Devaluation on HDFC Smartbuy FK and ASV gv

[BVCBVC is verified member.]

Previously Axis, now HDFC, I hope it stops here.

Amex Baba Ki Jai!

Amex already patched the multiple gyftr access to single card.

P

Thread 'Amex Gyftr Devaluation? Multiple numbers not working'

Sep 21, 2024

Tried buying more than 10K Amazon Vouchers from Gyftr yesterday and post 10K all transactions were getting declined after using a different mobile numbers. Can anyone else confirm the same?

Relevant reddit thread:

https://www.reddit.com/r/amexindia/s/NRHaWTE2Ta

Update:

- Multiple folks have confirmed that their transactions are getting decline, so definitely seems to be true.
- Add-On card will be counted as separate card so you might be able to bypass the 10K limit. I will update this post once I am able to test that myself

• pslashb
• amex devaluation gyftr
• Replies: 85
• Forum: American Express

• 

 

[Infamous]

Amex already patched the multiple gyftr access to single card.

P

Thread 'Amex Gyftr Devaluation? Multiple numbers not working'

Sep 21, 2024

Tried buying more than 10K Amazon Vouchers from Gyftr yesterday and post 10K all transactions were getting declined after using a different mobile numbers. Can anyone else confirm the same?

Relevant reddit thread:

https://www.reddit.com/r/amexindia/s/NRHaWTE2Ta

Update:

- Multiple folks have confirmed that their transactions are getting decline, so definitely seems to be true.
- Add-On card will be counted as separate card so you might be able to bypass the 10K limit. I will update this post once I am able to test that myself

• pslashb
• amex devaluation gyftr
• Replies: 85
• Forum: American Express

• 

Still works on add-on and atleast they dont charge lol.

 

[Explorer]

For infinia/DCB, amazon/flipkart from smartbuy still valuable as the 5X return is 16.65%.
But for regalia or similar diners club, there hardly anything left as the 5X rewards is just 6.66%. The net rewards is only 3.7%.

 

[navam]

I mean still better than coins right?

 

[BVCBVC is verified member.]

Still works on add-on and atleast they dont charge lol.

Yes add on works well.

 

[Infamous]

Yes add on works well.

Even the per card limit with diff phone numbers works sometimes, it's mostly a hit and miss.

 

[Dixit]

As they say, 'All good things must come to an end.' It is an end of an era.

 

[6ix9ine]

Amazon GVs convenience fees is increased to 3.54% now from 2.95% 😂😂

Back to back devaluations incoming.

 

[Explorer]

Looks like they will not stop devaluation before it becomes completely useless for regalia! the net gain is 3.12% for amazon GV for regalia now.

 

[Dobbiee]

I dont think that its HDFC doing this. If HDFC would have done it, then restrictions and convenience fee would have been on all gift vouchers of all brands.
Its only Amazon + Flipkart who seems to have joined hands (cartel) to stop HDFC Smartbuy and promote their own cards. They may soon raise curbs on other banks also for this purpose.

 

[Abhishek012]

Amazon GVs convenience fees is increased to 3.54% now from 2.95% 😂😂

Back to back devaluations incoming.

Kisi ne comment kiya tha ki Amz gv and ASV k processing fee same hai, log ASV kyun buy karega ?

Uska request fullfill ho gaya. 🤣🤣

 

[jk51]

It's pretty disappointing that even for shopping vouchers they are charging now. With the revised criteria to get the cards making it difficult and then reducing the rewards and devaluing the cards what is their end-game?
Do they not want people using card anymore? or have they achieved their target numbers and now no more in growth phase and just want to squeeze out the existing ones like all other services do?
Is the enshittification of HDFC card or credit card in general in full force?

Top banks in the cc game just want to correct their inflated bases just like telecom guys did recently. In this case instead of tariff hikes it’s eligibility hike, rewards devaluation/capping, stricter review of spends made, etc

Long term Motto across is the same for all banks ranging from getting quality spending customers, decrease over outgo in terms of rewards, onboarding more mass affluents/HNI’s, etc

While layman doesn’t have access to numbers it’s fair enough to say considering massive exposure and dissemination of information with regards to cards and their hacks across platforms such as YouTube, Twitter, Forums, etc products introduced by banks have started getting shorter lifecycles in terms of usability hence with the passage of time this is inevitable.

