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Old 24th April 2021, 14:59   #4351
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Re: The Credit Card Thread

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Originally Posted by Fx14 View Post
This is optional. Haven't activated it.
Then how do they know when your statement is generated, when payment is due and how much, how much you have spent at each merchant category etc (spend analysis)? Their Play Store review section has many people mentioning the need for email access too.
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Old 24th April 2021, 16:03   #4352
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Re: The Credit Card Thread

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Originally Posted by binand View Post
Then how do they know when your statement is generated, when payment is due and how much, how much you have spent at each merchant category etc (spend analysis)? Their Play Store review section has many people mentioning the need for email access too.
They don't. Unless you activate it.

I prefer checking my statements manually and do not need their AI to tell me where I spent.

In my case, they do send a reminder basis my last payment date stating the next payment may be due. That is good enough since I anyways keep track of my CC due dates.
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Old 24th April 2021, 16:39   #4353
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Re: The Credit Card Thread

Useful Tip for CRED:
Those who are worried about giving access to their email ID can simply setup a auto-forward of their card statements to a new email ID and give CRED access to that new email ID to read the statements. I am using this approach since a long time now and it's been working quite well for me. CRED will need access to your e-statements to generate the Smart Statement which is basically a AI driven analysis of your monthly spends for each card.

Personally for me I prefer this over reading the e-statements in my email since I do not have to go searching for my statement in my mailbox and most of those e-statements are password protected so it's a bit of additional effort to just see my monthly spends. CRED eliminates a lot of those steps and directly shows my spends in a user-friendly UI. Especially I like the option to view my spends sorted from high to low, that way I can easily verify my big ticket purchases and tally them if required.
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Old 24th April 2021, 20:24   #4354
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Re: The Credit Card Thread

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Originally Posted by deep_bang View Post
the only advantage I see is that I have a common place to pay all my credit card bills.
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Originally Posted by Fx14 View Post
Been using them for payments to multiple cards. Benefit is the trail for all my payments is available at one place, even if I debit it to different accounts at different times.
You could do the same via your choice of UPI app, so nothing special in Cred?

Quote:
Originally Posted by Fx14 View Post
In my case, they do send a reminder basis my last payment date stating the next payment may be due.
I have a recurring calendar reminder for this. Even otherwise, banks are proactive in sending emails and SMS reminding you of payment due dates?

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Originally Posted by Funny View Post
Personally for me I prefer this over reading the e-statements in my email since I do not have to go searching for my statement in my mailbox and most of those e-statements are password protected so it's a bit of additional effort to just see my monthly spends.
So you have to share your password with Cred? How does this work?

I assign a separate label via a filter in Gmail for credit card statement (and another one for bank statements).

Quote:
Originally Posted by Funny View Post
CRED will need access to your e-statements to generate the Smart Statement which is basically a AI driven analysis of your monthly spends for each card.

Especially I like the option to view my spends sorted from high to low, that way I can easily verify my big ticket purchases and tally them if required.
What exactly do they do in this AI-driven analysis? Sort the spends from high to low?? Are they even able to categorise spends correctly without knowing the actual MCC of the merchant posting transaction to the card?

As mentioned above, everything else they do seems to be doable with basic tools that are available for free and comes with every mobile phone. So I'm hard-pressed to find a raison d'être for this Cred app, if not as I suspect, to collect spend data on high credit rating individuals.
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Old 24th April 2021, 22:19   #4355
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Re: The Credit Card Thread

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Originally Posted by binand View Post
So you have to share your password with Cred? How does this work?
No, you don't have to share password. You have to Authorize them to access your email. In my case, I had to simply login using my gmail and Authorize the app to access my email data.

Quote:
Originally Posted by binand View Post
What exactly do they do in this AI-driven analysis? Sort the spends from high to low?? Are they even able to categorise spends correctly without knowing the actual MCC of the merchant posting transaction to the card?
The AI tries hard to categorise the items but it's not accurate all the time due to lack of other related information like the MCC you mentioned.

