Saurav 22 Report post Posted January 18, 2009 ICICI bank is giving Facility to do balance transfer at 0% for 90 days with 2% Processing charges. Has anyone used it till date? Are there any hidden charges? Share this post Link to post Share on other sites
vijaykv 5 Report post Posted January 18, 2009 (edited) ICICI bank is giving Facility to do balance transfer at 0% for 90 days with 2% Processing charges.Has anyone used it till date? Are there any hidden charges? Hi Saurav. Ask them the exact amount of processing fee including service Tax. Then you decide. Vijay Edited January 18, 2009 by vijaykv Share this post Link to post Share on other sites
r.world 0 Report post Posted January 18, 2009 and also, 1. all fresh purchases will attract interest from day one. i.e. no interest free period 2 and most important is that any payment you make will go towards settlement of balance transfer amount . and new purchases amount will be adjusted once you pay whole bal transfer amount ( and continue to pay interest on new trans @T3.5% Monthly) so to make best use. once you go for balance transfer, do not use this card , till this amount is paid. Share this post Link to post Share on other sites
Saurav 22 Report post Posted January 18, 2009 If I do not make any new purchase then will there be any other charges r Intrest? Has anyone used it? Share this post Link to post Share on other sites
commonman 228 Report post Posted January 18, 2009 No there would be no addl. charges then. But @2% on tfrd. amt + 12.36% service tax for three months, assuming u pay in 3 equal instalments ur effective interest rate becomes 17.98% per annum. still interested? better get a personnal loan from any PSU bank. Share this post Link to post Share on other sites
city02 63 Report post Posted January 19, 2009 i have heard kotak offers a 0% emi for 3 months on any purchase over a certain min amt... i don't know about balance transfers [bal xfer] the only reason i don't use them is the lask of online bal xfers like they have abroad where you can do it over the phone and the payment gets directly sent to the relevant card instead of sending you a cheque which you have to use to pay the bank. you could lose a week in transit until the credit is applied to your account. even personal loans have upfront fees & prepayment penalties. Share this post Link to post Share on other sites
dkaile 1,051 Report post Posted January 19, 2009 (edited) Stop living your life on credit dear friends; Use credit cards only where necessary and convenient (like e.g. railway booking/online renewals and purchases), otherwise stop falling into their debt traps; pay cash whenever possible and stop falling into temptations for things that you dont need just because you have a credit card in your pocket... Search for the Chinese blogger on the net who has become a big hit in these times of recession; he was earning 35-40K a month and still not saving anything due to his frivolous lifestyle; he is now living his life on 100Yuan a week i.e. approximately 100 rupees a day and saving the rest; find out how... http://www.shanghaidaily.com/sp/article/20...icle_387659.htm Edited January 19, 2009 by dkaile Share this post Link to post Share on other sites
Mufaddal 678 Report post Posted January 19, 2009 i totally agree with dkalie ...use credit cards only where it is required like doing online transactions for other things it is better to pay cash and stay away from paying their interests/taxes/late payment charges and stuff Share this post Link to post Share on other sites
Sadikk 301 Report post Posted January 19, 2009 I always use my Icici PLATINUM Debit Card Share this post Link to post Share on other sites
KumaarShah 143 Report post Posted January 19, 2009 I also agree fully with dkaile. Live within your means always. A credit card will only trap you sometime in future if you are not careful in its usage. As for debit cards, merchants ask for some charges while using it. Something around 1.5 to 2.5%, why pay them extra for using your own money. This is actually ridiculous. All Indian debit cards should be free to use. It is understandable for credit cards but for debit cards, it makes no sense. We can as well carry cash. Share this post Link to post Share on other sites
Mufaddal 678 Report post Posted January 19, 2009 As for debit cards, merchants ask for some charges while using it. Something around 1.5 to 2.5%, why pay them extra for using your own money. thats y i dont use them ....i prefer carrying money and keep credit card in case of utmost emergency but i guess certain people dont prefer carrying lots of money in their wallet ..they prefer using a debit card instead its subjective issue Share this post Link to post Share on other sites
prakashkadam 1 Report post Posted January 19, 2009 if you keep your purchases in control, credit cards are great utility. don't overspend and pay the bills in time. I have rarely paid finance charges on my ICICI bank credit cards. Share this post Link to post Share on other sites
commonman 228 Report post Posted January 19, 2009 (edited) I agree fully. The following practices may be adopted to get maximum benefit of credit cards without the pains, 1. Use only a card that allows conversion of credit points directly into cash 2. Use only a card that allows u to reduce ur credit limit as per ur requirement 3. Reduce ur Credit Limit to around 60% of ur monthly take-home 4. Even if u have more than one card, use only one as the primary card 5. Pay off as soon as u get the bill 6. Always pay in full Edited January 19, 2009 by commonman Share this post Link to post Share on other sites
Harshal 11 Report post Posted January 19, 2009 Good useful tips Share this post Link to post Share on other sites
city02 63 Report post Posted January 20, 2009 i have been using credit cards for over a decade now and have never had to pay late fees both my cards are on auto debit where the full amount is deducted every month the problem with blanket prescriptions is exactly that - they can't be applied blindly there is a risk of getting killed in a road accident on a daily basis yet everyone does not give up crossing the roads or driving their cars credit is neither good or bad - its just a tool that can be used or misused like anything else if you don't have the self control, don't get cards or cancel them [especially if there are any annual fees] i feel a lot safer not having to carry cash around since i can cancel my cards if i lose my wallet i also need very little forex when i travel abroad there are many 0% emi offers that i have availed of to buy ACs, TV, fridge etc which are only available on certain bank's cards if i lose my receipt, my monthly statement has proof of all transactions with dates its much easier to buy tickets or stay at 4-5 star hotels with cards rather than cash abroad you can't even rent a car with cash anymore now we can get cards with our photo on them to reduce fraud. you never have to worry about counterfeit currency printed in pakistan / bangladesh. every year a larger % of transactions is happening with cards globally as we inch towards a cashless society in a few decades once mobile payments become common ... Share this post Link to post Share on other sites
I_C_U 10 Report post Posted January 21, 2009 Perfect. Prudence in using anything is always a virtue. And Excess anywhere is always bad. As far as possible, use AutoDebit/ECS facility and pay Total amount due with that. That way u are hassle free and still pay the amount utilising full credit period. Subscribe for e-statement. You may not receive physical statement on time and emails are what we check regularly. Share this post Link to post Share on other sites
