Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 11 minutes ago, abhinit90 said: I wanted to upgrade the base card, but if I get a better card from any other bank then Ill close this one Upgrade? Phir close karne ki kya baat kar raha tha?? Quote Link to comment Share on other sites More sharing options...
abhi90 Posted December 22, 2020 Report Share Posted December 22, 2020 14 minutes ago, Jigsaw said: Upgrade? Phir close karne ki kya baat kar raha tha?? Because they'll only upgrade once you threaten them. I don't maintain a good enough balance for them to auto-upgrade my card :Fear: Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 5 minutes ago, abhinit90 said: Because they'll only upgrade once you threaten them. I don't maintain a good enough balance for them to auto-upgrade my card :Fear: Maintaining a balance? Do you like paying interest? If yes they will love you. Banks hate customers who pay in full every statement. Quote Link to comment Share on other sites More sharing options...
abhi90 Posted December 22, 2020 Report Share Posted December 22, 2020 2 minutes ago, Jigsaw said: Maintaining a balance? Do you like paying interest? If yes they will love you. Banks hate customers who pay in full every statement. Haha I'd like to be hated by them then 1 Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 12 minutes ago, abhinit90 said: Haha I'd like to be hated by them then Haha good that’s how I roll too Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted December 22, 2020 Report Share Posted December 22, 2020 16 minutes ago, Jigsaw said: Maintaining a balance? Do you like paying interest? If yes they will love you. Banks hate customers who pay in full every statement. Not really. They still earn a set percentage based on your transactions. In fact they are more likely to accord you a loan if you are a timely payer. They see less risk, high reward. While interest paying customers are indeed loved by them (and AFAIK, form a significant portion of bank's earnings), there is also a potential liability if they turn into an NPA. It's a balancing game. If I remember correctly, The Ken did a good story on the risk aversion model of banks vs NBFCs. Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 5 minutes ago, Bird Bird Bird said: Not really. They still earn a set percentage based on your transactions. In fact they are more likely to accord you a loan if you are a timely payer. They see less risk, high reward. While interest paying customers are indeed loved by them (and AFAIK, form a significant portion of bank's earnings), there is also a potential liability if they turn into an NPA. It's a balancing game. If I remember correctly, The Ken did a good story on the risk aversion model of banks vs NBFCs. Spent a lifetime in banking technology bro. Banks make little to nothing off prompt customers who pay in full by the due date. It’s the laggards who roll over that are the meatiest ??? NPA may not be the appropriate term though. At the end of a bad day, even if someone files for bankruptcy the banks make up most of their losses. NPA is more apt for non-individual scenarios. Anyways have seen countless ppl even in India who fell into the whole “credit card” roll over trap and spent years making up for it. Luckily for the spendthrift in me, I learnt of these mistakes before I could execute them 1 Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted December 22, 2020 Report Share Posted December 22, 2020 Just now, Jigsaw said: Spent a lifetime in banking technology bro. Banks make little to nothing off prompt customers who pay in full by the due date. It’s the laggards who roll over that are the meatiest ??? NPA may not be the appropriate term though. At the end of a bad day, even if someone files for bankruptcy the banks make up most of their losses. NPA is more apt for non-individual scenarios. Anyways have seen countless ppl even in India who fell into the whole “credit card” roll over trap and spent years making up for it. Luckily for the spendthrift in me, I learnt of these mistakes before I could execute them Ah ! I know quite a few folks in the "minimum payment" bucket. Always scattering for funds. I wouldn't be able to sleep if I don't pay the dues within a day or two of statement generation. Paranoid. LOL. 1 Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 2 minutes ago, Bird Bird Bird said: Ah ! I know quite a few folks in the "minimum payment" bucket. Always scattering for funds. I wouldn't be able to sleep if I don't pay the dues within a day or two of statement generation. Paranoid. LOL. Yeah man. I would so freak out knowing that I haven’t paid off. But sadly have seen so many folks slogging off in day+night shift dual jobs to answer for that fancy tv and fridge they got off their very first credit card not knowing the pitfalls. ? Quote Link to comment Share on other sites More sharing options...
AtheK Posted December 22, 2020 Report Share Posted December 22, 2020 1 hour ago, Bird Bird Bird said: Ah ! I know quite a few folks in the "minimum payment" bucket. Always scattering for funds. I wouldn't be able to sleep if I don't pay the dues within a day or two of statement generation. Paranoid. LOL. I pay usually the same day as soon as i reach home Cred has actually made life easy. Quote Link to comment Share on other sites More sharing options...
