[libranof1987]

Originally Posted by SilentEngine

One of the 'features' of the app is that it shows you 'smart' credit card statements in the app.

I doubt it'll work flawlessly. Two reasons:

- Two of my banks/credit card issuers don't include the statement: be it the account monthly statement or the credit card bill, anymore. The emails just mention that the statement has been generated and that I should log-in NetBanking.

- For the banks that do attach the statements, they are password protected with different logics. I doubt, rather hope, that the app AI is not smart enough to decipher the password logic, unlock the document and show it in the app.

[SilentEngine]

Originally Posted by libranof1987

I doubt it'll work flawlessly. Two reasons:



- Two of my banks/credit card issuers don't include the statement: be it the account monthly statement or the credit card bill, anymore. The emails just mention that the statement has been generated and that I should log-in NetBanking.



- For the banks that do attach the statements, they are password protected with different logics. I doubt, rather hope, that the app AI is not smart enough to decipher the password logic, unlock the document and show it in the app.

For password protected statements, it's a question of one-time setup. Password is usually a combination of name/dob/cardnumber. I am sure they will know the pattern each bank uses.
For those without attachments (like Amex), don't know how they plan to do it. May be they will want access to your card account login?

My concern is about giving access to the email inbox. Below is from the T&C:

In addition to the above, once you complete registration on the App, you consent to and provide express permission for the following:

a. Access by Dreamplug to your emails, via the registered email address;
b. Use by Dreamplug of the information provided by you for marketing, promotional and business purposes, subject to the Dreamplug privacy policy; and
c. Access to information provided by you to third party service providers authorized to share such information, for the purpose of the App Services

Point a is basically letting this app read *all* emails in the inbox, and let the app decide what's required for app to function. Obviously they plan on reading rest of your emails too and then target you later based on what they find.

Equivalent in offline world is giving keys to your postbox (or your home) to some random bank agent and *hope* that he won't read rest of your mails.

[whitewing]

Originally Posted by SilentEngine

My concern is about giving access to the email inbox. Below is from the T&C:



Point a is basically letting this app read *all* emails in the inbox, and let the app decide what's required for app to function. Obviously they plan on reading rest of your emails too and then target you later based on what they find.

Equivalent in offline world is giving keys to your postbox (or your home) to some random bank agent and *hope* that he won't read rest of your mails.

Spot on! That is an absolutely valid concern, hope more people become sensitive to data privacy. Of course, one needs to fight the impulse to handover 'ALL' our personal data for a trivial convenience.
But given how the world currently spins, we hand over all types of data and a few years later, cry over loss of privacy.

[Yieldway17]

Originally Posted by SilentEngine

One of the 'features' of the app is that it shows you 'smart' credit card statements in the app. The way it does is by scanning through your email inbox. However good their data security standards is, it wouldn't be a smart thing on our part to let a third party access to email inbox.

So fundamentally what is the problem this app is solving?

Definitely, that's kind of a no go for me. I will probably use only their rewards program which I have activated, didn't activate the smart statements and other features based on email access.

[turbospooler]

Originally Posted by Yieldway17

Definitely, that's kind of a no go for me. I will probably use only their rewards program which I have activated, didn't activate the smart statements and other features based on email access.

Same here. Only using their payment system for getting rewarded.
Any app which asks for email scanning and is free casts a doubt in my mind about its infringement on privacy.

[binand]

Originally Posted by turbospooler

Any app which asks for email scanning and is free casts a doubt in my mind about its infringement on privacy.

And yet, just about everyone has a Gmail account...

[turbospooler]

Originally Posted by binand

And yet, just about everyone has a Gmail account...

This got me cracking
But seriously, there is no privacy in the online world.
Even Credit Cards try to sell you stuff based on your previous purchases. Targeted offers are mainstay for Amex, ICICI, HDFC and they actually earn money from this cross sell.

[adimicra]

Originally Posted by turbospooler

H

I was trying to check if there is any other card in the market as good as this. If there is, I was planning to downgrade the Plat Travel to MRCC and earn 8% on 1.5L spend per annum (while getting fee waiver for the next year) and spend the rest of 4-5 Lakhs on the other card.

Can you please explain how will you get 8% reward rate on Amex MRCC?
If this is true, I will get one.

[turbospooler]

Originally Posted by adimicra

Can you please explain how will you get 8% reward rate on Amex MRCC?
If this is true, I will get one.

The best way to extract this 8% benefit is as below:
1) Get this card by paying the Joining Fee (₹1k) and get that massive Joining Bonus of 4k MR points
2) Make 4 transactions of ₹1k and above per month to earn 1k MR points per month. That makes it 12k MR points
3) The regular points on spending ₹1.5L will be 3k MR points.
Now, you have a total of 19k MR points.
Redeem 18k of them for ₹7.5k statement credit or ₹8k Amazon Gift Card.
Also, you get fee waiver for next year. That means a cool ₹4.5k saved + GST.
So you spend ₹1.51 lakhs (Fee+Spend) and get a return of approx. ₹12k or so.

