BOB Eterna is now becoming a most popular choice credit card

[jetesh]

BOB Eterna credit card has seen a significant rise in demand recently due to several attractive features:

1. With the recent launch of the Rupay network, BOB Eterna is becoming a popular choice in super premium credit card segment.
2. BOB Eterna offers the highest number of lounges.
3. Unlimited Domestic Lounge Access.
4. International lounge access will also be announced soon.
5. Best Reward Points. 15 rewards points per Rs 100 on online shopping, dining, travel and international spends.
6. Plus, BOB Eterna annual fees are lower compared to other banks’ credit cards in the same segment.
7. And achieving a fee waiver is a breeze !
8. Foreign Exchange Mark-up fee of 2%.
9. Buy 1 Get 1 Free Movie ticket via Paytm
10. Welcome Gift of FitPass Pro Membership worth Rs. 15,000.

 

[SSV]

No, It's the US $.

Let me explain how Visa/Mastercard works -

When we use Visa/Mastercard in Poland, Visa/Mastercard converts INR to US dollars (This US dollar is deducted from our reserve currency), and then those US dollars deposit to Poland's reserve currency. Poland's banks or central bank then convert it into the local currency - Zloty, and give it to the merchant.

This is how the Visa/Mastercard system works, and Poland can use that US dollar reserve currency anywhere.

What is the system of RuPay/UPI ?

RuPay/UPI opens local bank accounts between both countries with the help of both countries' central banks. For example, Russia has created Nostro and Vostro accounts.

In Rupee Vostro Accounts, foreign banks open accounts in Indian banks. Whenever a transaction is made in that country using RuPay/UPI, Indian banks deposit the transaction amount in Rupee Vostro Accounts, and that country provides the equivalent amount to their local merchants in their local currency.

I hope it's clear, and there should be no doubt about it.

And your statement is also incorrect - We are continuously buying oil from Russia in INR, and Indian banks are still depositing INR in Russia's Rupee Vostro Accounts for all the oil.

It is true that Russia is concerned about what they will do with such a large amount of Indian rupees. The Indian government has said to invest it in the Indian economy, and that's what Russia has done. They are investing all the Indian rupees from their Rupee Vostro Accounts into the Indian economy.

Your last ques "What would Argentina do with INR?"

Note - Trade between Argentina and India has grown substantially, with bilateral trade now exceeding $4.5 billion.
When a local currency payment system is established between India and Argentina, trade and RuPay/UPI transactions will work similarly. When Argentina needs to buy something from India, they will pay Indian merchants from their Rupee Vostro Accounts.

Also, Nostro and Vostro are Russian terms, so obviously, we are not going to call Argentina's accounts Nostro and Vostro.

@SSV

Which laptop are you using ??

 

[Abhishek012]

Indians are convinced because Visa and Mastercard are globally successful products with near universal acceptance around the world. That is what's special about them. I can use them in Ghana, Portugal, Argentina or Pakistan.

Yes, I don't deny that, but 99% of transactions in India are domestic.

And when we make local payments using Visa/Mastercard, the fees that Visa/Mastercard charges, along with various other types of fees charged from banks by Visa/mastercard, go in US dollars. This amounts to more than billions of dollars annually.

 

[Abhishek012]

Which laptop are you using ??

View attachment 71938

This is not about any company. The Indian rupee is the currency of our country.

RuPay/UPI uses the Indian rupee.

The country will survive only if the Indian rupee holds value.

How does the US impose sanctions during the Russia-Ukraine war? Because every Visa/Mastercard transaction happens in US dollars. That's how they can control an entire country.

I had already mentioned that RuPay/UPI is a private company. Then why is the Indian government so interested? It's just a company, right? Now it's because the Indian rupee depends on RuPay/UPI.

@Lobogris This is also another answer regarding your India-Poland. US sanctions are effective because every transaction goes through the US dollar.

 

[SSV]

This is not about any company. The Indian rupee is the currency of our country.

RuPay/UPI uses the Indian rupee.

The country will survive only if the Indian rupee holds value.

How does the US impose sanctions during the Russia-Ukraine war? Because every Visa/Mastercard transaction happens in US dollars. That's how they can control an entire country.

I had already mentioned that RuPay/UPI is a private company. Then why is the Indian government so interested? It's just a company, right? Now it's because the Indian rupee depends on RuPay/UPI.

@Lobogris This is also another answer regarding your India-Poland. US sanctions are effective because every transaction goes through the US dollar.

Which laptop are you using?

 

[Abhishek012]

Which laptop are you using?

I don't have laptop and it has nothing to do with it.

What does laptop have to do with this?

Are American or Chinese laptops our Indian currency? No, right?

But Visa/Mastercard is a US dollar, while RuPay/UPI is Indian rupees.

There is a lot of difference between currency and company, Visa/Mastercard has been designed to always use US dollars.

