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Old 10th September 2022, 09:46   #5731
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
I have not come across any limitations with my HDFC SB account (more than 2 years now) or with my friend's IDFC SB account (more than an year). And same with my daughter's SBI SB account (couple of months) as well.
These are the limitations, straight from the RBI's mouth. I have removed some that are irrelevant for our discussion and have lightly edited and formatted the text:

Quote:
Accounts opened using OTP based e-KYC, in non-face-to-face mode, are subject to the following conditions:
  1. The aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In case, the balance exceeds the threshold, the account shall cease to be operational, till CDD is complete.
  2. The aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed rupees two lakh.
  3. Accounts opened using OTP based e-KYC shall not be allowed for more than one year unless identification as per Section 16 or as per Section 18 (V-CIP) is carried out.
  4. If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately.
If you are able to operate these accounts even after 1 year, chances are that the bank has sneaked in a regular KYC (the CDD - Customer Due Diligence - mentioned above) without you noticing. I doubt they'd violate RBI rules blatantly.

Anyway, we are now off-topic for this thread.
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Old 10th September 2022, 11:25   #5732
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Re: The Credit Card Thread

Quote:
Originally Posted by kavensri View Post
I have not come across any limitations with my HDFC SB account (more than 2 years now) or with my friend's IDFC SB account (more than an year). And same with my daughter's SBI SB account (couple of months) as well. All the 3 accounts were opened through e-KYC method.
But so far, I have not come across CC being issue by any bank through e-KYC method. I stand corrected in this regard.
One major difference in the case of SB v/s CC is that in the case of SB it's your funds lying with them, while for CC it's them granting you a limit for use without any collateral.

As an additional check, they would therefore want to establish the physical presence of the person at the address provided in the documents. Some of them are also known to make discreet enquiries with neighbours too with respect to the length of stay by the applicant at the location etc.
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Old 10th September 2022, 11:54   #5733
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Re: The Credit Card Thread

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Originally Posted by Fx14 View Post
One major difference in the case of SB v/s CC is that in the case of SB it's your funds lying with them, while for CC it's them granting you a limit for use without any collateral.

As an additional check, they would therefore want to establish the physical presence of the person at the address provided in the documents. Some of them are also known to make discreet enquiries with neighbours too with respect to the length of stay by the applicant at the location etc.
I did not know that SBI has so many checks in place before they issue a CC. So far, I have had 4 calls from the bank, one personal visit to take the biometric & signature on the application forms. Next will be one more physical check to confirm the address.
Currently I am having CC from Citibank, HDFC and ICICI (AP). Except for taking signature on the application form and may be 1 or 2 calls (after), did not had so many checks from either of these banks. So, it is kind of a new experience for me.
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Old 10th September 2022, 23:52   #5734
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Re: The Credit Card Thread

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Originally Posted by alpha1 View Post
Anyhow, what happened is that the petrol pump attendant took my card and "tried to charge Rs. 4400" (for full tank), claimed that machine was not working and made attempt on another POS machine which was successful.

Received two SMS about 30 minutes afterwards that Rs 2000 and Rs 4400 have been charged on my credit card.
Right from the beginning I had been wary of this tap to pay feature. First they (RBI) introduced a very good security feature: PIN. Then they nullify that with tap to pay. Fortunately they made it possible to disable or modify payment limit for this feature. In all my cards I have disabled it.
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Old 11th September 2022, 07:24   #5735
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Re: The Credit Card Thread

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Originally Posted by kavensri View Post
I had applied for this card on 2nd. Today a representative came home for verification. I am surprised that they are still following the old school verification method (by meeting the customer personally) when most of the private banks have moved completely to e-KYC.
Quote:
Originally Posted by UPS_Guru View Post
These days eKYC + video verification of live person + PAN Card is equal to full KYC. IDFC and ICICI banks follow this process.

Strange! -- Just recently some third party guy came to my home on ICICI bank's behalf for verification for my credit card application. My ICICI bank RM had never even informed me about any video KYC option!

Never had this home verification for my HDFC and Axis cards (both applications done at bank branch).
.

Last edited by meerkat : 11th September 2022 at 07:28.
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Old 11th September 2022, 16:29   #5736
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Re: The Credit Card Thread

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Originally Posted by binand View Post
I actually love these NFC payment ("tap to pay"). It is all the vogue throughout the UAE and is such a time-saver. I am somewhat disappointed that it doesn't see a lot of uptake in India despite everyone upgrading .
There is significant uptake in India as well. For the past few years I have made ALL payments via tap at various places without any issues. In fact most sales people ask if the card is tap enabled. Absolutely love this feature.
Quote:
Originally Posted by alpha1 View Post
How much time do you save by not keying in the PIN? 5 minutes per transaction? Really - or is it 5 seconds?

