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Old 24th September 2013, 12:39   #1261
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Default Re: The Credit Card Thread

Was following up with Standard Chartered for more than a week as there was a cashback that was not credited to my Manhattan card, but was shown in statement as "Cashback available for redemption".

Finally got the reply today:

Quote:
We take this opportunity to inform you that your Credit Card Cash Back will no longer be directly credited to your Credit Card Account. Instead, we offer you an opportunity to gain more value on your Cash Back. We are now directly crediting your Cash Back to your 360 degree Rewards Account.

Please note that, the effect from 28th August 2013 there will not be upfront cash back given instead will be accumulated as cash back points and customer can view the total cash back points earned in the following month statement or in the online rewards (similar to reward points details).

Your 360 degree Rewards Account offers you two unique benefits:

*Your Cash Back is worth more than its Rupee value with these Super Deals.
*You can also choose to transfer your Cash Back to your Credit Card Account and adjust the same towards your statement outstanding .

We also wish to add that you can now view your accrued Cash Back in your card statement and even online. Accordingly, we had sent a communication to all our customers informing the above revision and the same is also communicated through card statements.

We request you to login to our 360 rewards website by visiting the below-mentioned link and follow the below steps to redeem your cash back earned in your card account.

https://360rewards.standardchartered.com/IN

Step 1: Visit the 360 Rewards website
Step 2: Login with your Online Banking Username and Password
Step 3: Pick a product of your choice and add to cart (or) choose to transfer your Cash Back to your Credit Card Account.

I trust, we have your understanding in this regard.
So I logged in and has made the request to transfer the cashback amount to my card.

Last edited by rajesh1868 : 24th September 2013 at 12:41.
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Old 24th September 2013, 15:07   #1262
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Default Re: The Credit Card Thread

We are finding StanChart reverting to their old (pre Grindlays) ways. Myy son has an Infinite which expired end August, the replacement is still to be with him. He moved from Manipal to Gurgaon, but the information from their customer care was wrong (the cards seem to have been sent much before the sms and were returned, if the sms info is to be believed then his wife would have easily collected them). Then they were sent to Gurgaon, it was found that the lot was defective, so went back. Now the replacements may have reached Gurgaon again, but he is out for 10 days. This is when all of us are Priority Customers. So far cards were being sent at least a month in advance. My daughter also got her card after expiry when she hauled them up.
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Old 24th September 2013, 15:20   #1263
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Default Re: The Credit Card Thread

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Originally Posted by Gokrish View Post
Spending beyond a certain limit will attract the attention of income tax guys. Best way is to ask the company to get a corporate credit card and use the same. This is followed in some companies as this gives the benefit of credit period to the company.
The so called corporate credit cards are also personal in nature.
I have one from Citibank , All risk is mine I need to personally settle the Bill
and claim reimbursements. Risk is employees and reward that is 51 day free credit with no liability to corporate.

There is no difference except word corporate printed on the card. Just that the card has 0 cash withdrawal facility and limit is more then I would like to have on my card.

It is linked to company ERP so that the bills are reflected in ERP system.
We need to choose the official transactions while filing the reimbursement claims. And every thing has to be backed by a bill so things such as tips which may be up to 15% in US become personal expense.

Theoretically they could have linked any other credit card to the ERP system as well by taking authorization from employees to get electronic statement.
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Old 24th September 2013, 15:26   #1264
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Originally Posted by msdivy View Post
I have noticed that while pin is required at most terminals, at few places it doesn't. Is it normal to not to enter PIN in some cases?
Not all the terminals are upgraded for PIN. RBI mandate is that the terminals should be PIN enabled by Oct. 2013


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Originally Posted by the_skyliner View Post
Still I would suggest you meet a CA and take a proper consulting on this issue.
+1 to that. Are you aware of the FEMA guidelines and the forex limits for individual use? The limits for foreign currency drawal by individual have been slashed by RBI after the Rupee's downward spiral. AFAIK, most of the credit cards are 'INTERNATIONAL CARDS' and the cardholder would be liable for the forex part.


