Riya
TF Ace
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Holding Multiple Credit Cards? Share your payment strategy to avoid missed payments!!
- Thread starter RaviAgl
- Start date
This one -
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That's when I always have time to check the entries in the CC statement and make sure I don't make mistakes while paying. Anyway, I've tweaked my strategy since then by utilizing scheduled NEFT.
amit90
TF Premier
PNB's December 23 credit card statement was not sent to me in email. It was also not sent via sms. So cred app didn't detect the bill. Same also happened in past with BoB Card. If email or sms is not sent then no app can remind you about credit card bill. But fortunately i paid the bill on time as i was aware that i had spent some amounts through theses cards. I also check my all credit card bank's apps once or twice in a month for any due amount.
Bill reminder apps such as Paytm, Amazon and Cred are useful but following these apps blindly for credit card bills is not recommended.
I have not much expenses so HDFC Bank's debit card is sufficient for me to pay all credit card bills.
Bill reminder apps such as Paytm, Amazon and Cred are useful but following these apps blindly for credit card bills is not recommended.
I have not much expenses so HDFC Bank's debit card is sufficient for me to pay all credit card bills.
I was using SBI Scheduled NEFT for sometime. One fine day when i checked NEFT didn't go through till midnight. That was the last time(2 years ago) i used scheduled NEFT
+1 for this.I was using SBI Scheduled NEFT for sometime. One fine day when i checked NEFT didn't go through till midnight. That was the last time(2 years ago) i used scheduled NEFT
Scheduled NEFT may fail at times.
Happened to me too and I lost some 5k on account of cash discount to one of my creditors.
Haha...
This is extremely rare - and gets rarer and rarer - and you'd normally be able to argue your case and get things sorted out. Didn't you get SMSes alerting you about this?I was using SBI Scheduled NEFT for sometime. One fine day when i checked NEFT didn't go through till midnight. That was the last time(2 years ago) i used scheduled NEFT
In fact, many banks don't even place any penalty if you're just a few hours late, without even a request / apology from our end.
I'm these days using my IDFC account for this - and they nicely do all the scheduled NEFTs first thing in the morning, which gives us ample warning.
I usually do one or both of the below to be doubly safe:
1. Schedule the NEFT a day in advance so that I still have time to fix things out if they go badly
2. I pay the minimum due as soon as I get the bill, and schedule NEFT for the balance
Funny, I thought they'd happened even earlier!
Can someone tell me, if I have setup NACH for auto debit and the scenario is as follow:
Bill Date - 20 Jan 2024
Due Date - 10 Feb 2024
Bill Amount - 10,000
If I pay,
3,500 via CheQ on 31 Jan 2024
2,500 via Cred on 2 Feb 2024
How much amount would be deducted and paid via NACH?
Bill Date - 20 Jan 2024
Due Date - 10 Feb 2024
Bill Amount - 10,000
If I pay,
3,500 via CheQ on 31 Jan 2024
2,500 via Cred on 2 Feb 2024
How much amount would be deducted and paid via NACH?
Depends on the card issuer bank.
It can be 4000 (bill balance) or 10000 (the original bill amount)!!
You can expect 10000 in most cases.
Oh.. I was checking for fallback method.. like if I forget to pay partially/fully via CheQ/Cred then the rest is taken care by NACH
Yes, NACH will always trigger unless your card statement had a credit balance.
In SBI, I think it's the balance 4k only. So you can rely on a fallback to ensure the minimum is paid in case the NACH somehow bungles.
aijaz21ahmad
TF Buzz
Using 10 cards made statement date as 1st of every month..
Fixed due date for all cards by 20th of every month...
TRack all cards on excel as payment due and payment confirmation by sms, email or App
Fixed due date for all cards by 20th of every month...
TRack all cards on excel as payment due and payment confirmation by sms, email or App
onecard only allows 18th as due date 😭😭
aijaz21ahmad
TF Buzz
Most cards allows statement date from 1st to 5th...
So keep your due date as 15th for all cards
I do it in an old school way… but probably the safest one!!!
I use a google sheet to maintain all my credit cards and total statement amount for each of them for each statement. I also maintained the statement date for each of them.
I use the colour coding to quickly find which bill is paid, which one is not and most importantly for which one I didn’t get any statement even though I should have been.
That’s the safest approach I would suggest. I learnt this from a specific incident, let me tell you.
2 years back, axis bank missed to email the statement for a particular month… it was not my fault. As all the 3rd party apps track our email to fetch the statement amount, they also couldn’t show any amount because nothing was shared over email.
And in the next statement, I was charged penalty and hefty interest amount. I contacted axis bank and fought a lot with them to reverse that amount and Cibil missed payment report as this was there fault.
After that, I started this approach!!! Never missed any payment!!!
I use a google sheet to maintain all my credit cards and total statement amount for each of them for each statement. I also maintained the statement date for each of them.
I use the colour coding to quickly find which bill is paid, which one is not and most importantly for which one I didn’t get any statement even though I should have been.
That’s the safest approach I would suggest. I learnt this from a specific incident, let me tell you.
2 years back, axis bank missed to email the statement for a particular month… it was not my fault. As all the 3rd party apps track our email to fetch the statement amount, they also couldn’t show any amount because nothing was shared over email.
And in the next statement, I was charged penalty and hefty interest amount. I contacted axis bank and fought a lot with them to reverse that amount and Cibil missed payment report as this was there fault.
After that, I started this approach!!! Never missed any payment!!!
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