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Avoid Credit cards to bank Transfer - My experience

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Deal Cadet
S.Thawait
I have many credit cards, and I get around 1.5%, after paying the processing fee for money transfer to bank through CC.

Initially everything was fine but slowly as I felt I had more money, my spending started increasing.

From the last two months, I am able to pay the CC bill only by other CC.

For this month - I have outstanding around 75k and I have only 34k in my bank  account.

I was thinking that I am smart enough to not fall in the debt trap, and I will only use credit cards to gain cashback. but eventually due to park plus and livquik wallet and housing rent payment and various tricks, I now feel trapped.

Although I do have an emergency fund and I can pay the outstanding by using that.

I am now thinking of stopping all this and doing only genuine spending

Thought of sharing this so that others can also learn
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Benevolent Benevolent
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Kudos for realizing and confessing this. All the best.

Benevolent Benevolent
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Where have you spent the money?

- If you have only done a bank transfer then money should be present somewhere. If you have spent the money somewhere then analyze that, and check which are those spendings.


If you're not able to control/manage your CC spending then credit to bank transfer is not a problem but instead having CC is the problem.

Deal Cadet Deal Cadet
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What methods you will use for money transfer for bank account 

Community Angel Community Angel
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Only one method will suffice - Contact IT department. They will award you with extra incentive to rotate money. If you rotate above 10 lacs, incentive will be tripled. Biggest rotator each FY gets the highest possible civilian honor - The Bharat Ratna.

On a serious note, life is too short and precious for all this crap. Save this time and spend it with your family. The returns will be unmatchable. 

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Benevolent Benevolent
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Kudos for realizing and confessing this. All the best.

Beacon Beacon
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These things are for those people who can control their spending urge. You couldn't...it's your fault.

Flame Flame
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It's not completely his fault. This is how human brain functions. You might be one of those rare humans who can easily control their mind and will. But if you will look out in the real world most of the persons are not able to control themselves.  

(No offence to you)

Kudos to OP for realizing this. Learning from mistakes is what really matters. 
@S.Thawait
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Comrade Comrade
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Point noted

Deal Cadet Deal Cadet
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Good one plus1

Benevolent Benevolent
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Where have you spent the money?

- If you have only done a bank transfer then money should be present somewhere. If you have spent the money somewhere then analyze that, and check which are those spendings.


If you're not able to control/manage your CC spending then credit to bank transfer is not a problem but instead having CC is the problem.

Deal Cadet Deal Cadet
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Initially I thought I would pay the cc bill with the bank balance I got from transfer and I was doing the same from the last 5 months or so.

But the problem started after a few months. Some expenses which can be avoided for a few months I thought if I have the balance right now I can do that expenses and then I will cover with the next salary eventually.

One after another this started increasing and I ended up being in this situation.

I am having cc for the last 5 years, No problem because my spending was less and controlled.

When I started transferring, it created the illusion after some time of having money at least for me.

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Comrade Comrade
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रोज़ कसम खाता हूं अब नहीं apply करूंगा, लेकिन जैसे ही कसम खाता हूं मस्त offers आते हैं और फिर एक कसम खाता हूं बस ये वाला लास्ट apply कर रहा हूं I

Benevolent Benevolent
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You need to stop that and move on.
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Deal Cadet Deal Cadet
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What methods you will use for money transfer for bank account 

Community Angel Community Angel
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Only one method will suffice - Contact IT department. They will award you with extra incentive to rotate money. If you rotate above 10 lacs, incentive will be tripled. Biggest rotator each FY gets the highest possible civilian honor - The Bharat Ratna.

On a serious note, life is too short and precious for all this crap. Save this time and spend it with your family. The returns will be unmatchable. 

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Generous Generous
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Ye sabke sath nahi hota.. jitna miney hai uske andar hi expense hona chahiye.. budget pata hona chahiye

Deal Cadet Deal Cadet
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You didn't mentioned and thanked  Mr - @abhishek012 , the mastermind behind all these shady tricks 😅

Finance Ninja Finance Ninja
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Credit card to bank transfer or Credit card to Credit card bill payments are good source of income.

All Indians should do this, apply 5% SBI Cashback credit card and pay Credit card bills or other banks or same SBI CC bill pays (rotate money) and earn 2.5% upto Rs2500 cashback - https://www.desidime.com/discussions/5-sbi-cash...

If you have Livquik fastag then use this trick to earn full 5% Cashback upto Rs5000 per billing cycle and free transfer to bank or cc bill pay - https://www.desidime.com/discussions/free-livqu...

If I talk about OP, I don't know why he was paying the credit card bill with other credit card, If he has not earned anything ? This is not a trap, it is your second source of income. If you are making profit from your credit card then use it fully, if it is not then don't use, simple. Bina matlab k koi aise rotate money thorai karta hain yaar. 😬
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Comrade Comrade
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Ha Ha Ha

It's the Saturation.

Critic Critic
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jitni chadar utni pair failao

T: some one pl

Benevolent Benevolent
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Cut your dress according to your cloth 😄

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Wingman Wingman
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Finally you got realised that you have to use CC  when it is necessary.

Deal Subedar Deal Subedar
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You mean to say follow @abhishek012 modus operandi in the short term and long term..... NOTE this may seem sarcastic post but it's not please go through the explanation first and then decide.....

@S.Thawait

So Abhishek posts all tricks /hacks / loopholes/fraud / MITC defying and what not to get money from CC -BANK or to pay bill of a cc - using other cc or gv to trade to bank.... Ultimately earning money of the order in few percentage points and he does across all platforms (DD, telegram, WhatsApp group, credit card forums like Technofino, Card maven etc,Reddit, Twitter) 



And by doing this in the short term he shows that what is possible then he attracts more such hacks to be possible to be conceived, gained and game the system and as a benifit of this he gets people to be creative in discovering new ways & disclose more such hacks -tricks etc to him both via DM & openly but discreetly upto a point and then he goes on social media and tags banks and cc geek so that they can fix this in the long term.... 