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Originally Posted by sgiitk View Post
One dodge is to get multiple cards. as long as the annual spend on any one card does not cross Rs.200k it will not come under AIR. Also, in any case using one set of cards exclusively for company expenses is a good accounting technique.
Hmm... to my knowledge the IT department can call for any information irrespective of the amount spent by using the cards. They are probably using the PAN to track the high spenders....

As far as accounting goes, in case - better still, as and when - RFID or NFC cards are issued, you can multiple virtual wallets on the same card. Forget accounting, you can even set limit on the spends. I recollect someone wanting such an option in a post some time back.


Quote:
Originally Posted by rajesh1868 View Post
So I logged in and has made the request to transfer the cashback amount to my card.
Cash back has become a misnomer. Card issuing companies are generally not allowed to deal in cash, which is why the preferred route is to give away gift coupons or redeem the points for cash against the payment. I find that no clarity is given whether debit cards are also eligible for the so called 'CASH BACK'. Any one has any idea / experience?


Today's news is that RBI is mulling action on ZERO % interest / interest free EMI options. Better late than never, I would say. Because there has to be catch - nobody will pay money to generate business...
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Old 24th September 2013, 15:27   #1265
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In case anybody has serious issues with their Standard Chartered credit card please PM me. I had some issues which got resolved only after I wrote to the head of their credit card division by finding that person's email ID on the web! Nothing works like escalation to the top.
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Old 24th September 2013, 15:37   #1266
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Default Re: The Credit Card Thread

Quote:
Originally Posted by amitk26
The so called corporate credit cards are also personal in nature. I have one from Citibank, All risk is mine I need to personally settle the Bill and claim reimbursements. It is linked to company ERP so that the bills are reflected in ERP system.
Which is exactly how our Amex "Corporate" card works, including the link-in to ERP. All risk with employee and we need to settle the total within due date and claim it from company.

Last edited by supremeBaleno : 24th September 2013 at 15:39.
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Old 24th September 2013, 16:27   #1267
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Originally Posted by vrprabhu View Post
Cash back has become a misnomer. Card issuing companies are generally not allowed to deal in cash, which is why the preferred route is to give away gift coupons or redeem the points for cash against the payment. I find that no clarity is given whether debit cards are also eligible for the so called 'CASH BACK'. Any one has any idea / experience?
Thing is you can get cashback but you need to login to the portal and request it.Not sure how long this will last

Quote:
Originally Posted by csanand View Post
In case anybody has serious issues with their Standard Chartered credit card please PM me. I had some issues which got resolved only after I wrote to the head of their credit card division by finding that person's email ID on the web! Nothing works like escalation to the top.
Escalation hierarchy is mentioned in the statement. I first mailed L1. received no response, not even customary automated acknowledgment. After 3 days mailed L2. Again no response and yesterday mailed the head. Today received 3 separate identical replies from all 3.
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Old 24th September 2013, 18:11   #1268
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Originally Posted by csanand View Post
In case anybody has serious issues with their Standard Chartered credit card please PM me. I had some issues which got resolved only after I wrote to the head of their credit card division by finding that person's email ID on the web! Nothing works like escalation to the top.
Thanks. I have the id's of most. I have been a Priority customer for over five years. Now we have two priority blocks. At one time with Grindlay's I was a Capt Grindlay's Club member. And incidentally a nephew happens to be a VP at StanC. I do not think the time to escalate to the top has come. If on my son's return the problem is still not resolved then I will start firing. Incidentally who currently heads the CC division. Premium Banking is headed by Madhura Dasgupta Sinha.

