Pradipta D.’s Post

I used to be all about that credit card points life. It felt like when I got cashback I was sticking it to the man. Then I got wise. Points for cash. Points for airline miles. Points for hotel rewards. Samuel L. Jackson and Jennifer Garner have wormed their way into our minds with seemingly endless pitches for rewards on credit cards. But here's what I've learned from a practical and, perhaps more importantly, ethical standpoint. Practical: Credit cards prompt us to spend more than we otherwise would. My wife and I used to do the whole "pay with credit card and pay it off at the end of the month" thing. But we found ourselves regularly spending more than budgeted. Since switching to debit and cash only, we are much more intentional with what we spend. Credit card companies bank (pun intended?) on us spending more to get the so-called freebies. Sure, you racked up enough points to get a free flight, but you more than likely could've paid for that flight out of pocket and avoided annual fees or overspending, or worse, paying interest. Ethical: This one was news to me. I had never considered how credit card companies pay for all the "rewards" they give out. They do this by collecting interest, annual fees, and late fees. Not everyone has the luxury of paying off a credit card each month, so they end up paying interest as the balance rolls over each month. And, unfortunately, many people who struggle financially turn to credit cards for help. They often run late on payments and incur additional fees. In other words, my 3% cashback or free flight comes from someone in a worse financial situation than myself. That gives me the ick (as my kids say). The bottom line is that playing the credit cards points game is akin to thinking you can come out ahead at the casino. The house always wins. #finance #personalfinance #creditcards

"I had more than 1.5 lakh reward points, but I don't know how to use them so they go expired." If this is you, hear me out: Reward points are great, if you know how to redeem them. Reward points are excellent, if you know how to convert them for maximum output. Reward points are superb, if you know how to use them to get free stuff. Reward points are mind blowing, if you know how to earn them without burning a hole in your pocket. But, reward points are useless if you don't know HOW to do any of it. They are useless if your only redemption option if a voucher from bank's rewards portal. I have now talked to 20+ people who: - don't know how to use their credit card points, - don't have time to do it themselves - don't know how to get maximum output - don't know which card to use to get maximum points - don't know the exclusions on their cards And these most of them had credit cards with annual fees. After solving their problem, I thought let's help more people who fall into similar category. So, if you want to get more out of your credit cards but don't want to do the hard work, I am your guy. #creditcards

📉 YES BANK Credit Cards Face Another Round of Devaluations YES BANK’s credit card revamp earlier this year with new options like the Yes Reserv and Yes Marquee brought a fresh look and rewarding features—but this excitement may be short-lived. Here’s what’s changing: 1️⃣ Higher Spending Requirements for Airport Lounge Access Starting April 1, 2025, cardholders will need to meet higher quarterly spend limits to enjoy free lounge access. Spend requirements: -- MARQUEE/RESERV: ₹1 Lakh YES First Preferred/Business: ₹75,000 ELITE+/SELECT/WELLNESS PLUS: ₹50,000 2️⃣ Rewards Points Redemption Cap From December 1, 2024, a limit on reward points for flights and hotels is coming: only 70% of points can be redeemed per booking, with a monthly cap by card type. MARQUEE: 3,00,000 points RESERV: 2,00,000 points Other cards: 1,00,000 points 3️⃣ Increased Finance Charges Effective December 1, 2024, finance charges rise to 3.99% per month (47.88% annually) on most Yes Bank cards. These changes are likely to impact many cardholders. What’s your take on the rising spend requirements and rewards cap? #YesBank #TheCreditCardExpert

💳 Are you ready to boost your YES BANK Rewardz Points? Here’s how you can make the most of your YES BANK Credit Card this month! 🚀 ✨ Limited-Time Offer: 11th Sep – 30th Sep 2024! If you haven’t heard already, YES BANK is offering an exciting bonus on YES Rewardz Points! This is your chance to maximize your rewards and get more value for every swipe. What’s in it for you? 🏆 Earn Bonus Rewardz Points on eligible spends! 💥 Combine standard points with extra bonus points! 🕒 Bonus points credited within 60 days after the promotion ends. ❗ Important: Not all transactions are eligible, so make sure to focus on spends in qualifying categories (no cash withdrawals, wallet recharges, or utility bill payments). Every eligible swipe takes you closer to more rewards! 🔍 Check your email or SMS to confirm if you’re eligible, and start swiping! 📅 Offer Period: 11th Sep – 30th Sep 2024 💬 Have questions? Drop a comment below, and we’ll help you out! cc : Loylty Rewardz #CreditCardRewards #YESBANK #BonusPoints #MaximizeYourRewards #TheCreditCardExpert #LimitedOffer #SmartSpending

