[s4ch]

My Amex Platinum Travel doesn't seem to work on Amex Gyftr Reward Multiplier anymore. Whenever I enter the details it doesn't go to the OTP page and just says Transaction Failed. All my other Amex Cards (Gold + MRCC) work fine.

This is happening since last month, so I thought it was because of the 10k limit per month per card, however it is continuing this month too. This is for any type of voucher that I try and buy, not just Amazon. I even tried replacing the card with a new one with a different number but that also fails.

Any suggestions on what may be the problem as Gyftr's customer service is absolutely terrible and not able to help at all?

[vinu_h]

Originally Posted by s4ch

My Amex Platinum Travel doesn't seem to work on Amex Gyftr Reward Multiplier anymore. Whenever I enter the details it doesn't go to the OTP page and just says Transaction Failed.

I tried with my Plat travel just now and it worked. Gyftr website is a little funny. Try via a desktop/laptop rather than a mobilephone and use the tab button when you want to move to the next step within a page instead of clicking with the mouse.

[Abbas]

Hi,

I have an upcoming trip to Singapore and i was looking at buying a forex card from ICICI.

I already have a ICICI Coral CC card along with a HDFC Business Regalia, Just wanted to know if i shoudl just use these credit card at international POS machines or shoudl i go for a forex card?

Forex card does nto have any mark up but they are charging 3k as a joining fee.

What other options do i have ?

[s4ch]

Originally Posted by s4ch

My Amex Platinum Travel doesn't seem to work on Amex Gyftr Reward Multiplier anymore. Whenever I enter the details it doesn't go to the OTP page and just says Transaction Failed. All my other Amex Cards (Gold + MRCC) work fine.

This is happening since last month, so I thought it was because of the 10k limit per month per card, however it is continuing this month too. This is for any type of voucher that I try and buy, not just Amazon. I even tried replacing the card with a new one with a different number but that also fails.

Any suggestions on what may be the problem as Gyftr's customer service is absolutely terrible and not able to help at all?

Originally Posted by vinu_h

I tried with my Plat travel just now and it worked. Gyftr website is a little funny. Try via a desktop/laptop rather than a mobilephone and use the tab button when you want to move to the next step within a page instead of clicking with the mouse.

Thanks for the suggestion, as that at least stopped the orange error pop ups on the Gyftr website (although that didn't seem to hinder anything anyway). However this did not fix my Platinum Travel card issue.

Finally spoke to someone knowledgeable in Gyftr and they said that for Amex Reward Multiplier, each phone number can only be used with one Amex card. If another Amex card is tried with the same phone number it will eventually be blocked and fail. The guy said to use a new phone number and it should work.

I have 4 Amex Cards and 4 phone numbers but was not very careful in using one card per number till now. Checked with one of the other numbers and Plat Travel works ok. Will be more careful going forward to just use one card per phone number on Gyftr going forward.

Hope this helps anyone else facing the same issue as I noticed on Amex India Reddit that quite a few reported it but not with any real solution.

[VaibhaoT]

Originally Posted by Abbas

What other options do i have ?

I personally use HDFC Infinia. They have Global Value Program wherein you get 1% cashback on all purchases upto INR 1 Lakh. On top of that you get regular reward points. This cashback + reward points compensate 2% (+ GST) markup charges. I rarely had to shell out cash. I keep some USD as cash in all trips. I just keep as backup and covert small amount to local currency. In fact, my last trip to US in July, I did not have to spend even a single dollar as cash.

In the past I have used Niyo Global Card. It used to work perfectly fine. Post LRS changes, they started deducting some money as TSD, but it would get roll back in few days. So, no overhead effectively. I would encourage you to check Niyo products. I am not fan of their FD backed credit cards. But debit card works just fine.

[Aroy]

Originally Posted by Abbas

Hi,

I have an upcoming trip to Singapore and i was looking at buying a forex card from ICICI.

I already have a ICICI Coral CC card along with a HDFC Business Regalia, Just wanted to know if i shoudl just use these credit card at international POS machines or shoudl i go for a forex card?

Forex card does nto have any mark up but they are charging 3k as a joining fee.

What other options do i have ?

The card may not have any mark up, but they charge GST for loading foreign exchange, so that is quite a mark up. Instead use your domestic credit card. The charges on FE spends on CC depend on the card. I have used both ICICI and AMEX cards abroad. AMEX has the lowest FE mark up.

[AtheK]

I have been using Scapia Card off late on my foreign trips with 0% markup, works like a charm.

[Chetan_Rao]

Originally Posted by Abbas

Hi,

I have an upcoming trip to Singapore and i was looking at buying a forex card from ICICI...

For long duration trip and/or one involving significant foreign currency spends, it makes sense to get a card loaded with local currency to avoid fees and conversion charges which can add up to a decent amount.

