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Credit card grace period - Is the concept really followed?

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+*+**+3 days grace period after credit card payment due date+**+*+ .

Reserve bank of India has given three days as grace period for credit card holders to make the due payments from the due date shown in credit card statement.

RBI told the banks to mark the credit card accounts as “past due “if the card holder does not make any payment 3 days after the due date shown in card statement and report the same to credit rating agencies like CIBIL.

Are banks following this rule ?

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Personal experience
Icici 2 days grace
Hdfc 2 days grace
Citi 2 days grace
Hsbc no grace
Amex 1 days grace
Kotak 1 day grace

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schumacher wrote:

Did you manage to get it reversed? How’d the negotiation go?

I managed to get it reversed since this was the first time. But Customer care reversed only Rs 300 for GST instead of Rs 850. Even nodal officer denied for more than 300 Rs GST reversal.. I asked for Rs 850 GST invoice which they never gave to me. Finally I complained to CRED, since the delay was from CRED. They credited Rs 550 to the card after multiple followups.

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in the past I have made NEFT payments one or two days after due date and no charges were levied.

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Roushh wrote:

What private data are you worried about?
For only paying bill, you don’t need to disclose anything other than your phone number. That’s it.

You don’t need to enable CRED protect services if you do not need it. I haven’t enabled it for any card. They don’t read my SMS or emails etc.

ya,  as if any company honours their policies/commitments regarding protect services and privacy. laughing
Anyways, let it rest upon individuals to decide whether they are interested to use cred or not….

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dgreatgambler007 wrote:

ya,  as if any company honours their policies/commitments regarding protect services and privacy. laughing
Anyways, let it rest upon individuals to decide whether they are interested to use cred or not….

I am not trying to convince you into using CRED. I am perfectly find with you not using CRED.

But I asked you because you said they are sucking data. They are not sucking any data unless you allow them. And no, I am not saying this is an honor based system where we are leaving it for CRED to honor. They need your specific permission to read your emails etc. They can’t even read your credit card bill amount unless you allow them. But if you are paranoid like me, then use Android’s app permissions to block any unwanted access.

Sure, don’t use it if you are not conformable using this service but at least keep your facts right.

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I haven’t enabled Cred protect service ( haven’t given permission to read my emails ). But still I get notifications from cred about amount due, due date & all. I fu**ing really don’t know how they are fetching it rage rage

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MSDfan wrote:

I haven’t enabled Cred protect service ( haven’t given permission to read my emails ). But still I get notifications from cred about amount due, due date & all. I fu**ing really don’t know how they are fetching it rage rage

Then you must have screwed up somewhere.

I don’t get these notifications except only the one about paying bill. They know when I paid the last bill so they send message after a month that it’s again time to pay bill for XYZ credit card. They don’t know the amount or final date.

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MrKool_JJ wrote:

I found this review on quora…

NO, It’s not Cred is not safe. Your money is at stake. Telling this from my own experience.

I am a user of CRED since 8 months now, it was amazing to avail such glittery things. Payment notifications, due dates and all. But on 22nd July, something bad happened. I made a payment to my ICICI Amazon card which never got credited to the account.

I followed up with CRED, they provided me with an UTR number and said the payment has been made from their side and they cant do anything about it now. So I chased ICICI bank and they also denied that they do not work with/cant trace any payment via UTR number.

Don’t even get me started with the customer support of CRED, one representative wrote to me in an email that “perhaps” the payment was made to a wrong card. When I argued that I received the credit of 1INR in the same card, they had nothing to say then.

It’s all bullshit and jibbar jabbar.

At this point 26th July 2019, I am still just emailing them all the screenshots and my credit card pdf, no resolutions except, sorry.

It’s so frustrating that I am never ever gonna use that App now.

Please don’t fall into the traps of such Third party apps.

UPDATE : My payment finally got transferred to my Card after 10 days and several exhausting phone calls, chats with CRED customer cares. It’s horrific.

also i have heard that cards are also misused in some fraudulent txn’s….

