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Is this true? No interest for 48 days?
- Thread starter fatehbajwa
- Start date
talkwithfino
TF Premier
Yes its true....BUT 0% interest till your statement cycle or 48 days whichever is earlier (to what I have heard)
and One thing for sure - They charge you ATM withdrawal Fee 250Rs flat (mentioned on their website)
and One thing for sure - They charge you ATM withdrawal Fee 250Rs flat (mentioned on their website)
That's pretty neat, In case one needs cash suddenly.... and suppose a cash limit of even 1L.....250 bucks ain't bad.
talkwithfino
TF Premier
Yaa...But I think ATM can dispense 40k at once Max so you will have to do 3 transactions... So 750+gst (Still not bad though)
ATM cash withdrawal, low late payment charges and interests. Somehow it makes you think "it's okay", but it's really not. An one time emergency might be justified but some people get into habit of it. Like how now people are in habit of trying to transfer credit limit to bank accounts.
Its little psychological aspect that they are hoping to get you hooked too.
They will not, see primary difference and most important difference between CC and DC is, with CC you are using banks money (kind of like short term loan), with DC you are using your own. No bank with good intentions will blurry the lines, it becomes too risky. Don't think everyone else is like us who cares about CIBIL
Problem is with people who would be driven by false sense that "its okay" and otherwise they might not have.
And some people don't care about CIBIL not because they don't care about it, its because they don't know what it is and what impact that might have in their lives in future. A false step early in life might screw up someone of other opportunities in life in future.
Like I said, it's a psychological game. Here banks makes money not by just giving credit but also having defaulters. Good easy example of this is checking vehicle loan defaulters, a young 18-19 years old buys something way out of his league to impress peers and opposite sex, then for whatever reasons is not able to pay up emi on time or simply refuses to pay thinking "chalta hain". Banks gets both bike and his whatever payments he had made so far and destroys his CIBIL. Till he settles to banks demands, which is usually in much much ahead in future where he is looking for home loan or business loan. Key problem was his thinking that "chalta hain" or "its okay".
And hence, IDFC promoting such a bad habits is not going to give them good image with CC customers like us. Who not only hold CC but also have knowledge to use it properly. What makes us cream of crop is not that we hold CC but also have knowledge, and even with us sometimes we get screwed over by banks, think what happens to people who don't
My personal suggestion:-
Never ever withdraw any cash from any Credit Card irrespective of Bank that is offering anything.
Even if they are saying "I will give you money if you use my Credit Card to withdraw cash"
In future you would like to get a hell lot of trouble out of this unless you have a Corporate Credit Card.
We all in these forum who is having a little bit of knowledge regarding Credit Cards knows this very well, so don't even TRY, please.
I'm fully agreed on the each sentence that you said against Cash Withdrawal from ATM.One more life saved
One night I inserted my Citi Bank Credit Card in to the ATM since I wasn't able to bifurcate between Credit & Debit Card due to low light.
I withdraw 10,000 & on the next day when realized that I did a blunder by then 24 hours passed & just for 24 hours I had to pay 300 extra to Citi Bank;.
That also after much negotiations with the RM otherwise they were about to charge me 1000+GST.
Since it was my Salary Account they gave some discount.
How would you predict if there will be any charges or won't? That's the biggest mystery.
Moreover banks often change their criteria's of these kind of charges which 99% people doesn't go through.
There is always a *T&C's in every offers. How many of us go through the entire page of T&C's which is written in very small font.
That small font is intentionally used by the bank so that none of us even try to read that, even a man with a perfect 20/20 vision would also refrain from reading it.
That's why you should always disable cash withdrawal for every credit card you have.
I disable cash withdrawal facility on every cc I have😁🤣
Correct, I realized this in the hard way.
read every comment and in 2014-2015 when i had first, it was hdfc and i was heading over to somewhere far and i was like let me keep my wallet light or didn't took my wallet ..what i remember i took my hdfc cc and i was 1000 rs short so i went ahead to nearby atm and got a SMS on phone i guess for 1000 rs didn't took my notice and day later i received a SMS saying fees on that 1000/- i must have called customer care i asked and then realised cc should be never be used for cash withdrawal and coming to the topic it subjective if you know there would be charge on your withdrawal but no interest on it and you're ok with that then go ahead just don't make it a habit
bank would never do that bro!
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