Credit card Anual fee WAVEOFF vs REVERSAL
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fnz,
Have you ever think about difference between anual fee waiveoff and reversal for spend based targeting credit cards?
Waive off : means wont charge you at all if reached target spends
Reversal : means will charge you fee and gst but reversed in next month statement if reached target spends in previous year will reverse only fee charged to you but not gst.
ex: you will be still charged 180 rs as GST though you received back 1000 rs anual fee.
let us discuss what are the banks are waiving off and reversing the fees. it will help us in choosing right cards as we dont read all tncs.
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Reversal includes gst also
I think there would be one or two dumb bank to not reverse gst.
I have fought with SBI and got GST reversed last year, since it was a spend based card
I have sbi simplyclick.
Annual fees and gst both get reversed itself next month based on spend based waiver.
what card u got?
if a take axis flipkart credit card charges 500 will be waived of on spending 2L.
if u take hsbc cash back cc charges 750 will be reversed if spending 1L.
So as of now i got know about below banks.
SBI- full reversal (fee + gst)
Hsbc-reversal
Indusind-No Anual fee
HDFC-?
icici-?
yes-?
kotak-?
amex-?
stn charter-?
citi-?
i dont have any sbi card because it wont give any LTF card. thinking to open any cobranded card in future like ola sbi card
HSBC reverses the GST as well.. However it happens in the same statement.
StanC reverses annual fees with GST
Sbi simply click reversal the charge 499 +gst all reversed in next month statement