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Old 1st October 2022, 06:35   #5836
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Re: The Credit Card Thread

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Originally Posted by Fx14 View Post
Seems to be the new modus operandi. Visited Axis Bank to enquire regarding their CC vs FD offer. They insisted on opening a savings account before the FD and CC.
I applied for 2 credit cards (Axis and Amex) recently. Both got approved with a video KYC within one day. No requirement of accounts or anything else.
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Old 1st October 2022, 06:40   #5837
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Re: The Credit Card Thread

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Originally Posted by fhdowntheline View Post
I dont know about you guys but ever since the pandemic started and UPI transactions became almost the norm, my credit card usage has drastically declined. Less shopping in general, and usage of UPI for almost all retail POS and online payments has done the deed I suppose. I dont even have the credit card of my primary Banking service provider anymore, just some legacy cards over the last 8-9 years.
I hardly use my credit card as a credit card. Mostly use it for instant 10% discount during online festive offers, and for cashback (example 5% cashback on Amazon card). Even in festive offers, when the same offer is also available on debit cards, I first prefer.to exhaust the debit card limit for cashback.

When there is no such offer, I use the upi or other means to reduce the fee burden on the seller.

Maybe the only other use case that I have seen is protection of your payment in online purchases, where you can request card company to reverse transaction in case the seller defaults on service. (Never tried but heard from friends in the US)

Last edited by ajayc123 : 1st October 2022 at 06:52.
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Old 1st October 2022, 10:32   #5838
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Re: The Credit Card Thread

So, after 24+ years, finally I closed my Suvidha account. They did give me an offer to keep my account with ‘zero balance’ for 6 more months. But I had decided to close it anyway and hence did not accept their offer. Their service is top class even when I was closing the close the account. Just one phone call and they did it everything in that single call. No more follow ups. They had promised that the account will be closed in 24 hours, and it did happen within 24 hours. Their service will surely be missed.
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Old 2nd October 2022, 01:49   #5839
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Re: The Credit Card Thread

I would be doing my first international trip and confused on the charges on spends with my CC and advantage of getting a forex card, possibly the niyo global for spends ? A total noob on these and any inputs would be much appreciated. The travel is to Dubai.
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Old 2nd October 2022, 04:59   #5840
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Re: The Credit Card Thread

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Originally Posted by Phoenix_VR View Post
I would be doing my first international trip and confused on the charges on spends with my CC and advantage of getting a forex card, possibly the niyo global for spends ? A total noob on these and any inputs would be much appreciated. The travel is to Dubai.
An international transaction on CC would incur a forex markup fee of 2-3% on the transaction value. Also when you are using CC for purchases then the forex conversion charges on the date on transaction is considered which keeps fluctuating also it is different for each bank. The advantage of forex card is you lock your currency rate so whether it increases or reduces your rate is fixed on date of purchase of forex card, there are no additional markup fee charged, though some providers do charge you a setup fee initially or card issuance feee which can be negotiated. Unless your spending is too low it is always preferable to get forex card.
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Old 2nd October 2022, 08:03   #5841
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Re: The Credit Card Thread

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Originally Posted by Phoenix_VR View Post
I would be doing my first international trip and confused on the charges on spends with my CC and advantage of getting a forex card, possibly the niyo global for spends ? A total noob on these and any inputs would be much appreciated. The travel is to Dubai.
Credit Cards will have a forex conversion (On the day the transaction hits the bank) with markup (2% or 3% + GST). Since its your first trip, suggest take a little cash in AED or USD + Niyo forex card (They dont have markup) + Keep CC as backup.
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Old 2nd October 2022, 16:35   #5842
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Re: The Credit Card Thread

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Originally Posted by Phoenix_VR View Post
I would be doing my first international trip and confused on the charges on spends with my CC and advantage of getting a forex card, possibly the niyo global for spends ? A total noob on these and any inputs would be much appreciated. The travel is to Dubai.
You'll soon realise that mark up won't be the core issue. Despite informing in advance, the bank will block and/or selectively allow transactions outside India. Mix of cash & credit cards(multiple) recommended. Have the bank's app handy in your phone. Avoid debit cards and change the transaction limit of your debit card based on the transaction value.
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Old 2nd October 2022, 17:48   #5843
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Re: The Credit Card Thread

Quote:
Originally Posted by Phoenix_VR View Post
I would be doing my first international trip and confused on the charges on spends with my CC and advantage of getting a forex card, possibly the niyo global for spends ? A total noob on these and any inputs would be much appreciated. The travel is to Dubai.
No credit card can beat the rate provided by niyo global. The most annoying part about credit cards is that the markup fees are added only at the time of statement and hence you dont even know what the actual rate was.