The next year bonus points will be 5k and you wouldn't spend a dime on getting those due to your spend based waiver.
Next year scenario will be 1k balance + 5k Joining Bonus + 12k Bonus points on min. 4 transactions of ₹1k each + 3k Regular points = 21k Points.
Repeat the same process next year and get that cool 8% return.
In fact, if you don't want to spend much and avail the ₹90k spend based waiver for 50% of the Renewal Fee to be cut, the returns will be much better.

[adimicra]

Originally Posted by turbospooler

The best way to extract this 8% benefit is as below:
1) Get this card by paying the Joining Fee (₹1k) and get that massive Joining Bonus of 4k MR points
2) Make 4 transactions of ₹1k and above per month to earn 1k MR points per month. That makes it 12k MR points
3) The regular points on spending ₹1.5L will be 3k MR points.
Now, you have a total of 19k MR points.
Redeem 18k of them for ₹7.5k statement credit or ₹8k Amazon Gift Card.
Also, you get fee waiver for next year. That means a cool ₹4.5k saved + GST.
So you spend ₹1.51 lakhs (Fee+Spend) and get a return of approx. ₹12k or so.

The next year bonus points will be 5k and you wouldn't spend a dime on getting those due to your spend based waiver.
Next year scenario will be 1k balance + 5k Joining Bonus + 12k Bonus points on min. 4 transactions of ₹1k each + 3k Regular points = 21k Points.
Repeat the same process next year and get that cool 8% return.
In fact, if you don't want to spend much and avail the ₹90k spend based waiver for 50% of the Renewal Fee to be cut, the returns will be much better.

Thanks for your reply.
I agree with your first year calculations but you should not club the renewal fees waiver to calculate the reward rate for fair comparison with other cards (many premium cards have life time free offer). So, first year reward rate = 8K/1.5L = 5.33%. I am assuming we can get the bonus points just by doing wallet load transactions (paytm,amazon pay etc)

I think your calculations are flawed for 2nd year onwards.
As per the website, next year 5000 bonus points are given only when you pay the renewal fees. So, if you are getting the spend based waiver, no bonus points will be given.SO, from 2nd year onwards, the reward rate will come down. If you want to earn 18000 points and avoid the renewal fees, then you have to spend -
1> 4*1000 transactions every month = 48000 spend, bonus points = 12000
2> 3L annual spend = 6000 regular points.
So, reward rate = 8000/3L = 2.67%


Still, it might be good to get this card just for the first year benefit itself. Fron second year onwards, this card is really not that great particularly considering very low normal reward rate. If you are a high spender, (>5L annually, for example) it is absolutely avoidable as there are no additional bonus points given for high spends and the normal reward rate (without considering bonus points) is pathetic (<0.5%).

[rkg]

Originally Posted by adimicra

Still, it might be good to get this card just for the first year benefit itself. Fron second year onwards, this card is really not that great particularly considering very low normal reward rate. If you are a high spender, (>5L annually, for example) it is absolutely avoidable as there are no additional bonus points given for high spends and the normal reward rate (without considering bonus points) is pathetic (<0.5%).

I got this card as LTF in 2016. You are spot on regarding the rewards points. In addition the acceptance is less compared to Mastercard/VISA/Diners

However, once in a while Amex runs very good merchant offers. One can keep the card just for these offers.

Amex has no fuel surcharge at HPCL fuel outlets. It will not levied at all, unlike other banks, where they levy it first and then reverse. In the bargain customer ends up paying GST on reversed surcharge

[adimicra]

Originally Posted by rkg

I got this card as LTF in 2016. You are spot on regarding the rewards points. In addition the acceptance is less compared to Mastercard/VISA/Diners

However, once in a while Amex runs very good merchant offers. One can keep the card just for these offers.

Amex has no fuel surcharge at HPCL fuel outlets. It will not levied at all, unlike other banks, where they levy it first and then reverse. In the bargain customer ends up paying GST on reversed surcharge

I agree, Life time free makes sense for this card.
This is a pretty entry level card and should not be the primary card for high spenders. The main thing I dislike this card is it does not reward high spenders. ALso, the limited acceptance is a major issue.
Amex does run some special merchant offers which I think makes this card a good secondary card. Also, Amex customer service is much better than the likes of HDFC.

[dre@ms]

CRED - After reading about it here, tried and got approved within seconds. Out of 3, only 2 cards were detected. Need to add the 3rd one manually.

Enrolled for Smart Protect and only one cards statement was detected since the password was the card# itself. For the other, it was a combination of first/last name and last 4 digits which the app couldn't detect due to a different first and last name in my card.

Surprisingly, this is the only App which credited Rs.1 to both my cards whereas others would detect and re-credit.

Paid my amount due and received the reward for the same amount. Need to test is further.

[rishab.k]

One of the leading private bank just told me that aadhar is mandatory to process the credit card application. Is it so ?

[dailydriver]

Originally Posted by rishab.k

One of the leading private bank just told me that aadhar is mandatory to process the credit card application. Is it so ?

Please show them this report.

Telecom companies and banks insisting on Aadhaar as the sole identity and address proof, instead of allowing consumers looking to get a mobile connection or open an account to use their passport or ration card, will be liable to a penalty of up to Rs 1 crore and jail for their staffers concerned — ranging from three to 10 years.

Source: Times of India