Hotness Beware of Cred Payments

Hot Deal Beware of Cred Payments

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Missing
Deal Cadet
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Creating this topic to make members of this forum aware about cred:
This happened to me in the month of April, My RBL card bill was 16000
I payed splitting it into 3 transactions of 5000,5000 & 6000
This bill was for a emi transaction hence the minimum amount due was equal to the total amount due
the due date of the bill was 4th April, i paid the bill on 1st April
On 8 April i receive a call from RBL bank asking me if i was doing good, and if i had some problem with finances, i told them there is nothing of that sort, is there any issue? The caller didnt mention anything else and ended the call.

On 15th April, statement for April got generated, which usually come 2-3 days after in email, meanwhile i received a call from a recovery agent of RBL bank who was very rude, and told that i have paid 5000 less than the minimum amount of my last statement, i told him that isn’t possible.

I quickly logged in to my RBL account checked, it was showing only 1 credit of 5000 instead of 2.
I immediately made the payment of EMI+5000+1000 ( FINE) + 180 (GST) as forced by RBL Bank
Later i took up a case both with CRED and RBL, showing them proofs of payment.
It took almost 20 days,and tons of mails.
Now my original credit of 2nd 5000 is reflecting in the account, however now fighting with RBL for reversal of Late Payment and GST
Hence guys when ever you make a payment through CRED, make sure you see a credit in your unbilled transactions within 4 days of making the payment

46 Comments  |  
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Deal Cadet
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Change the subject to Beware of RBL Credit Card. All Other banks gives a grace period of 3 days. Check the consumer complaints forums about rbl card.
It is always better to pay the dues at least 3 working days in advance.

75pe
Deal Subedar
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rbl won 1000 on kill bill scratch card .rbl thanks cred.

Missing
Deal Cadet
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JaiKrish1031 wrote:

Change the subject to Beware of RBL Credit Card. All Other banks gives a grace period of 3 days. Check the consumer complaints forums about rbl card.
It is always better to pay the dues at least 3 working days in advance.

The credit showed after multiple mails to nodal officer and cred almost 15 days later
One should beware of both i guess, due to rewards people make multiple payments through cred, previously it used to happen in a single transaction
I have never faced any issue with RBL before

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Deal Lieutenant
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It take sometime 5-7 days as once my Rs.1000 payment to ICICI was done in 7 days.

So, you are right that we should check.

And thanks for good info. smile

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Deal Lieutenant
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Why do you guys always wait for the last day to make payment?

If you want to make your payment in last 3-4 days then pay directly. Don’t use any middleman.
If you want to take benefit of a 3rd party service/app then pay your bill at least 15 days before the deadline and make sure to confirm that all your payments went through.

Sorry buddy, I don’t see anybody’s fault in this except yours.

I have made more than 200 payments to my cc from CRED and not once my transaction got stuck. Even if it got stuck then CRED it not at fault. They didn’t do it deliberately.

Missing
Deal Cadet
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Roushh wrote:

Why do you guys always wait for the last day to make payment?

If you want to make your payment in last 3-4 days then pay directly. Don’t use any middleman.
If you want to take benefit of a 3rd party service/app then pay your bill at least 15 days before the deadline and make sure to confirm that all your payments went through.

Sorry buddy, I don’t see anybody’s fault in this except yours.

I have made more than 200 payments to my cc from CRED and not once my transaction got stuck. Even if it got stuck then CRED it not at fault. They didn’t do it deliberately.

Well imagine a scenario when you are making payments worth 10 Lac a month for credit card bills, you have 10 lac to pay within 45 days
Each day 10 lac in liquid or arbitrage funds gives you INR 200 which converts to INR 6000 monthly and 7500 for 45 days
I have paid my bill always 3-4 days in advance, which were always correctly reflected,
here the credit itself dint show up until 20 days, till i intervened and wrote mails after receiving calls

Missing
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Simbha3 wrote:

rbl won 1000 on kill bill scratch card .rbl thanks cred.

Won 1k 4 times
2 times Axis 2 times SBI

Pikachu
Deal Cadet
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karanoshan wrote:

Well imagine a scenario when you are making payments worth 10 Lac a month for credit card bills, you have 10 lac to pay within 45 days
Each day 10 lac in liquid or arbitrage funds gives you INR 200 which converts to INR 6000 monthly and 7500 for 45 days
I have paid my bill always 3-4 days in advance, which were always correctly reflected,
here the credit itself dint show up until 20 days, till i intervened and wrote mails after receiving calls

What’s and how, is liquid and arbitrage fund – ??
Could you explain please

Bal ganesh
Deal Lieutenant
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Roushh wrote:

Why do you guys always wait for the last day to make payment?

If you want to make your payment in last 3-4 days then pay directly. Don’t use any middleman.
If you want to take benefit of a 3rd party service/app then pay your bill at least 15 days before the deadline and make sure to confirm that all your payments went through.

Sorry buddy, I don’t see anybody’s fault in this except yours.

