 2.2 cr now
Haven’t checked Cibil since few days
But this is a good way to track the limits
Uptill now I use a spreadsheet for all this
But I have recently taken up a project to integrate bank api’s and implement customise notifications

Are Bank APIs available for personal use? Or are you using a 3rd party aggregator?
And are these Bank APIs free or paid?
I have contemplated building an interface to simplify the process, from CC Bill fetch to searching for the best offers. I would love to take some inspiration from what you have done.

 

[Deleted member 6719]

Why you should think of it –​

While holding multiple credit cards has its perks, one of its biggest disadvantages is missing a payment inadvertently and then ruining your Credit score which takes an ample amount of time to fix.

Many of the smartest and most careful of us, may miss a payment, owing to our busy schedules and maybe unplanned emergencies.

My payment strategy –​

I am pretty stingy with credit card spends and only use them for rewards and cashbacks. Well, most of us here do the same. If I don’t see a benefit, I just use UPI or cash.

I maintain an account in HDFC which I generally keep funded for emergencies. I use this account to pay my credit card bills. So, it doubles up as an emergency fund and since it is funded all the time, any payment that I may probably forget doesn’t bounce.

For HDFC Cards, there is an option in netbanking to autodebit your bank account with your linked credit card bill amount (or minimum amount due, which you should never select) on the due date. In case, you do not see your card then you have the option to link it.

For other Cards, such as SBI Cards, you will be able to find the option of NACH mandate in the SBI Card App. Use this to setup an autodebit of your Credit Card Bill amount with your Bank Account (which can be any bank in India). It is a two minute process, where you will be asked for the 4 digits of your PAN and then login to your netbanking to approve the NACH request. They may also share an agreement with you and ask you to sign it digitally using an OTP received on your registered mobile number.

I have linked all my credit cards except one (ICICI Amazon Pay Credit Card, which I use as a primary card) with HDFC for autodebit and this facility works pretty well.

Now, I also make payments for friends, family and in-laws using my Cards to get and give them the benefits of schemes and rewards. I take a cheque from my friends and directly deposit it to ICICI Credit Card Account. I take a note of the bill amount and after deducting the payments deposited in the Card Account by others, pay the entire bill upto 7 days in advance.

Disadvantages of using Autodebit (NACH) –​

• Firstly, you miss the petty cashbacks which you get while making payments using Amazon and the like. I don’t trust CRED and such apps and just stay miles away from them.
• Your bank may charge a one time fee of Rs 100+Gst (Rs 118) to setup autodebit from our account. Some banks do (PNB does) and some don’t (HDFC doesn’t, maybe because I am an Imperia or preferred customer, I don’t know) charge this fee.
• If your card account has received some cashback credit or even if you pay the credit card bill beforehand, the NACH will trigger and debit the entire bill amount. This will result in some credit balance to your card bill account which you will need to utilize later.
• I would like to make an exception here for SBI. In case of SBI, I have set up autodebit for my SBI BPCL Octane Card and then transferred some small amounts after the card bill date. Say, the bill was Rs 11800 and I paid Rs 400 once and Rs 500 later, SBI smartly picked up Rs 10900 using NACH and not Rs 11800 which was the bill amount.
• In case you have not funded your account, the NACH will bounce and you will have to pay Cheque bounce charges as per Bank policy, thus ruining the whole purpose. So, keep your account well funded at all times.
• In case there is a fraudulent charge to your account, then it may go unnoticed. You need to monitor your credit card account regularly.
• Just one more point to add, your NACH may trigger a day later after the due date. Don't worry about it. It won't be counted as a late payment.

Advantages of Autodebit –​

• You may save a little on account of Saving Bank interest, since the credit card bill amount is debited on the due date and not before.
• You shop without fear knowing that bill payment has already been taken care of.
• Peace of mind, as credit card bill payment is one of the worst liabilities when it starts to affect your credit score.

Other ways to avoid missing payments –​

• Use Reminders from Amazon, paytm or such apps which remind you of your due bills.
• You can setup a recurring calendar event in your phone to remind you of your bill payments.

Drop a comment if you have something to add.

Hit a Like, if you enjoyed this!!

Thanks.

HDFC NetBanking supports credit card autopay for all major banks. No Small Finance Banks thoough

 

[Deleted member 6719]

Simple strategy, pay the credit card bill as soon as its generated instead of waiting till due date.

You are losing out on another 20 days of savings interest (6%-8%). Many consider it a crime in corporate finance departments.

 

[saurav148]

I have been a very early adopter of Cred and have never faced an issue in the last 3-4 years.

I have also set email filters for my CC statements. As soon as a CC statement arrives it goes to straight to my dedicated folder, where its easier to track and keep record.

 

[suhasa010]

I have been a very early adopter of Cred and have never faced an issue in the last 3-4 years.

I have also set email filters for my CC statements. As soon as a CC statement arrives it goes to straight to my dedicated folder, where its easier to track and keep record.

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)

 

[Chitra007]

I've been using google spreadsheets to track the cc payments. Whenever a statement is generated for any of my credit cards, I note down all the sections like outstanding amount, last date, source of credit card payments etc. and track that spreadsheet on every weekend.

 

[sumit2goody]

Cred since its launch, haven't missed a single payment yet.

