Team-BHP > Shifting gears


Reply
 
1,926,768 views Search this Thread
Old 14th August 2018, 02:13   #2896
BHPian
 
turbospooler's Avatar
 
Join Date: Mar 2013
Location: Pune
Posts: 364
Thanked: 852 Times
Re: The Credit Card Thread

Quote:
Originally Posted by Nonstop-driver View Post
I applied for Amex Platinum Travel for my wife today and learnt that Amex is offering first-year membership complimentary (was rs. 3500 when I purchased). With the fee waived off, Amex is really good value for money.
Oh it sure is! I have completed all the milestones and redeemed free tickets as well as raked up a Taj stay. The best part is that as this redemption is Airline vouchers, there is no extra tax charged on them (like what is done when redeeming Airmiles). The total "returns" in this form exceed 7% (~30k benefits on spending 400k).
Even after the 2nd year fee on INR 5k, feel that the return is decent at 6%.
turbospooler is offline  
Old 14th August 2018, 06:21   #2897
BHPian
 
Join Date: Feb 2016
Location: Hyderabad
Posts: 60
Thanked: 59 Times

Do you guys know what is the mark up fee charged in some of AmEx transactions? I have ICICI AmEx card.
nrahul is offline  
Old 14th August 2018, 11:00   #2898
BHPian
 
turbospooler's Avatar
 
Join Date: Mar 2013
Location: Pune
Posts: 364
Thanked: 852 Times
Re: The Credit Card Thread

Quote:
Originally Posted by nrahul View Post
Do you guys know what is the mark up fee charged in some of AmEx transactions? I have ICICI AmEx card.
I am also using a ICICI Amex card but never have I come across any markup fee. Mine is ICICI JetPrivilege Sapphiro Amex card.
For foreign transaction they will charge a markup and conversion fee.
turbospooler is offline  
Old 14th August 2018, 11:03   #2899
Senior - BHPian
 
Join Date: Aug 2010
Location: Delhi
Posts: 2,559
Thanked: 2,653 Times
Re: The Credit Card Thread

Quote:
Originally Posted by nrahul View Post
Do you guys know what is the mark up fee charged in some of AmEx transactions? I have ICICI AmEx card.
As far as I know, there is no markup charged by AMEX. Certain merchants do charge extra 2% or there about for AMEX transactions. I have AMEX for 18 years now, and I do face some resistance from merchants at times. They say that AMEX charges them between 2% and 4%. But that is when the merchants claim to sell at a good discount. I have never faced either extra charges or reluctance from most Merchants (who display AMEX logo), Hotels, Airlines or e-commerce sites. Even abroad AMEX is honoured in large establishments and shunned by smaller operators.

Best part is that I get cashback when buying petrol at designated pumps and from PayTM with AMEX.
Aroy is offline  
Old 14th August 2018, 12:12   #2900
BHPian
 
Join Date: Jan 2008
Location: 515134
Posts: 293
Thanked: 285 Times
Re: The Credit Card Thread

At least couple of years back, SC never used to give 2 cash back cards to one person. At least thats what they told me when i tried applying for a Super Value Titanium that gives fuel and utility bill cashback in addition to the Manhattan card that I was holding.

Recently came across an fb promotion for SVT card and I applied and being an existing customer, received the card in about 5 days without any need of documentation.
rajesh1868 is offline  
Old 14th August 2018, 12:26   #2901
BHPian
 
Join Date: Sep 2015
Location: Pune
Posts: 466
Thanked: 475 Times
Re: The Credit Card Thread

Is there anyway to get a Credit card without providing any proof of income?

No not joking. I really want to get a credit card but I have absolutely no intent to hand over 2-3 months of salary slip or bank statement or IT return statement as a income proof.

I am OK to submit a copy of utility bills and may be Housing society share certificate and copy of Index 2.
freedom is offline  
Old 14th August 2018, 12:37   #2902
Team-BHP Support
 
Join Date: Sep 2010
Location: All over!
Posts: 7,175
Thanked: 16,504 Times
Re: The Credit Card Thread

Quote:
Originally Posted by freedom View Post
Is there anyway to get a Credit card without providing any proof of income?

No not joking. I really want to get a credit card but I have absolutely no intent to hand over 2-3 months of salary slip or bank statement or IT return statement as a income proof.
Lol. No. How can a bank extend credit to you until they are sure of your ability to fund the debt. You ain't no Mallya or Chowksi or Nirav Modi.
libranof1987 is offline  
Old 14th August 2018, 12:47   #2903
BHPian
 
Join Date: Feb 2016
Location: Hyderabad
Posts: 60
Thanked: 59 Times

Quote:
Originally Posted by turbospooler View Post
I am also using a ICICI Amex card but never have I come across any markup fee. Mine is ICICI JetPrivilege Sapphiro Amex card.

For foreign transaction they will charge a markup and conversion fee.

I also have ICICI Sapphiro AmEx and got charged markup fee at Cafe Coffee Day. I used it as there was some type of promotion but post swiping the card the discount was not applied. In addition to the statement showed Markup fee.

