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Old 7th March 2014, 22:25   #1561
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Default Re: The Credit Card Thread

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Originally Posted by dreamseller View Post
Since you did your bit of digging, is it universally true? As in, is PayPal conversion charge more than fees levied to all the usual credit cards by their respective Banks?
Well, I just did a transaction where I preferred the option to let the bank handle the currency conversion, instead of Paypal.

The Paypal rate was around 65.x Rs./ per USD and the bank (with all it's charges) came to around 64.x Rs./ per USD.
So, yes, Paypal is still expensive.

Now rupee has become stronger, so Paypal rate has come down to Rs. 63.56.
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Old 8th March 2014, 10:31   #1562
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Default Re: The Credit Card Thread

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Originally Posted by S_U_N View Post
While looking at foreign currency fees of HDFC after transacting via Paypal, I realized that they charges are 3.5% + 1% = around 4.5% which is slightly better than letting Paypal handle the currency conversion.

That led me to search for cards which have lower foreign currency fees and it turns out HDFC Regalia is the best.

Anyone can suggest a better option?
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Originally Posted by dreamseller View Post
Since you did your bit of digging, is it universally true? As in, is PayPal conversion charge more than fees levied to all the usual credit cards by their respective Banks?
Quote:
Originally Posted by S_U_N View Post
The Paypal rate was around 65.x Rs./ per USD and the bank (with all it's charges) came to around 64.x Rs./ per USD.
So, yes, Paypal is still expensive.
Forex conversion comprises of two parts - (a) the rate of conversion which is determined by the issuer (Visa/MasterCard etc.) and (b) the 'mark up' fee, which is the loading by the Bank (HDFC in this case).

So while the markets will determine the conversion rates (on which the issuer will load a premium = margin), the Bank determines the mark up.

In simple terms, if forex market rate is 1USD = Rs. 61.50, the rate charged by VISA could be 1USD = Rs.63.00 (assuming a premium of Rs. 1.50), and the rate payable by the customer will be 1USD = Rs. 64.90 (assuming the Bank mark up of 3%).

Probably this information is included in the 'important terms and conditions' fine print....

PSU Banks are likely to have lesser mark up. So probably rates of Union Bank / Bank of Baroda / SBI etc. could be lower.
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Old 2nd May 2014, 18:02   #1563
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Default Re: The Credit Card Thread

Damn! ICICI won't adjust my reward points against my outstanding balance. I have in excess of 20k points just lying there in vain.
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Old 23rd May 2014, 21:39   #1564
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Default Re: The Credit Card Thread

Today my dad got a call from +919643686135 saying that he is calling from SBI Credit Card and that our (my dad's) SBI card has accumulated some "bonus points" which will be expiring today. So he asked my dad if he wants to get a "gift" worth Rs 7899/- free of cost to redeem the points.
My dad instantly agreed to that and asked How?
He said, very simple, give me your Card number and the 3 digit number which is written at the back and he will initiate the request.

Now my dad who has been a complete ignorant with the Credit Card frauds gave the card number and the 3 digit pin out of the sheer temptation of a free gift.

The guy at the line said, you will be receiving a call from some online shopping website (My dad forgot the name) and all you have to say is Yes Yes Yes Yes to him. Minutes later, my dad received a call and the guy asked for his approval to make a payment of Rs 7899/- (The items were Reebok shoes, wrist watch, wallet etc.) from the card and when my dad asked about the points, he said that it is just like a normal Credit Card transaction and he'll have to pay.
Meanwhile Dad got a SMS exactly like this:
Quote:
From +919643476701
Transaction of Rs.7899 made on SBI CreditCard xx4589 at Card on 23. May 14.
Now my dad sensed something fishy (Thank God) that why this SMS is from a private number so he immediately said NO to the guy from that shopping website on the phone that he is not authorising for this and don't complete the transaction.

Then my dad discussed this with some of the younger staff in his office and they indicated this to be a case of CC fraud and advised him to immediately instruct SBI to Block the card.
My dad called the guy from SBI who has given him the card (or rather sold it to him) and told him the entire story. He Blocked the card and told him that thankfully no transaction has been done.
My dad even got the SMS and email from SBI that the card has been blocked.

Now my question is that we have received the sms and email from SBI that the card has been blocked. So now should we need to do something else too so as to remain safe?

And lastly what was all this another guy calling from some shopping website to authorise the transaction of Rs 7899/-. I believe the guy who took the card details and 3-digit PIN number on the back of the card earlier had the power to misuse the card and do some transaction by himself? Am I wrong?

Thanks in Advance.

Last edited by Sherlocked : 23rd May 2014 at 21:41.
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Old 23rd May 2014, 22:39   #1565
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Your dad was lucky enough to block the card before any fraud happened.

