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Old 22nd September 2015, 15:45   #1936
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Default Re: The Credit Card Thread

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Originally Posted by Chetan_Rao View Post
Just called PAYBACK and filed a cashback request for my reward points accumulated over the year.

A good few bucks @ 4pts/INR, plus anything's better than the crap these guys offer for redemption options.
Recently I had around 12,500+ Payback points and I just linked my PAYBACK number to Mobikwik wallet and redeemed all the payback points to cash through the mobikwik wallet. I got around Rs. 3,100 as wallet balance so went ahead and transferred all those wallet balance to my Bank. They transferred money instantly through IMPS and charged me 4% commision which was kind a okay
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Old 20th October 2015, 07:17   #1937
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Default Re: The Credit Card Thread

Anyone using SBI card? How is the experience? I am looking for an SBI Card, yet to choose the card.
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Old 20th October 2015, 11:43   #1938
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Default Re: The Credit Card Thread

SBI provides excellent services. I am a thoroughly satisfied customer.

Cheers!
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Old 21st October 2015, 22:44   #1939
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SBI provides excellent services. I am a thoroughly satisfied customer.

Cheers!
Thanks for the feedback mate. Can you tell me which card do you hold?
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Old 22nd October 2015, 01:57   #1940
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Can you tell me which card do you hold?
SBI Gold & More Titanium MasterCard.

Cheers!

Vinu
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Old 22nd October 2015, 13:21   #1941
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Originally Posted by CRV2010 View Post
Recently I had around 12,500+ Payback points and I just linked my PAYBACK number to Mobikwik wallet and redeemed all the payback points to cash through the mobikwik wallet.
Thanks mate. I opted this method for redeeming my Payback points after reading your post. I am yet to redeem the money to bank as I thought I will pay the mobile bills using the amount.

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SBI Gold & More Titanium MasterCard.
Thanks Vinu.
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Old 26th October 2015, 10:50   #1942
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Default Re: The Credit Card Thread

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Originally Posted by MaxTorque View Post
Thanks for the feedback mate. Can you tell me which card do you hold?
If your annual spends are going to be more than 2 Lacs, the SBI Visa Signature card is a great card with Lots of benefits.

The annual charges are Rs. 4,999 + Taxes, but to counter that you get the following.
  1. Rs. 5000 Gift Vouchers from any one of Shopper's Stop, Raymond, Lifestyle and one or two others for the first year
  2. Two Movie Tickets free every month from Bookmyshow (Max Rs. 250 per ticket)
  3. Petrol Surcharge Waiver of Rs. 250 per month
  4. Reward Points can be converted to cash

I am using this card for over a year now. My annual spends easily cross 2 Lacs. as I use only one Credit Card for all viz. Utility Bills, Fuel, Car Maintenance (Servicing, 3M Car Care), Groceries, Online Shopping etc.

Last Billing Year alone my annual spends were above 3 Lacs as I bought a laptop on my credit card and some other electronics stuff that I needed for my house. The Reward points for crossing 2 Lacs and 3 Lacs is 10,000 Points each. These are over and above the reward points you earn for using the credit card.

In short, I paid around Rs. 5,500 as credit card fees and had benefits worth 18K over the year. (5K gift Voucher, Rs. 400 per month on Movie Tickets amounting to 4,800, Rs. 8,500 cash back from reward points.) not considering petrol surcharge waiver as they are being given by all.

The thing to remember on credit cards is never use multiple credit cards. You deprive yourself from the benefits of any one of the cards. Stick to one card to reap max. benefits and keep another card handy.
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Old 26th October 2015, 11:57   #1943
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Default Re: The Credit Card Thread

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Originally Posted by tejas08 View Post
...
In short, I paid around Rs. 5,500 as credit card fees and had benefits worth 18K over the year. (5K gift Voucher, Rs. 400 per month on Movie Tickets amounting to 4,800, Rs. 8,500 cash back from reward points.) not considering petrol surcharge waiver as they are being given by all.
Forget about the 5k voucher and movie tickets worth 4,800 (this may force you to purchase things which you don't need or watch horrible movies), but the cash back of 8,500 covers the annual fee you pay and that's good enough reason to go for this card.

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The thing to remember on credit cards is never use multiple credit cards. You deprive yourself from the benefits of any one of the cards. Stick to one card to reap max. benefits and keep another card handy.
If you have 2 cards, you can actually get more. For example my HDFC card statement comes on 4th of every month and payment is due on 22nd. So any purchase I make after 4th, I need to pay only on the 22nd of next month, I get more than 1 month of 'grace period' to pay. My StanC card statement comes on 20th and payment is due on 7th of next month.
I use HDFC card to make any purchase from 4th to 15th and Stanc card for any purchase between 20th and 4th. I get 1 month+ time for payment for almost all purchases.
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Old 26th October 2015, 12:16   #1944
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Default Re: The Credit Card Thread

