https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551019
Use regularly.
Keep control on your spending
Use Credit Cards Or Avoid Them ?
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Use Credit Card or avoid Credit Card in India
Credit cards are a great tool. You get cash back or rewards. You get added safety. This is why I am a huge fan of using credit cards for those who can use them like a debit card.
Should we continue keep using it regularly or only in emergency ?
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We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551083
@bobby_123 ... in my opinion, one should use it as much as they can but only for their own expenses and occasionally for their friends/relatives.
People create situations where they can pay via credit card and I guess because of this, some of them even land in trouble and get notice from Income Tax department. Then there's revolving credit and what not. Even that's debatable, if someone can handle all this efficiently, good for them but certainly not an example to be set for people new to this space.
In short, if someone is a disciplined spender and can keep track of their finances, credit card is a good thing, in fact the best thing 😇
P.S. I hold 13 credit cards and happily use them to their max. potential and track payment via Excel spreadsheet.
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551086
sahil1033 wrote:@bobby_123 ... in my opinion, one should use it as much as they can but only for their own expenses and occasionally for their friends/relatives.
People create situations where they can pay via credit card and I guess because of this, some of them even land in trouble and get notice from Income Tax department. Then there's revolving credit and what not. Even that's debatable, if someone can handle all this efficiently, good for them but certainly not an example to be set for people new to this space.
In short, if someone is a disciplined spender and can keep track of their finances, credit card is a good thing, in fact the best thing 😇
P.S. I hold 13 credit cards and happily use them to their max. potential and track payment via Excel spreadsheet.
Hi bro can you share excel template with me in DM as I am holding 20 credit cards😂
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551203
everything on cc
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551283
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no rocket science involved, it took several iterations to arrive at a template that works fine for me
just start with simple things which you need to see at once in one place ... key is to keep your statement generation date close to each other and not spread out throughout the month
can share a screenshot if you want but trust me, there's no point sharing the spreadsheet because it's centered around tracking monthly cashback capped at Rs. 750 through HDFC Platinum DC
rockingneo wrote:it's customized according to my needs like I also track monthly cashback of Rs. 750 via HDFC Platinum DCHi bro can you share excel template with me in DM as I am holding 20 credit cards😂
no rocket science involved, it took several iterations to arrive at a template that works fine for me
just start with simple things which you need to see at once in one place ... key is to keep your statement generation date close to each other and not spread out throughout the month
can share a screenshot if you want but trust me, there's no point sharing the spreadsheet because it's centered around tracking monthly cashback capped at Rs. 750 through HDFC Platinum DC
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551287
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rockingneo wrote:Hi bro can you share excel template with me in DM as I am holding 20 credit cards😂
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551349
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rockingneo wrote:here's how it looks :Hi bro can you share excel template with me in DM as I am holding 20 credit cards😂
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551381
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since the statement dates are in 2 slots - 1st and 2nd of every month and 15th to 21st of every month ... so, I usually check on 5th and 25th of every month, simple 😎
flash007 wrote:hehe, I'm able to manage this, no issue ... I'm a developer, so, these things are a breeze although it takes a bit of time initially to form that disciplinehave you considered hiring a helper to maintain this? 🤣
since the statement dates are in 2 slots - 1st and 2nd of every month and 15th to 21st of every month ... so, I usually check on 5th and 25th of every month, simple 😎
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551389
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sahil1033 wrote:
hehe, I'm able to manage this, no issue ... I'm a developer, so, these things are a breeze although it takes a bit of time initially to form that discipline
since the statement dates are in 2 slots - 1st and 2nd of every month and 15th to 21st of every month ... so, I usually check on 5th and 25th of every month, simple 😎
developer.... hmm interesting 🫠
how many years of experience?
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9551877
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552240
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On a personal level, it's a routine for me now, so, I simply have reminders set in phone to check statements on 5th and 25th of every month and I settle bills on second last day of the month for CCs having statement date in second half of the month and for those in first half, I pay 4 days prior to due date.
Plus, I'm a technical person, so, it's not a burden at all 😇
SnippierJoker wrote:If you're paying immediately after bill generation, you're missing out on interest free extra 15-20 days but that's a personal choice, so, no comment at all there.I have around 12 cards but I could never see myself doing this much work....
I just have Google Calendar reminders set up the day after bill generation date and I pay it all then and there...
On a personal level, it's a routine for me now, so, I simply have reminders set in phone to check statements on 5th and 25th of every month and I settle bills on second last day of the month for CCs having statement date in second half of the month and for those in first half, I pay 4 days prior to due date.
Plus, I'm a technical person, so, it's not a burden at all 😇
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552282
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YoYoDesiBeat wrote:
What's this ?
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552329
How to get credit card, I have excellent credit score but don't have any income..
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552350
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552400
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sahil1033 wrote:
If you're paying immediately after bill generation, you're missing out on interest free extra 15-20 days but that's a personal choice, so, no comment at all there.
On a personal level, it's a routine for me now, so, I simply have reminders set in phone to check statements on 5th and 25th of every month and I settle bills on second last day of the month for CCs having statement date in second half of the month and for those in first half, I pay 4 days prior to due date.
Plus, I'm a technical person, so, it's not a burden at all 😇
I am also a software engineer.
There was once a time when I was so into maximising reward for my credit card that I built an app where I can put all the cards I have and then before spending you can just use the app and input the spending category and it will suggest you the card to use with maximum reward rate....
Those were fun times.... 
