Even today, RBI has issued a stern warning to Banks to fall in line and stop cheating consu- mers with inflated interested rates and other well known malpractices. What this implies is that there is large scale cheating of consu- mers already going on to warrant RBI to issue such a warning. The best advice to everyone is to, for God's sake, stay away from such credit cards and stay put with debit cards alone. If you do not, before you blink, some of these Banks would have drained you off your funds completely within no time.
Wish to clarify one thing. Payment of insurance premium through credit card is treated as cash payment by most of the card issuing banks. That means such payment gets same treatment as if you have withdrawn cash using your card and attracts a) Cash transaction fee b) Interest and C) No free credit period. Needless to mention, all these charges are very exorbitant. So please check with the bank before paining insurance premium through credit card.
Re: Re: Clarification
by Ishita Sharma on Jul 15, 2010 11:32 PM
ideally the card company should not charge extra for insurance payment. call them and find out. I will guide you further on this. go to the site investmentbazar and put the reply in the contact form.
Re: points
by VINOD TYAGI on Jul 06, 2010 06:34 PM
Reward points are bonus points allowed by the bank as a percentage on your purchase through card. Say you purchase a music system for Rs. 10,000/ through your card. The card issuing bank allows you 100 points @ 1% of spend (figures are for example only). 100 points are credited to your reward point account. After accumulation of points, you get option to redeem these points for several merchandise offered by the bank or towards payment of annual fee. Rate of allowing reward points Ratio of redemption against goods varies from bank to bank and card to card.
I have an HDFC Gold card which is more than a year old. I get 1 point on every Rs 150 spent and 1 point = 0.75 paise. In one year or so, I have earned around 400 points. Which means the total spent is approximately 400x150 = 60,000. And I am eligble for a gift worth 400x0.75 = 300
The returns on spends is only 300/60000 = 0.005 = 0.5% Effectively, it is 50 paise earned on every 100 rupees spent. Its too meagre an amount and can be classified as 'negligible'.
Re: Earning points and redeeming is not worth it.
by sravan bvvs on Jul 06, 2010 03:21 PM
Excellent illustration... One should not look for rewards and spend the money. Spend when its worth spending (not for rewards). Regards.
Re: Re: Earning points and redeeming is not worth it.
by Piyush Singh on Jul 06, 2010 06:58 PM
with 400 points you get nothing... please accumulate more than 5000 point then only it is worth. you still belong to a classic customer of HDFC and hence can't get any good offer... try to get the upgradation to Platinum Plus and thereafter accumulate around 5000 points minimum and get the premium customer offers
Re: want credit cards
by mang on Jul 06, 2010 03:01 PM
You can buy them in post office. Instead of asking for Post card, you need to ask for Credit card
Re: want credit cards
by lex luker on Jul 06, 2010 02:32 PM
go to any roadside shop, ask for card , bargain it for 1 Re, they will give you what you need
Re: Re: Re: want credit cards
by Indian on Jul 12, 2010 04:00 PM
itni mahngaii....5 rupee is to much...might be they've scanned u and put ur photo on card..they should give it free like nir$od$h
