What makes you to think that you are making money? You are simply not paying for things that you weren't supposed to pay but others do.chromaniac said:Yup. I think the limit is 500 rupees per month which is not much but still feels good to actually make money from my credit card.
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Cash back and plastic discounts
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Almost all the cards I have owned till date... All of them had zero surcharge on petrol purchases. And when I saw that I am getting a cashback, I am actually saying that I am getting a cashback.I am guessing the 5% figure quoted by Standard Chartered accounts for 2.5% surcharge so the actual cashback I get comes to around 2.5%.My mom has the Manhattan card. It is supposed to be focused on shopping deals and not utilities. Though I am surprised that you are charged 2.5% for fuel purchases on it :
I am not intentionally shopping to get cashback.
Because the things I buy using my Standard Chartered card, I have to purchase. And if I pay through any other mode, I do not get the said benefits. And every penny saved is supposed to be a penny earned right?whoru007 said:
I am not intentionally shopping to get cashback.The caveats are classical small-font paragraphs printed at the bottom of any agreement you sign. A common misconception is believing that cash back credit cards specialized for use in particular types of stores apply to any such institution your imagination can classify as such. In addition, remember that just one small misstep is enough to kill any rewards you are getting. Miss a payment? That penalty can wipe away months of cash back rewards. Carry a balance? Your rewards are negated by interest.
The fundamental goal of credit card companies when issuing cash back cards is to encourage people to spend more. Indeed, the incentive to “earn” money back does seem to result in people being more willing to use credit cards to make purchases. The problem with this, apart from the obvious fact that you could wind up spending more money than you otherwise would in order to earn money you otherwise could have saved, is that it could mean you won't be able to pay off your balance at the end of the month. The obvious result of this is that any cash back is converted into interest, in which case you earn nothing back.
The main drawback of cashback credit cards is that their interest rate is often higher than that charged by standard cards. This is why they will only suit you if you can manage to clear the balance in full every month without fail. Otherwise, the interest you?ll accrue on your balance will eclipse any gain from cashback earned.
The fundamental goal of credit card companies when issuing cash back cards is to encourage people to spend more. Indeed, the incentive to “earn” money back does seem to result in people being more willing to use credit cards to make purchases. The problem with this, apart from the obvious fact that you could wind up spending more money than you otherwise would in order to earn money you otherwise could have saved, is that it could mean you won't be able to pay off your balance at the end of the month. The obvious result of this is that any cash back is converted into interest, in which case you earn nothing back.
The main drawback of cashback credit cards is that their interest rate is often higher than that charged by standard cards. This is why they will only suit you if you can manage to clear the balance in full every month without fail. Otherwise, the interest you?ll accrue on your balance will eclipse any gain from cashback earned.
of course. i don't make purchases that i cannot pay for. that has been the case since my first credit card. i think i only got penalized once when i wrote incorrect date on a cheque (first week of january). after that i switched to online payments to ensure that no such problem occurs again.
I do need to talk to StanChart customer care again. Ever since I got my Preferred Banking Credit Card, the benefits seems to have stopped. Even on payments made using the Titanium Card. Need to clarify what they have done in the backend :
Grr. Cashback now applies on transaction over Rs. 750. Earlier the limit was Rs. 200. There are some other policy changes too that they supposedly informed me about but I do not think I got any email or sms. Anyways. Yes Bank do not have credit cards right now. ICICI Bank does not like me enough to get me a good card. I am stuck with StanChart for the time being.
I do need to talk to StanChart customer care again. Ever since I got my Preferred Banking Credit Card, the benefits seems to have stopped. Even on payments made using the Titanium Card. Need to clarify what they have done in the backend :
Grr. Cashback now applies on transaction over Rs. 750. Earlier the limit was Rs. 200. There are some other policy changes too that they supposedly informed me about but I do not think I got any email or sms. Anyways. Yes Bank do not have credit cards right now. ICICI Bank does not like me enough to get me a good card. I am stuck with StanChart for the time being.
Banks hate customers who pay their bills on time, they are essentially loss making customers. They actively target and profit off people who would default and then can be charged exorbitant interest.One time, my mom used her SBI credit card points to redeem some gift, apparently SBI charges 99 Rs. for delivering it (ridiculous). She didnt know that and there was no other transaction on her card that month so she did not pay any bill. Next month her usage was ~95k + the 99 rupees from before, they put interest on the entire amount.
I need to research how to use the reward points as well. I thought my card only had cashback which suits me. But the credit card statement shows a lot of reward points collected over the last couple of years.If only Yes launches credit cards, I would switchover completely to it. Local branch, helpful people. It works great for me. ICICI is a mess. Still cannot get a passbook. Standard Chartered has been a bagful of hurt.
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if those points are on your HDFC credit card, there's a option in netbanking to redeem them online.
HDFC CC Points Redemption is also available via post if you print it & drop it in Dropbox which is pain in as*
Same way redemption over phone is possible, but you need your card PIN number ready, and they'll ask you from home address to your
blah blah blah, and transfer you to IVRS for PIN verification and might be surprised if it fails to recognize your input and you would be asked
to call back later and waste your time again.
So best for HDFC is use netbanking to redeem and it would be very promptly delivered to you.
this option is surprising fast and doesn't requires any other bullshit except the points in your account.
HDFC CC Points Redemption is also available via post if you print it & drop it in Dropbox which is pain in as*
Same way redemption over phone is possible, but you need your card PIN number ready, and they'll ask you from home address to your
blah blah blah, and transfer you to IVRS for PIN verification and might be surprised if it fails to recognize your input and you would be asked
to call back later and waste your time again.
So best for HDFC is use netbanking to redeem and it would be very promptly delivered to you.
this option is surprising fast and doesn't requires any other bullshit except the points in your account.
