Only 9% interest in IDFC First Wealth

[chinnodu]

I recently closed IDFC First Select and applied for Wealth on Card 2 Card basis online. The Wealth Credit card issued. It shows interest rate only 9%. Isn't it lowest in the industry?

 

[Zacobite]

I recently closed IDFC First Select and applied for Wealth on Card 2 Card basis online. The Wealth Credit card issued. It shows interest rate only 9%. Isn't it lowest in the industry?

it is - one of the. standout features - lowest interest rate / interest free cash withdrawal and all for LTF card...BUT .. they keep chg it.. mine was 9 wnt to 24 and came back to 9

 

[CMG]

I recently closed IDFC First Select and applied for Wealth on Card 2 Card basis online. The Wealth Credit card issued. It shows interest rate only 9%. Isn't it lowest in the industry?

as per t&c it ranges from 9 to 42 depending upon the credit score

 

[sxchzy]

it varies on credit profile to profile
the starting rates are at 9%
in the end you will get around 12-23% only

 

[Zacobite]

it varies on credit profile to profile
the starting rates are at 9%
in the end you will get around 12-23% only

which is still the lowest.. all other banks are 40% +

 

[chinnodu]

it varies on credit profile to profile
the starting rates are at 9%
in the end you will get around 12-23% only

9% pa is showing in mobile app

 

[drsel]

But who in their right mind will pay any interest on a credit card, even 6% pa?

 

[sxchzy]

But who in their right mind will pay any interest on a credit card, even 6% pa?

there is something called as an arbitrage opportunity
take funds at 9% and invest in lets say mutual funds at 12-15%
many people do these kinds of activities
i personally know people who take money at 2-3% from their cc and lend to their relatives at 5-6%

 

[sxchzy]

which is still the lowest.. all other banks are 40% +

wrong idfc is giving you loan on ccs at 12-23 % which is almost at par with other banks
emi conversion would be the same as per all other banks around 40-50%

think of this logically if idfc stood out so much why wasn't it the leading lending bank in terms of loans
its not that there arent people with 800 cibil

 

[bvc19296]

I recently closed IDFC First Select and applied for Wealth on Card 2 Card basis online. The Wealth Credit card issued. It shows interest rate only 9%. Isn't it lowest in the industry?

Which pincode you stay in??

 

[SSV]

Which pincode you stay in??

Peddodu asking chinnodu !!

 

[bvc19296]

Peddodu asking chinnodu !!

Namaskaram ! !

 

[sxchzy]

are you stupid
it is not 6% a month it is 6 % a year

 

[SSV]

But who in their right mind will pay any interest on a credit card, even 6% pa?

Here you yourself said pa.. initially

Anyone to borrows at 6% a month (72% per annum) is really desperate and unlikely to repay

then here you say pm.. just a few moments later..

are you stupid
it is not 6% a month it is 6 % a year

is there anything wrong in this comment ??? just asking !!!

 

[Zacobite]

wrong idfc is giving you loan on ccs at 12-23 % which is almost at par with other banks
emi conversion would be the same as per all other banks around 40-50%

think of this logically if idfc stood out so much why wasn't it the leading lending bank in terms of loans
its not that there arent people with 800 cibil

your rotation credit rate is 9% on dues.. people don't understand the model.. emi conversion and loan are different than credit card interest.. no one charges 40-50% on emi conversion like you mention.. if u default on emi then rates will be different which is 9%.. just that the way it is calculated is per. day per transaction.. Older ones first..APR definition is very clear as per RBI.. they cannot fool around with that.. All your questions answered in the emailer attached

 

[Zacobite]

there is something called as an arbitrage opportunity
take funds at 9% and invest in lets say mutual funds at 12-15%
many people do these kinds of activities
i personally know people who take money at 2-3% from their cc and lend to their relatives at 5-6%

its not flat 9%.. it still increase month on month.. so arbitrage has to be spot on and timely else you will leak money.. v dangerous game.. as MF is not guaranteed..

 

[sxchzy]

your rotation credit rate is 9% on dues.. people don't understand the model.. emi conversion and loan are different than credit card interest.. no one charges 40-50% on emi conversion like you mention.. if u default on emi then rates will be different which is 9%.. just that the way it is calculated is per. day per transaction.. Older ones first..APR definition is very clear as per RBI.. they cannot fool around with that.. All your questions answered in the emailer attached

theze are the tentative rates
emi rates are around 13-16% for a bank
if you default the apr becomes around 38-50% depending upon the card

 

[Zacobite]

theze are the tentative rates
emi rates are around 13-16% for a bank
if you default the apr becomes around 38-50% depending upon the card

obviously... default rates ( overdue) are different.. min due paid + with carrying balance will be 9%

 

[drsel]

there is something called as an arbitrage opportunity
take funds at 9% and invest in lets say mutual funds at 12-15%
many people do these kinds of activities
i personally know people who take money at 2-3% from their cc and lend to their relatives at 5-6%

You mean 2--3% per annum or 2--3% per month?
Because no credit card will give you 2 to 3% per annum, so obviously you must be referring to per month.

In which case the lending rate also would be 5 to 6% per month and not 5 to 6% per annum

 

[sxchzy]

They essentially withdraw money from their cc into their wallet at 2-3% charges and then lend it to their relatives for a short time period at 5-6%
that is known as predatory lending.

go read about it