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Old 16th March 2013, 14:33   #1006
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Default Re: The Credit Card Thread

I have a HDFC bank VISA Signature credit card. The credit limit is more than what I want. So I send them a paper letter as per their procedure, requesting them to lower the credit limit. I got a paper letter response stating that my credit limit is already lower than their standard limit for this card. So request rejected.

The combined credit limit of all the cards that I hold is more than what I will ever need for credit card purchases. I want to limit my exposure in case of fraud. But this bank wouldn't allow me. I have not made similar request with other banks. How do other banks handle it?

On a different note, my wife forgot her credit card and left it behind at a merchant establishment after making a purchase. Next day she called them and went to collect it. They had kept it safely, and verified her identity before handing the card back. Kudos to them. This is the Liberty shoes showroom at GIP.

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Old 16th March 2013, 15:10   #1007
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Default Re: The Credit Card Thread

Quote:
Originally Posted by Guite View Post
The combined credit limit of all the cards that I hold is more than what I will ever need for credit card purchases. I want to limit my exposure in case of fraud. But this bank wouldn't allow me. I have not made similar request with other banks. How do other banks handle it?
There was a card protection scheme being offered by HDFC for a charge (1500 a year). Check up with your custcare.

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Old 16th March 2013, 17:59   #1008
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Default Re: The Credit Card Thread

I already have CPP from Citibank. I hate it that they auto renew and charge you every year but does not send you update form with the same eagerness. Update cannot be done online, afaik; they send you a paper form and you have to snail mail post it.
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Old 17th March 2013, 10:32   #1009
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Default Re: The Credit Card Thread

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The combined credit limit of all the cards that I hold is more than what I will ever need for credit card purchases.
Cancel and/or downgrade a few cards. The HDFC signature card has 0 surcharge at all fuel outlets (including Shell), so see if you really need to retain any other card with this same feature. And so on.

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On a different note, my wife forgot her credit card and left it behind at a merchant establishment after making a purchase. Next day she called them and went to collect it. They had kept it safely, and verified her identity before handing the card back.
I would still take the Rs. 100 + ST hit and ask for a replacement card. Your card has been "compromised" in that it has been out of your sight for perhaps more than 12 hours. When the card companies discourage you from allowing the card to be out of sight for even the few minutes it takes for a restaurant to swipe it away from your dining table, why should you take this needless risk?
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Old 17th March 2013, 23:15   #1010
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Cancel and/or downgrade a few cards. The HDFC signature card has 0 surcharge at all fuel outlets (including Shell), so see if you really need to retain any other card with this same feature. And so on.

I would still take the Rs. 100 + ST hit and ask for a replacement card. Your card has been "compromised" in that it has been out of your sight for perhaps more than 12 hours.
Very good points. Regarding second point, the CVV number is not visible (scratched off by me). Is it still likely to be compromised?
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Old 18th March 2013, 11:14   #1011
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I would still take the Rs. 100 + ST hit and ask for a replacement card. Your card has been "compromised" in that it has been out of your sight for perhaps more than 12 hours.
Thanks binand for your feedback, the card has been blocked with immediate effect and replacement card awaited.
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Old 18th March 2013, 13:02   #1012
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Very good points. Regarding second point, the CVV number is not visible (scratched off by me). Is it still likely to be compromised?
The visible CVV is actually CVV2, and is used for card-not-present (ie, online) transactions. There is another CVV encoded in the magnetic strip - which is used for card-present transactions (ie, PoS device swipes). Card skimmers read off all the data from the magnetic strip to create cloned cards.

http://en.wikipedia.org/wiki/Card_Verification_Value
http://en.wikipedia.org/wiki/Credit_card_fraud#Skimming
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Old 18th March 2013, 13:07   #1013
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In many merchant establishments, the guy at the cash counter records most of your card details either manually or by swiping on his terminal.