 

[jk51]

This is major silent devaluation for Regalia Gold customers. Not at all useful for ASV, Apay and FK (Which is majority of voucher purchase).

Yes that’s why HDFC cards are only better to hold as LTF. Making effort in terms of spends to upgrade simply doesn’t make sense as the bank has declared open season for its topmost card procurement through an array of investments. It doesn’t matter to them if one is an old customer if you are willing to lock in big bucks with them, the card is more or less yours.

 

[RDR]

It is possible that, in reality many infinia holders are not really aware of its full potential except may be lounge access and only a handful of us were taking advantage of it. But these days with increased awareness, especially due to media coverage etc. more percentage of hdfc card owners are trying to get maximum benefit out of it. And banks are trying to find ways to restrict it.

This is quite true for me. I have a DCB since 3 years and became aware of Gyftr vouchers only recently.

I think earlier they did have a 5x points program but it was very clunky that needed you to go to Amazon/Flipkart from Smartbuy and didn’t always work so I didn’t bother using it until like 2 months ago.

The user experience with PayZapp is so much better now and will appeal to more users and hence the need to limit the rewards.

 

[bhaveshbhai]

Previously, gyftr used to charge 2.5% processing charges+gst on Amazon pay voucher, and zero on amazon shopping voucher and flipkart.

Today, when checked, they are charging 2.5% on Amazon shopping and flipkart vouchers. And 3% on Amazon pay voucher. They seem to be slowly killing the benefits of hdfc smartbuy purchases from gyftr.

 

[MrMonkey]

Amazon GVs convenience fees is increased to 3.54% now from 2.95% 😂😂

Back to back devaluations incoming.

People were complaining why AGV and ASV have same charges, so this is HDFC's answer

 

[MrMonkey]

I dont think that its HDFC doing this. If HDFC would have done it, then restrictions and convenience fee would have been on all gift vouchers of all brands.
Its only Amazon + Flipkart who seems to have joined hands (cartel) to stop HDFC Smartbuy and promote their own cards. They may soon raise curbs on other banks also for this purpose.

Amazon + Flipkart Gift cards are the most purchased on hdfc Gyftr and most often traded/sold again instead of personal use. This results in huge losses to hdfc month on month given the wide spread of strategise to maximize card benefits, so hdfc is just cutting down on the losses here

 

[msankadi]

Amazon + Flipkart Gift cards are the most purchased on hdfc Gyftr and most often traded/sold again instead of personal use. This results in huge losses to hdfc month on month given the wide spread of strategise to maximize card benefits, so hdfc is just cutting down on the losses here

I dont believe that to be the case.i can't see 90-95% of genuine infinia users buying and reselling gift cards... Maybe it's just the 5-10% of users... Better would be to just weed out by launching infinia reserve or selecting customers with higher income

 

[MrMonkey]

I dont believe that to be the case.i can't see 90-95% of genuine infinia users buying and reselling gift cards... Maybe it's just the 5-10% of users... Better would be to just weed out by launching infinia reserve or selecting customers with higher income

Not talking about Infinia users solely, even basic cards (Moneyback/Millennia etc) give 5-6% returns on Gyftr and then easily sold at profit of ~3%. Given significantly higher awareness of HDFC Gyftr in recent years, this devaluation is inevitable

 

[shashankrt]

Not sure if this has been mentioned. After charging 3% for Amazon Pay Gift cards, Smartbuy Gyftr has now started charging 2.5% for Amazon Shopping voucher also.

I don't think this is HDFC rather Amazon hiking their charges. Seems now good old way of buying using CC offers is the way forward.

For infinia, now amazon vouchers offer 16% return vs 16.5% earlier. However for other HDFC cards this can be brutal.

Diners Black - 9.5% to 9 percent drop
HDFC regalia - 6.6 to 6.4% drop