For short trips with only sundry expenses, an India-issued credit card works just fine. You do need to ensure your card has a low forex markup (some even have zero). Read your card's T&C or just ask the issuer.

Do keep in mind most card issuers will convert non-USD transactions to USD before re-converting to your card issuing country's currency (e.g. if you pay in SGD, your charges will be processed SGD > USD > INR), at conversion rates determined by your payment network (Visa, MasterCard, AMEX etc.). Always pay at the point-of-sale's (POS) local currency when abroad, and let your card issuer handle the conversion to INR. Conversion charges at POS are often significantly more than at issuer level.

TL;DR: long trip and/or significant spends = get a forex card.

Short trip and/or small expenses only = use an India-issued credit card with a low forex mark-up.

[meerkat]

Originally Posted by Chetan_Rao

For long duration trip and/or one involving significant foreign currency spends, it makes sense to get a card loaded with local currency to avoid fees and conversion charges which can add up to a decent amount.

For short trips with only sundry expenses, an India-issued credit card works just fine. You do need to ensure your card has a low forex markup (some even have zero). ....

Is it advisable to use Debit cards with low forex mark-ups? ... Or is that too risky?
.

[Chetan_Rao]

Originally Posted by meerkat

Is it advisable to use Debit cards with low forex mark-ups? ... Or is that too risky?
.

A prepaid debit card obtained for a specific purpose? Maybe. A general bank account tagged one? Nope.

A credit card is always safer as a transaction medium.

[itwasntme]

Originally Posted by Chetan_Rao

your card issuer handle the conversion to INR. Conversion charges at POS are often significantly more than at issuer level.

Absolutely! Always choose the local currency if offered the choice. If you are not offered a choice, it should be by default in the local currency. Always best to confirm on the PoS screen before entering your PIN.

Originally Posted by Chetan_Rao

A credit card is always safer as a transaction medium.

Totally avoid debit cards except to take out cash from an ATM if at all required.

[Aroy]

Debit cards and stored value cards have the same safety as cash, that is practically none. That is their utility.

Debit cards offer practically no safety. Once the money is debited, it takes ages (if at all) to recover fraudulent charges. In case of loss it is extremely difficult to recover any money.

In contrast credit cards offer a host of safety features, amongst others :
. Insurance
. Fraud prevention.
. Loss protection.

As the issuer knows that the amount is yet not paid (in contrast for debit and stored value cards) they are more eager to solve wrong/fraudulent charges. So you are protected much better with credit cards. Of course you also get a grace period for payment, unlike the other cards where the amount is debited instantly.

If you feel that your financial management (or instant infatuation with purchase) results in over spending, then set up limits for spending - transaction wise or in totality. You can always change the limits at you convenience.

As I do not like to pay interest on "Credit" and pay on time, I prefer a charge card, where you are forced to pay on time.

[aashishnb]

On a like to like basis, the most important benefit of a prepaid forex card or currency/cash is the 'All-Inclusive' cost.

You know the conversion rate at which you're buying the FX and that's all. Typically, the fees/charges are also lower. In fact, the conversion rate can even be negotiated if you have regular banking relationships. We may / may not get reward points like the credit card, depending on how they tag the card to your customer ID.

In a credit card, banks make money in a few different ways :
1. Conversion rate - you may be surprised at the rate they convert at vs rate one can get after negotiating for loading a fx card or buying currency.
2. Markup on conversion - Could be 0 to 2.5 / 3%.
3. Taxes - there is an additional 18% gst on the markup fee.
4. Some may charge a fx transaction fee, etc.separately.

I think one should always carry some cash, some FX card and then there is always the credit card.

[tejas08]

Originally Posted by Aroy

AMEX has the lowest FE mark up.

On the Contrary, Amex has one of the highest Forex Mark-up Charges. 3.5% + GST. Premium Segment Cards have a forex mark-up of anywhere between 1.5-2% + GST.

Originally Posted by aashishnb

In a credit card, banks make money in a few different ways :
1. Conversion rate - you may be surprised at the rate they convert at vs rate one can get after negotiating for loading a fx card or buying currency.
2. Markup on conversion - Could be 0 to 2.5 / 3%.
3. Taxes - there is an additional 18% gst on the markup fee.
4. Some may charge a fx transaction fee, etc.separately.

I think one should always carry some cash, some FX card and then there is always the credit card.

You would be surprised to know that using a good Premium Segment Credit Card will get you better rates than Forex buying as well as Reward Points to offset the mark-ups and even go beyond.

Visa / Mastercard rates are some of the lowest transactional rates in Banking & Finance Industry. Getting a card that rewards you on Forex brings it down even further.

[vinu_h]

Good morning. This is probably temporary and isolated to Big basket or its payment gateway, but, they appear to be reading HSBC cards as China Union pay. The transaction went thru at Amazon with the same card.