Apart from this they show you any hidden charges that may have been added to your statement. This is really useful IMO since these charges are usually difficult to spot on a long statement and if the amount is small we tend to ignore. But using CRED we can see it all in one place and take necessary action if required.

More about the hidden charges from their app:
The Credit Card Thread-screenshot_20210424221025.jpg
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Old 25th April 2021, 00:11   #4356
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Re: The Credit Card Thread

For someone who values data privacy and personal information over seemless access, Cred is definitely not for you. I believe their working model is basically tracking the credit card usage pattern and spending habits (if given email access) of individuals with high credit ratings which in today's world is very valuable. They already have information of lakhs of such credible users which can be sold for a huge sum. I don't think any other app in the market has the personal information of people with high credit ratings (their main criteria to join) all at one place.

I've been using Cred for over 18 months now. Initially the coins earned could have been exchanged for valuable products or services where it made sense but now it's all useless items where you have to pay 90% in cash which amounts to the same price or more than what you'd pay on online shopping sites. But cashbacks are something lucrative even though small. You are eligible to receive cashbacks on upto 5 payments in a month. I split my credit card bills and pay it over a few days instead of paying it in one shot. Remembering top of my head, I've been getting around ₹65-75 (minimum) per month from these payments and I feel it is decent enough. Not to mention, the convenience of paying through Cred - Neat app and instant credit of payments.

Last edited by logicalidiot : 25th April 2021 at 00:13.
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Old 25th April 2021, 01:16   #4357
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Re: The Credit Card Thread

Quote:
Originally Posted by binand View Post
* If you assume their current operations is not worth their valuations, then what investors are counting on seems to be the data they are amassing. Data on the spending habits of people with high credit ratings. The usual way to monetise such data is to sell it/access to it.
CRED wants full credit card statements. Automating this requires access to emails, or setting up a forwarding rule and running such loops. That was the reason I stopped using their service. Considering that the credit card penetration is low in our country, in this age of digital currency/UPI loans, why is a credit card statement valued? My card usage has reduced drastically due to UPI.
Quote:
Originally Posted by deep_bang View Post
I have the same feedback. However, the only advantage I see is that I have a common place to pay all my credit card bills. That's still solving a problem. Just don't expect a while lot more.
Amazon offers to save all credit cards and accept payments for those cards. This is simpler and they don't require card statements.

Last edited by msdivy : 25th April 2021 at 01:42.
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Old 25th April 2021, 08:05   #4358
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Re: The Credit Card Thread

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Originally Posted by binand View Post
So it happened yesterday. Between 10:50 PM and 11:05 PM my Citi Rewards card was used 5 times on apple.com for a total of Rs. 2320 without my knowledge or authorisation.

The card number, expiry and CVV2 were all available to the fraudster, whoever it was. Which means the leak must have been from an online portal. All, be careful. My suspect is the Mobikwik incident that seems to have been erased from our collective memories.
Shocking is an understatement to how the data breach has been treated till now. The company issued a statement that they were not the source of the breach and the data dump that was on the net vanished after a few days. This incident reinforces the need to be better regulations for data in India.

Quote:
Originally Posted by somspaple View Post
I had similar experience last week. I saw transactions worth 1 lakh INR on my Citi card when I woke up in the morning.
To understand if there is a pattern, were you also registered on Mobikwik?
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Old 25th April 2021, 13:53   #4359
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Re: The Credit Card Thread

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Originally Posted by whitewing View Post
..
To understand if there is a pattern, were you also registered on Mobikwik?
Nope. But again some of these systems are also payment platforms for many online merchants. So it's possible that i would've used their service to pay with credit card.
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Old 29th April 2021, 22:06   #4360
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Re: The Credit Card Thread

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Originally Posted by wildsdi5530 View Post
In the last month's statements, in both my Credit Cards, I notice an entry 'A1 Card Usage Fee'
In my Standard Chartered Digismart and HDFC Regalia, I've never seen this charges ever before. Both were Rs. 49/-. Should I challenge these?
In pursuance, I have had no reply from customer care regarding these charges. Am attaching screenshots of my statements on my Digismart card from Jan to April. I have mailed them again CC to RBI.

