OneCard Monthly Limit
I am using OneCard (Fd based) for completing offers and also for getting 5x points. My credit limit is rs 2200 and after every transaction, I used to clear my outstanding balance even before bill generation date to get my credit limit back, so that I can transact once again to get maximum benefits.
But yesterday, my transaction was declined even when I had zero outstanding balance and I got a text message saying " Sorry, we had to decline your last OneCard txn as your total billed purchases for the month are exceeding your assigned monthly credit limit. To contine using the card, increase your credit limit by making an additional fixed deposit".
I contacted OneCard Customer Care and their response was “In this billing cycle for the current month of 20th of April, 2022 to 20th of May, 2022, you have already made total new spending of ₹14,762.80. This is usually not considered a credit healthy behavior. If you wish to transact more, you may create an add-on FD ranging between 2K to 1 Lakh, and then you shall be able to accommodate these expenses in a planned manner.”
When I asked them what is their monthly transaction limit, I was told it’s the same as your limit of Rs 2200. Even then, I was allowed to make transactions worth Rs 14762 so far in this billing cycle. They also told me that you the transaction would get declined till next 30 days from the last successful transaction.
I want to know if anyone else has faced the same or not. And will I be allowed again to transact during next bill cycle or I have to wait for 30 days. And if anyone know the actual monthly transaction limit. Do other bank Credit cards have also set such restrictions or not?
Also please tag anyone who can answer.
Update: As informed by @tappukepapa , there is some 6x-7x monthly transaction limit for the total credit limit while spending and repaying. So, next time, use OneCard keeping this in mind.
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Same thing has happened with my cousin, he was also doing exact same things with his Onecard i.e. Spend and Pay. He Spent around 14k in a month in his 2200 Limit Onecard. His transactions were also declined. Then he was forced to make an additional 2k Fd.
As per my analysis and other dimer’s, the limit is around 6X to 7X of your card limit.
Does spending and paying before bill generation effects your credit score because I got this message from One Card “We would like you to know that excess repayment towards your OneCard and usage beyond your assigned limit may be considered as an offbeat transaction pattern and might hamper your credit health.”
Do they report the whole statement to these credit score agencies or just the bill amount and repayments? @vkrmjeet @kshmr @tappukepapa @abhishek012 @MrMonkey
Nope it doesn’t.
If you download your whole credit report it has a column for total repayment something there you will be able to see total repayment in bill cycle , everything is reported to cibil but the actual outstanding matters at the date of reporting i.e last day of month for one card.
i have spent 2x credit limit on axis but the credit utilization was 25% on the reporting day ,there was no effect on Cibil.
Why are people using the card with just 2200 limit.
Doesn’t seem worth the efforts .
Why not make 5k or 10k FD Atleast instead of so many repayments everytime
Why to increase your Fd when you have other non-fd based cc with better rewards for daily uses. We are using this card with minimum available fd just to avail maximum benefits and offers. But I was not aware of this monthly limit. From now on, i will increase fd only if i get any better offers here. Otherwise will use other non-fd based cc.
Need referral for one card
Check dm
I have 6 lakh limit. Dunno know how i got
Update: Monthly transaction limit got reset on 21st of May and I am able to transact again.
Means Sms informing that transaction will continue to decline for 30 days is wrong. It’s just for current bill cycle.
@vkrmjeet @kshmr @tappukepapa @abhishek012 @MrMonkey