Only Premium & Super Premium Cards Discussion

[Deleted member 9785]

Case - https://economictimes.indiatimes.co...foggy-practices/primearticleshow/72699376.cms

 

[pgarg24]

Thanks for the efforts to explain this in a detailed view.
Now, I have the clarity as to what is referred as not satisfied.
But the major question that arrives is, basis the reasoning made by the invoicing company, can we present it to the bank and claim a dispute.
That too after a period of 30 days? Should we do this Invoice discounting only with Amex, because they value customers more than merchants, and the same way they can issue a refund after 30 days, if such scenario occurs. Need expert advice here!

Often the period of deals you would get for invoice discounting is 2.5-6 months.. Personally, I don't believe banks would be able to do much since this is a personal investment you made keeping risk in mind...

@kkk - If possible, can you share what was the reason for the dispute for gyftr?

I would think if the coupon code provided by Gyftr had any issue then you could claim dispute with gyftr because that is something which is guaranteed when buying vouchers( however same yield is not guaranteed by invoice discounting as that is an investment)

 

[RewardsAlert]

So, now even if they shut down and leave and lose out 1 lakh, I might not be on lose overall. The other reason I did it is we can always dispute the amount if you are paying through credit card. I did very thorough analysis about pros and cons and how much I am willing to take risk for rewards.

@pgarg24
I completely understand your point of view.
But the comment stated by @kkk says something in similar lines as what I had mentioned with regards to Amex.
I think we need some clarity upon this specific area.

 

[kkk]

Often the period of deals you would get for invoice discounting is 2.5-6 months.. Personally, I don't believe banks would be able to do much since this is a personal investment you made keeping risk in mind...

@kkk - If possible, can you share what was the reason for the dispute for gyftr?

I would think if the coupon code provided by Gyftr had any issue then you could claim dispute with gyftr because that is something which is guaranteed when buying vouchers( however same yield is not guaranteed by invoice discounting as that is an investment)

I was trying to buy MMT voucher from gyftr to book flight. The transaction went through but didn't receive MMT voucher. As I had to urgently book ticket, so went ahead directly booking through MMT. At the same time, I called up gyftr and asked them why I didn't receive MMT voucher. They told there is some technical glitch and your transaction will be cancelled. But after almost 2 weeks I received the voucher. I called up gyftr and asked them what will I do with MMT voucher and since they told it will be cancelled, why it has been not cancelled. But they started singing since voucher is already generated they can't cancel it. Since I bought MMT voucher through Amex, I raised dispute giving all the evidence and they removed the transaction in next billing cycle.

Now w.r.t to Invoice discouting - I have so far not raised Dispute yet but may be this doesn't come under dispute but this option is always there to try. And as I told before, I am primarily investing in Invoice Discounting as an investment not for credit card rewards. It's just that Falcon they had option to pay using CC, so switched to this. I very well know the risk involved and I am very well aware they I might lose all the capital involved in Invoice Discounting.

 

[pgarg24]

@pgarg24
I completely understand your point of view.
But the comment stated by @kkk says something in similar lines as what I had mentioned with regards to Amex.
I think we need some clarity upon this specific area.

oh I didn't see the dispute line in the post by kkk.. Now it becomes interesting 🤣 🤣

 

[pgarg24]

I was trying to buy MMT voucher from gyftr to book flight. The transaction went through but didn't receive MMT voucher. As I had to urgently book ticket, so went ahead directly booking through MMT. At the same time, I called up gyftr and asked them why I didn't receive MMT voucher. They told there is some technical glitch and your transaction will be cancelled. But after almost 2 weeks I received the voucher. I called up gyftr and asked them what will I do with MMT voucher and since they told it will be cancelled, why it has been not cancelled. But they started singing since voucher is already generated they can't cancel it. Since I bought MMT voucher through Amex, I raised dispute giving all the evidence and they removed the transaction in next billing cycle.

Now w.r.t to Invoice discouting - I have so far not raised Dispute yet but may be this doesn't come under dispute but this option is always there to try. And as I told before, I am primarily investing in Invoice Discounting as an investment not for credit card rewards. It's just that Falcon they had option to pay using CC, so switched to this. I very well know the risk involved and I am very well aware they I might lose all the capital involved in Invoice Discounting.

Thanks for sharing bro.
Falcon seems more genuine as per reviews and everything than other available platforms.

 

[kkk]

Thanks for sharing bro.
Falcon seems more genuine as per reviews and everything than other available platforms.

No bro, it's not the case. Falcon doesn't reveal SMSE company name, it just mentions blue chip company under which Invoice is raised. Who is raising Invoice, there is no information at all. They just provide history of that company. I have raised multiple concerns to provide all the details but they keep saying they don't reveal the name so that competitors don't see it which is bullshit reason. You check TradeCred, Tredex, Jiraaf all of them provide all details.