Happened to me once about five months back. Payment didn’t reflect in card even after a week. Cred washed their hands off by giving me a UTR no. I followed it up with ICICI and they credited it by tracing the payment. I swore i will never use cred again. But recently started using on and off

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Roushh wrote:

Then you must have screwed up somewhere.

I don’t get these notifications except only the one about paying bill. They know when I paid the last bill so they send message after a month that it’s again time to pay bill for XYZ credit card. They don’t know the amount or final date.

Oh! May be. Will screw these morons tomorrow.

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Roushh wrote:

Then you must have screwed up somewhere.

I don’t get these notifications except only the one about paying bill. They know when I paid the last bill so they send message after a month that it’s again time to pay bill for XYZ credit card. They don’t know the amount or final date.

I was getting notifications too with bill amount and due date. Just checked my app permissions, it had access to sms

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schumacher wrote:

I was getting notifications too with bill amount and due date. Just checked my app permissions, it had access to sms

That’s about right.

If you want a better system then use App Ops (requires root). It works better because some Apps doesn’t work without SMS permission. But you don’t want them to read your SMS. So this app feeds them random data instead of denying permissions.

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@schumacher

Citi and Amex

ICICI is my primary account so linked to SB account.

Now for all cards, I normally create a post dated payment request as soon as the bill is received, giving 4 days prior to due date. No worry of forgetting to pay.

Not a cred user and do not intent to use also.

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schumacher wrote:

Happened to me once about five months back. Payment didn’t reflect in card even after a week. Cred washed their hands off by giving me a UTR no. I followed it up with ICICI and they credited it by tracing the payment. I swore i will never use cred again. But recently started using on and off

To add to this, ICICI was cooperative and able to trace the payment only because i had used their own NetBanking to make the payment. If it were for a debit card of some other Bank, don’t know how cumbersome it would have been

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schumacher wrote:

I was getting notifications too with bill amount and due date. Just checked my app permissions, it had access to sms

Oh! Thanks for the info bro. Same case. Disabled SMS permission now.

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Roushh wrote:

That’s about right.

If you want a better system then use App Ops. It works better because some Apps doesn’t work without SMS permission. But you don’t want them to read your SMS. So this app feeds them random data instead of denying permissions.

Thanks. Does it work on an unrooted phone with everything stock?

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Roushh wrote:

That’s about right.

If you want a better system then use App Ops. It works better because some Apps doesn’t work without SMS permission. But you don’t want them to read your SMS. So this app feeds them random data instead of denying permissions.

What’s that App Ops bro? Please don’t mind to elaborate. TIA

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schumacher wrote:

Thanks. Does it work on an unrooted phone with everything stock?

Updated post later. It requires root permissions. Usually these type of apps doesn’t work without having root permissions.

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Roushh wrote:

App Ops is an app, permission manager. Just like what android has.

App Ops uses same framework but have lot more features.
https://play.google.com/store/apps/details?id=r...

Thanks. Just installed. It’s asking me to install another app by name shizuku. Actually how can I use this app?? I can easily disble the permissions without using this app also. What extra this app offers?

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Roushh wrote:

That’s about right.

If you want a better system then use App Ops (requires root). It works better because some Apps doesn’t work without SMS permission. But you don’t want them to read your SMS. So this app feeds them random data instead of denying permissions.

Realme / Color OS has this facility directly. both for SMS and for contact details.

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MSDfan wrote:

Thanks. Just installed. It’s asking me to install another app by name shizuku. Actually how can I use this app?? I can easily disble the permissions without using this app also. What extra this app offers?

This app requires root access. So make sure your phone is rooted.

How is this different than core android permission system?
Yes, core android permission system can block an app’s permission but what happens if the app requires a permission to operate but you don’t want to give it that permission. With core android permission system, you don’t have a choice. You will have to allow that permission if you want to use that app.

With App Ops, you can soft block the permission for any app. In that case, the app’s permission won’t be denied so the app can operate but App Ops will feed it fake data.

For an example, OLA app requires location permission to operate. It won’t even open without location permission. For this example, lets say we don’t want to give location permission to OLA app. Now, with core android, you can only either allow it or block it. But with App Ops, you can soft block location permission to OLA app. The app’s location request will not be denied but it won’t let OLA read accurate location data because App Ops will be feeding it fake data.