Anyway, in addition to the card number and the 3 digit CVV code, one needs an OTP or the transaction password to complete the transaction.
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Old 24th May 2014, 08:02   #1566
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If your dad got a call from a shopping website to authorize payment by card, it is not an online transaction and no OTP pin would be generated. The scamster would have received the products from the website at the expense of your father if he had approved. Good thing he smelt a rat and cancelled the transaction.
Please make sure the card no and CVV are not told to anyone over the phone. Almost all banks are issuing advisories by email and text that no staff from the bank will ever ask for these details and these details should never be shared over telephone.
Since your father has got the card blocked, nothing more may be required. Please make sure the card has been blocked by calling up the SBl Cards helpline (number should be on the card).
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Old 24th May 2014, 08:59   #1567
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Close shave! Card number and cvv number are never to be disclosed. Not even to the bank staff. Secondly the verification call, I am kinda confused about this. Did the guy on phone ask for his personal details? Dob etc?

My guess is the robber could have used this info to shop on any of the international sites - that wouldn't require him to put the secure code or otp.

I have an hdfc card, wherein I have blocked international transactions. Just to check I tried buying some stuff of DX once and it promptly declined the payment.
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Old 24th May 2014, 11:16   #1568
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Default Re: The Credit Card Thread

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Originally Posted by Turbo_Torq View Post
Damn! ICICI won't adjust my reward points against my outstanding balance. I have in excess of 20k points just lying there in vain.
Why wouldn't you redeem it instead? Get yourself some vouchers and buy whatever you want.
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Old 24th May 2014, 13:55   #1569
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Default Re: The Credit Card Thread

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Originally Posted by honeybee View Post
If your dad got a call from a shopping website to authorize payment by card, it is not an online transaction and no OTP pin would be generated. The scamster would have received the products from the website at the expense of your father if he had approved. Good thing he smelt a rat and cancelled the transaction.
That's where I am confused. Whenever I make a transaction via ICICI debit card, it takes me to a page where I need to enter my 6 digit 3D Secure Pin. Aren't similar arrangements made for Credit Card transactions?

Quote:
Originally Posted by Dry Ice View Post
Secondly the verification call, Did the guy on phone ask for his personal details? Dob etc?
My dad disapproved the transaction as soon as he said that it will be a cash one and not the points redemption which the scamster was saying.

Quote:
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Close shave! Card number and cvv number are never to be disclosed. Not even to the bank staff.
Quote:
Originally Posted by honeybee
Please make sure the card no and CVV are not told to anyone over the phone. Almost all banks are issuing advisories by email and text that no staff from the bank will ever ask for these details and these details should never be shared over telephone.
Thanks guys and yes Dad has learnt the lesson and we are lucky we got away with this without any financial loss.
He did received all those advisory emails on his mailbox but never read them properly until yesterday.
To be frank, Dad has utilised the service of credit card maybe just 1 or 2 times only, hence the limited knowledge. Anyways, this incident will make everyone in our family a bit more careful involving the so called plastic money.
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Old 24th May 2014, 15:05   #1570
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Default Re: The Credit Card Thread

Of the credit card frauds I hear, it's most of the times - SBI! And I heard of some problem with a friend of friend where some un-authorized transaction happened and he has been running around to get it resolved - credit to being a national bank. And from what we analysed, someone from the SBI call centre / one having access to the customer data would have done the fraud.

Another 2 friends of mine got calls from the one (same) number where they were told that they will be granted additional cards if they provide the card number and CVV. The surprising part was that they knew a lot of card / personal information which they verified with both the guys, before asking for the card & cvv numbers. Unless they have access to the database, those information would NOT have been available to them.

Last edited by swiftnfurious : 24th May 2014 at 15:06.
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Old 25th May 2014, 18:24   #1571
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I hope you have reported these instances to SBI so they can plug any leaks in their systems.
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Old 25th May 2014, 19:11   #1572
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Has anyone received communication from ICICI Bank regarding the fee for payback points redemption? Last week I received a communication saying that bank will charge Rs.100 while redeeming the points against dome items from their catalogue and Rs.25 for availing online coupons.
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Old 26th May 2014, 12:33   #1573
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Has anyone received communication from ICICI Bank regarding the fee for payback points redemption? Last week I received a communication saying that bank will charge Rs.100 while redeeming the points against dome items from their catalogue and Rs.25 for availing online coupons.
I read about the "dispatch" charges, probably on the very same thread. NOT about the online coupons fee though.
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Old 26th May 2014, 13:16   #1574
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Default Re: The Credit Card Thread

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Originally Posted by MaxTorque View Post
Has anyone received communication from ICICI Bank regarding the fee for payback points redemption? Last week I received a communication saying that bank will charge Rs.100 while redeeming the points against dome items from their catalogue and Rs.25 for availing online coupons.
Yes Maxtorque, I have received a similar communication from them as well. I dont have too many points so not really worried, but looks like all the credit card issuers are slowly jacking up their rates.
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Old 26th May 2014, 14:08   #1575
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Default Re: The Credit Card Thread

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Damn! ICICI won't adjust my reward points against my outstanding balance. I have in excess of 20k points just lying there in vain.
You can refer to the rewards catalogue and order merchandise or gift coupons for stores like Shoppers Stop, Lifestyle etc.

You can also use these reward points to make purchase at Big Bazaar, Pantaloons, Central etc.

IIRC, 4 points = 1 rupee

Check this link for details.

http://icicibank.com/Personal-Bankin...rd-reward.page

Rohan

Last edited by rohan_iitr : 26th May 2014 at 14:22.
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