"Do you have XYZ Credit Card?" Thread

MadAxe said:
Can anyone with Amazon Pay ICICI Bank CC, check what is the final amount showing at checkout after cashback for the below product
www.amazon.in/Acer-Splendor-Monitor-Technology-Eyesafe/dp/B0B5PQYLSQ
Click to expand...
Screenshot 2023-05-04 at 1.59.15 PM.png
 
Amozon pay card gives 5% INSTANT an d 5% Cashback.
NON amazon ICICI , 10% instant capped at 1500 for Full Swipe and 2000 for EMI ( it will incurr additional 199+ GST@18% + 18%GST on interest)
Kotak card has 10% capped at 1500
MadAxe said:
Can anyone with Amazon Pay ICICI Bank CC, check what is the final amount showing at checkout after cashback for the below product
www.amazon.in/Acer-Splendor-Monitor-Technology-Eyesafe/dp/B0B5PQYLSQ
Click to expand...
Amozon pay card gives 5% INSTANT an d 5% Cashback.
NON amazon ICICI , 10% instant capped at 1500 for Full Swipe and 2000 for EMI ( it will incurr additional 199+ GST@18% + 18%GST on interest)
Kotak card has 10% capped at 1500
NOTE:-
Sometimes, i like to place order USING NO COST EMI options to spread out spending on my CC.
This doesnot in anyway affect your order or cost.You will get the benefit of INSTANT DISCOUNT.
I even forward any additional discount left after deducting all associated costs like EMI Fees etc. on EMI payment option.
It is at my discretion how i choose to make the payment i.e. FULL SWIPE or NO COST EMI.
 

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samiryadav said:
Amozon pay card gives 5% INSTANT an d 5% Cashback.
NON amazon ICICI , 10% instant capped at 1500 for Full Swipe and 2000 for EMI ( it will incurr additional 199+ GST@18% + 18%GST on interest)
Kotak card has 10% capped at 1500

Amozon pay card gives 5% INSTANT an d 5% Cashback.
NON amazon ICICI , 10% instant capped at 1500 for Full Swipe and 2000 for EMI ( it will incurr additional 199+ GST@18% + 18%GST on interest)
Kotak card has 10% capped at 1500
NOTE:-
Sometimes, i like to place order USING NO COST EMI options to spread out spending on my CC.
This doesnot in anyway affect your order or cost.You will get the benefit of INSTANT DISCOUNT.
I even forward any additional discount left after deducting all associated costs like EMI Fees etc. on EMI payment option.
It is at my discretion how i choose to make the payment i.e. FULL SWIPE or NO COST EMI.
Click to expand...
So there's a slight benefit if one goes for the EMI option?
What does spread out spending on CC mean?
 
kingabraham said:
So there's a slight benefit if one goes for the EMI option?
What does spread out spending on CC mean?
Click to expand...
Large transactions on CC are monitored by IT dapartment and will lead to unnecessary notice.
So i prefer to keep monthly payments under 1lac per card.
EMIs also improves Credit rating, another benefit of chosing EMI payments.
 
kingabraham said:
So there's a slight benefit if one goes for the EMI option?
Click to expand...
Yes, sometimes there is additional discount on EMI.
But EMI also incur additional charges.
Suppose instant discount is 1000, and EMI discount is 1200, then it will be a loss if i make payment via EMI and provide instant discount of 1000.
Reason being , 199+ GST( EMI processing fees) + GST on interest charged by bank are additional.

but, if instant disccount is 1000 and EMI discount is 1500, then it is better to choose EMI .
Reason being, even after deducting all the fees and GST, there is some additional balance left and can be forwarded to buyer.
 
samiryadav said:
Large transactions on CC are monitored by IT dapartment and will lead to unnecessary notice.
So i prefer to keep monthly payments under 1lac per card.
EMIs also improves Credit rating, another benefit of chosing EMI payments.
Click to expand...
Absolute limit is 10 lakh spend in a financial year under a PAN on credit cards from any bank but there have been cases in the past where spend slightly below 10 lakh in a financial year was also reported by banks to IT department.
@kingabraham
 
Got it. Need to assess case by case basis.
I never really tried emi option. Will keep an eye henceforth.
guest_999 said:
Absolute limit is 10 lakh spend in a financial year under a PAN on credit cards from any bank but there have been cases in the past where spend slightly below 10 lakh in a financial year was also reported by banks to IT department.
@kingabraham
Click to expand...
I don't spend that much but it's good to know
 
guest_999 said:
Absolute limit is 10 lakh spend in a financial year under a PAN on credit cards from any bank but there have been cases in the past where spend slightly below 10 lakh in a financial year was also reported by banks to IT department.
@kingabraham
Click to expand...
Type of purchase and other factors also determine if they will serve you notice.
Suppose if you purchase GOLD or jewelery or making foreign payments, there are high chances that they will serve you notice.
 
samiryadav said:
Type of purchase and other factors also determine if they will serve you notice.
Suppose if you purchase GOLD or jewelery or making foreign payments, there are high chances that they will serve you notice.
Click to expand...
Yes but most important factor is still the mismatch between the ITR you file & the amount you spend on your cards. Somebody filing 5 lakh ITR but spending 10 lakh on credit cards will likely get a notice sooner or later(may even take 2-3 years).
 
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