How to apply for a Credit Card?

[Toocool]

it saves taxes under section 80 c/d , whatever ???? i dont know all sections.

 

[Jaymin]

There are some schemes IINM. I dont remember the exact provisions where this was mentioned but have seen quite a few ads on Tax saving deposits. And heard from a few people as well.

 

[Toocool]

is interest also tax free under any circumstances???

 

[agantuk]

it saves taxes under section 80 c/d , whatever ???? i dont know all sections.

Tax saving FDs have a lock in of 5 years - no premature withdrawal allowed. They are EET (investment exempt under section 80c, accrual exempt, and final payout interest taxed)

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is interest also tax free under any circumstances???
Under ELSS (Tax saving mutual funds, and there are a lot of other channels like NSC, traditional insurance plans etc)

 

[Jaymin]

I just checked in the IT Act app.....interest on deposit schemes notified by CG are exempt. Else now i recall that during Audits, v had ensured that clients had paid proper taxes on their interest incomes.In short u shud go for the specific deposit schemes only to b able to claim interest exempt.PS: I guess last few posts can be better moved to the other thread where v r discussing investments.....

 

[hitman]

Can't believe we still have to think so much for such a minor thing .. It's all cos of stupid policies by RBI .. Fraud protection is a fundamental and simple thing .. and tht is the only thing for which RBI don't provide any proper guidelines (which makes user safe against any fraud) Just to lodge a simple complain abt illegal transaction and requesting a reversal needs lot of documentation ..Anyways .. credit card is quite helpful when making international transactions etc .. cos they don't accept debit card ..Most of the Indian sites now have debit card or netbanking as payment options ..But its always good to have atleast one credit card in case of some emergency .. I remember the first time I was traveling abroad .. I had all $100 currency and credit card .. and the baggage trolly in US is not free .. they charge something like $2 to get hold of it ..So credit card is quite uselful in those kind of situation.. Also even in India many shops do provide some discount on credit cards but not on debit card ..So bottom line is .. If u can trust and control urself then go for credit card.. else don't bother .. U won't be loosing much if u currently have a debit card and have no plans to make any international transaction ..

 

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[Deleted member 7160]

I only have 1 credit card from ICICI and have asked them to keep low credit balance of 25K for various reasons.

 

[Jaymin]

I too m getting it for similar reasons - for making International transactions.....not travelling abroad, but may be thru the net. I had to pay fees for FRM and had to ask Dad to do that. And i had to convince him that i am transferring the requisite money first, using which the payment can be made.......coz he didnt want to show "Less income & such huge expenses" to the IT Dept! And still, for petty things like buying apps on Android market, i have to let it go......better is to have a totally free of cost credit card, if u do use it, then utilise the credit period as much as possible & make the payment. I surely dont want to be a profitable customer to the banks!

 

[obeliex]

If your salary is paid to a bank every month automatically, veryeasy to get a basic credit card with say Rs 25-40k limit.Try set up auto pay to pay the bill .They will debit 1 day before the due date. ( unless you plan to pay minimum most of the time which will incur fees)If you are self employed or in business then you need to show your /your company's tax return(if propreitor) ( showing annual income and tax paid) one credit card is useful as ID verification tool at the minimum.Try not to pay annual fees. If you are too eager then they will bill you quietly Rs 300-3000 (platinum) in the first month's bill.if you have no job, provable income or tax return- no problemo!SBI has Fixed deposit linked credit card. ( But not free Rs 399/499/3000 Gold/gold plus/platinum) Credit card limit is 85% of FD.ICICI has similar produt with no annual fees. ICICI allows to apply for FD+ FD linked credit card thro online.

 

[Jonas]

Thanks for bumping this thread, you in fact bumped it at the very right time