How do I Convert HDFC Credit Card Purchase into EMI?

Even before converting your HDFC credit card purchase into EMI, ensure that the credit card purchase or transaction which you wish to convert into EMI is eligible for HDFC’s SmartEMI facility. You can check the same through your HDFC NetBanking account or by calling HDFC customer care, in case you don’t have an online banking account.

To check the eligibility of your HDFC transaction through NetBanking and to convert the same into EMI, follow the instructions mentioned below.

• Login to HDFC Bank NetBanking account.
• Click on ‘Cards’ from the main menu
• From the left side menu, Click Transact > SmartEMI
• Select credit card
• Choose transaction type as ‘Debit’ and click on ‘View’
• All the transactions eligible for conversion into EMI will be displayed along with an option ‘Click here to know your eligibility’.
• Click on the option corresponding to the transaction you wish to convert into EMI.
• Details of the EMI facility will be displayed
• Select the tenure in months to know the EMI details
• Check the terms and conditions box and click on ‘Continue’
• The SmartEMI details including loan amount, interest rate, tenure and monthly EMI will be displayed.
• If you’re okay with the interest, tenure and EMI, you can click on ‘Confirm’

The EMI facility will be approved immediately and the respective reference number and loan number will be displayed. The EMI will be effective from your next billing cycle and will be included in the minimum amount due.

What Lenders Look for When You Apply for Credit Card

When you apply for a credit card, there are multiple factors lenders consider before approving your application. Potential lenders always check your CIBIL score before issuing you a credit card. There are other factors that affect your credit card application such as your income, the organisation you work for, age, the city you reside in, and your payment history.

Factors lenders consider before approving your credit card application

• Credit score: Credit score is a 3-digit number that indicates your creditworthiness based on your credit history. Lenders check your credit score to analyse the risk and your repayment capacity. Your credit score can range anywhere between 300 to 850. A high credit score indicates that you are a financially trustworthy person in the eyes of the lender. If you have a low credit score, your credit card application may be rejected straightaway. Credit Information Bureau (India) Limited (CIBIL), one of the leading credit reporting agencies in India keeps a track of all your credit-related activities and issues your credit score. A credit report is a comprehensive document issued by the credit bureaus in India which list out all your borrowing and repayment history. There are many ways you can improve your credit score even if it is low currently.
• Debt-to-Income Ratio: A Debt-to-Income (DTI) ratio is determined by taking the sum of all your debt and dividing it by your income. Generally, your debt-to-income ratio should be less than 30%. If you have a high Debt-to-Income Ratio, any changes in your income level will put you in a financial crisis. So, if you have a high DTI ratio, consider closing one of your existing loans, clearing your Equated Monthly Instalments (EMIs), or paying off your credit card balance in full. Save the money you spend towards clearing your debt. This will lower your DTI ratio.

• Income and employment: If you have applied for a credit card, you would know that you have to submit your recent payslips if you are employed or your income documents if you are self-employed. Lenders analyse your employment and income details before issuing your credit card. While viewing your credit card application, lenders also check if your employment is stable.

• Credit Card Utilisation Rate: Apart from your payment history, your credit card utilisation rate is also an important factor that affects your credit card application. If you have multiple credit cards or had a credit card in the past, your credit utilisation rate can tell a lot about you. If you have over utilised your credit limit, your credit card application may be rejected. However, if you maintained a good credit utilisation rate, you would get a better deal on your credit card application.

• Delinquent accounts: If you have a delinquent account in your credit report, it could affect your credit card application negatively. A delinquent account is a credit account on which the customer hasn’t made the minimum due amount within the due day. When the account is 30 days past due, the credit provider will contact the customer to make the payment to restore the account. If the account is 90 days past due it will affect your credit score significantly. Before applying for a credit card, check your credit report and make sure you do not have any delinquent accounts.

Credit card application tips

• Before applying for a credit card, make sure you check your credit score and read your credit report. You can get a free copy of your credit report from each of the credit reporting agencies in India namely, TransUnion, Experian, and Equifax. You could also get a free copy of your credit report from one of the neutral financial advisory websites like BankBazaar.
• Close your existing loans if possible and lower your Debt-to-Income Ratio.
• If you have multiple credit cards, make sure you clear your credit card balance and maintain a good credit utilisation rate.
• Pay all your bills on time. This will increase your creditworthiness.
• Do not apply for too many credit cards or loans at the same time. The number of loan applications you submit has a negative impact on your credit card application.

If you have a low credit score or a high Debt-to-Income Ratio, make financially healthy changes and wait for few months before you apply for a credit card. Once you have made some changes like closing a loan or clearing your credit card debt, wait for a month for it to appear on your credit report.