In fact I was alarmed in the US - there is no provision of PIN or OTP or anything vaguely enhancing customer's transaction security there.
Do you by any chance also support the no-PIN policy of the US.
I absolutely love the convenience of not having to insert the card and enter a pin. It makes payments so much easier. In a day I might make 10 to 20 such small transactions. A small risk of fraud is ok to bear for the immense convenience. In any case, after using it for thousands of transactions over the past years, I have never had any issues. Even in your case it is quite possible that it was a mistake and not fraud.

Coming to your second point, I fully support the no pin policy in the US or India if it were to be available. Again a small limit like 5k could be imposed. The convenience is absolutely worth the small risk of fraud.
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Old 11th September 2022, 17:25   #5737
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Re: The Credit Card Thread

You can put a upper limit for the ‘tap’ transactions. I find it extremely useful, especially at fuel stations.
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Old 11th September 2022, 17:47   #5738
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Re: The Credit Card Thread

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Originally Posted by shashank.nk View Post
Is Regalia better than Millenia post devaluation ? I opened a HDFC account recently and I initially got offers for a Millenia card, told my RM I'm not keen on Millenia and asked for a Regalia card instead.
An update on this-HDFC went ahead and issued a Millenia Card with a paltry credit limit which was less than 5% of my other cards. It wasn't much of a surprise as most Banks hate my types (self-employed) I expressed my displeasure and went on to close the credit card as with the credit limit couldn't use it for any big mobile purchases where the cashback is a bonus.

I got a call Friday where my RM told me I can get a Regalia/Infinia card against FD and use it for 6-8m for big ticket spends and then surrender the card if its of no use to me. I foresee around 2L being spent on this mostly for the iPhone to be bought early next month.

Will this surrender of credit card the 2nd time in as many years affect my CIBIL score ? RM says it won't but I thought I'll check if anyone here has done this before or atleast got a card against FD.
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Old 11th September 2022, 17:50   #5739
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Re: The Credit Card Thread

Tap & Pay is a godsend in these pandemic times!

Even pre-pandemic, I used to detest handing over my card to people, and to touch those filthy PoS machines. Nowadays, I have moved my cards to Google Pay, and simply use my OnePlus phone NFC.

No touching of any kind involved now, and my wallet doesn't even need to leave my pocket.
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Old 11th September 2022, 17:56   #5740
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Re: The Credit Card Thread

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Originally Posted by itwasntme View Post
Tap & Pay is a godsend in these pandemic times!

Even pre-pandemic, I used to detest handing over my card to people, and to touch those filthy PoS machines. Nowadays, I have moved my cards to Google Pay, and simply use my OnePlus phone NFC.

No touching of any kind involved now, and my wallet doesn't even need to leave my pocket.
Even I am exploring this option however worried about many scams running around. Will this not be a risk on data privacy?
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Old 11th September 2022, 18:14   #5741
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Re: The Credit Card Thread

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Originally Posted by VWAllstar View Post
Even I am exploring this option however worried about many scams running around. Will this not be a risk on data privacy?
What exactly is your worry about data privacy? Tap & pay or Chip & Pin or plain old fashioned swipe - it is exactly the same amount of data that goes into the database of the various entities involved. There is nothing here to make one more private than any of the others.

If you are worried about data security - don't be. The cards can be read only in close proximity (1-2 inches) and only registered PoS machines can read data off the cards, not random ones bought off Chinese websites. I'm not precluding sophisticated attacks but just saying they are of a vanishingly low probability.
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Old 11th September 2022, 18:14   #5742
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Re: The Credit Card Thread

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Originally Posted by Guite View Post
Right from the beginning I had been wary of this tap to pay feature. First they (RBI) introduced a very good security feature: PIN. Then they nullify that with tap to pay. Fortunately they made it possible to disable or modify payment limit for this feature. In all my cards I have disabled it.
It makes transactions at busier places like fuel stations when you are filling up petrol for two wheelers so easy and quick (except for cash). RBI has clearly given a reasonable limit till which it can be used and also has made it opt-in instead of opt-out. And one can always turn it off too. I have no idea why people are complaining about it so much when no one is forcing anyone to use it.
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Old 11th September 2022, 20:14   #5743
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Re: The Credit Card Thread

If anything, we have to blame ourselves for the habit of handing over the card for payment. I also do it (got used to handing over the card in the US) but recently have been trying to deny handing over the card and asking to present the POS machine so I can insert or tap the card myself. This habit should take care of preventing such frauds.
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Old 12th September 2022, 12:24   #5744
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Re: The Credit Card Thread

I also love the tap-and-pay and have used it extensively, lets me ignore the second level of authentication (PIN), but ther downside of tap-and-pay is when you loose the card, and before you realise it a whole lot of transactions have happened.

There is also a chance of advance snooping apps that can access the card is wallet, clone it and carry out transcactions. That is why you see smart enterpeuners selling shielded wallets.
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Old 12th September 2022, 23:43   #5745
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Re: The Credit Card Thread

Don't know if this was discussed earlier, couldn't find

I am unable to add money to my Amazon pay wallet using any CC. This is the message "Credit card is currently not supported for this transaction. Please use UPI, Debit Card or Net Banking".

This is a bummer.
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