I have made more than 200 payments to my cc from CRED and not once my transaction got stuck. Even if it got stuck then CRED it not at fault. They didn’t do it deliberately.

Harsh would suit you than Roushh, strange u do not see CRED’s fault here.
Its CRED’s fault obviously and then OPs fault to not confirm the payment completion.
I too paid many times even RBL card but always 6-7 days in advance and I make sure that credit happens before due date.

Missing
Deal Newbie
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Won 1k twice for kotak credit card payment

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Deal Lieutenant
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karanoshan wrote:

Well imagine a scenario when you are making payments worth 10 Lac a month for credit card bills, you have 10 lac to pay within 45 days
Each day 10 lac in liquid or arbitrage funds gives you INR 200 which converts to INR 6000 monthly and 7500 for 45 days
I have paid my bill always 3-4 days in advance, which were always correctly reflected,
here the credit itself dint show up until 20 days, till i intervened and wrote mails after receiving calls

Why do we have to imagine a scenario?
You had a problem and you faced the consequences. Then you solved it.

Now, if you look back and analyze this case objectively then deduce, how could all this be avoided.

The only conclusion you will reach to is to make payments early and confirm that all your payments went through to your cc company by checking cc statement after 2-3 days.

You learned your lesson the hard way.. now move on.

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Deal Lieutenant
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caks2006407 wrote:

Harsh would suit you than Roushh, strange u do not see CRED’s fault here.
Its CRED’s fault obviously and then OPs fault to not confirm the payment completion.
I too paid many times even RBL card but always 6-7 days in advance and I make sure that credit happens before due date.

What is the CRED’s fault here? Please explain.

Missing
Deal Cadet
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vickyVicky wrote:

What’s and how, is liquid and arbitrage fund – ??
Could you explain please

Please go to NSE site and download mutual funds for beginner module, ull get to know all types of funds available

Missing
Deal Cadet
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Well i dont imagine scenarios, i make payments of credit cards worth Lakhs of INR each month,
and each day of money with me earns me interest

Bal ganesh
Deal Lieutenant
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karanoshan wrote:

Well i dont imagine scenarios, i make payments of credit cards worth Lakhs of INR each month,
and each day of money with me earns me interest

You must make sure that its credited before due date.
It once happened to me with YesBank card payment which was paid just 3 days in advance and did not reflect in card on due date, though CRED said its already credited.
In this case I directly paid from bank to avoid default. So ended up paying more than due.
There after I pay bills at least 5-6 days in advance

Jim moriarty
Deal Cadet
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Roushh wrote:

Why do you guys always wait for the last day to make payment?

If you want to make your payment in last 3-4 days then pay directly. Don’t use any middleman.
If you want to take benefit of a 3rd party service/app then pay your bill at least 15 days before the deadline and make sure to confirm that all your payments went through.

Sorry buddy, I don’t see anybody’s fault in this except yours.

I have made more than 200 payments to my cc from CRED and not once my transaction got stuck. Even if it got stuck then CRED it not at fault. They didn’t do it deliberately.

It’s cent percent CRED’S fault. The motive on which the app was built was to provide more convinience to Credit Card users, not the other way around. The app was build to benefit the users and not the Credit Card companies.

If everyone goes by your logic to repay the bill 15 days in advance, imagine how much collective interest cost the CC users will loose out; translating as a direct gain for CC companies.

Its CRED’S duty to check with the bank and make sure that the payment went thru. If by any chance the payment failed, it’s CRED’S duty to follow up with the bank.

Also I want to throw some light on how ‘middlemen’ are supposed to work.
Middlemen are those people who charge a fee from the beneficiaries and facilitate the transaction between two parties.

CRED, as a middlemen has a fiduciary responsibility to ease the transaction rather than making it worse.

Just in case if you have a thought like “But Bro, CRED doesn’t charge anything!”, remember the implicit costs which you are being charged.

Jim moriarty
Deal Cadet
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Btw Good info OP.
Will certainly help fellow people to be more aware.

Cropped1422108492
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Roushh wrote:

Why do we have to imagine a scenario?
You had a problem and you faced the consequences. Then you solved it.

Now, if you look back and analyze this case objectively then deduce, how could all this be avoided.

The only conclusion you will reach to is to make payments early and confirm that all your payments went through to your cc company by checking cc statement after 2-3 days.

You learned your lesson the hard way.. now move on.

What nonsense are you talking man!! Are you kidding me? Who else than Cred to blame in this scenario….. they clearly messed up and didn’t even followed it up with the bank….. rage

Missing
Deal Subedar
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dgreatgambler007 wrote:

What nonsense are you talking man!! Are you kidding me? Who else than Cred to blame in this scenario….. they clearly messed up and didn’t even followed it up with the bank….. rage

You cannot blame cred. He is right. You have chosen cred to pay it is your responsibility to check statement. That is what i do and most of them would be doing to avoid mess up.

