Samsung is back with its highly rewarding buyback and EMI schemes, but with a difference. Looking at the future, it wants you to have the latest smartphone now, and again after 6 months.
Samsung’s Stay New Offer for 18-month EMI plans on cards
Samsung’s Stay New Plan enables you to
- buy a high-end smartphone of your choice with easy 18 months EMIs now
- sell it after a minimum of 6 months and get a buyback on the latest Samsung device at that time
Before you get too excited, there are a lot of things you should keep in mind before availing this offer.
How it works:
- Buy a Samsung smart phone / tablet (list given below) of your choice with your credit card
- Convert the credit card payment to 18 EMIs
- You can keep the phone / tablet by paying the EMIs for the full duration
- Or you can sell it after a minimum of 6 months of use, within 12 months of purchase
- If you choose to sell the device / tablet after 6 months, call the dedicated helpline – 1800 120 6633
- You will receive the buyback amount in your account and you can choose to buy a new smart device
- However, EMIs of the first phone / tablet will continue as before
When to buy your first phone: On or before Mar 31, 2014
When to switch to the latest and avail buyback: After 6 months of purchase – Before 12 months of purchase
- HDFC Bank
- ICICI Bank
- Standard Chartered
- Galaxy Note 3
- Galaxy Note 2
- Galaxy S4
- Galaxy S4 Mini
- Galaxy Tab 3 311
- Galaxy Tab 3 211
- Galaxy Note 10.1
- Galaxy SIII
- Galaxy Grand 2
Dedicated helpline: 1800 120 6633
Where to avail: Stores with the EMI/Plutus machines. You can find out your nearest store by sending a SMS “EMI <Pin Code>” to 56886 or by installing Cardback on your Android phone / tablet.
Costs involved: There is no down payment or processing fees involved. However, interest will be levied on EMIs, rate of interest differs from bank to bank. You can use this calculator to calculate the exact interest based on your card and device you are interested in: samsung.com/in/staynew
In short, if you’ve been looking to buy a high end Samsung Android phone, then this might be the best opportunity for you :) Let us know in the comments if you have any questions.
Keep swiping and saving!
India’s budget for the year 2014 has been announced by our current finance minister – P Chidambaram. Amongst a lot of things that he mentioned in his speech, one important announcement was that a capital of ₹11,200 crores will be infused in public sector banks in 2014. The target is to open 8000+ branches across the country with at least one ATM in each branch. This also implies that each account holder with these public sector banks will be issued a debit card that can be used at these ATMs.
2014: Good for Debit Cards in India
India already has more than 380 million live debit cards as of Nov 2013. This number has been steadily increasing at around 50 million to 75 million cards per year. Of course, as more debit cards are floated in the market, more offers will be created for them, and we will be able to save more when we pay :)
Here’s hoping the best for the debit card industry in India in 2014!
- Paying with chip debit cards
- Current offers on debit cards in India: Delhi-NCR | Mumbai | Bangalore
- P Chidambaram’s Full Speech for Budget 2014
The Moto G is on fire in India because of it’s competitive pricing on Flipkart. Reports say that it got sold out in less than 15 minutes when it was first put on sale! Now it’s back for sale on Flipkart and is available for ₹12,499 (8GB) and ₹13,999 (16GB). However, there is a 10 – 20 day waiting for the 16GB variant.
If you are planning to buy (or book) this phone, but don’t want to pay the full amount right now, you can go in for an EMI scheme on cards issued by HDFC, ICICI, Citibank or American Express at zero processing fees. However, an interest will be levied as shown below on the total price of the phone, and your EMIs will be based on the final amount including interest.
Moto G EMI Schemes
|| 3 months
|| 6 months
|| 9 months
|| 12 months
This EMI scheme is available only on Flipkart for now and can be availed from the Moto G product pages:
Moto G 8GB: http://go.cardback.in/Mf38p5
Moto G 16GB: http://go.cardback.in/1j9b8mB
Valentine’s day is coming!
