I have a Canara Rupay Select Debit Card, issued mid Jan,
planning to block permanently mid Dec
Will see if i still get charged any fee or not
Btw what's hotlist charge ?, how rbi complain can reverse that ?
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Canara Bank: Master World Debit Card With Loungekey Access. (Review after usage at Intl lounge)
- Thread starter desiviru
- Start date
planning to block permanently mid Dec
Will see if i still get charged any fee or not
Btw what's hotlist charge ?, how rbi complain can reverse that ?
what is the acc type?
He has normal/regular savings account. Anyone with a savings or current account can apply for this card except zero balance account. Use Canara A1 app and request card. Charges are Rs.1180/year. 1 Reward Point per 200 spent. If you want Canara to do things on priority for you, keep balance between 25K-50K. I kept 25K although it was not necessary but yet a good balance customers receives priority over those who keep min. avg balance only.
Bro, annual charges are charged after one year for previous year so even if you block you are ought to pay 1180. If you close like in 6 months, you can ask for 50% refund from bank. Yes, there are many charges which Canara has while others don't and they are exceptional bank with all the charges they have for even smallest of services.
You can not complain to RBI as these charges are already mentioned. RBI had asked Canara to remove such charges but they didn't budge. Banks are de-regulated enitites since long and they can charge as per their will for a service. Look at SBI which is increasing Rupay DC charges every year now because Rupay want card to be min. 250. Looking at this VISA/master have came from 150 to 200 and soon they will charge 250 in future for simplest of cards with no benefits.
Canara Master World DC is a necessity for my brother who travels due to work and this time had to take family so it helped him save. 1180 is not a big amt when service used is 10X more than it. He also havee Priority Pass from HDFC for self (6 Intl Lounge Access Free).
Abhishek012
TF Pioneer
What do you mean by SBI is increasing RuPay DC charges every year ?
All cards network charges are same.
All SBI Visa Classic/mastercard Classic/RuPay Classic card charges are same (Rs150 to Rs200).
All SBI Visa Platinum/mastercard Platinum/RuPay Platinum card charges are same.
Salary account debit cards - all are free.
Rupay took the lead in increasing charges. RuPay charges for ICICI Bank increased to 200 while for VISA it reamained same and increased from Oct 1 only. By SBI I meant Banks in general i.e all banks. Rupay is getting Rs.100 per card banks issue while bank keeps the rest. Even in MDR it is 70:30 formula currently. Sab card network milke hamein lootenge. I was expecting competition when Rupay came but now it seems all are joining hands with banks to charge more and more to customer like ICICI started add-on card charges. haha
P.S: I didn't bash RuPay but all are on same boat these days.
Abhishek012
TF Pioneer
Does it make any sense ?
Card network never charged from customer.
Banks decide all card fees and annual card fees.
Card fees are increasing because of inflation, then tell the reason for why bank's interest rate are decreasing because the card networks want to give you a low interest rate ? 🤣🤣
Some banks are also increase MAB for saving accounts, Please tell the same reason for this because the card networks want to deposit more money on banks. 😀😀
ICICI Bank's Visa Platinum and RuPay Platinum charge increased at the same time. ICICI Bank deducts the annual fee from the card issuing month every year. Sometimes they deduct the annual fee a month in advance.
There's no exact date for ICICI card fee deduct, so if it was deduct before the hike date, a lower charge would have applied. But all platinum card network charges have been hiked together.
Have you ever been a known in any bank? Try to mingle with one and they will clear many kind of darkness you have. Bro, you just assume things and try to serve it as truth. Whoever writes here, you tell everyone to be senseless. Just because you yourself have deficiency of sensing and understanding simplest of things doesn't mean others are talking without facts. I don't think you have any knowledge of how banks internal operation works and how card payment companies and banks work in tandem.
Card fee increases due to inflation?
Never ever say such thing in front of a bankers else they will laugh/rofl behind your back.Abhishek012
TF Pioneer
Let it be bro, that's why I never explain things in detail. 🤣🤣Have you ever been a known in any bank? Try to mingle with one and they will clear many kind of darkness you have. Bro, you just assume things and try to serve it as truth. Whoever writes here, you tell everyone to be senseless. Just because you yourself have deficiency of sensing and understanding simplest of things doesn't mean others are talking without facts. I don't think you have any knowledge of how banks internal operation works and how card payment companies and banks work in tandem.
Card fee increases due to inflation?
When banks start issuing more cards, their maintenance costs go up. The server costs, and the expenses for all third-party TSP (Technical Service Provider) companies increase every year.
The more cards there are, the higher the security costs become.
When banks renew their contracts with third-party TSPs and server providers, security companies, they charge even more.
Because of all these factors, cards get devalued or fees go up, or banks try to recover these costs in other ways.
Anyway, an average person doesn’t need to think so much. Most Indians want pleasure in life so they can stay happy. Over knowledge makes you sleepy. 😀😀
I just summarized it in one word, 'inflation.' If I went into detail, I’d have to write a book but people or i can say Indians just want pleasure.
Inderjeet
TF Neo
Hi, I have got canara bank mastercard wirld credit card by opening account. Very soon, I am going to use it at international lounges
Credit? This topic is about Master World debit card.
Debit hi hoga credit galti se likh diya hoga
vishalgupta2
TF Buzz
When banks issue more cards, there costs (per card) go down, because of economies of scale. This is universally true for all industries unless the org itself becomes inefficient due to size.
Deval happens mostly coz no one wants to run in losses, all the crazy offers etc are funded by some initiatives and / or marketing/ customer acquisition budgets and once the interest is lost or target is met, the budget ceases to exist, the massive devals happen.
Abhishek012
TF Pioneer
This logic doesn’t work in everything that costs will reduce with mass production (or issue more cards).
But it depends on many factors.
Banks like HDFC are able to issue so many cards because they require a minimum of 10k for opening a savings account.
All savings accounts in SBI are zero balance.
ICICI Bank's business model is a bit different; they don’t offer many rewards. In the last few years, many people have opened zero-balance accounts with ICICI. A lot of people also use ICICI’s e-commerce discount offers.
Normally, all this works fine as it is. But when inflation hits, they start to increase.
After the corona pandemic, due to the EMV chip shortage, banks have also increased card fees (this was also in the news). Big banks have 5-year contracts, and when these contracts are renewed, charges go up.
vishalgupta2
TF Buzz
Its not really about mass production, it's really about the infra and software costs to support any card product. The problem is that these costs are so low that this doesn't really impact operations by much.
External costs like chips and cost of borrowing money etc have much bigger impact on OpEx that's why card costs for banks keep going up. It's more significant than infra, so this may kick the AF slightly up.
Neither of this has any impact of Deval / benefits that the banks provide, those are primarily impacted by promotional budgets (for example a marketer may have a goal of acquiring 50k new customers and have a budget of say 20k USD, now out of the 20k, some money can be allocated towards rewards to make the card attractive). The promotion could run multiple years and once the goals are meet(including expected attrition on benefit withdrawal) you hit a Deval.
I have been involved in multiple promotion designs in various industries and know how this works first hand (ofcourse this explanation is very layman) but that's the gist from 30k altitude