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Old 7th May 2013, 18:04   #1036
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Default Re: The Credit Card Thread

Received a SMS that my RBS card has been deactivated since it has not been used for 4 months, I have been using the card for more than 5 years and was told that it is a lifetime free card.
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Old 7th May 2013, 21:32   #1037
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Default Re: The Credit Card Thread

Banks normally do that for security reasons. If you want to retain a card you need to keep it active.
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Old 9th May 2013, 12:54   #1038
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Smile Re: The Credit Card Thread

I stopped using a credit card about 4 years back. Before that I had almost a purse-full and the thought of how I managed to clear them all haunts me even now.
I have matured since then. I still keep getting calls for new cards from different banks, however am not don't want to risk it again.
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Old 9th May 2013, 13:30   #1039
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My friend was sold a country club membership three days ago.A large amount was swiped from his credit card and converted to 12 installments.As discussed on another thread and other sources around the internet ,and after reading detailed terms and conditions (which he did not sign,his father did),he has realized that he has been swindled and that facts went grossly misrepresented to him.The card was swiped before any paperwork was filled.

He has signed the merchant copy slip.

He then contacted the HDFC credit card customer care and was told to email customer services as they were unable to identify transaction ID on their end.
He was told payment has been made and 12 EMI'S has been authorised.

How should he proceed now to stop EMI payments?
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Old 9th May 2013, 14:00   #1040
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Default Re: The Credit Card Thread

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Originally Posted by drsingh View Post
My friend was sold a country club membership three days ago. [...] How should he proceed now to stop EMI payments?
I doubt if anything can be done now - caveat emptor applies I guess. The signature on the charge slip says that your friend agrees to pay the amount or else.

Still, he could try the sledgehammer technique - send a notice through a lawyer to HDFC Bank to stop deducting EMI payments due to so-and-so reasons. The only argument that *might* work is misrepresentation, but if push comes to shove, he will have to go to consumer court.
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Old 9th May 2013, 17:46   #1041
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Default Re: The Credit Card Thread

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I doubt if anything can be done now - caveat emptor applies I guess. The signature on the charge slip says that your friend agrees to pay the amount or else.

Still, he could try the sledgehammer technique - send a notice through a lawyer to HDFC Bank to stop deducting EMI payments due to so-and-so reasons. The only argument that *might* work is misrepresentation, but if push comes to shove, he will have to go to consumer court.

He has been advised by a "Lawyer Uncle" to withdraw money from his credit card linked amount and send an email ASAP to the bank that he is not going to pay for a fraudulent transaction.

But I feel this is a frivolous advice given without understanding the case fully and without thinking through the ramifications.

This would spoil his relationship with the bank and *&%k up his CIBIL score .And he would have to deal with bank collection agents!

I think it would be better to somehow pressure the sales agents into reimbursing the money.I see this as a dispute between country club and the individual.I think the bank will refuse to entertain his request.
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Old 9th May 2013, 18:28   #1042
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Default Re: The Credit Card Thread

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Originally Posted by drsingh View Post
He has been advised by a "Lawyer Uncle" to withdraw money from his credit card linked amount and send an email ASAP to the bank that he is not going to pay for a fraudulent transaction.

But I feel this is a frivolous advice given without understanding the case fully and without thinking through the ramifications.
Your thinking is well placed. He should not stop payment on credit card at all, it will screw up his CIBIL score. The friend had authorized this payment, so it is fraud to not to pay up. He now has problem with the vendor itself (in this case the country club) and he should take it up with them. They alone can stop this EMI and refund (if any) through the Credit card. NOT the bank.

Small vaguely related example. I bought a TV on EMIs from Indiatimes. The EMIs started, but the TV didn't ship. Indiatimes cancelled the transaction, and informed HDFC about reverting the transaction. HDFC deposited full TV cost in my account, and then debited the unpaid balance, so net net I got the EMIs back. This is how it will proceed in your friend's case as well.
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Old 10th May 2013, 15:58   #1043
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Question Re: The Credit Card Thread

BHPians,

My present Standard Chartered credit card will expire in June 2013 and I dont wish to renew it, reasons increase in the point earning amount from Rs 100 to 150. What card should I be opting for considering that my monthly expenses are in the range of Rs 12k to 16K and includes mostly fuel and groceries?

How does Citibank Indian oil card fare? Any other fuel linked credit card worth tyring out?
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Old 10th May 2013, 22:29   #1044
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Originally Posted by ghodlur View Post
BHPians,

My present Standard Chartered credit card will expire in June 2013 and I dont wish to renew it, reasons increase in the point earning amount from Rs 100 to 150. What card should I be opting for considering that my monthly expenses are in the range of Rs 12k to 16K and includes mostly fuel and groceries?

How does Citibank Indian oil card fare? Any other fuel linked credit card worth tyring out?
If you wish to stop manhattan only because the points ratio has changed you can try the super value titanium. Effective cash back of 2.5% (+2.5% surcharge reversal) on fuel spends. Since your spends is mostly fuel and grocery it makes sense. Telecom and utility will be added advantage.

Btw, on groceries manhattan will give you 5% cash back (at likes of big bazaar, Spencer's etc). The point earn ratio change shouldn't affect you.
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Old 11th May 2013, 00:10   #1045
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Default Re: The Credit Card Thread

I have been using Amex Gold Charge Card from last two years. Last week I have been charged with Annual fee of Rs. 5056 which was due this month.