So we’ve compiled a list of offers than you can avail on your cards when you’re about to buy a gift for your special one :)
Valentine’s Day Offers on Credit and Debit Cards
HDFC Credit and Debit Cards
- Jabong.com: 12% off. Promo code: HDFCP12PJB. Valid till Mar 31, 2014
- Myntra.com: 25% discount on shopping for Rs. 1499 and above. Promo code: HDFC. Valid till Mar 31, 2014
ICICI Credit and Debit Cards
- Myntra.com: 25% off. Promo code: ICICI. Valid till Mar 31, 2014
- Jabong.com: Rs. 300 off on select products on a minimum purchase of Rs. 1200. Promo code: ICICIV300SC. Valid till Mar 31, 2014
SBI Credit and Debit Cards
- Arrow: Sale upto 40% off + additional 5% off. Valid till Feb 15, 2014
- Reliance Digital: 5% cashback on transactions of Rs. 3500 or more. (maximum cashback of Rs. 500 per card) Valid till Feb 14, 2014
Citibank Credit and Debit Cards
- Shoppers Stop: 5% cashback on minimum bill of Rs. 5000 (max cashback: Rs. 1000). Valid till Feb 16, 2014
- Snapdeal.com: 10% cashback on minimum purchase of Rs. 1000. No promo code needed. Valid till Feb 23, 2014
Axis Bank Credit and Debit Cards
- Pantaloons: 5% cashback on minimum purchase of Rs.4500 (max cashback: Rs. 2000). Not valid on corporate cards. Valid till Feb 16, 2014
Kotak Mahindra Credit and Debit Cards
- Infibeam.com: 10% off on a minimum purchase value of Rs. 500 (maximum discount upto Rs. 200). Promo code: KOTAK2013. Valid till Mar 31, 2014
Apart from this, if you’re going out on a lunch or dinner date, you can also choose a restaurant that gives you a discount on one of your cards :)
To see the full list of offers on all your cards, you can download Cardback on your Android phone or tablet from here: go.cardback.in/android-v2
Or you can check out our website: cardback.in/offers/
Enjoy your Valentine’s Day!
The RBI (Reserve Bank of India) recently announced that Indian Rupee notes that were printed before 2005 will not be valid for transactions after March 2014. Owners of such notes will have to get their notes exchanged for newly issued notes at bank branches after that. Each note has its year of printing printed on it, so it is easy to identify notes that were printed before 2005. The official announcement can be read here: rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30458
Indian Rupee Notes Issued Before 2005 to be Exchanged
So, here’s another reason for you to switch to using cards! If you don’t hold a credit card and don’t even want to apply for one, you can still use your debit card. Each one of us who has a bank account in his / her name holds at least one debit card by default, because debit cards now come as a ‘standard accessory’ with bank accounts. But sadly enough, the majority of us use our debit cards only to withdraw cash from the ATM!
But the reality is that debit cards offer much more than just withdrawal of cash! A debit card is like a pile of unlimited cash – all in your pocket, only limited by how much money you have in your bank account, but yet secured by a PIN that is and should be known only to you – definitely much safer than carrying cash around :)
And to top it up, debit cards offer a lot of discounts, offers and EMI schemes these days – at par, if not better than credit cards.
So, let this announcement by the RBI become an opportunity for you to use debit cards like you’ve never done before!
Go explore the world of cards. Of course, Cardback will always be there to help you discover offers on all types of cards you hold – debit, credit, prepaid, loyalty :)
Let us know in the comments if you have questions.
PS: Cardback is not an official representative of any bank, and can be downloaded for Android from here: go.cardback.in/android-v2
Apple is back with it’s much popular and successful buyback scheme – this time for the iPhone 4S 8GB model – a minimum buyback of ₹5000 in exchange for old smartphones.
Apple iPhone 4S Buyback and Cashback Offer: India
Currently, the 4S is priced at ₹31,900 but with the buyback, it’s price will get reduced to ₹26,900. To add to that, the following banks are offering an additional cashback if you pay using their credit or debit cards – that will reduce the phone’s price even more :)
- Standard Chartered: 10% cashback upto ₹5000
- HDFC: 5% cashback upto ₹2500
- ICICI: 5% cashback upto ₹2500
- Citibank: 5% cashback upto ₹2500
You can also avail EMI schemes for 6 months and 12 months on these cards.
Valid till: Feb 15, 2014
- Please confirm with your retailer if your old smartphone is eligible for the buyback offer. There’s no definitive list for this, but most Android, Windows and BlackBerry phones should be eligible. Older models of iPhone like the 3GS are of course eligible.
- Before placing your order, please confirm with your retailer if they are supporting bank cashback schemes for the iPhone. Some retailers may not have entered into a cashback agreement with banks.
- Your old phone should be in a proper working condition with all its accessories to be eligible for the buyback. Read this article to understand how buyback schemes work.
- Additional cashback on cards is processed by banks, not by retailers, so if you have any queries regarding cashback, you should get in touch with your bank. Typically, it takes at least 30 to 45 days for any cashback to be processed.
