Thread by @Ravisutanjani

If you use Credit Cards, this thread is for you.

We’ll discuss some cool hacks to understand payments, save fees and how to avoid charges!🧵⬇️

#Payments #Fintech #Banking #CreditCards 💳

Credit Card Bills aren’t like Electricity Bill and you can literally pay any amount whenever you want, regardless of billing cycle and dates.

e.g - You can pay in advance or even before bill generation date for 0 outstanding. (1/n)

Now this is very important, we’re talking about Payment.

Always consider paying in full and don’t carry forward balances to the next month, minimum due is a trap. In case if you’ve large debt, take a personal loan and settle off your dues asap! (2/n)

Don’t make exact payment, make a habit to make payments in the Round of next 10 or 100

So if my bill is ₹3356.80, I always pay ₹3400. Your card will have excess balance and the same can be used in next transaction, it will save you from unwanted penalty! (3/n)

If you use 3rd party app for credit card payments like CRED, Paytm, Mobikwik or even Billdesk. Make payments at least 3 days in advance to ensure timely settlement. (4/n)

Only best option I find is making payments directly from the net/mobile banking, in most cases it’s instant and will save your back in case of any delays. (5/n)

Now this is a common question I hear from people, I want a FREE Card and don’t want to pay annual fee etc.

In fact no one wants to but remember good value doesn’t come for free, you need to pay premium for it and that’s why great credit card comes with a cost. (6/n)

For reference out of my 22 credit cards. 16 are paid and 9 high end cards alone have annual charges around ₹70k but they obviously worthy of that benefits to me,

Now this is subjected to one’s spending, income and transaction patterns! (7/n)

So how do you get the charges reversed?

That’s a bit tricky, most of the premium cards comes with spend based waiver so if you spend ₹’X’ in a year and your fee will be reversed But if you fail to do so. (8/n)

You can request for a retention and relationship based waiver, banks don’t want to lose honest customers!

Hope you enjoyed reading thread, RT if this helps, for more awareness.

Will write ✍️ a detailed one on Credit Card Rewards and Rent Payments next week! (9/9) ✅