Can you get flagged for spending a lot more than u earn on credit card?
Basically suppose your family or friend transfer you money for what they use on the same card (which u own). I don’t know how solid this is as it may be well reported and recorded but doesn’t considers inherited or generational wealth
10 lakh is the limit in a financial year. if your spending is more than that then you fill receive notice from income tax department.
Usually nobody cares if you pay your bills on time. Just keep a digital track of all these transfers from friends or family just in case. Mind you if you are paying your credit card bills in cash > 1lakh (or 10 lakh in digital) then it may attract tax scrutiny. This is because banks have to report this to ITD.
There is no such limit,you just need to payback in time and should have a valid source of fund to repay and you are fine Your card,your limit and your will to spend whatever you want to buy
There is a high chance that you will get flagged if transactions start running into lakhs. Close family is still okay as transactions can be treated as gifts.
As long as you pay it on time. It should be a problem. However, sudden steep increase in spending will affect your credit score.
Not worried about credit score here. Rather Income Tax peeps. As things get more digital and easily trackable + lot easier to scare ordinary ppl… Just checking
Transfers are chill. Income tac would not care.
The purpose of credit cards are to make you spend more than your salary, so no flagging by the provider for sure haha