I know, it’s bad example because there is no point in using OLA app without active location access. But there are many apps which require contact permissions or SMS read permission and won’t even open without it. This is where it is very useful.

One other useful feature is that we can predefine a template of permissions which App Ops will apply on all newly installed apps automatically.

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panchabhut wrote:

Realme / Color OS has this facility directly. both for SMS and for contact details.

What facility? Allowing/Blocking individual app permission?

Or feeding fake data to an app without blocking its permission?

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Roushh wrote:

I am not trying to convince you into using CRED. I am perfectly find with you not using CRED.

But I asked you because you said they are sucking data. They are not sucking any data unless you allow them. And no, I am not saying this is an honor based system where we are leaving it for CRED to honor. They need your specific permission to read your emails etc. They can’t even read your credit card bill amount unless you allow them. But if you are paranoid like me, then use Android’s app permissions to block any unwanted access.

Sure, don’t use it if you are not conformable using this service but at least keep your facts right.

1.You never tried to convince me to use cred anywhere &  I know that,  thus used the wordings “let us” (for both of us) to let everyone on this thread decide on their own whether they would like to use cred or not weighing its pros/cons accordingly….
2.The second point raised regarding honouring the policies/commitments by me for cred, or for any other company per se, comes from the fact that it depends totally on the discretion of the company to use, implement and execute those policies/commitments/safeguards (if any)  the customer’s data as they want, either on paper or in flesh &  blood( can also be read as in letter & spirit)  irrespective of being part of/subscribed to/signatory of all world wide data protection and privacy policy standards and organizations. On the other hand, on customer’s side, the policies/commitments regarding private data and and its usage (or misuse) by the company is only on paper and for their execution & implementation in letter & spirit,  the customer has only the legal/judicial route to take because companies work on customer’s data driven model. Every revenue and every drop of money making juice comes from the same source point of customer’s data. 
3.I agree they need specific permissions by us to read our emails or credit card bill amounts which anyway  privacy concious/ freaks/paranoids like you and me will never give them for the right reasons/intentions but I am more interested in debarring cred or any such companies to be a big brother and watch every move in the form of transactions, personal financial data, credit scores &  credit worthiness, purchases & spends on credit statements, linked bank accounts and linked credit cards  just to make another artificial intelligence prone model to sell their services/products/cashbacks/scratchcards/voucher /gvs of brands, offers and discounts tied up with other companies/institutions along with  selling the same data to other companies to sell their products /services via spamming and cold calls. Everybody knows what happened after their registrations on cred with respect to spamming. It’s the case with every other company so please don’t assume I am targetting here cred only. 
4.You being some sort of a hacker in your college days as I read in some other post today (I’m impressed)  thus will  definitely  know about android architecture and its app permission(s) functions.  I am talking about the use(or misuse) of data you have already given to cred explicitly and with your consent for their usage and not the data they will anyway sneak out if you gave app permissions (Let’s assume for some time for this discussion’s sake that apps can’t read/listen data streams even after disabled app permissions. The company that itself acquired android acquired it so that it serves their data driven revenue model, so apps like cred and others are nothing in front of it and doesn’t stand anywhere. ) 
5.Please don’t label people with having wrongs facts/figures as per your  knowledge/in concurrence of your acquired facts/figures. I have seen this line quite a number of times on various threads by you on others, whether it was correct or not. Facts and figures are universal and true for each & everybody in the world  and neither you nor I are so foolish to corrupt them for our arguments to be proven correct/given weight. 
#RestMyCase
For everyone on DD, for every thread, plz :
#ConstructiveCriticismisWelcomed
#AvoidCriticismtoSettleScores
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Roushh wrote:

What facility? Allowing/Blocking individual app permission?

Or feeding fake data to an app without blocking its permission?

both

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Roushh wrote:

This app requires root access. So make sure your phone is rooted.