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Originally Posted by JohnyBoy View Post
Forget about the 5k voucher and movie tickets worth 4,800 (this may force you to purchase things which you don't need or watch horrible movies), but the cash back of 8,500 covers the annual fee you pay and that's good enough reason to go for this card.
Agree. But I personally like to go to movies. In fact, some of the movies I saw on free tickets (don't be jealous):

Fast n Furious 7
Avengers - Age of Ultron
MI5
The Martian
(I will not list Hindi Movies here as they fall into your 'Watching Horrible Movies Category' but then it helps me please my wifey by taking her out to the movie of her choice )

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If you have 2 cards, you can actually get more. For example my HDFC card statement comes on 4th of every month and payment is due on 22nd. So any purchase I make after 4th, I need to pay only on the 22nd of next month, I get more than 1 month of 'grace period' to pay. My StanC card statement comes on 20th and payment is due on 7th of next month.
I use HDFC card to make any purchase from 4th to 15th and Stanc card for any purchase between 20th and 4th. I get 1 month+ time for payment for almost all purchases.
But then the reward points could get split too and you may not get bonus points on the annual spends.

Also, my credit card cut-off dates are 15th and 22nd. So it does not make much difference. Deciding the cut-off date is something not in our hands.
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Old 26th October 2015, 12:45   #1945
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Originally Posted by tejas08 View Post
...
(I will not list Hindi Movies here as they fall into your 'Watching Horrible Movies Category' but then it helps me please my wifey by taking her out to the movie of her choice )


Quote:
Originally Posted by tejas08 View Post
But then the reward points could get split too and you may not get bonus points on the annual spends.
Yes, you may lose some in the rewards points, but sometimes the extended period to pay could be useful. It's not a case of one is better than the other, it depend on your spend pattern, cashflow etc.

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...Also, my credit card cut-off dates are 15th and 22nd. So it does not make much difference. Deciding the cut-off date is something not in our hands.
Nowadays, the banks give you choice of statement cycle.
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Old 26th October 2015, 18:27   #1946
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Default Re: The Credit Card Thread

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Originally Posted by tejas08 View Post
If your annual spends are going to be more than 2 Lacs, the SBI Visa Signature card is a great card with Lots of benefits.
Quote:
Originally Posted by JohnyBoy View Post


Yes, you may lose some in the rewards points, but sometimes the extended period to pay could be useful. It's not a case of one is better than the other.
Thanks guys for the detailed replies. I currently having two cards and I am using as JohnyBoy explained.

Anyway I am bit apprehensive about paying membership charges for credit cards, I agree that we will this amount as coupons/vouchers.
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Old 28th October 2015, 22:17   #1947
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Is the CVV code stored in the card? If someone clones a card, does that person get access to the CVV code as well? I usually scratch off the numbers and write my own code on the card. I want to know whether this protects my interest in case of card cloning.
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Old 28th October 2015, 22:27   #1948
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Originally Posted by Guite View Post
Is the CVV code stored in the card? If someone clones a card, does that person get access to the CVV code as well? I usually scratch off the numbers and write my own code on the card. I want to know whether this protects my interest in case of card cloning.

The CVV is not stored on the card so your procedure offers some protection. But bear in mind a lot of transaction might not require the CVV code to start with. My Citibank card was what I can only assume cloned and somebody started spending money on it in the USA where a lot of the in shop transaction are by means of the magnetic strip only. Also, small transaction don't even require a signature.

Make sure you get a card with a chip and pin, that is a lot better even though not hundred percent fool proof either.
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Old 29th October 2015, 12:56   #1949
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Default Re: The Credit Card Thread

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Is the CVV code stored in the card? If someone clones a card, does that person get access to the CVV code as well? I usually scratch off the numbers and write my own code on the card. I want to know whether this protects my interest in case of card cloning.
There are two CVVs. CVV1 is indeed stored in the magnetic stripe and does get copied onto a cloned card, if cloning is achieved by way of skimming (it did prevent older tricks for obtaining card details, like skip diving). It is used only in card-is-present (CP) transactions and is largely obsoleted by chip-n-pin cards - though until there is universal adoption of chip-n-pin, the risk is always there.

CVV2 is only printed on the card (which you should scratch out after memorizing) and not stored on the magnetic stripe and hence does not get cloned. Its usage is limited to card-not-present (CNP) transactions - today, primarily Internet/e-Commerce transactions. Again, until there is universal adoption of two-factor authentication, the risk is not totally eliminated.
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Old 29th October 2015, 17:08   #1950
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There are two CVVs. CVV1 is indeed stored in the magnetic stripe and does get copied onto a cloned card, if cloning is achieved by way of skimming (it did prevent older tricks for obtaining card details, like skip diving). It is used only in card-is-present (CP) transactions and is largely obsoleted by chip-n-pin cards - though until there is universal adoption of chip-n-pin, the risk is always there.



CVV2 is only printed on the card (which you should scratch out after memorizing) and not stored on the magnetic stripe and hence does not get cloned. Its usage is limited to card-not-present (CNP) transactions - today, primarily Internet/e-Commerce transactions. Again, until there is universal adoption of two-factor authentication, the risk is not totally eliminated.

Thanks, what is the function of CCV1?
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