Though I had successfully got the full amount waived off last year however this year I am not able to. I have been making full payments on time and has never missed any payment till today.

Even though when I said I will cancel the card if annual fee is not waived off and not interested in paying the annual fee. They have come up with two options

1. Pay 50% of Annual fee ie Rs. 2528 and get 5,000 Points.
2. Pay 25% of the Annual fee is Rs. 1264 and get no Points.

Amex Gold Card users please help me to avoid paying them any annual fee and tips for recovering the annual fee if it cannot be avoided.

Last edited by CRV2010 : 11th May 2013 at 00:12.
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Old 11th May 2013, 00:11   #1046
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Default Re: The Credit Card Thread

Whenever I shop at big multi brand store like lifestyle among others, the credit card is swiped two times, first on the merchant machine for payment and second on store's machine. I do not like this practice at all.

It makes my credit card details vulnerable even if lifestyle has no malicious intentions. Remember the Sony fiasco some time back. If such a large company fails to protect its shoppers, what is guarantee of others?

My question is whether I can refuse them the swipe on store machine?
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Old 11th May 2013, 02:28   #1047
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[quote="ghodlur;3118523"How does Citibank Indian oil card fare? Any other fuel linked credit card worth tyring out?[/QUOTE]

Citi IOC card is good if you are fuelling only in IOC outlets as you have 2.5% surcharge waiver + you get 4 points for every Rs.150 spent at IOC and 1 reward point for Rs.150 spent elsewhere. These points are redeemable for free fuel with a value of 1pt:1rs with the min limit being 200 pts. But the catch is if you use it in other fuel stations apart from IOC you'll have to bear the surcharge :-(
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Old 11th May 2013, 09:12   #1048
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Quote:
Originally Posted by gupta_chd View Post
Whenever I shop at big multi brand store like lifestyle among others, the credit card is swiped two times, first on the merchant machine for payment and second on store's machine. I do not like this practice at all.

My question is whether I can refuse them the swipe on store machine?
Sure, why not? It is your card after all. But I don't understand your concern here. You are willing to let them swipe once but not twice? How does it matter??

Remember that the store is the merchant. So what you call "merchant machine" and "store's machine" are both owned by the store.

But I think you are under the impression that the store has no access to what happens in the swipe device. That is not true. You can print all the details of the day's activities by the press of a button on that device - and modern ones can hook to the store's ERP or Accounting system and automate all sorts of reconciliation tasks and suchlike.

They swipe on the store machine only for convenience while reconciling the day's transactions. At Hyper City for example, the only swipe happens on the monitor of the PoS device - it takes both roles. You will never shop at Hyper City or what?
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Old 11th May 2013, 09:48   #1049
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Originally Posted by CRV2010 View Post
I have been using Amex Gold Charge Card from last two years. Last week I have been charged with Annual fee of Rs. 5056 which was due this month.

Though I had successfully got the full amount waived off last year however this year I am not able to. I have been making full payments on time and has never missed any payment till today.

Even though when I said I will cancel the card if annual fee is not waived off and not interested in paying the annual fee. They have come up with two options

1. Pay 50% of Annual fee ie Rs. 2528 and get 5,000 Points.
2. Pay 25% of the Annual fee is Rs. 1264 and get no Points.

Amex Gold Card users please help me to avoid paying them any annual fee and tips for recovering the annual fee if it cannot be avoided.
As a policy I accept cards that have zero annual fee or very small fee like Rs. 200. But the cash back I earn wipes even this off several times over.

I'm sure you know that credit card co.s want you to spend / use their card for a certain minimum amount per year to make you eligible for a waiver, but 5000 for annual fee is astronomical. A card co. that charges that much annual fee will also have a very high minimum expense threshold. Any special benefits for this Amex Gold card?

I suggest you just dump the card. I for one have been very happy with my Stan Chart platinum. Gives me a 5% cash back for all utility bills and that adds to a tidy sum. In fact they tried to entice me with some fancy Manhattan card, but I declined.

I find cash back better than points though my SC platinum now gathers points for transactions that don't get a cash back. Win-win situation here. Of course in 20 odd years I have never missed paying on time on any card I have owned. And never ever take a loan against your card or pay short. The interest rates are crazy. Oh but you already know that...

Last edited by LithiumSunset : 11th May 2013 at 09:51.
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Old 11th May 2013, 09:55   #1050
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Quote:
Originally Posted by LithiumSunset View Post

As a policy I accept cards that have zero annual fee or very small fee like Rs. 200. But the cash back I earn wipes even this off several times over.

I'm sure you know that credit card co.s want you to spend / use their card for a certain minimum amount per year to make you eligible for a waiver, but 5000 for annual fee is astronomical. A card co. that charges that much annual fee will also have a very high minimum expense threshold. Any special benefits for this Amex Gold card?

I suggest you just dump the card. I for one have been very happy with my Stan Chart platinum. Gives me a 5% cash back for all utility bills and that adds to a tidy sum. In fact they tried to entice me with some fancy Manhattan card, but I declined.

I find cash back better than points though my SC platinum now gathers points for transactions that don't get a cash back. Win-win situation here. Of course in 20 odd years I have never missed paying on time on any card I have owned. And never ever take a loan against your card or pay short. The interest rates are crazy. Oh but you already know that...
Even, I faced the same thing and eventually I had to cancel the card. There is no point in paying even a penny when the card is not widely accepted.
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