However, the only time I have used niyo global was in Thailand in 2019. Not sure how the experience/fees have changed since.
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Old 2nd October 2022, 20:30   #5844
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Re: The Credit Card Thread

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Originally Posted by anti21 View Post
You also get 6% back if you purchase tickets/hotel stay through their TraveEdge portal. Points can be
Hi,
Are you sure of this ? I just made a booking worth 30,512 via Axis Travel edge and got 1824 Reward edge points, which translates to roughly 1.2% (~Rs.366) only.

I am unable to find the current reward structure for Flights and Hotel bookings via Travel Edge anywhere. 5X rewards was for the month of February as far I have found out.
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Old 2nd October 2022, 21:35   #5845
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Re: The Credit Card Thread

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Originally Posted by dean5545 View Post
Hi,
I am unable to find the current reward structure for Flights and Hotel bookings via Travel Edge anywhere. 5X rewards was for the month of February as far I have found out.
Yup, it says here also : https://www.axisbank.com/retail/card...RewardsProgram

The bonus points might come in 90 days. Axis is a bit strange in terms of crediting points.

Also, you can transfer points to choice of your loyalty program like Bonvoy, ITC, Ethihad, Vistara etc. with a points ratio of 5:4. So 5000 Axis Edge reward points will get you 4000 Club Vistara points (or Bonvoy/ITC/Krisflyer etc.) where value of a Vistara point can be between (70 paisa to upto 150 paisa) depending on when you book the flight. Incredible value of about 24-30% with 1 Lakh Milestone spends! You also also transfer to ITC at 5:4 and then from ITC to Bonvoy at 2:3 (there is a 60000 annual capping though) which would mean effectively you are getting 5:6 to Bonvoy to Edge Points via ITC

Also, right now Axis is running a 3X points promo for their premium cards till 31st October. You need to register by giving a missed call to 9966024900 and should receive a SMS back(disable DND if you don't).Before you ask, only one multiplier would be applied (you cannot double dip Flipkart 5X with 3X Promo). On Magnus, the points are capped to 7500.
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Old 4th October 2022, 11:46   #5846
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Re: The Credit Card Thread

Is there a way to get an Amex w/o sharing income details ?
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Old 4th October 2022, 12:21   #5847
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Re: The Credit Card Thread

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Originally Posted by vinu_h View Post
Is there a way to get an Amex w/o sharing income details ?
No company will issue an CC without understanding the credit worthiness of the customer. Either via the income details or in lieu of a fixed deposit.
Since Amex does not accept deposits, I suppose you will have to disclose your income details (or they obtain it via some indirect means).
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Old 4th October 2022, 12:44   #5848
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Re: The Credit Card Thread

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Originally Posted by whitewing View Post
No company will issue an CC without understanding the credit worthiness of the customer. Either via the income details or in lieu of a fixed deposit.
I don't agree to this. My Std Chartered, ICICI, SBI & Axis CC's happened w/o disclosing my income or an FD. I'm assuming basis my CIBIL, not sure.
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Old 4th October 2022, 12:52   #5849
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Re: The Credit Card Thread

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Originally Posted by vinu_h View Post
I don't agree to this. My Std Chartered, ICICI, SBI & Axis CC's happened w/o disclosing my income or an FD. I'm assuming basis my CIBIL, not sure.
Well, it is an RBI requirement that credit cards be issued after assessing the creditworthiness of the applicant. So I'm not sure what to make of this statement - seems like you are indicating that all these banks are wilfully violating RBI directives?

Quote:
Card-issuers shall ensure prudence while issuing credit cards and independently assess the credit risk while issuing cards to persons, taking into account independent financial means of applicants.
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Old 4th October 2022, 12:59   #5850
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Re: The Credit Card Thread

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So I'm not sure what to make of this statement - seems like you are indicating that all these banks are wilfully violating RBI directives?
Ask the issuing banks not me

Question to SC Ultimate users - What is the reward rate for utility bill payments ?
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