Posted on: 25-10-06 21:06:38
TK,
You are again missing fine prints. CIBC Dividend card (no annual fee one) gives you cash back up to 1% (they give something around 0.25% on first $ 1500 and then 0.5% for next $1500 & then 1%).
Citibank MC card looks good to me.
Quote:
Originally posted by tamilkuravan
Try to get a card which gives you 1 % rebate (PC mastercard/CIBC). All these should be no annual fee's ones.
TK A
Quote:
Originally posted by tamilkuravan
....
For example, Let us assume that you have a PC master card only and while in India you make an expensive purchase and this will reflect on the PC master card control centre. Since they know you to be in Canada, They may freeze the card for the transaction. Since you are in India, it may be expensive for you to call them to unfreeze it. In such situations, the second card or the 3 rd. card come handy.
TK A
Possible resolutions :
1. Call the bank before your trip and let them know you're travelling and they'll put your transaction thru, without freezing your card / a/c. Also keep in mind the bank will have a fone number that you can call collect.
Alternatively, If you don't intend to use your card overseas, let them know that you'll be away and they'll keep an eye for suspicious transactions
Also keep in mind everytime you apply for a CC it gets recorded in your credit history. Applying cards just for the sake of a box of cookies is not a good thing. It raise the questions - Why is this guy applying for so much credit, is it an indication that he/she is going bankrupt or are starting to go in debt. They don't look at it from the point that you were just shopping for freebie cookies.
I know these things only 'cause I previously worked in a bank.
As an FYI, if you're travelling and your card is damaged or stolen, you can get a replacement card sent by courier almost within 24 hrs, with no charge.
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SS
Reiki Grand Master
TD Canada Bank's TD Visa Gold Elite is a nice card. It gives 1% cash back, Free roadside assistance anywhere in Canada/USA, insurance etc. The yearly fees are waived if you open a checking account with them.
Quote:
Originally posted by tamilkuravan
CD's
I own a particular master card.
I was having a balance of around $ 2000 to be paid.
I then took a promotional offer of 4.9 % per year to a tune of $5000 (Amount of SI per month to be around $21).
As soon as i took it, i paid back $2500. My understanding was that $2000 of the amount would have been taken to pay back my credit balance (Which was the $2000 outstanding) and the remaining of $500 was the min. monthly balance to the loan. I was schocked to see a Intertest of $87 for that month. So what those people have done is that they took my $2500 to pay off my loan and had subjected the outstanding credit amount of $2000 to an 18.5% interest rate. This is how these people cheat in the fine print to gain money.
So my advice to desi's is :
Donot take a promotional offer with a low rate of interest on the credit cards which you would normally use to buy stuff for credit. If you do then, all the payment that you do will be taken to pay off the loan leaving all the items that you bought for credit to be subject to a 18.5% interest rate.
Remedy :
So now i have applied to a citibank master card giving a promotional rate of 0.9% till oct.2007/ What ever balance transfer that i get, I will use it to pay my high interest credit card. I will never use the Citibank master card for any transaction but will only be paying the min. reqd. amount every month.
TK A
That's the price one has to pay if you don't read the fine prints....even if you were to read the fine prints...you may still run into problems...I'll explain you in two difft examples....
let's say you have an existing bal of $2000/= on your credit card and you current billing cycle is to close on Nov/15/2006.....in the mean time you get a promotion from the company @ 1.9% for balance transfers....the promotion is good till Nov end....
You now read the fine prints and make a full payt of o/s bal of $2000/= and ...wait for few days for payt to get posted on your acct...and then you use promotion BEFORE Nov/15/2006to the tune of $5000/= (just an example)....you are still in trouble...coz the credit card compnay will settle your account at cycle cut...wch is Nov/15/2006....and the payt that you made would be applied to the o/s bal of $5000/= (@1.9% promo rate)....leaving you with an o/s bal of $3000/= at promo rate and $2000/= bal of pr o/s bal
To avoid this problem you should pay off your o/s bal of $2000.00...wait till Nov/16/2006....as that would be the first day of your new billing cycle and use the promotion on that day or anytime till it is on.....by doing so you don't give them an opportunity to apply your payt towards lower APR balance....