 

[SSV]

I don't have laptop and it has nothing to do with it.

What does laptop have to do with this?

Are American or Chinese laptops our Indian currency? No, right?

But Visa/Mastercard is a US dollar, while RuPay/UPI is Indian rupees.

There is a lot of difference between currency and company, Visa/Mastercard has been designed to always use US dollars.

There is a lot to with laptop.. I will come to that point..
Tell us which laptop do you use?

 

[Abhishek012]

There is a lot to with laptop.. I will come to that point..
Tell us which laptop do you use?

I don't have laptop bro.

Your question should also be about which country you live in?

Because there is a difference between company and currency.

Visa/Mastercard or RuPay is not a company; they are the currencies of their respective countries.

The US sanctions work for this reason.

Some rich Russians are still able to buying iPhones and Apple MacBooks at high prices from the black market today.

But why are they unable to use their Visa/Mastercard from the black market or anywhere else?

Think about it; this is not just any company. Visa/MasterCard itself is a currency of the US dollar.

Let me know when you understand.

 

[SSV]

I don't have laptop bro.

Your question should also be about which country you live in?

Because there is a difference between company and currency.

Visa/Mastercard or RuPay is not a company; they are the currencies of their respective countries.

The US sanctions work for this reason.

Some rich Russians are still able to buying iPhones and Apple MacBooks at high prices from the black market today.

But why are they unable to use their Visa/Mastercard from the black market or anywhere else?

Think about it; this is not just any company. Visa/MasterCard itself is a currency of the US dollar.

Let me know when you understand.

okay, leave this conversation.. as you don't own a laptop..

There are so many illogical , irrational, incorrect statements you make in most of your posts about a country's currency..
I dont want to waste my time as you don't practice what you preach in everything you do in your daily life to strenthen INR.. and instead sit on a sinle point of Rupay.. there are so many other main things that infulence currencies.. there are is a reason why RBI regulates USD INR .. by depraciating INR at a steady rate.. there are so many factors that infulence any country's currency depending upon their economy . For any country to get upto the ladder in terms of currency , there need to be more exports than imports.. for this there should be more structural changes that need to happen in terms of prodcution of real goods and services which are of export qality..
Anyway your arguments.may hold some ground only incase of international transactions done on Rupay card.. not at all relevant in domestic transactions done using rupay...
I already wasted some time..

this would be my last post about this your Rupay and currency thing..
Have fun...

 

[Lobogris]

Yes, I don't deny that, but 99% of transactions in India are domestic.

And when we make local payments using Visa/Mastercard, the fees that Visa/Mastercard charges, along with various other types of fees charged from banks by Visa/mastercard, go in US dollars. This amounts to more than billions of dollars annually.

A few billion $ is nothing for a large country like India. Imagine, if the Americans thought the same about giving contracts to Infosys and TCS? Almost all our recent development has been due to outsourcing. We can't have such a protectionist mindset.

 

[Abhishek012]

A few billion $ is nothing for a large country like India. Imagine, if the Americans thought the same about giving contracts to Infosys and TCS? Almost all our recent development has been due to outsourcing. We can't have such a protectionist mindset.

There is a difference between companies like Infosys and TCS and Visa/Mastercard/RuPay.

Americans already have this thought, which is why Americans never allow card networks from other countries to operate in their country.

Similarly, China also does not allow Visa/Mastercard to be issued locally in their country.

I already explained in my above comment.

Visa/Mastercard and RuPay are not companies; they are the currencies of their respective countries.

The US sanctions also work for this reason.

 

[Lobogris]

Americans already have this thought, which is why Americans never allow card networks from other countries to operate in their country.

Nothing can be further from the truth. Japanese network JCB works in the US. Chinese union Pay works as well. The US has the most open market in the world. Look at Japanese brands like Toyota, Honda, Datsun, Mistsubishi etc. They took over the entire US car industry. Koreans have done the same with Hyundai and Kia. The British with Land Rover. The Swedes with Volvo and so on. Look at Sony. They took over electronics. Most Chinese companies became big by selling in the US as well. Today, you will see large numbers of TCL and Hisense TVs sold in the US. Look at various companies from around the world that sell in the US in large numbers. Companies like Asus, Acer, etc. Every big brand in the world generally becomes big after they succeed in the US market. Go to any clothing store in the US and you would find items made in China, Vietnam and a few from India as well.

They don't have a Rupay tie up as they don't have that much interaction with India and Rupay is new. If Rupay makes an arrangement with Discover or Visa to allow it to be used in the USA, the US government isn't going to stop it. In fact, it already has such an arrangement with Discover.

 

[jetesh]

Thanks @jetesh Bhai!!😄😄

This is what exactly many of us were looking!!

Just confirm whether Opulence Debit Card is also LTF??😁😁

It seems our patience have given some good options in BOB now.