The Credit Card Thread-jan-21.png

The Credit Card Thread-feb-21.png

The Credit Card Thread-march-21.png

The Credit Card Thread-april-21.png

Last edited by Aditya : 30th April 2021 at 20:12. Reason: Attacments fixed
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Old 30th April 2021, 11:01   #4361
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Re: The Credit Card Thread

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Originally Posted by binand View Post
Between 10:50 PM and 11:05 PM my Citi Rewards card was used 5 times on apple.com for a total of Rs. 2320 without my knowledge or authorisation.
This issue had its closure on 28/4 - 11th day from the date of the fraudulent transactions, 18/4. Such brilliant handling of the issue by Citibank - I'm really unhappy to see them leave India and dread the prospect of dealing with someone like SBI or Axis with such an issue in the future.

Brief timeline:

18/4:

Fraudulent transactions made starting 10:50 PM. Notified via SMS.
Used CitiMobile app to lock the card.
Used the link in the SMS to dispute the charges. Blocked the card and requested a replacement at the same time.

19/4:

More SMS of attempted fraudulent transactions, which were all declined.

20/4:

Replacement card picked up by Bluedart from Vashi.

21/4:

Replacement card delivered.
Spent some time reconfiguring the card on CitiMobile app (setting limits etc.) and elsewhere (Amazon, Netflix etc.).

22/4:

Provisional credit to card account for all disputed transactions.

28/4:

The temporary credit is now made permanent.
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Old 30th April 2021, 11:15   #4362
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Re: The Credit Card Thread

Quote:
Originally Posted by wildsdi5530 View Post
In my Standard Chartered Digismart and HDFC Regalia, I've never seen this charges ever before. Both were Rs. 49/-. Should I challenge these?
The SCB Digismart seems to have a Rs. 49 monthly membership fees which is waived only if you spend Rs. 5000 or more. Looking at your statement excerpts, you seemed to have spent below that in these months.

https://www.sc.com/in/credit-cards/digismart-card/

(Expand the "Fees and Rates" section)
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Old 30th April 2021, 11:27   #4363
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Re: The Credit Card Thread

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Originally Posted by logicalidiot View Post
I split my credit card bills and pay it over a few days instead of paying it in one shot. Remembering top of my head, I've been getting around ₹65-75 (minimum) per month from these payments and I feel it is decent enough. Not to mention, the convenience of paying through Cred - Neat app and instant credit of payments.
Isn't it more of overhead if you end up splitting the bill and pay multiple times?
I have enabled autopay for the cards from banks that I have an account in. For others like Amex, the card is added as a beneficiary in my bank account and I can do NEFT. This system has worked for me nicely and I just need to ensure the accounts are sufficiently funded before the payment due date.
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Old 30th April 2021, 13:19   #4364
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Re: The Credit Card Thread

My HDFC and Standard Chartered credit cards are not sending payment reminders as SMS for Credit card statements. I am getting OTPs and card transaction alerts as SMS, but statement related SMS are not being sent. Usually there will be one SMS on the day of statement generation stating the payment due date and due amount. Similarly, 3 days before the payment due date, I used to get another reminder SMS with the same info.

SC had stopped this SMS more than a year back and despite complaining multiple times, they did not enable the statement alerts. I stopped using that card completely since I relied on these SMS and chances of missing the payment was high.
Now HDFC has started this and I haven't received the statement alerts for the past 3-4 months. I use Microsoft SMS Organiser and it has a nifty reminder feature that uses these SMS to alert you about the CC payment and the amount. Now that I am not receiving these SMS, it is getting difficult to track the required payments.
Has anyone else noticed this?
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Old 30th April 2021, 13:25   #4365
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Re: The Credit Card Thread

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Originally Posted by Holyghost View Post
I use Microsoft SMS Organiser and it has a nifty reminder feature that uses these SMS to alert you about the CC payment and the amount.
It also has a "Block SMS automatically" feature. Did you check if these SMSes are getting blocked or not?
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