Last edited by sgiitk : 24th September 2013 at 18:12.
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Old 24th September 2013, 22:44   #1269
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Quote:
Originally Posted by rajesh1868 View Post
Escalation hierarchy is mentioned in the statement. I first mailed L1. received no response, not even customary automated acknowledgment. After 3 days mailed L2. Again no response and yesterday mailed the head. Today received 3 separate identical replies from all 3.
I tried complaining on Facebook & through their various emails but their response was incredibly slow taking many days & usually an unhelpful standard reply. Even cash back took sometime but it eventually came through, not sure if it was because of escalation or if it would've come otherwise too.

Quote:
Originally Posted by sgiitk View Post
Thanks. I have the id's of most. I have been a Priority customer for over five years. Now we have two priority blocks. At one time with Grindlay's I was a Capt Grindlay's Club member. And incidentally a nephew happens to be a VP at StanC. I do not think the time to escalate to the top has come. If on my son's return the problem is still not resolved then I will start firing. Incidentally who currently heads the CC division. Premium Banking is headed by Madhura Dasgupta Sinha.
Looks like you're extremely well connected. Kartik Taneja heads Stan Chart credit card division for Asia & Mohit Bedi takes care of the credit card division for India. Escalating had the pleasant side effect that I could talk to someone who had authority to finally oblige by making my paid credit card lifetime free, which none of the call center employees were empowered to do!
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Old 25th September 2013, 09:46   #1270
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Originally Posted by csanand View Post
Looks like you're extremely well connected. Kartik Taneja heads Stan Chart credit card division for Asia & Mohit Bedi takes care of the credit card division for India. Escalating had the pleasant side effect that I could talk to someone who had authority to finally oblige by making my paid credit card lifetime free, which none of the call center employees were empowered to do!
Thanks for the information. We have been with the group (ANZ Grindlays earlier) since 1979 and our accounts (except for my salary one) and investments are all with them. All our cards are lifetime free, myself Infinite + Titanium, my wife, daughter, son and daughter-in-law all Infinite. I in general do not try to throw my weight around, but if need be yes I have!
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Old 26th September 2013, 02:53   #1271
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Originally Posted by supremeBaleno View Post
Which is exactly how our Amex "Corporate" card works, including the link-in to ERP. All risk with employee and we need to settle the total within due date and claim it from company.
I'm not sure of the policy everywhere, but I've had AMEX Corporate cards from 2 organisations over the last 5 years, and both prohibited personal expenses, unless they're due to a corporate expense (like food bills outside allowed limits, where I need to pay the difference).

In my current organisation, all card transactions automatically turn up in my expense portal account. I just need to add them to an expense report and submit. Approvals and reimbursement are fast, if there are no issues with the bills I submit. Never faced an issue till now.

The portal does not allow us to delete any expenses. So even if I swipe the card for a personal expense, i'll have to submit it as a personal (non-reimbursable) expense, which is tracked and I'll be taken to task during audit/review, and my card can be cancelled if I continue with such behavior.

Corporate credit cards are a boon only if one can meticulously track expenses and claim/settle reimbursements on time, like one should for any credit card.
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Old 26th September 2013, 09:42   #1272
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Default Re: The Credit Card Thread

RBI Bans 0% EMI Loans, Says Customers Must Be Told Real Interest Rate

http://timesofindia.indiatimes.com/b...w/23065529.cms
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Old 26th September 2013, 10:06   #1273
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RBI Bans 0% EMI Loans, Says Customers Must Be Told Real Interest Rate
Agree 100%. which bank will take 0% and give you 9% on your FD! The charges are hidden.
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Old 26th September 2013, 10:08   #1274
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Default Re: The Credit Card Thread

I knew this was coming but didn't expect so soon :-(.

Some Expert's view on 0% Interest EMI on Credit Cards.

http://capitalmind.in/2013/09/rbi-ba...interest-rate/
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Old 26th September 2013, 17:18   #1275
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Good move by RBI. Will probably stop a lot of gullible people from buying stuff they can't afford, just because they believe they're getting a 'free' loan.

Transparency is never a bad thing, and people will actually benefit in the mid to long-term, once the merchants & banks are forced to reveal hidden costs to customers.
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