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How to become eligible for a credit limit increase (CLI) on an SBI credit card
My experience using credit cards over the last decade has taught me that there's no magic formula for increasing a credit limit. First and foremost, ensure there are no negative remarks on your CIBIL report. Your spending habits should indicate you're an informed and responsible spender; using yourRead more
My experience using credit cards over the last decade has taught me that there’s no magic formula for increasing a credit limit.
First and foremost, ensure there are no negative remarks on your CIBIL report. Your spending habits should indicate you’re an informed and responsible spender; using your credit card regularly for purchases of most daily items would do just fine – in particular if your limit exceeds 2 lakh but only use 20K monthly. This might not make an ideal customer profile!
Sometimes creditors automatically increase credit limits of long-term customers regardless of their spending patterns; but don’t be intimidated into calling customer service and asking for one – either through phone call or through online portal.
No matter what strategies are put in place, it is still imperative not to overspend with credit cards. Only convert purchases to EMIs when there’s a significant sale or discount with no added interest charges, and always aim to pay the full amount off each month without fail.
See lessWhy did my SBI credit card get declined when I have money?
If you ever get yourself in a quagmire whereby your card transaction has been declined the first thing that you ought to do is to contact your bank so that you can be informed on why it was declined. Every other problem bar the fraudulent ones can preferably be handled on the telephone. Similarly, dRead more
If you ever get yourself in a quagmire whereby your card transaction has been declined the first thing that you ought to do is to contact your bank so that you can be informed on why it was declined. Every other problem bar the fraudulent ones can preferably be handled on the telephone. Similarly, do not attempt charging the card multiple times if it has been declined since multiple declines can warrant your bank to frozen the card over fraud. Please ensure that your phone number is correct with the credit card company so that they inform you on the transactions. Here are some common reasons for a declined transaction: Here are some common reasons for a declined transaction:
1. Tech Issues: The new credit card that many people are getting come with a chip that can only be used with a PIN number for the transaction. This can also occur if the businessman has substandard point-of-sale (PoS) machine, if you have forgotten the PIN or new in the use of the card and did not set the PIN yet.
2. Incorrect Information: When you make a wrong entry of the billing address, CVV or 3D secure password while making your purchase online your transaction will be declined.
3. Unusual Currency: If you tend to shop with one type of currency and you attempt to use your card for perhaps, a huge transaction in another sort of currency like purchasing a ticket using dollars while you use rupees, it may be declined. However, it is recommended to inform the credit card company in such purchases in advance.
See lessWhat are the pros and cons of SBI credit cards?
From the leading largest bank of India, namely the SBI, it was recently disclosed that it ceased offering lifetime free credit cards. Stated reasons for such change is due to baker’s need for high profitability and due to market trends. The credit card business in India has also grown intensely compRead more
From the leading largest bank of India, namely the SBI, it was recently disclosed that it ceased offering lifetime free credit cards. Stated reasons for such change is due to baker’s need for high profitability and due to market trends.
The credit card business in India has also grown intensely competitive over the years, and there is a proliferation of new recorded methods employed by banks in the course of generates revenues from credit card services. Thus people are attracted to lifetime free credit cards but they are less beneficial to these banks because they do not make money from the annual fees.
Thus, SBI can at least have a much more stable and regular source of revenue through annual or renewal fees instead of having to offer the lifetime free credit cards. This way the bank is able to recuperate the costs associated with the credit cards as well as fund improvements of customer’s experience on the credit card.
This is perhaps a good place to mention that while SBI no longer has the lifetime free credit cards policy, it has several other credit cards with differing fees and incentives. This makes it possible for customers to select cards which are accessible regarding their spending routines and fiscal status regardless if the cards have an annual fee or not.
The move to cut down on the free credit cards for life abiding customers is one that is wells in line with other player practices and that SBI embarked on in its bid to embed a good financial health status. A positive impact is the alteration makes for a healthier and profitable credit card portfolio in the long run.
See lessIn my PNB bank account, the bank has credited ₹8000 by NACH without my knowledge. What should I do?
