cc loop hole saga | 2nd edition
for the folks who mentioned you can’t pay off one cc with another - ok hear me out, what if i put the money to my demat account (say groww), and refund it to a saving account - now i use the saving account to pay for the cc debt and the cycle continues or or - i order something on amazon/flipkart, and cancel it and request the refund to a saving account and keep on it Earlier post:
1) If you are using a credit card to fund your demat account you have to pay a hefty interest on that.
2) You will never get refund to your savings account. It always goes back to the original mode of payment.
Etna dimag interview crack krne me lagayega toh ye sb sochna nahi padega.
1) no, you don’t have to pay interest. i’m not asking you to invest. add money, then withdraw
2) you’re wrong. you have the option to either get the refund to the original source or you can choose an account of your liking
ps: interview mile toh na, refer me if you have connections in consulting firms or nice startups
1) adding money is like you taking credit from your credit card you have to pay interest on that. It's same as withdrawing amount from ATM using creditcard you will be charged hefty.
2) https://www.paisabazaar.com/credit-card/credit-card-returns-refunds-work/
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Bhai, your idea is like a Bollywood movie, full of twists and turns. But remember, "Har kahani mein twist nahi hota". Stick to the straight path.
haha, def not going to do this but seriously - if it is doable, you can escape the crazy interest rate in dire times. ofc you'll have to pay it one day - you're just delaying the payment without incurring interest
Jordon Lee
Stealth
7 months ago
Lga re bhai
Anise Denver
Stealth
7 months ago
Demat account (I use Zerodha) doesn't allow CC or cards as payment option. Only netbanking and UPI
another note: not sure if this works now, but read from a source from 2020 - to put money from cc to demat acc, you can first put money in airtel payment bank - use airtel virtual debit card - add money in paytm payment bank acc -> transfer money to any account (no fee charged)
Blair Lee
Stealth
7 months ago
Paytm payments bank doesn't exist now. Maybe that's why