How to Maximize Your Credit Card Rewards -

Delayed payment on credit card Does it affect your credit score? Yes. Making a purchase and maxing out his credit card, Sahil was living his dream vacation. In the midst of this, he missed the due date to pay his credit card payment of previous month. Being a travel enthusiast, he uses 5 different cards for better offers. After realising his mistake of missed out payment, he went on to find out the implications. How credit card affects your score? > Credit score is a three-digit number, which ranges from 300 to 900, A good credit score is considered to be 750 or higher > Your credit score will deteriorate if you consistently pay only the minimum amount due or tend to miss payments In case you have multiple credit cards: > Having multiple cards is advantageous as it helps extend the credit available to you, thereby reducing your credit utilisation ratio > Having too many credit cards have a reverse effect on your credit score, it may indicate that you require too much credit to get by > An ideal scenario would be no more than 3 cards What about delayed payments? > A late payment on your credit report can decrease your credit score by at least 20 points > If you have an excellent credit score, this drop could be as significant as 80 points from just one late payment Suggestion: > Avoid paying only minimum amount due > Don’t max out your credit card, keep it below 50% utilization > In case of delayed payments, pay within 30 days to reduce dropping of your credit score > 60% of the credit card usage is done by choice, change your choices > Opt for credit card EMIs for larger payments Like and Follow for more

After my earlier post on purchasing a #Car with a #CreditCard, several friends asked about the economics involved. Here’s a breakdown for everyone’s benefit: The Economics: - Credit Card Reward Points: 3.3% - Milestone Benefits: Various gift vouchers and complimentary memberships, annual fee waivers, etc - Cashback Earned During Bill Payments: 0.2% (e.g. using #Cred #Paytm, etc) - Extra Charges Paid to the Dealer: 1% - Net Benefit: Approximately 2.5% For a car priced at Rs 10 lakhs, your effective savings could cover the cost of your car's insurance! Important Pointers to consider: - The charges for using a CC at the #dealership (0-2%) are negotiable. This depends on the brand and market dynamics, so make sure you negotiate well - To get some benefit, have a CC that offers more #rewards than the dealer charges, the more premium the card you hold, the more rewards you can earn - Only use this option if you have a sufficient amount of #money in your account. Defaulting on a CC is the worst scenario to avoid - In the short term, you might see a slight drop in your #CreditScore, but it should recover within a few months - Spending more than 10 lakhs on a CC would result in a separate entry with the #ITdepartment, but if you have sufficient income sources, there is nothing to worry about - If the CC you want to use has a lower #CreditLimit, feel free to talk with Customer Support, with your latest income proofs, the bank may increase the limit. But remember never swipe more than the Credit limit available, this would help avoid any additional charges - Check for special spend offers that banks keep rolling out, example spend X amount to get Y cashback By understanding these details, one can make the most of the CC benefits for such a significant purchase. And if you are looking for any help with #personalfinance #taxes #investments #CreditCards, don't hesitate to send me a direct message (DM)! Previous post link - https://lnkd.in/g8KHu7GF #Optimization #SaveMoney #PremiumCards #DebtTrap

Did you redeem your credit card rewards this year? According to a new Bankrate survey, 23% of rewards credit cardholders did not redeem any rewards over the past year (i.e. since November 2023). Additionally, 50% cited cash back rewards as the best feature of the credit card they use most often. For those rewards credit cardholders who did redeem their credit card rewards this year, over 3 in 5 (61%) redeemed them for cash back/gift cards. This includes 22% who redeemed at least $300 worth of cash back/gift cards and 39% who redeemed for cash back/gift cards worth less than $300. “As long as you pay in full to avoid interest, credit card rewards are free money,” says Bankrate Senior Industry Analyst Ted Rossman. “Failing to redeem your rewards is a major missed opportunity. While the best rewards can be subjective, the worst reward is getting nothing at all.” For more, please visit: https://lnkd.in/eqVQhY_M

