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Old 10th June 2020, 13:50   #3691
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Re: The Credit Card Thread

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Originally Posted by ast.ggn View Post
Hello everyone, need your suggestions on the situation below.


3. Clearly it isn't an interest free transaction now (in case I don't get money back) and hence Croma is at fault for fooling with customers?
.
I think the 0%interest emi works in different way.

If you had bought the tv on full down payment, you would have paid Rs 47490.

However, with emi option , it was billed at Rs 44071.
Loan is at 14% rate, and after adding up all EMI, the total amount paid by you is Rs 47484.

So net amount that you paid with EMI is same as what you would have paid if bought with upfront payment. Hence it's 0% interest effectively for you.

The key point is that they discount the product by the same amount as loan interest. You don't get that discount if you don't take emi option.
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Old 10th June 2020, 14:32   #3692
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Re: The Credit Card Thread

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Originally Posted by rjainv View Post
I think the 0%interest emi works in different way.
Yes, you are right in what you have mentioned and for a shortwhile I also considered it as possibility. But I had a clear call with bank customer care in which cashback was supposed to be credited in February. The bank executive even confirmed the amount which was in same ballpark as payback amount mentioned on slip (I don't remember exact figure mentioned as I didn't see this coming). Now bank says that this is merchant emi and cashback has nothing to do with bank.
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Old 10th June 2020, 15:47   #3693
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Re: The Credit Card Thread

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Originally Posted by ast.ggn View Post
Yes, you are right in what you have mentioned and for a shortwhile I also considered it as possibility. But I had a clear call with bank customer care in which cashback was supposed to be credited in February. The bank executive even confirmed the amount which was in same ballpark as payback amount mentioned on slip (I don't remember exact figure mentioned as I didn't see this coming). Now bank says that this is merchant emi and cashback has nothing to do with bank.

I think you are assuming loan amount to be original price of product that you would have paid in a no emi case, and probably building that theory based in a confused bank customer care who might be inexperienced/still learning...

Just google up no-cost emi - you'll see same explanation on many websites including Amazon and Flipkart.


Here is a screenshot from Amazon.
The Credit Card Thread-screenshot_20200610154622.jpg
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Old 10th June 2020, 15:58   #3694
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Re: The Credit Card Thread

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Originally Posted by ast.ggn View Post

Now my questions are as below:
1. Why did Bank customer care executive confirm me in January about the cashback and then retracted their statement in march? Is it possible that Croma might have done some mischief?

Please understand that there are 2 types of cashbacks. One is merchant cashback which is applicable in case of No cost EMI or 0% EMI. Earlier this used to be given as an upfront cashback in your credit card but now they have started reducing it from your loan value.

And at times few brands offer additional cashback during festival times which will be separately mentioned in the charge slip. Only the second type of cash back takes 60 or 90 days as per the terms and conditions.


2. Can anyone confirm if the Merchant payback mentioned is the cashback to be credited or it means something else in banking terms? If it means something else, then I am at fault for not paying enough attention while doing the transaction.

Please go to your loans section in HDFC credit card netbanking. The Loan amount will be less than the transaction value. It simply means that your no cost emi cashback has been given as an upfront discount in your loan amount.


3. Clearly it isn't an interest free transaction now (in case I don't get money back) and hence Croma is at fault for fooling with customers?

The interest amount is offered as an upfront discount. So the net effect is zero interest. The only cost is GST on finance charge that you will have to pay out of your pocket.

4. Any suggestions to get the money back. Filing a consumer court complaint isn't worth the hassle given the amount.

Unless they offered you an additional cash back, which will be printed in the charge slip as shown below, you have nothing to fight for. So just sit back and enjoy your favourite show on your new TV.


This is the No cost EMI part:
The Credit Card Thread-img20180206wa0004-2-copy.jpg


The additional cash back part:
The Credit Card Thread-img20180206wa0004-2.jpg

Hope it helps!

Last edited by Warwithwheels : 10th June 2020 at 16:03.
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Old 10th June 2020, 16:43   #3695
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Re: The Credit Card Thread

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Originally Posted by rjainv View Post
I think you are assuming loan amount to be original price of product that you would have paid in a no emi case, and probably building that theory based in a confused bank customer care who might be inexperienced/still learning...
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Originally Posted by Warwithwheels View Post
This is the No cost EMI part:
Thanks guys.

Looks to be case of confused customer + customer care.
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Old 11th June 2020, 17:53   #3696
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Re: The Credit Card Thread

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Originally Posted by naveenvenkatesh View Post
My first transaction was denied. I got an SMS from the bank telling me that the amount was withheld due to security reason and i am supposed to call customer care.

In the morning i called their customer care. The lady on the line told me it was a server error and i can try again after 10 mins. I tried after 30 mins but still my transaction were getting denied.I must have tried about 6-7 times.The transactions were getting denied everytime.

