if you want to remove an article from website contact us from top.

    dear customer, starting 20-oct-22, all transactions on your icici bank credit card towards rent payment will be charged a 1% fee. in hindi

    Mohammed

    Guys, does anyone know the answer?

    get dear customer, starting 20-oct-22, all transactions on your icici bank credit card towards rent payment will be charged a 1% fee. in hindi from screen.

    Why should you avoid paying rent using your Credit Card?

    What comes to mind when you consider increasing your Credit Card limit? The most striking reality is your capacity to spend more. Here’s all you need to know about limit increases on credit cards.

    Blog 2 mins Read | 1 Week Ago

    Why should you avoid paying rent using your Credit Card?

    Credit Card 116 APPLY NOW KNOW MORE

    Using a Credit Card for all kinds of purchases has become a common occurrence. There was a time when the Credit Card was used only for major purchases. However, nowadays a Credit Card is used for everything right from grocery shopping to cab payments. But, the question is should you also use your Card to pay your monthly rent? After all, it is one of your most significant expenses. Here’s why using a Credit Card for rent payment can be a bad idea. Read on to decide for yourself.

    Your credit score might take a hit

    The biggest drawback of using a Credit Card to pay rent is that your credit score can take a dip if you miss a payment. However, you have nothing to worry about if all your Credit Card bills are paid on time.

    If your credit score takes a hit, it will be difficult for you to secure loans further down the line. Even if you do manage to get a loan, the interest rate will be higher owing to your low credit score.

    Impact on Credit Utilisation Ratio

    The more you transact through your Credit Card, the higher your credit utilisation ratio, rent being a major expense. If you get into this habit of paying rent using your Credit Card every month without paying the credit bill on time, the credit balance will become an issue.

    On the other hand, due to such a big monthly expense, your credit utilisation ratio will keep increasing. If your ratio is more than 30% of the prescribed credit limit, your credit score will plummet.

    Higher interest rates on Credit Cards

    There is no denying that the Interest on Credit Cards tends to be on the higher side. Of course, you get an interest-free repayment period but at the same time payment needs to be within the specified period. Delaying bill payments will further add to the interest. You will ultimately end up paying more than what you would have paid by simply using your Debit Card or cash to pay the rent.

    Maxing out your Credit Card is a possibility

    Lastly, if you keep on paying your rent, you will eventually max out your Credit Card. The simplest way to explain the idea of a maxed-out Credit Card is that you can no longer use it to make any payment – even the minimum payment on a Credit Card. Your credit score will also plummet further when you keep maxing out your Credit Card.

    Should you never use Credit Cards to pay the rent?

    Summing up the discussion above, all things boil down to one factor – paying your Credit Card bills on time. You can pay your rent using your Credit Card if you are committed to timely repayments.

    In fact, just as you get Reward Points with every spend on your ICICI Bank Platinum Credit Card, you will also get points on paying rent on time. Your credit score will also improve. However, you will have to keep the repayment date in mind. Hence, it will be wrong to completely stop you from using Credit Cards for paying your rent. Just remember to make your payments on time.

    स्रोत : www.icicibank.com

    1% Fee will be charged on Rent Payment for all ICICI credit Cards effective 20th October'22

    1% Fee will be charged on Rent Payment for all ICICI credit Cards effective 20th October'22 at Others. -- Created at 19/09/2022, 2 Replies - Dost and Dimes -- India's Fastest growing Online Shopping Community to find Hottest deals, Coupon codes and Freebies.

    1% Fee will be charged on Rent Payment for all ICICI credit Cards effective 20th October'22

    REPLY 556° 10443 2

    Last Comment about 5 hours ago

    PRAVEENINDIA about 5 hours ago

    Dear Customer, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged a 1% fee.

    Expiring In 30 days 1 Comment  | 2 Dimers Sort By guest_999 about 5 hours ago

    @admin similar thread here https://www.desidime.com/discussions/rent-payme...

    Like

    Introducing Reactions on Post

    Now you can long press Like button to express your emotions

    GOT IT Quote Click here to reply REPLY

    स्रोत : www.desidime.com

    Borrowing money via digital apps? Know your rights to avoid being exploited

    From February 10, 2022, ICICI Bank credit card customers will have to pay a transaction charge on cash advance has been revised to 2.50% on advanced amounts on all cards.