If an unwarranted Rs 8000 credit appears on your account via NACH (National Automated Clearing House), here's what to do: 1. Notify Your Bank: Immediate action should be taken in order to notify your bank about an unauthorized transaction, providing all relevant details such as date and source of crRead more
If an unwarranted Rs 8000 credit appears on your account via NACH (National Automated Clearing House), here’s what to do:
1. Notify Your Bank: Immediate action should be taken in order to notify your bank about an unauthorized transaction, providing all relevant details such as date and source of credit.
2. Request an Investigation: Ask the bank to look into your case and reverse any unapproved transactions, since banks have procedures in place for dealing with fraudulent or erroneous credits.
3. Suit Up If necessary: If your bank is unresponsive and can’t resolve your issue, file a formal complaint with their customer grievance redressal cell, and escalate if necessary to higher authorities within their bank.
4. Take Action Externally: Seek help from external resources like the Reserve Bank of India Consumer Helpline or Banking Ombudsman who will investigate and ensure your bank takes appropriate actions.
5. Monitor Your Account: Regularly review your account statements to keep a lookout for any suspicious activities, as a close watch on it can quickly detect and address unauthorized transactions that arise in it.
Your bank is accountable for safeguarding the integrity of your account and rectifying any unauthorized transactions; acting quickly is key. Document all communications between yourself and them as soon as the issue arises and persist with follow up until resolution occurs.
See lessWhich credit card is better, SBI credit card or a Yes Bank credit card?
Hello, When choosing a credit card it is essential to consider several key components including interest rates, fees, rewards programs and terms of the agreement. SBI Credit Card: Earn five times as many Reward Points on dining, department store and grocery purchases with your card, up to 12,500 worRead more
Hello, When choosing a credit card it is essential to consider several key components including interest rates, fees, rewards programs and terms of the agreement.
SBI Credit Card:
Earn five times as many Reward Points on dining, department store and grocery purchases with your card, up to 12,500 worth annually! Collect up to 50,000 bonus Reward Points each year as annual spending milestones reach 3 and 4 lakhs respectively for extra points rewards!
Yes Bank Credit Card: Enjoy fuel surcharge waiver at fuel stations across India. Take advantage of a competitive 2.5% foreign currency markup. Plus, receive Credit Shield coverage up to Rs 2.5 lakhs should any accidental death occur among primary cardholders.
Overall, both cards offer similar benefits; with the main distinctions being SBI having higher joining and renewal fees while Yes Bank boasts higher interest rates.
See lessHow To Pay APAY ICICI CC Bill To Get Maximum Cashback
Hey Kushal, You've got a good setup with your APAY ICICI Bank credit card and HDFC Millennia Debit Card. If you're looking to maximize your cashback, there are a few things to consider. For other platforms that offer good cashback, here are a few options: Amazon Pay: If you use Amazon Pay UPI for trRead more
Hey Kushal,
You’ve got a good setup with your APAY ICICI Bank credit card and HDFC Millennia Debit Card. If you’re looking to maximize your cashback, there are a few things to consider.
For other platforms that offer good cashback, here are a few options:
Amazon Pay: If you use Amazon Pay UPI for transactions, you often get cashback offers that can be quite rewarding, especially during sales or promotions.
Paytm: Paytm offers cashback and rewards on various transactions, including bill payments and recharges. They have frequent offers, so it’s worth checking out.
PhonePe: Similar to Paytm, PhonePe provides cashback on various transactions. They have specific offers that might align with your spending habits.
Google Pay: Google Pay also has various cashback offers and rewards. They often run promotions that can give you decent returns on your spending.
Now, regarding the upgrade to the HDFC Platinum Debit Card, it seems like a good idea. If you’re already spending over 50,000 INR monthly and getting 400 INR cashback with the Millennia Debit Card, upgrading to the Platinum Debit Card could increase your cashback to 750 INR. This upgrade makes sense if the annual fees and other charges on the Platinum card are justified by the additional cashback you’ll earn.
In short, try to split your payments to leverage the best offers from different platforms. And if the upgrade to the HDFC Platinum Debit Card doesn’t have significant extra costs, it sounds like a smart move.
Hope this helps!
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