How is this bank for a savings account?
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Standard Chartered Bank in India
- Thread starter Sushubh
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Motorazor143
Regulars
Ohh yea. Just checked Amex website and they do seem to have cards with revolving credit facilities now. I was talking about their charge card like Platinum Amex card where you need to pay in full.
View our Charge Cards | American Express India
View our Charge Cards | American Express India
Yes.. They get a cut from merchant .. Thats just another venue... The money they get from merchant is a one-time 2-3% or something like that (in which Visa/Mastercard get a cut, and also the payment gateway)... Whereas potentially you can get much more out of revolving credit, compound interest , fees etc
x720
Incoherent Poster
Amex has different tiers of the platinum series, afaik.
Thats a charge card, thats different from credit cards...
x720
Incoherent Poster
I was talking about credit cards. What are charge cards btw ?
now a days, the merchant charges are around 1 to 2% only. i use Citibank platinum card, it gives 1 point for every Rs 125 spent. and points can be redeemed against outstanding with 1 Pt = 1 Rs. so effective cash back is 0.8% . i redeemed 2500 points few days backany one know any better cash back card ?
Wikipedia has a clear enough explanation of Charge card, so will just reproduce here
"A charge card is a card that provides a payment method enabling the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the due date, usually on a monthly basis, or be subject to late fees and restrictions on further card use.
Though the terms charge card and credit card are sometimes used interchangeably, they are distinct protocols of financial transactions. Credit cards are revolving credit instruments that do not need to be paid in full every month. There is no late fee payable so long as the minimum payment is made at specified intervals (usually every thirty days). The balance of the account is charged interest, which my be backdated to the date of initial purchase. Charge cards are typically issued without spending limits, whereas credit cards always have a specified credit limit that the cardholder may not exceed."
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Yup... So with merchant paying 1 or 2% and they giving cash back/points etc.. the margin is comparatively very less, these are kind of baits to bring in the customer, to make them use the card in the first place... The real deal is what I told you, the interest, fees , interest on fees etc etc..
"A charge card is a card that provides a payment method enabling the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the due date, usually on a monthly basis, or be subject to late fees and restrictions on further card use.
Though the terms charge card and credit card are sometimes used interchangeably, they are distinct protocols of financial transactions. Credit cards are revolving credit instruments that do not need to be paid in full every month. There is no late fee payable so long as the minimum payment is made at specified intervals (usually every thirty days). The balance of the account is charged interest, which my be backdated to the date of initial purchase. Charge cards are typically issued without spending limits, whereas credit cards always have a specified credit limit that the cardholder may not exceed."
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Yup... So with merchant paying 1 or 2% and they giving cash back/points etc.. the margin is comparatively very less, these are kind of baits to bring in the customer, to make them use the card in the first place... The real deal is what I told you, the interest, fees , interest on fees etc etc..
now a days, the merchant charges are around 1 to 2% only. i use Citibank platinum card, it gives 1 point for every Rs 125 spent. and points can be redeemed against outstanding with 1 Pt = 1 Rs.
so effective cash back is 0.8% . i redeemed 2500 points few days back
any one know any better cash back card ?
Citibank Platinum Select was the Best card In India in terms of cashback. this was the only card with no upper limit on the discount amount,it was 5 % flat on every purchase through malls,departmental stores. It had no reward redemption charge or any annual limit on the amount Redeemed whatsoever with no annual fee too. and every quarter they use to send rs 1000 worth movie vouchers, I simply Loved that card.
1 month i had spent 1 lac rupees and had got 5000 rs cashback. On an average i used to earn every month rs 2,500 as cashback. it's a pity that they discontinued the card all over india on 20 jan 2012 and converted all users to Rewards card.
Currently all cashback credit cards across banks are very restrictive and at the most give rs 500 cashback per month subject to maximum rs 200 per transaction.
so effective cash back is 0.8% . i redeemed 2500 points few days back
any one know any better cash back card ?
Citibank Platinum Select was the Best card In India in terms of cashback. this was the only card with no upper limit on the discount amount,it was 5 % flat on every purchase through malls,departmental stores. It had no reward redemption charge or any annual limit on the amount Redeemed whatsoever with no annual fee too. and every quarter they use to send rs 1000 worth movie vouchers, I simply Loved that card.
1 month i had spent 1 lac rupees and had got 5000 rs cashback. On an average i used to earn every month rs 2,500 as cashback. it's a pity that they discontinued the card all over india on 20 jan 2012 and converted all users to Rewards card.
Currently all cashback credit cards across banks are very restrictive and at the most give rs 500 cashback per month subject to maximum rs 200 per transaction.