So Abhishek is doing the process of collecting & executing these hacks at scale in short term while ensuring the hacks get to banks and even RBI so that they can fix these in long term..... So you have reached a point midway and Abhishek is in the process of ensuring your view of not using cc to bank transfer in long term point is in the long term Abhishek is doing same thing at scale and creating more impact..... 

And in the process also helping IT dept and govt of india earn revenue and contribute to development and organised Commerce

Deal Subedar Deal Subedar
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Finally someone who sees @abhishek012 for who he is, a HERO for the banks smile.

In other parts of the world, he would be paid in millions for finding vulnerabilities.

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Deal Subedar Deal Subedar
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Well nothing is wrong:) you are learning the process of how credit card works and how this money rotation game works:) so its all good:) now you wont fall on debt trap as you already realized what you have done, now you will learn to use it properly these loop holes

Btw remember the loop holes are there WITHOUT BEING CLOSED for a reason:) the CC company wants you to get hooked / DRUGGED to this loop holes and obviously trap you in the name of so called tricks but intentionally this tricks are already well calculated well in advance (using statistics) based on which they issue credit card quantity in a sustainable way for this loop hole to work without loss of revenue for them:) 

so always remember;) its not the bet placer wins in casino:) its the house that always wins:P 

here the CC companies is the house:P we can't never beat them:P xD CC companies obviously let this loop holes run without closing smile INTENTIONALLY for their revenue stream:P dont think all things around credit card is tricks/loop holes ... everything is intentionally made system:P xD  -> people are made to call them as loop holes but its already laid down planned by card companies:)

supply (of cards issued) vs demand (of cards using "points/cashback percent/loopholes") is always maintained by Credit card companies so they will never lose:P xD 

good that you learned how how this trick / loop holes are gamed by CREDIT CARD COMPANIES THEMSELVES:) so use it wisely

S.Thawait

BTW ONE more THING REWARD POINTS/cashback%  ARE their credit card company tools:P they can devalue or revalue them anytime:P means its their house:P xD we are just the pawns for them:P

Credit card is not made of loop holes/tricks.....  its the intention of the whole system is made such a way to fool CUSTOMERS like us to make US think there is "really a loop hole" when it was put in the place by them AFTER THEIR STATISTIC ANALYSIS xD

so be careful we all learn:)

Helpful Helpful
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That's true..even Axis magnus saga which many think is a blunder is a way of attracting the people  that's why BUBBLE  IS imp anything  that causes bubble  is attracting  people to participate  and once bubble bursts the healthy part remaining  is much more lucrative than Pre bubble....and bubbles are a stage of growth which eventually are positive in long term 

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Deal Cadet Deal Cadet
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The realisation of difference between own money and borrowed money was slow.
But it is good that you understood.😂

Deal Newbie Deal Newbie
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A close friend of mine is so addicted to credit cards that he does things he couldn't afford.

Buying expensive stuffs on EMIs, going on expensive trips. Unfortunately his wife is also the same.

Over the course of years, now, his credit card Bill is usually 2x 3x of his salary. He just keeps rotating money via CC losing another 1.5-2%

Deal Newbie Deal Newbie
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Well noted. Also note rewards points redeemed my icici bank coral rupay cc card. Got converted 2000 points Amazon gv after check statement 100 +gst debited in my account.

Deal Cadet Deal Cadet
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Addiction of getting cashback is biggest addiction on earth. I was even expecting cashback from my milk seller (Doodh Walla) but he said he is on Desi dime and I am not getting a dime from him🥵🥵🥵

Deal Subedar Deal Subedar
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I am addicted to doodh too.... Since I get doodh at atleast 15% discount on bigbasket..... Whenever I need to buy at full price it hurts 

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Deal Newbie Deal Newbie
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This is called mismanagement.....

Deal Cadet Deal Cadet
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Great lesson to everyone so use cc wisely. plus1

Cool Cool
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Yaar in sab tricks se life me kuch bhi change nahi hoga....only few seconds ka fun hota hai...but jab trap ho jate ha to watt lag jati hai and saara fun interest ke saath nikal jata hai....only try one thing in life to make it as simple as possible

Deal Cadet Deal Cadet
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Do this only in case of real emergency( ex. medical) when you can't get a quick loan for just 1-2 months. 

People doing this for income are pure idiots.

Like Magnet Like Magnet
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Good step.

Deal Newbie Deal Newbie
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Thats somewhat true but this is all about spending by cc instead of debit cards.may be ur living stardard  is going high 🙂

Deal Cadet Deal Cadet
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Well said

Beacon Beacon
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I am in debt trap from last three years, now I took franchise to rotate money,

So that i can rotate as well as earn by rotating others money

Deal Cadet Deal Cadet
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Credit card to bank account transfer could be opted occasionally with the right combination where one gets benefited with cashback on or at least the actual debited amount to credited amount value is the same. Yes it helps in a way by receiving additional savings account credit interest and rotating the money in accounts by paying back partly as credit cards bills and for other regular monthly spends.


Just saying my thoughts only that It's important to spend the money from credit card if and only if the product or service is very much a necessity in the 1st place for oneself. Spend control is very vital and helps in judging one's financial position.

Helpful Helpful
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Apne rotate nhi hona hai..!cc ko rotate karna tha😄

Helpful Helpful
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Is there anyone who can guide me to apply this credit card that gives 5%

Deal Subedar Deal Subedar
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Dm

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