I have paid 15 lacs of cc bills so far without issues and keep checking statement next day to be on safer side

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dgreatgambler007 wrote:

What nonsense are you talking man!! Are you kidding me? Who else than Cred to blame in this scenario….. they clearly messed up and didn’t even followed it up with the bank….. rage

You cannot blame cred. He is right. You have chosen cred to pay it is your responsibility to check statement. That is what i do and most of them would be doing to avoid mess up.

I have paid 15 lacs of cc bills so far without issues and keep checking statement next day to be on safer side

Missing
Deal Cadet
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I always pay atleast 10 days early and also have kept the card on auto payment so if anything goes wrong the bank won’t be able to charge me.

Cropped1422108492
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rajeshcaicwacs259 wrote:

You cannot blame cred. He is right. You have chosen cred to pay it is your responsibility to check statement. That is what i do and most of them would be doing to avoid mess up.

I have paid 15 lacs of cc bills so far without issues and keep checking statement next day to be on safer side

So if cred hasn’t released payment to the bank in the right time period as it is in this case,  who should be held responsible? They were the ones who sat over the money… it’s not about their general consistency over 1000’s of bill payments but their accuracy per payment which is more important as cc due date misses are going to hurt the customer more than anybody else. Anyways,  everyone checks their statements and only then one will come to know where the goofup happened…..

Missing
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dgreatgambler007 wrote:

So if cred hasn’t released payment to the bank in the right time period as it is in this case,  who should be held responsible? They were the ones who sat over the money… it’s not about their general consistency over 1000’s of bill payments but their accuracy per payment which is more important as cc due date misses are going to hurt the customer more than anybody else. Anyways,  everyone checks their statements and only then one will come to know where the goofup happened…..

Using cred is voluntary. We use it because it rewards but ultimate responsibility is on us for our cc score. Cred is just an enabler not substitute for our responsibility.

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Deal Lieutenant
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This piece is shocking. Even I don’t check whether my payments are being credited or not as I pay in multiple installments. Voted up for visibility.

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RockChap wrote:

This piece is shocking. Even I don’t check whether my payments are being credited or not as I pay in multiple installments. Voted up for visibility.

I also make payments in installments of 1000 rs but I keep checking until they all credit to my cc. To distinguish which transaction failed, I send payments in different amount for each transaction. like this..

1st transaction 1001 rs
2nd transaction 1002 rs
3rd transaction 1003 rs
4th transaction 1004 rs
.
.
.
25th transaction 1025 rs

So I know which transaction has failed and it’s easier to point it out to the customer care in case I need to contact them.

After making the payments, I check my current unbilled statement after a day or two to make sure ever transaction went through. I faced no issues so far.

Geek
Shopping Friend
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For the first time in my life I missed my credit card payment thanks to Cred. I usually pay 2 to 3 days before the due date . As usual made the payment 3 days before due date however CRED did not process the payment immediately. It was credited a day after the due date. I may not have to pay any penalties since delay is just by a day. For me this is the end of road with CRED. No matter how many offers they shower on me, I wiill never transact with CRED again. A few rupees in offer is not worth screwing your credit score .

A2z1
Community Angel
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cybertechie wrote:

For the first time in my life I missed my credit card payment thanks to Cred. I usually pay 2 to 3 days before the due date . As usual made the payment 3 days before due date however CRED did not process the payment immediately. It was credited a day after the due date. I may not have to pay any penalties since delay is just by a day. For me this is the end of road with CRED. No matter how many offers they shower on me, I wiill never transact with CRED again. A few rupees in offer is not worth screwing your credit score .

They process payments mostly by fastest mode and as accepted by particular bank
Like for HDFC during working hours they process by IMPS
for few others they process by NEFT or UPI
Now that processing may gets pushed to next working day
If holidays are coming in between that may add insult to injury
What was your payment date and credit date?

Missing
Deal Cadet
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cybertechie wrote:

For the first time in my life I missed my credit card payment thanks to Cred. I usually pay 2 to 3 days before the due date . As usual made the payment 3 days before due date however CRED did not process the payment immediately. It was credited a day after the due date. I may not have to pay any penalties since delay is just by a day. For me this is the end of road with CRED. No matter how many offers they shower on me, I wiill never transact with CRED again. A few rupees in offer is not worth screwing your credit score .

Credit score is not screwed so easily, one has to default for 3 months for a bank to report it to any bureau
Usually nothing happens if you pay 1-2 days late
On one instance i genuinely forget to pay a bill for 1500 of a credit card
The card company(hsbc) was kind enough to waive off all charges after payment since i hold thier card for 5 years +

Sb
Deal Cadet
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It is subjective but as a precautionary I have standing instruction in my account to credit full money in case bank have not received the payment and I can always track my money.

So far my payment always been credited before the due date except one, in which a small amount not went through. The bank auto deducted that amount and no such scenario for me. Maybe you can do the same assuming you have a account with the same bank as well and not just credit card relationship.

Cheers.

Missing