Bonus: the following online stores are also giving attractive offers on the iPhone 4S and 5C:
- Infibeam: infibeam.com/iPhone/
- Amazon: bit.ly/1fpkJFu
Questions? Let us know in the comments section :)
It’s a proud moment of us – we’ve crossed 10,000 downloads on the Google Play Store, which means more than 10,000 people have used Cardback to discover offers and rewards on their cards using their Android phones since we released it’s full version in Sept 2013!
Thanks for all the love :)
10K Downloads on Play Store for Cardback
2014 has a lot more in store including taking Cardback to the iPhone.
Download the latest version for Android from here: go.cardback.in/android-v2, stay tuned to this space for more updates, and as always let us know if you have any feedback or suggestions for us, either in the comments section or by sending an email to swipe (at) cardback (dot) in.
Keep Cardbacking and saving on your cards :)
Understanding how a credit card’s billing cycle and grace period work is a very important prerequisite for every credit card user.
Put simply, a card’s billing cycle refers to that period when you can make payments using your card without you having to pay for them from your pocket. All your expenses go into a category called unbilled amount and under the hood, it is the bank that actually pays the merchants for all your purchases. Billing cycles are usually 30 days in length but may vary depending on your bank and type of card. How much you can spend using your card in a billing cycle depends on your card’s credit limit.
Billing Cycle of a Credit Card
At the end of every billing cycle, your unbilled amount for that cycle is calculated, converted into a bill and sent to you with applicable discounts and taxes. That day, a new billing cycle starts for your card, and you are given a grace period of anywhere between 20 days to 30 days in which you can settle your card’s dues without paying any interest on the amount you spent using your card in your previous billing cycle. Settling your card dues on the last day of your it’s grace period is perfectly fine and can also be pretty beneficial in some cases (see next paragraph).
That’s about the dynamics of billing cycles and grace periods. But here are two power tips based around these two concepts that can help you ‘squueze’ the most of your card(s) :)
- If you hold just one credit card, it is always beneficial to pay using your card, rather than cash or a debit card, even if it’s the last day of your card’s billing cycle and you have the full amount to be paid with you at that time.
Reason? Because even in the worst case you’re going to get 20 days of grace period (and 45 – 50 days in the best case), so you can actually invest that money you have somewhere else, or simply leave it in your bank account to earn savings interest
- If you hold more than one credit card, you should try to use the card whose billing cycle started most recently, unless that card doesn’t have enough credit limit left in it for your purchase.
Reason? The earlier you make a purchase in the billing cycle of your card, the later you’ll have to pay for it from your own pocket. So as explained in (1), you can earn some interest on that money if invested smartly.
So, the crux here is that you should always keep track and be aware of your cards’ billing cycles. Have you ever applied any of the above tips in the past? Let us know in the comments.
If you observe your credit card statement carefully, you’ll definitely see the Total Amount Due on your card for that billing cycle, but you’ll also see a second amount called the Minimum Amount Due which is usually much lesser than the total amount due. On the face of it, a lot of people feel that they can just pay the minimum amount due and do away with it for the time being. But that’s not true. Read on to know more.
Credit Cards – Minimum Amount Due
There’s a concept called Credit Score which is determined by how diligently you settle your credit card dues, loan EMIs, phone and utility bills and make other payments. To some extent, your credit score also determines your card’s credit limit and category. Now, as long as you keep paying your credit card’s total amount due in full and before the due date, everything’s fine. The problem starts when you either don’t pay the amount due on your card before it’s due date, or if you don’t pay the full amount due (even if you make the payment on time).
And this is where the ‘minimum amount due’ comes in as a savior in times of dire need. This figure indicates the minimum amount that you can pay without negatively affecting your credit score. The minimum amount due can be different for different statements of the same card and is a direct function of the total amount due on your card (with a minimum limit attached to it in some cases when the total amount due is greater than zero). However, you will still be charged interest on the amount that you’ve not paid even if you pay the minimum amount due on or before it’s due date. And remember – credit card interest rates are usually 10% or more, which is not less. We will explain the dynamics of credit card interest rates in a follow-up post, but nonetheless, it is always advisable to pay your credit card’s due amount in full every month, unless you really can’t afford it for that month. But no matter what, you must never pay lesser than the minimum amount due to ensure that you don’t get negative brownie points or a defaulter status.
We hope this post will help you settle your credit card’s next statement in a more informed way :) Like always, if you have any questions, let us know in the comments section!