How do I pay my credit card bill with another credit card?

Banks that issue credit cards in India do not let a cardholder use one credit card to pay the bill of another. A cardholder cannot use a credit card directly to pay another's bill. However, there are other ways in which one can pay a credit card bill using another credit card. Listed below are two ways in which a cardholder can do that:

• Balance Transfer: Using the balance transfer feature, a credit cardholder can transfer the entire or a part of the debt that has accumulated on another credit card to a different credit card. This feature helps the cardholder to keep a track on their balance and payments. This is also a wise way to save on the interest that one needs to pay.
• Cash Withdrawal: The cardholder can withdraw cash using a credit card that has ample amount of unused credit limit and use the cash to pay off the debt on the credit card that has accumulated debt.

What is the billing cycle for the HDFC credit card?

Most banks in the country decide the billing date for the credit cards that they issue to their customers. Also, banks mention the billing cycle details in the monthly e-statement that they issue. The RBI has a set of rules and regulations in place that the banks need to follow. The bank asks the customer to pay their billing within this set billing cycle. Generally, the billing cycle of an HDFC credit card is a minimum of 20 days and a maximum of 50 days.

How To Make The Best Use Of Supplementary Or Add-on Credit Cards

It is a truth universally acknowledged that credit cards unlock a world of financial freedom for the cardholders. With constant evolution of the financial world, more and more options are opening up in terms of products and services. So now, one can easily share this financial freedom with their family members, thanks to the introduction of supplementary cards. Supplementary or add-on cards, as they are popularly known, give the primary cardholders an option to share the benefits of the credit card. Supplementary cards can be issued for the primary cardholder's family members including their spouse, children or parents. Almost all the major banks in India issue supplementary credit cards. However, there is a limited number of supplementary cards that is issued by the banks. Also, a supplementary cardholder should be at least 18 years or above to be able to use the card.

Listed Below Are Some Of The Important Properties Of A Supplementary Credit Card:

• 
  Gathering reward points: The reward point system of a credit card lets the cardholder earn bonus or points each time they swipe the card. After gathering these reward points, the cardholder can claim exciting products from the bank's catalogue. It works in the same manner with supplementary or add-on credit cards. The number of reward points that the supplementary cardholder earns for subsequent swipes is the same as on the primary card.
  
• Benefits for the supplementary cardholders: Contrary to popular belief, supplementary cardholders get to enjoy the same set of benefits that are provided to a primary cardholder. From air miles to cashback offers to fuel surcharge, supplementary cardholders receive the same benefits that the primary cardholders enjoy. Most banks even allow the supplementary cardholders to earn airport lounge visits (depending on the credit limit, expenditure made on the card and maintenance of the card).
  
• Cash withdrawal facility on supplementary cards: Supplementary cardholders can withdraw cash from an ATM using their credit card any time of the day. However, the limit of cash withdrawal will be the same as that of the original credit card. In some cases, the banks set a lesser cash withdrawal limit.
  
• Monitoring usage: The primary cardholder can monitor the usage of the supplementary cards. In case the primary cardholder has given supplementary cards to family members who are dependent on them like their children, they can keep a check on their spending habits. In fact, if the primary cardholder wishes to set a separate credit limit on the supplementary card, they can do that as well.
  
• Credit limit – In most cases, the credit limit on a supplementary card is the same as that of the primary credit card. However, at times, some banks might allow a lesser credit limit to a supplementary card (in comparison to the primary credit card). For example, if a cardholder has been issued five supplementary cards and their primary credit limit is Rs.2 lakh, the sub-limit for their supplementary card should be distributed equally amongst all the add-on cards. So, the cardholders will be entitled to a limit of Rs.40,000 on each of their add-on cards. Similar sub-limits will imply on their cash withdrawal also.
  
• Fee: Most banks in the country do not levy any charges to issue a supplementary card. In fact, at times, banks issue supplementary cards as a complementary service. However, there is a limit to the number of free supplementary cards that a primary cardholder can apply for. A few banks charge a certain amount of money to issue more than four supplementary cards. Also, most banks waive the annual fee of the supplementary cards.
  
• Statements of supplementary cards: Every bank that issues a supplementary card generates a consolidated statement of account that includes the expenditure made on the primary card as well. This not only makes tracking easy, it also helps in keeping a check on the expenditure made on each and every card. These statements can be obtained in hard copy as well as via email. Most banks do not charge their customers for availing this service.
  
• Payment of balance on the supplementary card: While expenditure made on supplementary cards are individual, payment of the outstanding amount must be done through the primary card. Cardholders, both primary and supplementary, are expected to pay the consolidated outstanding balance together. The due date of the same is also the same. In case of delay in payment or failure to make a payment, the primary cardholder will be held responsible.
  

