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Old 6th June 2016, 14:45   #2101
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Originally Posted by heydj View Post
I have American Express Gold Card. Against 18K points got Rs 7.5k at conversion rate of almost 0.42.

Delving deep into spend against points - if I spend Rs 4k in four Rs 1k individual transaction every month then I get 1k points. This means every 18 months I get 18k points or if I spend Rs 72k then I get 18K points, which further I redeem for Rs7.5k.

That means I get 10.42% of my money back provided I do the spends as given above.

Can someone confirm if there is any other credit card that gives better returns?
What about the annual fee of 4K which needs to be paid for Gold card? it will be 6K for 18 months(1.5 years)
In addition acceptability is less compared to Visa/Master card
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Old 6th June 2016, 14:56   #2102
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Delving deep into spend against points - if I spend Rs 4k in four Rs 1k individual transaction every month then I get 1k points.
The big flaw in your plan is that you will swipe your card 4 times each month for exactly Rs. 1,000 each time.
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Old 6th June 2016, 16:29   #2103
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Default Re: The Credit Card Thread

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The big flaw in your plan is that you will swipe your card 4 times each month for exactly Rs. 1,000 each time.
Fees got waived, for lot of credit cards fees is there but we all know its not always charged.

As for swiping it 4 times its not a issue, amount needs to be 1k+ and that can happen with fuel, utility bills, eating out etc.

My question was is there any other credit card with better returns.
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Old 6th June 2016, 16:58   #2104
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Default Re: The Credit Card Thread

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Originally Posted by heydj View Post
Fees got waived, for lot of credit cards fees is there but we all know its not always charged.

As for swiping it 4 times its not a issue, amount needs to be 1k+ and that can happen with fuel, utility bills, eating out etc.

My question was is there any other credit card with better returns.
Amex gold card is a charge card.

Generally AMEX does not waive off annual fees easily like other cards

As already mentioned acceptability is less
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Old 6th June 2016, 20:11   #2105
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Default Re: The Credit Card Thread

Can I use a card issued in India, when I am holding NRI status?
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Old 6th June 2016, 20:37   #2106
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Default Re: The Credit Card Thread

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Amex gold card is a charge card.

Generally AMEX does not waive off annual fees easily like other cards

As already mentioned acceptability is less
AMEX is more than happy to waive it off if you have a good spend pattern and spend beyond atleast a certain threshold every year. I try to charge almost every card transaction on my AMEX, and haven't paid a single penny in annual fees over the last 5 years I've had AMEX cards.

Acceptance is also getting better by the day, and works well for the outlets I frequent in a city like Bangalore.

I really don't think any other card comes close from a benefits POV, except perhaps the very elite ones with a hefty fee.
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Old 7th June 2016, 12:32   #2107
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Default Re: The Credit Card Thread

Where can I use my Amex Gold Charge card in Mumbai Airport for a free or paid lounge access?
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Old 7th June 2016, 13:18   #2108
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Default Re: The Credit Card Thread

Is LIC into credit cards? Found these sites,
http://www.liccards.co.in with Axis bank
http://www.liccards.com with Corporation bank

Both with no joining or annual fees.
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Old 7th June 2016, 14:05   #2109
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Default Re: The Credit Card Thread

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I guess so. Haven't come across any PINs others than 4 digits.
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Originally Posted by JohnyBoy View Post
Most banks follow 4 digits pin.
Standard Chartered Credit Cards have 6 digit pins.
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HSBC and SCB both have (had?) 6-digit PINs.
Thanks for the information.

Standard Chartered Bank & Kotak Mahindra Bank Credit Cards have 6-digit PINS.
HDFC is the first time I came across 4-digit PINs for Credit Cards.

6-digit PINs would be more secure.
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Old 7th June 2016, 14:15   #2110
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6-digit PINs would be more secure.
Given that your card gets blocked if the PIN is entered incorrectly more than N times (N is typically 3 or 5), this needn't be a real concern.

On the other hand, it is likely that mandating longer PINs will result in an increase in forgotten PIN issues.
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Old 7th June 2016, 14:19   #2111
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Given that your card gets blocked if the PIN is entered incorrectly more than N times (N is typically 3 or 5), this needn't be a real concern.

On the other hand, it is likely that mandating longer PINs will result in an increase in forgotten PIN issues.
You are right on the blocking bit; but talking of 'probability', it would be easier to guess a 4-digit number compared to a 6-digit one.
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Old 7th June 2016, 15:15   #2112
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You are right on the blocking bit; but talking of 'probability', it would be easier to guess a 4-digit number compared to a 6-digit one.
We'll, the probability that someone could correctly guess a 4-digit PIN in 3 tries is 0.0003. I wouldn't lose much sleep over it. ;-)

Last edited by binand : 7th June 2016 at 15:23.
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Old 7th June 2016, 17:25   #2113
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We'll, the probability that someone could correctly guess a 4-digit PIN in 3 tries is 0.0003. I wouldn't lose much sleep over it. ;-)
A probability of 0.000003 would give me better sleep.
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Old 7th June 2016, 18:01   #2114
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A probability of 0.000003 would give me better sleep.
Sure, but then why stop there? Go for a 10, 50 or even 100 digit PIN. You might even be considered as 21st century's Rip van Winkle.
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Old 7th June 2016, 20:42   #2115
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Default Re: The Credit Card Thread

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Originally Posted by binand View Post
Sure, but then why stop there? Go for a 10, 50 or even 100 digit PIN. You might even be considered as 21st century's Rip van Winkle.
That's why RBI should additionally allow user-defined variable-length PINs. That way, those like @Tibby can enter a PIN as long as they like.

On another note, a month ago I had gone to Apollo Pharmacy and bought some medicines for Rs. 1,300. On paying by credit card, the attendant pointed the machine in an uncomfortable position and I entered the PIN without looking (That machine anyway doesn't display the amount in the PIN entry screen). She tells me that perhaps I didn't enter the PIN correctly since it was asking for the PIN once again. I re-entered the PIN and got hit with a charge of Rs. 1,30,000 odd.

Turns out she forgot to press Enter after keying in the amount. When I entered my PIN, that got appended to the amount that was already there.

Took me about an hour until they figured out how to void the transaction.
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