I have stopped using AmEx since then.
nrahul is offline  
Old 14th August 2018, 13:00   #2904
Senior - BHPian
 
SilentEngine's Avatar
 
Join Date: Jan 2008
Location: KA19,KA04
Posts: 1,166
Thanked: 648 Times
Re: The Credit Card Thread

Quote:
Originally Posted by freedom View Post
Is there anyway to get a Credit card without providing any proof of income?

No not joking. I really want to get a credit card but I have absolutely no intent to hand over 2-3 months of salary slip or bank statement or IT return statement as a income proof.

I am OK to submit a copy of utility bills and may be Housing society share certificate and copy of Index 2.
You can try the option where Bank issues card against the FD you keep with them.
SilentEngine is offline  
Old 14th August 2018, 13:21   #2905
BHPian
 
Join Date: Sep 2015
Location: Pune
Posts: 466
Thanked: 475 Times
Re: The Credit Card Thread

Quote:
Originally Posted by SilentEngine View Post
You can try the option where Bank issues card against the FD you keep with them.
Good idea. I will check how much FD I need to keep.
Given that my usage will be <10K on average I will only be interested in this idea if FD value is 5K or less. Anything more and I would rather pay via Debit card linked to my regular account.
The idea of credit card is to give a short term loan to the client without providing any collateral. That is one of the reasons why they charge hefty interest when there is a default on settling the charges at end of the cycle.

If credit card issuance needs a "regular income"/"liquid cash in saving account" etc then Bank is reducing the risk to almost 0 and the client is still charged 12.5% pm interest for any late payment. Not fair for the client IMO.

Last edited by freedom : 14th August 2018 at 13:25.
freedom is offline  
Old 14th August 2018, 14:51   #2906
BHPian
 
the_skyliner's Avatar
 
Join Date: Aug 2013
Location: Pune
Posts: 863
Thanked: 1,487 Times
Re: The Credit Card Thread

Quote:
Originally Posted by freedom View Post
Good idea. I will check how much FD I need to keep.
Given that my usage will be <10K on average I will only be interested in this idea if FD value is 5K or less. Anything more and I would rather pay via Debit card linked to my regular account.
You will need the FD to be of approximately 110% of the amount of required limit on CC. Usually, banks provide 80-90% of the FD amount as the limit.
the_skyliner is offline  
Old 14th August 2018, 21:52   #2907
BHPian
 
Join Date: Dec 2014
Location: Chennai
Posts: 464
Thanked: 1,179 Times
Re: The Credit Card Thread

Quote:
Originally Posted by freedom View Post
Good idea. I will check how much FD I need to keep.
Given that my usage will be <10K on average I will only be interested in this idea if FD value is 5K or less.

If credit card issuance needs a "regular income"/"liquid cash in saving account" etc then Bank is reducing the risk to almost 0 and the client is still charged 12.5% pm interest for any late payment. Not fair for the client IMO.
No one is forcing you to get a credit card. Why would anyone give you a credit limit of 10K with a FD of 5K? What is the guarantee that you will pay the rest, assuming you are not willing to submit proof of income?

I have a SBI Prime credit card against a FD of 50K with a 40 K credit limit. Banks will you a credit limit of 75-90% of the FD amount.

As far as your point about using debit cards, car rentals abroad don't accept debit cards. Also, in case of a failed transaction, I can simply dispute it instead of running to the bank.

Also, if you have liquid cash or regular income, why would you pay a credit card bill late?

Last edited by Ragavsr : 14th August 2018 at 21:54.
Ragavsr is offline  
Old 20th August 2018, 11:32   #2908
BHPian
 
redcruiser's Avatar
 
Join Date: Apr 2016
Location: Bangalore
Posts: 373
Thanked: 342 Times
Re: The Credit Card Thread

Does anyone know why some points mentioned in the image shows lapsed/adjusted ?
FYI- CC is HDFC Regalia. Snapshot of the Credit Card bill in the image beneath.
The Credit Card Thread-capturecc.jpg

Is there a way where I can verify the calculation of such points?

Last edited by redcruiser : 20th August 2018 at 11:33. Reason: more info added
redcruiser is offline  
Old 20th August 2018, 11:55   #2909
Senior - BHPian
 
Join Date: Dec 2008
Location: Bangalore
Posts: 3,364
Thanked: 4,967 Times
Re: The Credit Card Thread

Quote:
Originally Posted by redcruiser View Post
Does anyone know why some points mentioned in the image shows lapsed/adjusted ?
Reward points lapse after a certain period. For Regalia I believe it is 2 years.
binand is offline  
Old 20th August 2018, 14:06   #2910
Team-BHP Support
 
Join Date: Sep 2010
Location: All over!
Posts: 7,175
Thanked: 16,504 Times
Re: The Credit Card Thread

Quote:
Originally Posted by redcruiser View Post
Does anyone know why some points mentioned in the image shows lapsed/adjusted ?
FYI- CC is HDFC Regalia. Snapshot of the Credit Card bill in the image beneath.
Attachment 1792112

Is there a way where I can verify the calculation of such points?
Quote:
Originally Posted by binand View Post
Reward points lapse after a certain period. For Regalia I believe it is 2 years.
The other thing could be: did you receive a refund for anything that was billed on the credit card? That could be one reason for an adjustment.
libranof1987 is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2023, Team-BHP.com
Proudly powered by E2E Networks