WHAT WILL HAPPEN IF I PREPAY MY CREDIT CARD VIA...

WHAT WILL HAPPEN IF I PREPAY MY CREDIT CARD VIA CRED SCHEDULED FOR AUTO PAY

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Deal Newbie
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I have auto debit mandate on last day from my bank account

what will happen if i pay prior to that date

will the bank will also auto debit on last day and deduct charges for cash advance

or they will not debit on last day

17 Comments  |  
10 Dimers
Missing
Deal Cadet
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If you prepay then the amount will not debit automatically…I have setup auto debit as well…when all my dues are paid auto debit do not happen

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Deal Subedar
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Bank will auto debit only the amount that will show up in your monthly credit card statement. Assume it as if you didn’t use credit card in any particular month and then what will the bank auto debit do? So, if your cred payment clears before your bill is generated then there’s nothing to worry.

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Deal Newbie
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ok i have paid my hdfc and icici bill destined for auto debit
will update what happens.

thanks for your prompt replies dimers

Bal ganesh
Deal Lieutenant
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rbswzz3 wrote:

ok i have paid my hdfc and icici bill destined for auto debit
will update what happens.

thanks for your prompt replies dimers

Better confirm with CC or disable auto debit.
No charges for early payment of CC bills.

Bank will auto debit for both HDFC, ICICI and AXIS – This was my exp although I paid total dues 2-3 days before last date.
In case of HDFC balance was not available so txn declined – audto debit rejection charges email received.
In case of ICICI Rs30k+ auto debited(total bill) and I had to use it in the next month.

Auto debit for credit card happens as per the amounts mentioned in bill and it does not take into account the latest payments after bill generation.

You will have to pay auto debit charges like 400+GST etc in case of HDFC…if auto debit did not go through for no balance.
@akash2009 Which bank?

Missing
Deal Subedar
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make sure you pay at least 10 days before due date. otherwise, their systems may not be updated withe the credit and autodebit will be initiated.
PS: Based on experience with Amex and ICICI.

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Deal Subedar
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rbswzz3 wrote:

ok i have paid my hdfc and icici bill destined for auto debit
will update what happens.

thanks for your prompt replies dimers

Nothing will happen

Johnny sins approval
Deal Cadet
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I have 1 doubt..

My last month bill due was ₹700 and I paid the same on 15/02. Last Payment date was 05/03 but in CRED its still showing ₹700 due from last bill…

How is it so? Can anyone explain?

PS – I haven’t paid the amount via Cred.

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Deal Subedar
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Sins1995 wrote:

I have 1 doubt..

My last month bill due was ₹700 and I paid the same on 15/02. Last Payment date was 05/03 but in CRED its still showing ₹700 due from last bill…

How is it so? Can anyone explain?

PS – I haven’t paid the amount via Cred.

Cred will only get to know when you will receive next email from your credit card issuer. I assume you have given Cred your email access. That’s why they know what’s the bill amount. If you had paid the bill via Cred then they would have changed the due amount to 0 but now they don’t know if you have paid the bill or not as your credit card issuer is not feeding any information directly to Cred.

Johnny sins approval
Deal Cadet
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500
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sardasa wrote:

Cred will only get to know when you will receive next email from your credit card issuer. I assume you have given Cred your email access. That’s why they know what’s the bill amount. If you had paid the bill via Cred then they would have changed the due amount to 0 but now they don’t know if you have paid the bill or not as your credit card issuer is not feeding any information directly to Cred.

Understood bro.. Thanks a ton. Cred is fetching this data from my statement. It will update when next statement comes..

Btw I enrolled for CRED protect which gave it access to my statement. I hope it is safe. Let me know if I should remove it. Sometimes it feels very risky to give all such info to a new company.

Samantha
Deal Lieutenant
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4889
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caks2006407 wrote:

Better confirm with CC or disable auto debit.
No charges for early payment of CC bills.

Bank will auto debit for both HDFC, ICICI and AXIS – This was my exp although I paid total dues 2-3 days before last date.
In case of HDFC balance was not available so txn declined – audto debit rejection charges email received.
In case of ICICI Rs30k+ auto debited(total bill) and I had to use it in the next month.

Auto debit for credit card happens as per the amounts mentioned in bill and it does not take into account the latest payments after bill generation.

You will have to pay auto debit charges like 400+GST etc in case of HDFC…if auto debit did not go through for no balance.
@akash2009 Which bank?

Hdfc is crazy.
I have paid my bill amount and for one transaction in Amazon amount got reversed in my hdfc cc. Thought I no need to pay that amount but hdfc auto deducted that amount again.
I don’t understand why hdfc deducted again.

In case of citibank, citibank consider that as credit and wont deduct the same.

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Deal Subedar
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Sins1995 wrote:

Understood bro.. Thanks a ton. Cred is fetching this data from my statement. It will update when next statement comes..

Btw I enrolled for CRED protect which gave it access to my statement. I hope it is safe. Let me know if I should remove it. Sometimes it feels very risky to give all such info to a new company.

Indeed it is.
You should remove it.

Missing
Deal Cadet
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Have had experiences with 3-4 banks, auto debit will happen irrespective of credits to card, however you can call the cc and get it reversed….
I suggest u call and have your auto debit cancelled

Missing
Deal Subedar
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aswaniexpress wrote:

Hdfc is crazy.
I have paid my bill amount and for one transaction in Amazon amount got reversed in my hdfc cc. Thought I no need to pay that amount but hdfc auto deducted that amount again.
I don’t understand why hdfc deducted again.

In case of citibank, citibank consider that as credit and wont deduct the same.

Few banks Like SBI do not consider reversal of transaction as payment to STOP credit rotation from users.

Samantha
Deal Lieutenant
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mayank21712 wrote:

Few banks Like SBI do not consider reversal of transaction as payment to STOP credit rotation from users.

If that is the case, how do they adjust the amount ? in next bill ?

Thanks for info …

Missing
Deal Subedar
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2795
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aswaniexpress wrote:

Hdfc is crazy.
I have paid my bill amount and for one transaction in Amazon amount got reversed in my hdfc cc. Thought I no need to pay that amount but hdfc auto deducted that amount again.
I don’t understand why hdfc deducted again.

In case of citibank, citibank consider that as credit and wont deduct the same.

Citibank as well as Amex consider credits as payment. May be that is the difference between international standard and Indian standard.

Missing
Deal Subedar
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aswaniexpress wrote:

If that is the case, how do they adjust the amount ? in next bill ?

Thanks for info …

Adjusted in next statement cycle.

Samantha
Deal Lieutenant
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panchabhut wrote:

Adjusted in next statement cycle.

Thanks for information bro…

Missing