Snake Posted December 22, 2020 Report Share Posted December 22, 2020 1 hour ago, Jigsaw said: Yeah man. I would so freak out knowing that I haven’t paid off. But sadly have seen so many folks slogging off in day+night shift dual jobs to answer for that fancy tv and fridge they got off their very first credit card not knowing the pitfalls. ? Salary 30k....wants 256 GB rose gold iPhone 12 plus pro max ultra Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 22, 2020 Report Share Posted December 22, 2020 Just now, Snake said: Salary 30k....wants 256 GB rose gold iPhone 12 plus pro max ultra Haan yaar. Can’t fault them either. Too easy to lose track of reality when you have an exponential rise in spending power against money that one doesn’t have. By the time one realises, it’s pretty much too late. Quote Link to comment Share on other sites More sharing options...
Bird Bird Bird Posted December 22, 2020 Report Share Posted December 22, 2020 (edited) https://www.buzzfeed.com/gayatrijayaraman/broke-hungry-and-on-trend https://scroll.in/article/844097/when-do-upper-middle-class-urban-youngsters-start-thinking-of-themselves-as-poor Relevant today, too. Edited December 22, 2020 by Bird Bird Bird 1 Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 23, 2020 Report Share Posted December 23, 2020 8 hours ago, Bird Bird Bird said: https://www.buzzfeed.com/gayatrijayaraman/broke-hungry-and-on-trend https://scroll.in/article/844097/when-do-upper-middle-class-urban-youngsters-start-thinking-of-themselves-as-poor Relevant today, too. jeez that’s sad but real. Quote Link to comment Share on other sites More sharing options...
Jigsaw Posted December 23, 2020 Report Share Posted December 23, 2020 Just now, adity said: Yeah lol. Here I thought I had no self control. I never had it. But luckily ended in banking tech early on in my career. So learned of the hairpin bends before I knew what a car was Not demonising credit cards. It’s always the user who is to blame for their abuse but I realised why our previous generation (parents) are usually so anti CC. Heck my dad tried to shoo away the very first card delivery that I was about to receive. 1 Quote Link to comment Share on other sites More sharing options...
Animus Posted December 23, 2020 Report Share Posted December 23, 2020 9 hours ago, AtheK said: I pay usually the same day as soon as i reach home Cred has actually made life easy. Yeah, Cred is superb. I do the same. It reflects the amount back in your CC immediately. Quote Link to comment Share on other sites More sharing options...
LordSpymaster Posted December 23, 2020 Report Share Posted December 23, 2020 Are CREDs offers now really useful? I just use it for that ~20 bucks I get as a cashback... Quote Link to comment Share on other sites More sharing options...
AtheK Posted December 23, 2020 Report Share Posted December 23, 2020 9 minutes ago, kkapoorr said: Are CREDs offers now really useful? I just use it for that ~20 bucks I get as a cashback... Some minor cashback, just the convenience of having all cards at same place and pay off. Quote Link to comment Share on other sites More sharing options...
Kakarot Posted December 23, 2020 Report Share Posted December 23, 2020 I never had it. But luckily ended in banking tech early on in my career. So learned of the hairpin bends before I knew what a car was [emoji3] Not demonising credit cards. It’s always the user who is to blame for their abuse but I realised why our previous generation (parents) are usually so anti CC. Heck my dad tried to shoo away the very first card delivery that I was about to receive. Hahaha my Dad till date gets upset everytime i get a credit card delivery even if its an upgrade or renewal...he thinks I've got one more cc and never believes the true reason XDI learnt long back that it makes sense to keep only a couple of cards that you'll actually use rather than raking up on tens of cards just cause you're getting them 'free' .Sent from my SM-N975F using Tapatalk 1 Quote Link to comment Share on other sites More sharing options...
b!T Posted December 23, 2020 Report Share Posted December 23, 2020 1 hour ago, -= L O L =- said: I learnt long back that it makes sense to keep only a couple of cards that you'll actually use rather than raking up on tens of cards just cause you're getting them 'free' . Also your credit history takes a hit if you have a lot of credit lines? Might be wrong but read somewhere. 1 Quote Link to comment Share on other sites More sharing options...
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