IDFC Pre Approved Offer Card variant issue

[Srinivas Reddy]

I got pre approved offer from IDFC, but its showing I can choose card variant only between Millennia and Classic. Do anybody know how to get IDFC Select over them???

Btw mine is a 25k MAB account.

 

[Souvik]

Yeah some merchants add it but the problem is not an issue of CC itself per se ... It's merchant issue

I differ....the usage of credit line for free has to have a cost bro, it's not your money after all that you spend on a credit card. 😀 So the merchant fee to compensate the credit giver.

 

[TheTrickySid]

I differ....the usage of credit line for free has to have a cost bro, it's not your money after all that you spend on a credit card. 😀 So the merchant fee to compensate the credit giver.

But if the free was charged throughout every mode then it was understandable but these issues only arise in offline mode.
No one charges fee in online payment even though it same for both.

 

[007]

I differ....the usage of credit line for free has to have a cost bro, it's not your money after all that you spend on a credit card. 😀 So the merchant fee to compensate the credit giver.

RBI would like to disagree! 🤷‍♂️

 

[007]

RBI would like to disagree! 🤷‍♂️

In the RBI's own words: "…merchant establishments levy fee as a percentage of transaction value as charges on customers who are making payments for purchase of goods and services through cards. Such fees are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants…"

RBI adds that any such instance can be used as a strong argument by the bank to terminate its POS-linked relationship with such merchants.

 

[Extrovert🌃]

Have a courtesy call to spinny for example, credit cards attract merchant fees, and that's the reason these banks are irresponsibly giving away credit cards to everyone in the island.

Wherever the merchant does not have a substantial margin on their product, or does not want to take a hit for merchant fees they will pass it onto you.

Talking about offline transactions here.

In most cases which is 98% + the merchant HAS to bear charges. But there are exceptions given to some merchants by banks for example fuel stations, gold shops, and almost all categories for which you don't get cashback. Banks have really tedious procedure for the txns fee to be passed on the cc user or if they have tie up with banks they may waive off Txn at all because however you don't get cashbacks on those txns

If merchant charges you extra upfront , that's mostly because they want cutsotmers to pay in cash for tax reasons. They keep machines as they are being offered for one time cost by Bharatpe etc as backup but they want their inflow to be mainly from cash. Mostly small businesses do this. Don't remember going anywhere and they charging me extra. Have done Txn even of multi lakhs @ gold shops and yet I haven't been charged till now. Atleast Malabar doesn't charge.

 

[Extrovert🌃]

In the RBI's own words: "…merchant establishments levy fee as a percentage of transaction value as charges on customers who are making payments for purchase of goods and services through cards. Such fees are not justifiable and are not permissible as per the bilateral agreement between the acquiring bank and the merchants…"

RBI adds that any such instance can be used as a strong argument by the bank to terminate its POS-linked relationship with such merchants.

+1

 

[Souvik]

But if the free was charged throughout every mode then it was understandable but these issues only arise in offline mode.
No one charges fee in online payment even though it same for both.

Margins in online are better to cover these fees.

 

[Souvik]

RBI would like to disagree! 🤷‍♂️

Truth is often stranger than fiction ☺️

 

[Souvik]

In most cases which is 98% + the merchant HAS to bear charges. But there are exceptions given to some merchants by banks for example fuel stations, gold shops, and almost all categories for which you don't get cashback. Banks have really tedious procedure for the txns fee to be passed on the cc user or if they have tie up with banks they may waive off Txn at all because however you don't get cashbacks on those txns

If merchant charges you extra upfront , that's mostly because they want cutsotmers to pay in cash for tax reasons. They keep machines as they are being offered for one time cost by Bharatpe etc as backup but they want their inflow to be mainly from cash. Mostly small businesses do this. