[libranof1987]

Originally Posted by Red Liner

Hey guys,

I have a Kotak Signature Visa Credit Card. Says that I have free domestic lounge access. How do I access the lounge? Just present my card and the boarding pass before I enter the lounge?

Do I get free meals or something inside?

You get comfortable, quiet seating, attention from the stewards if you want to ask for something, well very maintained washrooms, free internet and a very well spread (for an airport) buffet, and beverages that you shouldn't consume before driving

All this is complimentary.

I've typically gone to lounges to sit in peace and have some food and drink even if I have 2 hours at the airport. Of late, now that there are restrictions on the no. of visits, I might be more prudent.

[sindabad.sailor]

I was searching this thread for some information related to Rupay credit cards issued by nationalised banks. They come in SELECT (Super premium) and PREMIUM categories, have no card fees, seems well rewarding for transactions within India.
Has anyone got hands-on experience? Is the market acceptance increasing?

I am looking at a card to cover expenses in India and get higher rewards than my current one, for which I seemingly am the only customer for the bank It is a NON SBI nationalised bank MasterCard credit card.

Rupay card features look quite nice. Hope the service experience isn't a big downer.

[shamanth]

Guys, is there advantage in using Travel card or credit card is better during trip to Europe?

Even if we deposit advance money to travel card, conversion rates and charges are calculated and added. Same way in credit card each transaction is converted and charged. Any idea what is the advantage of using Travel Card ?

[JohnyBoy]

Originally Posted by shamanth

Guys, is there advantage in using Travel card or credit card is better during trip to Europe?

Even if we deposit advance money to travel card, conversion rates and charges are calculated and added. Same way in credit card each transaction is converted and charged. Any idea what is the advantage of using Travel Card ?

The main things to consider are forex conversion rate, service charges, encashment, interest rate, spending limit, ease of use.

Forex conversion rate - in case of credit card, the conversion is done at the POS of each transaction. Usually it is higher and can vary across locations / type of store. Your issuing bank may charge additional mark-up fee also. In case of travel card, you can purchase in the currency of your choice. For your case, traveling to Europe, you can buy the travel card in Euros. You will get better rate becasue you are purchasing in advance and can get a fixed (lower) rate. When you use the card, there is no conversion charges or any fees.
In short, money in your credit card will be in Rupees. That will be converted to Euros for each transaction at a higher rate.
In your travel card the money will be in Euros. You pay a conversion rate at the beginning which is usually lower than that of credit card.

Service charges - no additional charges for credit card. There may be some charges in case of travel card - activation fees, charges for the card etc. But I think it is very small.

Encashment - if you need cash, you can use the travel card at ATMs and get Euros at no extra cost. In case of credit card, it will be cash advance and there will be interest from day 1 in addition to conversion rates.

Interest rate - in case of travel card, you are paying in advance, so no interest for late payment. In credit card, you pay late fees and interest (only in case you dont pay the due in full).

Spending limit - in case of credit card, you can spend up to your card limit, no need to decide in advance. Only thing to worry is most cards have daily spending limits (say Rs 1 lac per day). You can call and change this before you travel. In case of travel card, the limit is up to the entire amount you load the card with.

Ease of use - not how you use it at shops or hotel, that's same for both cards. In case of travel card there are few things - activation (getting the card, loading money, making sure it works etc), recharging (in case you want to load additional money, there is extra process), loss of card (initmating the card provider etc) and getting back balance amount (you may not finish the entrie amount) - all these take extra effort and time. In case of credit card these things are not there.

Travel card is better in only forex conversion rate. And helping you being disciplined - spend within the pre-decided limit. In all other parameters, credit card scores.

[libranof1987]

Originally Posted by JohnyBoy

Encashment - if you need cash, you can use the travel card at ATMs and get Euros at no extra cost.

Negative.

PoS transactions on the travel (forex) card are free; but every cash withdrawal is charged. A fixed fee for each withdrawal.

Spending limit - in case of credit card, you can spend up to your card limit, no need to decide in advance. Only thing to worry is most cards have daily spending limits (say Rs 1 lac per day). You can call and change this before you travel. In case of travel card, the limit is up to the entire amount you load the card with.

I had a HDFC Forex card and it only allowed a withdrawal of 1k Swiss Francs/day.

PoS transactions were not capped.

Ease of use - not how you use it at shops or hotel, that's same for both cards. In case of travel card there are few things - activation (getting the card, loading money, making sure it works etc), recharging (in case you want to load additional money, there is extra process), loss of card (initmating the card provider etc) and getting back balance amount (you may not finish the entrie amount) - all these take extra effort and time. In case of credit card these things are not there.

I think this is where credit cards are more convenient; refunds/taking off a hold (by hotels for eg) is much easier on a credit card.

You can't always do online transactions on forex cards. I could not use the card on some merchant websites but when another merchant created a payment link, the transaction went through.

[JohnyBoy]

Originally Posted by libranof1987

Negative.

PoS transactions on the travel (forex) card are free; but every cash withdrawal is charged. A fixed fee for each withdrawal.

I had a HDFC Forex card and it only allowed a withdrawal of 1k Swiss Francs/day.

PoS transactions were not capped.

Oh ok. Thought there was no charges or limit. Thanks.

I think this is where credit cards are more convenient; refunds/taking off a hold (by hotels for eg) is much easier on a credit card.

You can't always do online transactions on forex cards. I could not use the card on some merchant websites but when another merchant created a payment link, the transaction went through.

True. Some hotels don't accept forex cards.
Ease of use - no activation, no reloading, no need to worry about balance / leftover amount - credit card is better.

[akshaymahajan]

Originally Posted by JohnyBoy

True. Some hotels don't accept forex cards.
Ease of use - no activation, no reloading, no need to worry about balance / leftover amount - credit card is better.

In addition, car rentals wont let you use forex cards for deposits. You need a credit card for that,

[shamanth]

Thanks guys, explanation is detailed.

Reading all the above, i feel, i will continue to use Credit card, where i have CPP protection for all cards. For travel card, for small things like activating or depositing for 1st time, they will make you run to bank with ticket, passport, etc.

[JohnyBoy]

Originally Posted by shamanth

Thanks guys, explanation is detailed.

Reading all the above, i feel, i will continue to use Credit card, where i have CPP protection for all cards. For travel card, for small things like activating or depositing for 1st time, they will make you run to bank with ticket, passport, etc.

It's not that bad. You don't have to run to bank or anywhere. The competition is high and the forex card guys / banks will deliver to you and collect any documents from you. But activation on time, reloading, getting balance amount back etc is going to take effort and time.
Like you have decided, going with credit card is better.

[jacobvarughese]

Another main point to add: Should you hold an account from whom you intend to purchase the Forex card(HDFC/Axis/ICICI), you can seamlessly transfer funds between the Forex card and your main account. Please also note you can hold multiple currencies if your itinerary warrants you to travel to more than 1 country.

Concur with all the aforesaid points- a Credit card is better should you wish to use it to place a hold for hotel transactions. However, the Forex card can work when you check-out from the hotel.

[shamanth]

Originally Posted by JohnyBoy

It's not that bad. You don't have to run to bank or anywhere. The competition is high and the forex card guys / banks will deliver to you and collect any documents from you. But activation on time, reloading, getting balance amount back etc is going to take effort and time.
Like you have decided, going with credit card is better.

I have any Axis bank world traveller card, which i received for free last time i was traveling, but had not activated yet. So called them to check how to activate, they told me to visit nearest Axis bank with all the travel documents. :(

[autorahul]

Originally Posted by shamanth

I have any Axis bank world traveller card, which i received for free last time i was traveling, but had not activated yet. So called them to check how to activate, they told me to visit nearest Axis bank with all the travel documents. :(

I just discovered Indusind Bank Signature exclusive debit card which has no charges for currency conversion for atm cash withdrawals. To get this debit card, you have to open "Exclusive" account with them with 1 lakh average balance.

A normal debit card might be better than Forex cards.

Checkout Features & Benefits section in below link

http://www.indusind.com/personal-ban...s-account.html

Cross Currency Mark Up fee waived off for Signature Exclusive Debit Card and 1% on Platinum Exclusive Debit Card and for International Merchant purchases and International ATM withdrawals.

[diyguy]

My colleagues' ICICI bank credit card was misused internationally on two shady sites last week. The transactions totaled 400+$.
Immediately after the transactions he got a call from a US number which he answered but heard no one on the other end. This was about 3am in the morning India time. He has raised a dispute with the bank and they are investigating and have told him those two transactions will not appear on his statement till the investigation is done.
Since then I have disabled foreign currency transactions on all my cards.

The one thing I learnt is that HDFC has this online capability for the user to be able to turn on and turn off this ability for international transactions and one can set a limit to the spend as well. I had to call ICICI, Axis and Citibank to get it done but HDFC is extremely convenient and changes are instantaneous.

[libranof1987]

Originally Posted by diyguy

The one thing I learnt is that HDFC has this online capability for the user to be able to turn on and turn off this ability for international transactions and one can set a limit to the spend as well. I had to call ICICI, Axis and Citibank to get it done but HDFC is extremely convenient and changes are instantaneous.

Yes, I have been a big fan of this.

You can enable/disable and even set a limit for the transaction. Limits your exposure.

[shamanth]

Originally Posted by diyguy

The one thing I learnt is that HDFC has this online capability for the user to be able to turn on and turn off this ability for international transactions and one can set a limit to the spend as well. I had to call ICICI, Axis and Citibank to get it done but HDFC is extremely convenient and changes are instantaneous.

I have RBL Platinum Max supercard from BajajFinserv, where i can control almost everything in card using a simple RBL App and it gets activated or de-activated immediately. Never seen such thing in any other card companies, even with large bank, have to check as mentioned by libran that HDFC has similar facility, not sure if it work in HDFC App also?

1. "Switch your Card Off" - Credit it card disabled temporarily, any transaction done when card is disabled will not work. Have tried doing international transaction by mistake when card was set as OFF, Transaction failed. This you can swtich-on and off the card in few seconds. Basically you can block your card within seconds even if its stolen. Also you can always keep it card as switch-off and enable only when required.

2. "Set Limit Control" - Credit limit and Cash limit can be changed in seconds using slider in the app, and again it gets set within few seconds.

3. "Enable International Transaction" - Enable or disable International transaction with click of the button in app. I have checked this one when i tried to make an international booking and failed as the button for disabled. But i could book it within an minute after enabling this button.

Using this RBL app, i feel the entire customer care is my pocket. Never required to call their customer care.