While supplementary cards ensure the financial freedom of the family members of the primary cardholders, it is also important to be meticulous when it comes to their maintenance. Any negligence in terms of payment of the outstanding amount can affect the credit score of the primary cardholder. Hence, while getting supplementary cards for the family, the primary cardholder should make sure that the add-on cards are maintained with as much care as the parent card itself.  

How to link Aadhar Card with PAN Card

How to Activate Your Deactivated Pan Card 2017 Online

Procedure to Reactivate Your PAN

1. Once, PAN is de-activated by department, income tax e-filing login of assessee also gets blocked

2. To Activate your PAN again do following:

3. Write an Application to your PAN AO Code(in duplicate) for activation of your PAN. Following documents need to be attached to application:

1. Indemnity Bond in favour of the Income Tax Deptt.
2. Copy of PAN on which the PAN holder is regularly filing the Income Tax Return.
3. Copy of last 3 years Income Tax Returns filed on the PAN de-activated.

4. Reactivation of PAN is 10-15 days process for Income Tax Department

5. If you have received any notice/intimation from ITD for which an online response needs to be filed but your e-filing login is blocked then you should file that physically to your AO and as your PAN gets activated file that in online mode too.

6. There can be a scenario where you haven’t filed earlier returns then in that case add another declaration in the Indemnity bond explaining the scanerio.

Format of Letter To AO

The Accessing Officer of Income Tax,                                                            Dated:*************

Ward No. ****

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Civic Centre

New Delhi-110002

Sub: Request for Activating PAN Card no. ********** in the Name of Mr. ***************

Respected Sir/Madam,

Through this Application, I bring to your notice that PAN CARD No ********** was deactivated and the current status on the Income Tax Department website is also Deactivated as message “Your PAN card is deactivated by department” is being displayed while login. Due to this I am unable to file the Income Tax Return for the Assessment Year 2017-2018.

In this regard I request to you to please look into matter and activate my PAN card so as to enable me for Income Tax Return filling for the AY 2017-2018. The activation will also help me in migration to GST.

For the Purpose of activation of PAN Card, I am enclosing the following documents

1. Photo copy of my PAN CARD
2. Indemnity Bond and
3. Copies of last 3 years ITR filed as enclosure to this application are not available since my Income for last 3 Assessment Year was below taxable limit. In lieu of these documents I have added another declaration in the Indemnity Bond enclosed in this letter vide point A.

Kindly do the needful at the earliest and help me in being compliant with other laws also.

Details in respect of the PAN mentioned in Subject

1. Name in PAN Card: ***************
2. Father’s Name : *************
3. Date of Birth: *************
4. Residential Address : **********************

Yours faithfully,

***************

Format of Indemnity Bond

(Include Point 7 if You do not have last 3 year ITR Copies)

I,*******************, R/o *****************, do hereby solemnly affirm and declare as under:

1. My PAN is: **********
2. I am regularly assessedin your ward/jurisdiction with PAN: **********.
3. I have only one PAN i.e********** which isused for last many years for the purpose of Income Tax Procedures and Proceedings, if any.
4. I do not have any other PAN with me neither I applied for any other PAN, if any other PAN is allotted in your records, kindly deactivate the same and activate the PAN for which I have submitted the Application.
5. I undertake to indemnify the income Tax Department for any loss that may be caused in the future.
6. Kindly activate my PAN: ****************.
7. I also declare that my income for earlier years for which I didn’t filed my return was below taxable limit. Therefore, I do not have copies of Income Tax Return for last 3 years as aksed by the Income Tax Department.

That the above statements are true to the best of my knowledge and belief.

(Deponent)

PAN card to be given instantly

In a bid to back Prime Minister Narendra Modi's endeavor to promote digitization in India, the Central Board of Direct Taxes is making efforts to issue the Permanent Account Number (PAN) quicker with the help of Aadhaar's e-KYC facility. This facility helps the user to authenticate details using the biometric identification option.

Pan Card 

A report quoting an authority from the PAN department has announced that this step will minimize the number of steps included in the process of getting a PAN card. It will also reduce the time taken from three weeks to a few minutes. However, though the applicant will receive the PAN number instantly, the office will deliver the card after a while.

After this, the Income Tax Department is contemplating the alternative of creating a smartphone app that will help taxpayers to pay their taxes with ease. This app will not only help them keep a track of their investments and returns but will also help them in applying for a PAN card online.

Recently, the government announced that it will issue PAN cards that have been newly designed. These cards will feature added security that will turn them tamper-proof. The content of these cards will be available in English and Hindi.