Aren't there any rules in place to prohibit the same? Don't we have the right to refuse recording of such info?
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Old 18th March 2013, 14:44   #1014
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In many merchant establishments, the guy at the cash counter records most of your card details either manually or by swiping on his terminal.

Aren't there any rules in place to prohibit the same? Don't we have the right to refuse recording of such info?
How can any rule prohibit the swiping of a credit card, when that is its raison d'etre?

Now, the storage and transmission of card data is supposed to be done under fairly stringent requirements (called the PCI-DSS); it is the acquiring bank's responsibility to ensure that the merchant complies with these requirements. In India, banks allow a merchant to hook up to the system only after an initial compliance assessment and then the merchant is supposed to periodic (annual?) audits too.

That is all theory, though. In practice anyone can download the compliance self-attestation form, fill it up and the banks will accept it :-)
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Old 18th March 2013, 17:27   #1015
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Quote:
Originally Posted by binand View Post

How can any rule prohibit the swiping of a credit card, when that is its raison d'etre?
I think he meant an additional device, used by some merchants apart from the banks pos device.

They swipe first on the pos device, and then on an additional scanner that is directly connected to their computer.
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Old 22nd March 2013, 14:42   #1016
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Default Re: The Credit Card Thread

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..... The HDFC signature card has 0 surcharge at all fuel outlets (including Shell).....
Need some clarification on this. Is the fuel surcharge waived off for any purchase amount? My scooter takes in only Rs.330 for a full tank everytime. Some HDFC cards mention that the waiver is only for purchases >Rs.400.

Prajwal
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Old 22nd March 2013, 21:45   #1017
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Default Re: The Credit Card Thread

I learnt that few banks are moving towards Chip Cards now, has anyone so far seen a Chip Enabled Merchant terminal in India yet?

And are those Chip transactions being settled thorugh MC/VISA or through a new payment processor (such as Interac in Canada)?
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Old 22nd March 2013, 21:58   #1018
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Quote:
Originally Posted by infotech58 View Post
I learnt that few banks are moving towards Chip Cards now, has anyone so far seen a Chip Enabled Merchant terminal in India yet?

And are those Chip transactions being settled thorugh MC/VISA or through a new payment processor (such as Interac in Canada)?
Most of the swipe machines today detect chip based cards. They need to insert it in a slot instead of swiping the old way

I have been using chip based card and its having good acceptance
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Old 22nd March 2013, 21:59   #1019
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Default Re: The Credit Card Thread

Quote:
Originally Posted by infotech58 View Post
I learnt that few banks are moving towards Chip Cards now, has anyone so far seen a Chip Enabled Merchant terminal in India yet?

And are those Chip transactions being settled thorugh MC/VISA or through a new payment processor (such as Interac in Canada)?
I thought it was pretty common by now.
I am using Chip Card ( HDFC Platinum CC ) since last 3 years.
Many places I shop/fuel up have the chip enbaled terminals ( same swiping terminal - has a slot to insert the chip side in).

Q- How can I get the Coral CC from ICICI with waived off Annual + Joining fees?
I am a a privilege customer + have a salary account with them ( since this month again )- this was a salary account for 3.5 years from 2007-2011.
Thanks!

Ace.

Last edited by driverace : 22nd March 2013 at 22:01.
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Old 22nd March 2013, 22:14   #1020
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Default Re: The Credit Card Thread

I was in India (mostly Mumbai) for approx. 12 months in 2011-2012 and did not come across even one chip enabled terminal, that is why the question.



Quote:
Originally Posted by driverace View Post
I thought it was pretty common by now.
I am using Chip Card ( HDFC Platinum CC ) since last 3 years.
Many places I shop/fuel up have the chip enbaled terminals ( same swiping terminal - has a slot to insert the chip side in).

Q- How can I get the Coral CC from ICICI with waived off Annual + Joining fees?
I am a a privilege customer + have a salary account with them ( since this month again )- this was a salary account for 3.5 years from 2007-2011.
Thanks!

Ace.
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