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
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.
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.