 

[4uziaul]

No bro, it's not the case. Falcon doesn't reveal SMSE company name, it just mentions blue chip company under which Invoice is raised. Who is raising Invoice, there is no information at all. They just provide history of that company. I have raised multiple concerns to provide all the details but they keep saying they don't reveal the name so that competitors don't see it which is bullshit reason. You check TradeCred, Tredex, Jiraaf all of them provide all details.

I was checking TradeCred last night and they are much better in providing all the information.

 

[jack333]

No bro, it's not the case. Falcon doesn't reveal SMSE company name, it just mentions blue chip company under which Invoice is raised. Who is raising Invoice, there is no information at all. They just provide history of that company. I have raised multiple concerns to provide all the details but they keep saying they don't reveal the name so that competitors don't see it which is bullshit reason. You check TradeCred, Tredex, Jiraaf all of them provide all details.

Then these can be fake invoices too. They might be using our money somewhere else too where its more profitable like drugs and arms 🤣

 

[kkk]

Then these can be fake invoices too. They might be using our money somewhere else too where its more profitable like drugs and arms 🤣

Yes it can be. It can be that they are just rotating money and after some time they might run away. Falcon is not providing all details about the deal even in the agreement. I have visited their office in Hyderabad, company exists physically but didn't enter the office.

 

[yashbhavnani]

|| LONG POST ALERT ||

Guys! There’s really no need to be apprehensive or confused about invoice discounting investment.
I think @kkk has very well explained in detail the process, the risks and all the other necessary information related to this investment along with informative insights from other members.
Thus, in a nutshell let’s not make this thread so long by posting non useful posts.
The bottom line is it’s clear that invoice discounting carries risks, invest at your own peril.
Further, There are plenty of methods available in the public domain to rotate money to meet milestones. If one is afraid of the risks may I suggest to invest in FD’s or short term liquid funds along with p2p lending platforms such as 12% club, cred mint, MobiKwik and many more. (Rotate money through BharatNxt etc. and keep money in a savings account with high interest rate or go for short term debt liquid funds mixed with p2p lending platforms).

 

[jack333]

Yes it can be. It can be that they are just rotating money and after some time they might run away. Falcon is not providing all details about the deal even in the agreement. I have visited their office in Hyderabad, company exists physically but didn't enter the office.

With as much as yours investment visiting their office was the least you could do. You can even ask their balance sheets 🤣

 

[kkk]

|| LONG POST ALERT ||

Guys! There’s really no need to be apprehensive or confused about invoice discounting investment.
I think @kkk has very well explained in detail the process, the risks and all the other necessary information related to this investment along with informative insights from other members.
Thus, in a nutshell let’s not make this thread so long by posting non useful posts.
The bottom line is it’s clear that invoice discounting carries risks, invest at your own peril.
Further, There are plenty of methods available in the public domain to rotate money to meet milestones. If one is afraid of the risks may I suggest to invest in FD’s or short term liquid funds along with p2p lending platforms such as 12% club, cred mint, MobiKwik and many more. (Rotate money through BharatNxt etc. and keep money in a savings account with high interest rate or go for short term debt liquid funds mixed with p2p lending platforms).

Totally agree. There are many ways. I just gave one other option 😛

 

[hireng]

thanks @kkk for the wonderful detailed insights, really appreciate it, I've been using tradecred for sometime (via orowealth) so I'm aware of the risks, and tradecred is quite transparent, they boast of 0 defaults in the past 4-5 years. But falcon seems a bit shady (or clandestine, I must say) will check it out

 

[kkk]

thanks @kkk for the wonderful detailed insights, really appreciate it, I've been using tradecred for sometime (via orowealth) so I'm aware of the risks, and tradecred is quite transparent, they boast of 0 defaults in the past 4-5 years. But falcon seems a bit shady (or clandestine, I must say) will check it out

Yes, out of all invoice discounting platforms I felt TradeCred is best in terms of 0 defaults, providing all details etc.

 

[hireng]

Yes, out of all invoice discounting platforms I felt TradeCred is best in terms of 0 defaults, providing all details etc.

really wish they come up with credit card mode of investment

 

[phagocyte536]

really wish they come up with credit card mode of investment

The MDR charges will eat into their margins. Unless they add a small charge like NPS does

 

[hireng]

The MDR charges will eat into their margins. Unless they add a small charge like NPS does

comparing apples to apples, if falcon is doing it, hence I only wished that TradeCred does it too, or does falcon charge a fee too?

 

[phagocyte536]

comparing apples to apples, if falcon is doing it, hence I only wished that TradeCred does it too, or does falcon charge a fee too?

It is not charging a fee, as per OP. Which raises more doubts.

 

[FinGuru]

The purchase agreement reads as below (an excerpt). I called up and cross checked with Falcon. It seems all investments are guaranteed. One needs to assess if Falcon has the capital to pay investors in case things go awry but prima facie it appears to be an investment with capital protection