𝐇𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝𝐬 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐰𝐚𝐲 𝐜𝐚𝐧 𝐥𝐢𝐭𝐞𝐫𝐚𝐥𝐥𝐲 𝐜𝐡𝐚𝐧𝐠𝐞 𝐲𝐨𝐮𝐫 𝐅𝐈𝐍𝐀𝐍𝐂𝐈𝐀𝐋 𝐅𝐮𝐭𝐮𝐫𝐞.. 1. 𝘊𝘩𝘰𝘰𝘴𝘦 𝘛𝘩𝘦 𝘙𝘪𝘨𝘩𝘵 𝘊𝘢𝘳𝘥  Look for cards that match your spending habits. For example, if you spend a lot on travel or groceries, get a card with rewards in those categories. 2. 𝘚𝘦𝘵 𝘜𝘱 𝘈𝘶𝘵𝘰𝘮𝘢𝘵𝘦𝘥 𝘗𝘢𝘺𝘮𝘦𝘯𝘵𝘴 Missing to pay off the outstanding balance(debt taken) within the deadline can incur heavy interests and lower your credit score. 3. 𝘊𝘳𝘦𝘥𝘪𝘵 𝘓𝘪𝘮𝘪𝘵 𝘜𝘵𝘪𝘭𝘪𝘻𝘢𝘵𝘪𝘰𝘯 The debt taken through credit card should never exceed 30% of the credit limit(the maximum debt you can take with that credit card). 4. 𝘔𝘢𝘹𝘪𝘮𝘪𝘻𝘦 𝘙𝘦𝘸𝘢𝘳𝘥𝘴 & 𝘉𝘦𝘯𝘦𝘧𝘪𝘵𝘴 Use the cashbacks and offers effectively. any credit cards come with perks like travel insurance, extended warranties, or access to airport lounges. Make sure you know and use these benefits. 5. 𝘖𝘱𝘦𝘯𝘪𝘯𝘨 𝘕𝘦𝘸 𝘊𝘢𝘳𝘥𝘴 & 𝘊𝘭𝘰𝘴𝘪𝘯𝘨 𝘈𝘤𝘤𝘰𝘶𝘯𝘵𝘴 Opening too many cards in short period of time can affect your credit score. Also if you have a credit card with no annual fee, which you have thought of closing, it is better not to do it, as it can positively impact your score with years of experience with credit cards. ---------------------------------𝓑𝓞𝓝𝓤𝓢------------------------------------------ 6. 𝘗𝘪𝘤𝘬 𝘜𝘱 𝘛𝘩𝘦 𝘗𝘩𝘰𝘯𝘦 Whenever you have missed payments or need some benefits, simply call the bank officials associated with credit card. Talk to them & negotiate. Most of the people I have encountered has been doing it. You can either to fear calling them or earn the benefits. #Money #Creditcard #debt #investments #benefits #wiseusage

CFPB Spotlights Credit Card Reward Troubles   The CFPB recently put out an “Issue Spotlight” on Credit Card Rewards which warned that, in many cases, rewards programs are promoted in such a way that is too good to be true. One reason for the attention here is that, in the past few years, the CFPB has seen more than a 70% increase in the number of complaints specific to credit card rewards programs. In reviewing these complaints, the CFPB noticed some consistent themes: 1.       Unexpected Promotional Conditions Consumers fail to receive promotional rewards when financial institutions impose vague or hidden conditions…   2.       Devaluation Consumers lose benefits that they previously earned when issuers and merchants devalue rewards…   3.       Redemption Problems Consumers face obstacles in receiving their preferred redemptions when companies fail to quickly resolve rewards-related issues…   4.       Revocation Consumers suddenly lose rewards when issuers unilaterally revoke previously earned balances… Credit card reward programs are much more common than they once were and many card issuers reserve the right to change these programs at any time, often without notice, putting cardholders at a distinct disadvantage, in the eyes of the CFPB. If you have a credit card rewards program, be sure to keep these concerns in mind. We also encourage you to give the Issue Spotlight a read as it gives examples for each of these particular areas of concern.   As a result of this Spotlight, it’s very possible that your examiners will start to ask some questions related to these programs, even if they really haven’t done so in the past. If your customers have expressed concerns or frustrations and/or made complaints, make sure these are addressed just as any other complaint under your complaint program. Consumer Financial Protection Bureau #Complaints #BCCPlainEnglish #CFPB #CreditCards https://bit.ly/4buGVyx