Will Partial Payment (before Bill Generation Date) Affect Credit Card Fee Waiver Eligibility?

[JosephJohn]

Just like it happens with CC, if I spend Rs. 2 lakh / 4 lakh (different for each CC) in a year, then the CC fees get waived off.

Situation 1:
So, if I did a transaction of Rs. 4 lakh and I paid 90% of the amount before bill generation and paid the remaining 10% after the due date.

Or

Situation 2:
So, if I did a transaction of Rs. 4 lakh and I paid 100% of the amount before bill generation.

So will my expense of Rs. 4 lakh be counted? For fee waiver?

 

[TaxWiser]

Just like it happens with CC, if I spend Rs. 2 lakh / 4 lakh (different for each CC) in a year, then the CC fees get waived off.

Situation 1:
So, if I did a transaction of Rs. 4 lakh and I paid 90% of the amount before bill generation and paid the remaining 10% after the due date.

Or

Situation 2:
So, if I did a transaction of Rs. 4 lakh and I paid 100% of the amount before bill generation.

So will my expense of Rs. 4 lakh be counted? For fee waiver?

In both scenarios, the ₹4 lakh transaction will be considered for the fee waiver as long as it falls within the relevant billing cycle and annual period. Just ensure timely payments to avoid additional charges and also follow the Credit Utilization rule ( Ideal: 25-30%, Best: 3-7%) before choosing any of the above mentioned Situations.

 

[JosephJohn]

In both scenarios, the ₹4 lakh transaction will be considered for the fee waiver as long as it falls within the relevant billing cycle and annual period. Just ensure timely payments to avoid additional charges and also follow the Credit Utilization rule ( Ideal: 25-30%, Best: 3-7%) before choosing any of the above mentioned Situations.

Thanks.
I have made major payments starting from "Bill Generation". So will it still affect my CIBIL? Because I am already paying 99% of the limit.


And only I have saved 1% of the total limit and paid after the "due date". Is it right to show 1% consumption?? Or Do I need to show more consumption even by 1%?

 

[abhimarda]

Thanks.
I have made major payments starting from "Bill Generation". So will it still affect my CIBIL? Because I am already paying 99% of the limit.


And only I have saved 1% of the total limit and paid after the "due date". Is it right to show 1% consumption?? Or Do I need to show more consumption even by 1%?

Paid after the due date? Means overdue payment. Making late payment will definitely affect your CIBIL negatively. Forget the percentage now and concentrate on timely payment. You have to pay 100% latest by due date and to make sure that all the payment gets credited by due date ideally one should pay 3-4 days prior to due date.

 

[TaxWiser]

Thanks.
I have made major payments starting from "Bill Generation". So will it still affect my CIBIL? Because I am already paying 99% of the limit.


And only I have saved 1% of the total limit and paid after the "due date". Is it right to show 1% consumption?? Or Do I need to show more consumption even by 1%?

You should pay atleast 93% before bill generation date then Credit Utilization of 7% will appear in your Credit Report as I already mentioned before that Credit Utilization 3-7% is best and pay that 7% before the due date or date on which your bank reports to CIBIL but always after bill generation date.
Learn to Manage Credit Score by watching this video:

 

[zacobite]

Just like it happens with CC, if I spend Rs. 2 lakh / 4 lakh (different for each CC) in a year, then the CC fees get waived off.

Situation 1:
So, if I did a transaction of Rs. 4 lakh and I paid 90% of the amount before bill generation and paid the remaining 10% after the due date.

Or

Situation 2:
So, if I did a transaction of Rs. 4 lakh and I paid 100% of the amount before bill generation.

So will my expense of Rs. 4 lakh be counted? For fee waiver?

ys it will.. u spent it right!!

 

[JosephJohn]

You should pay atleast 93% before bill generation date then Credit Utilization of 7% will appear in your Credit Report as I already mentioned before that Credit Utilization 3-7% is best and pay that 7% before the due date or date on which your bank reports to CIBIL but always after bill generation date. View attachment 1460
Learn to Manage Credit Score by watching this video:View attachment 1459

Thanks for your reply. My problem is I am having multiple credit cards. So I do a transaction of Rs.1 every month on my credit card, to keep the cards activated.

Rs.1 for the 50,000 limit is 0.002%
Rs.1 for the 200,000 limit is 0.0005%

And I do replay this due, after the Due Date generation.

 

[zacobite]

Thanks for your reply. My problem is I am having multiple credit cards. So I do a transaction of Rs.1 every month on my credit card, to keep the cards activated.

Rs.1 for the 50,000 limit is 0.002%
Rs.1 for the 200,000 limit is 0.0005%

And I do replay this due, after the Due Date generation.

once every 3-6 month is fine.. monthly is not required.. and no bank will cancel any card without prior intimation

 

[abhimarda]

Thanks for your reply. My problem is I am having multiple credit cards. So I do a transaction of Rs.1 every month on my credit card, to keep the cards activated.

Rs.1 for the 50,000 limit is 0.002%
Rs.1 for the 200,000 limit is 0.0005%

And I do replay this due, after the Due Date generation.

Only if the card is not used for 12 months then the bank can cancel the card and that too with intimation. And if you really don't want to do a transaction even for a 1 rupees after 12 months then simply buy something online and then cancel. Transaction is done with reversal and nothing to be paid.