I called their customer care again. This time a different lady explain that ICICI bank have instituted a new policy during this time where they have categorised merchants and set limits on how much credit can be used against.
I had a similar experience while trying to make a purchase on the Dell website for a laptop, fairly large amount of 68k. Received a message saying that the amount was withheld for security reasons and to call customer care. Called up the customer care and he said that I need to send an SMS to register for 3D secure. This didn't work as I received a reply to the SMS saying service not available. So did a bit of digging on the ICICI website and found their 3D Secure page, where you have the option of setting a 'Verified by Visa' password. Went through a few simple steps and was able to create a password.

Then tried again on the Dell website but received the same message that transaction for XX has been withheld and to to call customer care. The lady who I spoke to said that because I had tried so many times the Dell website was now a blocked merchant on my card. She unblocked it and said to try after 10 mins. Waited for about 30 mins and tried, and voila it worked (funnily enough it still asked for an OTP not the VBV password I had set).

Not sure if this would work for you, but maybe try setting the Verified by Visa password (or the Mastercard equivalent) and then ask customer care to unblock the merchant (probably blocked because you tried so many times), and see if this works.

Interestingly there are quite a few people hitting up the ICICI Twitter handle with similar issues, even for small amounts like 2-3k. Seems to have started around the beginning of April.
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Old 13th June 2020, 19:40   #3697
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Re: The Credit Card Thread

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Yes, i agree that HDFC DB is super premium CC where as Amazon Pay CC could be an entry/mid level CC. But for my usage, it is not making much of a difference. I don't use the reward points for hotel/flight booking. And I only use it for cash back purpose. So, for normal usage (not through smart buy), the conversion rate for HDFC reward points would be 1% cashback where as in case of Amazon Pay CC, the minimum i get is 1% and the maximum is 5%.
I have an infinia - and an "life time free one" - now based on your experience, that lifetime is not something to bank on :-). For me the major driver retaining this card was the 10x rewards, 1RewardPoint=50Paise conversion and the priority pass.
Now with covid, atleast for some time I would not contemplate on travel, so the priority pass usage is out.
The reduction in reward points 1RewardPoint=33paise and the reduction of the 10x to 5x in smart buy sure is a dampener.

Today when i tried to redeem my reward points for amazon vouchers was shocked at the conversion rate - 6660reward points for a Rs1000 amazon gift card, simply makes no sense to redeem at those rates when we can do cash redemption at 50paise per reward point.

Thanks for the hint on the Amazon Pay CC, now considering a switch. At the least the hassle of adding individual items to the cart via the smartbuy landing page in amazon will not be avoided.
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Old 13th June 2020, 19:47   #3698
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Re: The Credit Card Thread

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Originally Posted by whitewing View Post
I have an infinia - and an "life time free one" - now based on your experience, that lifetime is not something to bank on :-).
It was a shock for me when they i was told that the card is not LTF, after using the card for more than 4 years now. Anyway, i went ahead and opened an SB account with them, just to retain this card. But, that was before they reduced the 10x reward points. So, i may get rid of this card in the future if i do not see much of a benefit, as i don't use this card for travel or hotel booking.
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Originally Posted by whitewing View Post
For me the major driver retaining this card was the 10x rewards, 1RewardPoint=50Paise conversion
Small correction, it is 30paise and not 33 paise.
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Originally Posted by whitewing View Post
Thanks for the hint on the Amazon Pay CC, now considering a switch. At the least the hassle of adding individual items to the cart via the smartbuy landing page in amazon will not be avoided.
I have found this Amazon Pay CC as no non-sense card, after using it for more than 10 months. I do heavy shopping from Amazon and all my bill payments (including gas cylinder booking) are done through Amazon Pay. So, it does make sense for me to keep this card.
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Old 14th June 2020, 12:16   #3699
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Re: The Credit Card Thread

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So i got a free ugrade from Yes Bank Preferred to Yes Bank Exclusive card(lifetime free), the card is pretty neat with unlimited lounge access for both primary card holder and add on card holder, i guess very few cards give this option.
Did you have to achieve any threshold of spend on the Preferred card to be eligible for the upgrade?
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Old 14th June 2020, 17:47   #3700
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Re: The Credit Card Thread

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Did you have to achieve any threshold of spend on the Preferred card to be eligible for the upgrade?
Nothing, as a matter of fact I have not been using the card at all from past few months, even i was surprised.
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Old 15th June 2020, 00:47   #3701
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Re: The Credit Card Thread

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Originally Posted by whitewing View Post
I have an infinia - and an "life time free one" - now based on your experience, that lifetime is not something to bank on :-). For me the major driver retaining this card was the 10x rewards, 1RewardPoint=50Paise conversion and the priority pass.
Now with covid, atleast for some time I would not contemplate on travel, so the priority pass usage is out.
The reduction in reward points 1RewardPoint=33paise and the reduction of the 10x to 5x in smart buy sure is a dampener.

Today when i tried to redeem my reward points for amazon vouchers was shocked at the conversion rate - 6660reward points for a Rs1000 amazon gift card, simply makes no sense to redeem at those rates when we can do cash redemption at 50paise per reward point.

