Team-BHP - The Credit Card Thread

Quote:

Originally Posted by binand (Post 3316427)

Most POS devices are nowadays PIN-compatible. Very rarely do I see one that isn't. The issuing bank also needs to mark the card as PIN mandatory, which in your case hasn't been done it appears.

For me, Citibank made PIN mandatory a few months back while HDFC Bank hasn't done so yet.

Yeah, that's what the bank guys said when I asked them if it's possible to make the card PIN-mandatory.

"Not required by RBI to do it for Credit Cards yet. Will update once mandated to do so."

I'm not entirely convinced by the explanation. Why has this already been done by certain banks and not by others? And if it's possible, why not do it at least for customer who specifically ask for it?

Quote:

Originally Posted by Chetan_Rao (Post 3316440)

I'm not entirely convinced by the explanation. Why has this already been done by certain banks and not by others? And if it's possible, why not do it at least for customer who specifically ask for it?

I can't say authoritatively, but my thinking is that for MNC banks, part of the risk management practices are mandated from their global headquarters (possibly driven by clauses in the brand licensing agreements). The local subsidiary probably has to commit and adhere to a roadmap for implementing these practices.

Quote:

Originally Posted by binand (Post 3316492)

As per RBI circular (posted by me elsewhere on this forum), for "card present transactions" i.e. wherever card is physically used, if the customer had used the card internationally at least once, then MAG strip and PIN is necessary to complete the transaction. This is the case since june 2013. However, most of the banks have converted to this system of their volition now.

Quote:

Originally Posted by sgiitk (Post 3312558)

(SCB) on the Banking side they have reduced to on-line transfer /payment limit to a ridiculous amount. Used to be either 4 or 5L per day, now it is reduced to 1L! Crazy for Priority customers, when you need a minimum relationship of 20L to be classified as such. I have written a stinker today and cc'ed it to quite high levels. Let me see.

Seems the stinker is having some effect. The online transaction limit is being raised to 5L!

Quote:

Originally Posted by Gokrish (Post 3316619)

wherever card is physically used, if the customer had used the card internationally at least once, then MAG strip and PIN is necessary to complete the transaction.

That requirement is only for debit cards, if I recall correctly.

Quote:

Originally Posted by binand (Post 3317100)

That requirement is only for debit cards, if I recall correctly.

No. This requirement is for both debit and credit cards. Please refer the RBI circular referred by me under thread no.1378 in this forum.

Quote:

Originally Posted by Gokrish (Post 3317113)

No. This requirement is for both debit and credit cards. Please refer the RBI circular referred by me under thread no.1378 in this forum.

Yes, I am aware of that circular. It tells the banks to have the necessary infrastructure in place by 30/6/13 (which was later extended to 30/11/13). Turning on mandatory PIN-based authentication for card-present transactions was done only for debit cards on 1/12/2013.

http://in.finance.yahoo.com/news/10-...112022211.html

Quote:

Originally Posted by satyamkaushik (Post 3317116)

HDFC bank just gave me a call saying that i can upgrade my VISA signature to a Dinners Club Rewards card.

Is it really worth, considering Dinners is still not accepted everywhere ?

Anyone using a Dinners Club card here ?

I would not recommend you to move to Diners. I have used Diners for 4 years (corporate card). Acceptance is very low. Only benefit is free lounge access in airports.

Quote:

Originally Posted by binand (Post 3317188)

Done for debit and credit cards. But in the case credit card, PIN is required for international and net payments only as of now.

Quote:

Originally Posted by Gokrish (Post 3317209)

Done for debit and credit cards. But in the case credit card, PIN is required for international and net payments only as of now.

That would be the day, when net payments require the card PIN :-)

Quote:

Originally Posted by windsurfer (Post 3317196)

I would not recommend you to move to Diners. I have used Diners for 4 years (corporate card). Acceptance is very low. Only benefit is free lounge access in airports.

That's what I had in mind about diners.
I anyway have a priority pass lounge access at international airports with my VISA Signature.

Quote:

Originally Posted by binand (Post 3317321)

That would be the day, when net payments require the card PIN :-)

All Indian credit cards used online need a Verified by Visa or the Mastercard equivalent authentication. The password generation is based on the PIN of the card (alternatively DOB and some other details) and is in some cases sent only to the registered mobile and email by the bank. It is virtually foolproof since it allows for a personalised message display every time the password is prompted. It helps let you know you have entered the card number right!

Quote:

Originally Posted by noopster (Post 3317517)

All Indian credit cards used online need a Verified by Visa or the Mastercard equivalent authentication.

True only for Indian sites. Try buying on international sites with your Indian credit card and you will not be asked for this. :)

Quote:

Originally Posted by noopster (Post 3317517)

While I have several reservations (questioning the "virtually foolproof" assumption you make) about the two-factor nature of VbV & MSC as implemented by Indian banks which is out of scope for this discussion, there is one point to remember - you setup your second factor on the issuing bank's website. So, your PIN goes only to your issuing bank and not to the merchant - and that too, only once at setup time. Even your VbV/MSC password that you enter once per transaction goes only to the issuing bank. But the scheme being discussed involves sending the PIN to the merchant's website or his payment partner's website.