    NEXT STORY

    Borrowing money via digital apps? Know your rights to avoid being exploited

    SECTIONS

    Borrowing money via digital apps? Know your rights to avoid being exploited

    By Anulekha Ray & Preeti Motiani, ET OnlineLast Updated: Sep 16, 2022, 02:28 PM IST

    Share Font Size Save Print Comment Synopsis

    The RBI digital lending guidelines will be applicable to the digital lending by banks, co-operative banks, NBFCs including housing finance companies. These guidelines also cover loans being offered by digital lending applications in partnership with the banks and the NBFCs

    Getty Images

    RBI new digital lending guidelines aim to ensure that there is no misuse of the borrower's personal data such as photos, contacts etc.

    If you are taking a loan from a digital lending service provider or an app, then it is imperative that you know about your rights. Borrowers having been flocking to digital lending service providers/apps due to the ease and speed with which loans are disbursed. However, such borrowers have also faced numerous problems. "The concerns primarily relate to unbridled engagement of third parties, mis-selling, breach of data privacy, unfair business conduct, charging of exorbitant interest rates, and unethical recovery practices," says the Reserve Bank of India (RBI). Therefore, in order to protect borrowers, the RBI has issued a set of digital lending guidelines that digital loan providers must follow.

    Know these guidelines in order to empower yourself.

    Which lenders are covered by these guidelines

    The RBI digital lending guidelines will be applicable to the digital lending by banks, co-operative banks, non-banking financial companies (NBFCs) including housing finance companies. These guidelines also cover loans being offered by digital lending applications in partnership with the banks and the NBFCs. Most digital lending service providers/apps normally source the loans from one of the entities mentioned above i.e., banks and NBFCs.

    Both the existing customers availing fresh loans and the new customers getting onboarded will be covered by these guidelines.

    Know the chargesWhile seeking a loan from a lending app, first, a borrower needs to carefully check the charges such as annual percentage rate or the cost of borrowing money, interest rate per annum, application fee, processing charges, late payment penalties. In order to know these the borrower should read the key fact statement.Key fact statement: Read carefully

    Banks and NBFCs, which are providing loans through digital lending service providers (i.e., in partnership with fintech apps) or digital loan apps (such as SBI Yono), are required to provide a key fact statement to borrower before the loan is sanctioned. The regulator has also prescribed a standard format for key fact statement that the lending service providers need to provide.

    The name of the regulated entity such the bank or NBFC which is originally providing the loan via digital lending service or app is required to be mentioned on the key fact statement.

    The statement contains loan amount, total interest charge for the entire tenure, processing fees, insurance charges, tenure, repayment frequency, each instalment amount among others. Other relevant information such as cooling-off period, loan recovery mechanism, details of grievance redressal officer, is also mentioned.

    As per the RBI guidelines, the borrower cannot be asked to pay any charges/fees which are not mentioned in the key fact statement. Thus, the borrower should read it carefully before taking a loan.

    Digital loan disbursal: No third-party accountAs per the RBI guidelines, the loan should be disbursed directly into the bank account of a borrower. No pass-through account or pool account of any third party should be involved in the loan disbursal process.

    Hence, if a digital lending app is offering loan to you in partnership with a bank, then bank will disburse the loan to your bank account rather than via app. This makes the process more transparent.

    Communication via email and phone

    Once a loan is sanctioned, borrowers must be sent the key fact statement, summary of loan product, sanctioned letter, terms and conditions, account statement and privacy policies of the loan service providers or loan app to their registered email ID and phone number via SMS.

    Further, any EMI received against the disbursed loan, must be communicated to the borrower via email and SMS. This way a borrower will get a confirmation of the amount repaid.

    Cooling-off period

    It is mandatory for the digital lending apps to provide a cooling-off period, once the loan is sanctioned. A cooling-off period is a time period during which a borrower can exit the loan by repaying the principal amount and the proportionate annual percentage interest rate without any penalty.

    The banks and NBFC are free to fix the duration of cooling-off period. However, the cooling off period needs to be at least one day for loans with a tenure of less than seven days. For loans with a tenure of more than seven days, cooling-off period should be of at least three days, says RBI.

    स्रोत : economictimes.indiatimes.com

    Do you want to see answer or more ?
    Mohammed 18 day ago
    4

    Guys, does anyone know the answer?

    Click For Answer