Bro, as per the article published in the newspaper, Eterna is a LTF card, and Opulence debit card is a paid card.

 

[Abhishek012]

Nothing can be further from the truth. Japanese network JCB works in the US. Chinese union Pay works as well. The US has the most open market in the world. Look at Japanese brands like Toyota, Honda, Datsun, Mistsubishi etc. They took over the entire US car industry. Koreans have done the same with Hyundai and Kia. The British with Land Rover. The Swedes with Volvo and so on. Look at Sony. They took over electronics. Most Chinese companies became big by selling in the US as well. Today, you will see large numbers of TCL and Hisense TVs sold in the US. Look at various companies from around the world that sell in the US in large numbers. Companies like Asus, Acer, etc. Every big brand in the world generally becomes big after they succeed in the US market. Go to any clothing store in the US and you would find items made in China, Vietnam and a few from India as well.

They don't have a Rupay tie up as they don't have that much interaction with India and Rupay is new. If Rupay makes an arrangement with Discover or Visa to allow it to be used in the USA, the US government isn't going to stop it. In fact, it already has such an arrangement with Discover.

Japanese network JCB and Chinese UnionPay card work on the Discover card network in the USA, which is only for foreigners. Yes, RuPay also has a tie-up with the Discover card network (In such tie-ups, only the US dollar currency is accepted in the USA).

But the world is not just about the USA and China. There are approx 200 countries, and RuPay/UPI is planning to establish local currency payment systems with all other countries, and trials have already started in some countries like the UAE, Bhutan etc.

However, the USA will never allow a local currency payment system with India or China.

This is about the power of a country. The USA will not lose its superpower status just because Japanese, Chinese, or Indian brands dominate on certain sectors. But by allowing the China UnionPay card and Japanese JCB card to be issued in its market, the USA would risk losing its superpower status.

The US dollar will no longer remain a strong currency; China can stop payments to the USA whenever it wants.

And this is not just my opinion; there have been numerous debates in the US Congress regarding not allowing the China UnionPay card and Japanese JCB card to enter the US market for business. There is a strict policy regarding this matter.

 

[RAMESH BABU N]

I think it's high time we come back to this topic proper than discuss other issues. The other topics - needs a lot of serious study, serious analysis and a lot of background in Economy - both micro n macro, forex, bop, cross country dealings n a lot more.

Without serious players - experts in these niche areas - just putting across some random points - from personal view points or opinions - will not help.

Lets get back to BOB ETERNA here.

 

[Swastik]

I think it's high time we come back to this topic proper than discuss other issues. The other topics - needs a lot of serious study, serious analysis and a lot of background in Economy - both micro n macro, forex, bop, cross country dealings n a lot more.

Without serious players - experts in these niche areas - just putting across some random points - from personal view points or opinions - will not help.

Lets get back to BOB ETERNA here.

And i thought i was the only one wondering that this thread was supposed to be for Eterna, right 😅

 

[jetesh]

So eterna card se aaj kisne golf play kiya, ya lounge access kiya ya fitness pro use kiya ya 15x earn kiye ??

Anyone

 

[Abhishek012]

I think it's high time we come back to this topic proper than discuss other issues. The other topics - needs a lot of serious study, serious analysis and a lot of background in Economy - both micro n macro, forex, bop, cross country dealings n a lot more.

Without serious players - experts in these niche areas - just putting across some random points - from personal view points or opinions - will not help.

Lets get back to BOB ETERNA here.

I have studied economics; I don't know about others. 😀😀

 

[SSV]

I think it's high time we come back to this topic proper than discuss other issues. The other topics - needs a lot of serious study, serious analysis and a lot of background in Economy - both micro n macro, forex, bop, cross country dealings n a lot more.

I have studied economics; I don't know about others. 😀😀

Without serious players - experts in these niche areas - just putting across some random points - from personal view points or opinions - will not help.

Lets get back to BOB ETERNA here.

I was a qualified cost and management accountant and had a brief stint in practicing it before going into IT. Not just studying economics...😀😀😀
I don't know about others !!! 🤣

 

[SSV]

I think it's high time we come back to this topic proper than discuss other issues. The other topics - needs a lot of serious study, serious analysis and a lot of background in Economy - both micro n macro, forex, bop, cross country dealings n a lot more.

Without serious players - experts in these niche areas - just putting across some random points - from personal view points or opinions - will not help.

Lets get back to BOB ETERNA here.

A very valid point in getting back the discussion to eterna..
Had to respond to previous posts because of misinformation and unnecessary propaganda linking rupay and currency excessively and me getting tagged in some posts...

Anyway, this thread is for bob eterna..
Lets keep it like that...

 

[RAMESH BABU N]

I got stuck in USA till mid-NOV.

If not, by now, I must have applied for a couple of CCs. Eterna is on my radar.