Thanks for the hint on the Amazon Pay CC, now considering a switch. At the least the hassle of adding individual items to the cart via the smartbuy landing page in amazon will not be avoided.
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Originally Posted by kavensri View Post
It was a shock for me when they i was told that the card is not LTF, after using the card for more than 4 years now. Anyway, i went ahead and opened an SB account with them, just to retain this card. But, that was before they reduced the 10x reward points. So, i may get rid of this card in the future if i do not see much of a benefit, as i don't use this card for travel or hotel booking.

Small correction, it is 30paise and not 33 paise.

I have found this Amazon Pay CC as no non-sense card, after using it for more than 10 months. I do heavy shopping from Amazon and all my bill payments (including gas cylinder booking) are done through Amazon Pay. So, it does make sense for me to keep this card.
I know both of you guy have your opinion and your preferences on redemption of reward points, but I would like to simply point out that we all take vacations once a year or two. The reward points on HDFC DCB and Infinia can be used to book Hotels at 1 Re per reward point and its a great reward rate. Add to that the Reward Points have a validity of Three Years on both these cards. So do think about it.

As for Amazon Pay card being an alternative, Yes, its a good alternative. Another alternative I would suggest is getting the American Express Membership Rewards Credit Card. Even with the simplest of reward point conversions, it gives a decent reward rate of 3% if you meet the 4 x 1000 Rs. transactions every month.

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Originally Posted by Fx14 View Post
Did you have to achieve any threshold of spend on the Preferred card to be eligible for the upgrade?
No need. I was given the upgrade option last year from Preferred to Exclusive. The preferred was with me for barely 6 months and negligible usage on that card. Still I got the upgrade offer last year.

Last edited by tejas08 : 15th June 2020 at 00:53.
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Old 15th June 2020, 07:34   #3702
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Re: The Credit Card Thread

Hi @Tejas08,

Need your advice on my current credit card holdings.

1. HDFC Regalia
- Good reward points earning rate with 10X rewards points option at that time. Now it is reduced to 5X. Life time free due to my savings account with HDFC bank.
2. Amazon Pay
- 5 % cashback on amazon is unmatched.
3. Citi Rewards
- Planning to close this card, except for the occasional 10 % cashback offers on Amazon. But I also read an advice, not to close your oldest credit card as it helps in credit history. Please advise.
4. Citi Indian Oil Credit Card
- This is exclusively used for my fuel purchases.
5. New addition - Standard Chartered Ultimate.
5K per year but I will get 5K reward points back and 1 reward point = 1 Rs. Welcome offer has 10K cashback on the first transaction on MMT. 5 reward points for every 150 rs spent.


Please advise how to plan my spends and which cards to retain and which cards to close.

Last edited by F150 : 15th June 2020 at 07:48.
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Old 15th June 2020, 07:46   #3703
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Re: The Credit Card Thread

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The reward points on HDFC DCB and Infinia can be used to book Hotels at 1 Re per reward point and its a great reward rate.
I do travel a lot and most of my stay are in budget hotels. For example, whenever i have to travel to any temple places in TN, i prefer staying in TTDC hotels. And I don't travel in flight. So, my only options are either convert points to GV with around 1.5% returns or Cashback with 1% returns, assuming that I have not considered 3X or 5X rewards.

Quote:
Originally Posted by tejas08 View Post
Another alternative I would suggest is getting the American Express Membership Rewards Credit Card. Even with the simplest of reward point conversions, it gives a decent reward rate of 3% if you meet the 4 x 1000 Rs. transactions every month.
Thanks for your suggestion. I already have 3 credit cards. So, in the future if i am looking for adding one more, i will consider this.
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Old 15th June 2020, 08:10   #3704
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Re: The Credit Card Thread

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... but I would like to simply point out that we all take vacations once a year or two.
Agree on the travel part.
Quote:
Originally Posted by tejas08 View Post
...As for Amazon Pay card being an alternative, Yes, its a good alternative. Another alternative I would suggest is getting the American Express Membership Rewards Credit Card. Even with the simplest of reward point conversions, it gives a decent reward rate of 3% if you meet the 4 x 1000 Rs. transactions every month.
.....
Thanks, I already have an amex memberships rewards card. I've been doing the 1*1000 rather diligently.
But for Amazon purchases, what would your recommendation be - Amazon pay cc versus Membership rewards?
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Old 15th June 2020, 10:08   #3705
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Re: The Credit Card Thread

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Agree on the travel part.

Thanks, I already have an amex memberships rewards card. I've been doing the 1*1000 rather diligently.
But for Amazon purchases, what would your recommendation be - Amazon pay cc versus Membership rewards?
As Amazon Pay card gives 5% unconditionally, it is a good card for Amazon purchases. At times Amazon has 10% and 15% schemes for ICICI or HDFC cards, so if you have them it is a bonus. My Amazon card is ICICI so I hope to reap discounts on both occations.
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