I hope this helps.....these companies come out with such promotions...and I think we should be smart to take full advantage of that (IF NEEDED).....they always benefit as majority of the customers do not realise the trick behind it
I would also warn fellow mwmbers regarding FUTURE SHOP/BRICK/HOME DEPOT and stores like that who offer DO NOT PAY TILL 2008....the trick is to entice you not to pay anything till the deadline and then chg you interest with retrospective effect from day one if you had any O/S bal on the deadline....here again....take the offer....and either pay them in FULL by regular installments just few days before the deadline or just do not pay anything till the deadline and pay a lumpsum amt few days before the deadline.....Although I have never done this but I would be interested to know what kind of discount would they offer us if we were to pay in full at the time of purchse....
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Quote:
Originally posted by reachash
Quote:
Originally posted by tamilkuravan
CD's
..Although I have never done this but I would be interested to know what kind of discount would they offer us if we were to pay in full at the time of purchse....
There is no additional discount for paying in full. The best deal is to bargain with the assumption that you are going to pay 'full'...and then when the deal has been finalised..ask them to put it on your store credit card. if they charge extra- walk away. I m sure they wont let you walk away.
All the best...off topic though.
Hiren
Reachash,
Are you sure about it? I understand you are working with a bank, as I had seen in some of your other post.
If somebody had paid already in full and balance become zero, credit card company cannot settle your payment on the billing cycle date. Yes, payment posting takes few days (depending on how you had paid).
If you see your credit card statement now, you will see posting date of your payment, whenever you had paid (plus few days for posting but not on the cycle date).
Quote:
Originally posted by reachash
let's say you have an existing bal of $2000/= on your credit card and you current billing cycle is to close on Nov/15/2006.....in the mean time you get a promotion from the company @ 1.9% for balance transfers....the promotion is good till Nov end....
You now read the fine prints and make a full payt of o/s bal of $2000/= and ...wait for few days for payt to get posted on your acct...and then you use promotion BEFORE Nov/15/2006to the tune of $5000/= (just an example)....you are still in trouble...coz the credit card compnay will settle your account at cycle cut...wch is Nov/15/2006....and the payt that you made would be applied to the o/s bal of $5000/= (@1.9% promo rate)....leaving you with an o/s bal of $3000/= at promo rate and $2000/= bal of pr o/s bal
Quote:
Originally posted by Ash20
Reachash,
Are you sure about it? I understand you are working with a bank, as I had seen in some of your other post.
If somebody had paid already in full and balance become zero, credit card company cannot settle your payment on the billing cycle date. Yes, payment posting takes few days (depending on how you had paid).
If you see your credit card statement now, you will see posting date of your payment, whenever you had paid (plus few days for posting but not on the cycle date).
Quote:
Originally posted by reachash
let's say you have an existing bal of $2000/= on your credit card and you current billing cycle is to close on Nov/15/2006.....in the mean time you get a promotion from the company @ 1.9% for balance transfers....the promotion is good till Nov end....
You now read the fine prints and make a full payt of o/s bal of $2000/= and ...wait for few days for payt to get posted on your acct...and then you use promotion BEFORE Nov/15/2006to the tune of $5000/= (just an example)....you are still in trouble...coz the credit card compnay will settle your account at cycle cut...wch is Nov/15/2006....and the payt that you made would be applied to the o/s bal of $5000/= (@1.9% promo rate)....leaving you with an o/s bal of $3000/= at promo rate and $2000/= bal of pr o/s bal
Yes I am sure abt this....not all FIs but I know one for sure does that and that is AMEX....I know this coz I have worked there and came accross issues regarding the said problem with many customers...if you know someone working with AMEX....you can verify...
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