 

[Deleted member 8482]

Why you should think of it –​

While holding multiple credit cards has its perks, one of its biggest disadvantages is missing a payment inadvertently and then ruining your Credit score which takes an ample amount of time to fix.

Many of the smartest and most careful of us, may miss a payment, owing to our busy schedules and maybe unplanned emergencies.

My payment strategy –​

I am pretty stingy with credit card spends and only use them for rewards and cashbacks. Well, most of us here do the same. If I don’t see a benefit, I just use UPI or cash.

I maintain an account in HDFC which I generally keep funded for emergencies. I use this account to pay my credit card bills. So, it doubles up as an emergency fund and since it is funded all the time, any payment that I may probably forget doesn’t bounce.

For HDFC Cards, there is an option in netbanking to autodebit your bank account with your linked credit card bill amount (or minimum amount due, which you should never select) on the due date. In case, you do not see your card then you have the option to link it.

For other Cards, such as SBI Cards, you will be able to find the option of NACH mandate in the SBI Card App. Use this to setup an autodebit of your Credit Card Bill amount with your Bank Account (which can be any bank in India). It is a two minute process, where you will be asked for the 4 digits of your PAN and then login to your netbanking to approve the NACH request. They may also share an agreement with you and ask you to sign it digitally using an OTP received on your registered mobile number.

I have linked all my credit cards except one (ICICI Amazon Pay Credit Card, which I use as a primary card) with HDFC for autodebit and this facility works pretty well.

Now, I also make payments for friends, family and in-laws using my Cards to get and give them the benefits of schemes and rewards. I take a cheque from my friends and directly deposit it to ICICI Credit Card Account. I take a note of the bill amount and after deducting the payments deposited in the Card Account by others, pay the entire bill upto 7 days in advance.

Disadvantages of using Autodebit (NACH) –​

• Firstly, you miss the petty cashbacks which you get while making payments using Amazon and the like. I don’t trust CRED and such apps and just stay miles away from them.
• Your bank may charge a one time fee of Rs 100+Gst (Rs 118) to setup autodebit from our account. Some banks do (PNB does) and some don’t (HDFC doesn’t, maybe because I am an Imperia or preferred customer, I don’t know) charge this fee.
• If your card account has received some cashback credit or even if you pay the credit card bill beforehand, the NACH will trigger and debit the entire bill amount. This will result in some credit balance to your card bill account which you will need to utilize later.
• I would like to make an exception here for SBI. In case of SBI, I have set up autodebit for my SBI BPCL Octane Card and then transferred some small amounts after the card bill date. Say, the bill was Rs 11800 and I paid Rs 400 once and Rs 500 later, SBI smartly picked up Rs 10900 using NACH and not Rs 11800 which was the bill amount.
• In case you have not funded your account, the NACH will bounce and you will have to pay Cheque bounce charges as per Bank policy, thus ruining the whole purpose. So, keep your account well funded at all times.
• In case there is a fraudulent charge to your account, then it may go unnoticed. You need to monitor your credit card account regularly.
• Just one more point to add, your NACH may trigger a day later after the due date. Don't worry about it. It won't be counted as a late payment.

Advantages of Autodebit –​

• You may save a little on account of Saving Bank interest, since the credit card bill amount is debited on the due date and not before.
• You shop without fear knowing that bill payment has already been taken care of.
• Peace of mind, as credit card bill payment is one of the worst liabilities when it starts to affect your credit score.

Other ways to avoid missing payments –​

• Use Reminders from Amazon, paytm or such apps which remind you of your due bills.
• You can setup a recurring calendar event in your phone to remind you of your bill payments.

Drop a comment if you have something to add.

Hit a Like, if you enjoyed this!!

Thanks.

I have 9 credit card and I have kept due date of all between 5 to 10 of every month.So I do payment every 1st of month for all cards and payment never get missed

 

[Deleted member 8482]

Limit ! Lol Pure building ka bill nahi deta mai !

🤣🤣

 

[sangeeth]

Create a new / dummy gmail account ----> Auto forward all the bank statements from main account to this dummy account. ----> Give access to cred for this dummy account ----> Voila! All the statements automatically get populated with due dates in Cred! Cred also sends email 4-5 days before due dates... Of course, use other apps to pay the bills like HDFC Bill pay and Cheq etc.

As extra layer of security, add payment reminders 3-4 days before due date in Apple reminders and set this as monthly recurring event. You can hardly miss them. I am a big reminder / calendar guy. Got used to it due to corporate habits

Glad you posted this. I wish people read/understood consequence of giving access to all of their emails to these greedy startups. I do the same thing but I wish I didn’t have to forward even these.

 

[RaviAgl]

Glad you posted this. I wish people read/understood consequence of giving access to all of their emails to these greedy startups. I do the same thing but I wish I didn’t have to forward even these.

But I guess that most of these statements are password protected, so the dummy email server won't be able to read them, right.

 

[sangeeth]

But I guess that most of these statements are password protected, so the dummy email server won't be able to read them, right.

1. They do have the info needed like your DOB/PAN/last 4 digits of CC to do this.
2. These passwords can be cracked easily last time I checked.

 

[sangeeth]

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[RaviAgl]

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