How is this different than core android permission system?
Yes, core android permission system can block an app’s permission but what happens if the app requires a permission to operate but you don’t want to give it that permission. With core android permission system, you don’t have a choice. You will have to allow that permission if you want to use that app.

With App Ops, you can soft block the permission for any app. In that case, the app’s permission won’t be denied so the app can operate but App Ops will feed it fake data.

For an example, OLA app requires location permission to operate. It won’t even open without location permission. For this example, lets say we don’t want to give location permission to OLA app. Now, with core android, you can only either allow it or block it. But with App Ops, you can soft block location permission to OLA app. The app’s location request will not be denied but it won’t let OLA read accurate location data because App Ops will be feeding it fake data.

I know, it’s bad example because there is no point in using OLA app without active location access. But there are many apps which require contact permissions or SMS read permission and won’t even open without it. This is where it is very useful.

One other useful feature is that we can predefine a template of permissions which App Ops will apply on all newly installed apps automatically.

Thanks for the explanation bro. +KG. But unfortunately, my phone is not rooted pensive

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panchabhut wrote:

both

Hmm… if it has both then it’s good. Real good. plus1

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Roushh wrote:

What private data are you worried about?
For only paying bill, you don’t need to disclose anything other than your phone number. That’s it.

You don’t need to enable CRED protect services if you do not need it. I haven’t enabled it for any card. They don’t read my SMS or emails etc.

You have to disclose card number irrespective how you are paying. (Whether it is billdesk, Paytm, PhonePe or CRED). Don’t give any other permission to CRED. I think it should be ok.

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makeourdeal wrote:

You have to disclose card number irrespective how you are paying. (Whether it is billdesk, Paytm, PhonePe or CRED). Don’t give any other permission to CRED. I think it should be ok.

Yep. Absolutely right. plus1

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MSDfan wrote:

Thanks for the explanation bro. +KG. But unfortunately, my phone is not rooted pensive

I suspected it that’s why this is the first thing I mentioned.

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How to schedule payments automatically? i have sbi cc

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Here’s the original RBI notification:
https://www.rbi.org.in/Scripts/NotificationUser...

Read Para 3., it clearly says:
"" banks shall report a credit card account as ‘past due’ to credit information companies (CICs) or levy penal charges, viz. late payment charges, etc., if any, only when a credit card account remains ‘past due’ for more than three days ""

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RDX wrote:

HDFC – 2 Days (You can confirm this from their c.care as well)
CITI – 2 Days
Indusind – 2 Days
SBI – Earlier it was 2 days, now reduced to 1 (As per C.Care)
HSBC – Zero
Standard Chartered – 2 Days

Also if your due date or grace period days is a holiday than count the next day IN as well

But But But

Don’t push your luck so hard

As per RBI rule, if u pay the amount in those grace periods than banks are not allowed to charge you for any of the late fees …Actually, no bank can charge you for late fees if u pay the full amount within 3 days of your due date but they are allowed to charge a hefty amount of penalty on the name of interest charges

So don’t be in the dilemma that paying in grace days will save you from charges, it’s just that Bank won’t charge you late fees which is most probably 500+GST but they will charge you much bigger amount than that

Though the time I have listed above is for specific banks have been either confirmed by c.care or personally verified (non-intenionally) , you can say they are kind enough till now by not charging for any amount in grace period days but if they want they are allowed to do so going by the RBI rule

Dear Sir,
Pls help
Recently i paid my july sbi bill on cred on 9Aug. My due date was 10 Aug.To earn some reward money i paid it partially. Cred credited half of them instantly on same day and other on 13Aug as 10,11,12 are holiday.Sbi Didnt Charged any late fee but levied massive interest charges around 2000.
Is any chances to reverse the same or i have to contact to cred for compensation?

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indiansoul wrote:

+kg
Thanks for sharing experience but have to ask, why do you pay your bill late, hope not just to test the grace period. stuck_out_tongue_closed_eyes stuck_out_tongue_closed_eyes

I pay late very very rarely
Couple of them happened due to cred
Cred is good but make a habit to pay atleast two days in advance
Never try your luck for grace period
In the rare instance of late payment you can ask for waiver
they will waive seeing your payment history

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