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552463
rajgolu708592 wrote:you can start with FD based (secured) credit cards like OneCard, you can DM me for referralHow to get credit card, I have excellent credit score but don't have any income..
for metal credit card, minimum 50k FD is required
other options are IDFC Wow credit card which is also FD based, I can refer for this as well 😊
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552468
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As I said, it's a fairly simple template and customized to me need, there are formulas which will work only if you input text in certain format
I'll suggest you can take it as a base and build your own template, if you still need it, I can share the link here to the file
enticer86473 wrote:You're already having a look at it but in image formatCan I have a look as I am also tracking based on rupee value of each point....
As I said, it's a fairly simple template and customized to me need, there are formulas which will work only if you input text in certain format
I'll suggest you can take it as a base and build your own template, if you still need it, I can share the link here to the file
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9552892
I have 10 cards and started using credit cards since 2006.
It has been great experience and many of my friends till now haven't used cards because of fear, misconceptions.
I used google calendar repeating tasks for payment reminders , now cred app also helps.
I used to keep excel sheets for statements with Reward Points calculation. Did it for few years and realised that there was hardly any mistake in calculation by banks so haven't bothered much since last few years now.
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553144
If u have money then use credit card get rewards and pay the money same day via cred, mobikwik.. if u don't have money don't touch them u will pulled into a debt spiral
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553205
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sahil1033 wrote:
You're already having a look at it but in image format
As I said, it's a fairly simple template and customized to me need, there are formulas which will work only if you input text in certain format
I'll suggest you can take it as a base and build your own template, if you still need it, I can share the link here to the file
Please share or dm me, its helpful
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553227
@sumanthbhe @enticer86473 @rockingneo @underworld8325317
here's the sample template of CC Bill Payment tracker from August month :
https://docs.google.com/spreadsheets/d/1r67tfqh...
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553312
Using CC since 2003, at one point, I had 27 cards, now 8... I use them as pee requirement and have aligned all cycles such that all of them have 21 to 20 billing... I get salary on 5th and pay on same day as mostly 7th is the due date.
I easily manage spend by using an Excel file, which has my MF tracking, fixed expenses like school fees for kids, insurnace premium, and other tracking. I track all bank accounts of mine and family, home loans, wallets,etc. through that file. First made in 2005 with a simple table, now with 15 tabs and huge interlinking, update it once a week to track my overall expenses and not only CC related... at any point, I have a budget made for the next 12 to 15 months for fixed and known expenses, which helps to plan better... I am a finance guy, so may be it's inbuilt...
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553444
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sahil1033 wrote:I want IDFC Wealth CC, does it require 36 LPA?
you can start with FD based (secured) credit cards like OneCard, you can DM me for referral
for metal credit card, minimum 50k FD is required
other options are IDFC Wow credit card which is also FD based, I can refer for this as well 😊
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553908
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but I had 5.5 lac credit limit credit card from HDFC at the time of applying plus I had chosen Bengaluru as location for communication address
so, I'm guessing a decent credit limit card from other bank and in case location plays any amount of role in higher chances of getting IDFC First Wealth CC, then there's your formula right there
I've even heard 3 lacs and above credit limit can fetch you IDFC First Wealth CC
TrustPilot wrote:I don't have 36 LPA salary, infact not even one third of it sadly 😭
I want IDFC Wealth CC, does it require 36 LPA?
but I had 5.5 lac credit limit credit card from HDFC at the time of applying plus I had chosen Bengaluru as location for communication address
so, I'm guessing a decent credit limit card from other bank and in case location plays any amount of role in higher chances of getting IDFC First Wealth CC, then there's your formula right there
I've even heard 3 lacs and above credit limit can fetch you IDFC First Wealth CC
https://www.desidime.com/discussions/use-credit-cards-or-avoid-them?page=1#post_9553939
Expand
sahil1033 wrote:Is it a great credit card to hold with many benefits and is it the best of idfc first?
I don't have 36 LPA salary, infact not even one third of it sadly 😭
but I had 5.5 lac credit limit credit card from HDFC at the time of applying plus I had chosen Bengaluru as location for communication address
so, I'm guessing a decent credit limit card from other bank and in case location plays any amount of role in higher chances of getting IDFC First Wealth CC, then there's your formula right there
I've even heard 3 lacs and above credit limit can fetch you IDFC First Wealth CC
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@bobby_123 ... in my opinion, one should use it as much as they can but only for their own expenses and occasionally for their friends/relatives.
People create situations where they can pay via credit card and I guess because of this, some of them even land in trouble and get notice from Income Tax department. Then there's revolving credit and what not. Even that's debatable, if someone can handle all this efficiently, good for them but certainly not an example to be set for people new to this space.
In short, if someone is a disciplined spender and can keep track of their finances, credit card is a good thing, in fact the best thing 😇
P.S. I hold 13 credit cards and happily use them to their max. potential and track payment via Excel spreadsheet.
Using CC since 2003, at one point, I had 27 cards, now 8... I use them as pee requirement and have aligned all cycles such that all of them have 21 to 20 billing... I get salary on 5th and pay on same day as mostly 7th is the due date.
I easily manage spend by using an Excel file, which has my MF tracking, fixed expenses like school fees for kids, insurnace premium, and other tracking. I track all bank accounts of mine and family, home loans, wallets,etc. through that file. First made in 2005 with a simple table, now with 15 tabs and huge interlinking, update it once a week to track my overall expenses and not only CC related... at any point, I have a budget made for the next 12 to 15 months for fixed and known expenses, which helps to plan better... I am a finance guy, so may be it's inbuilt...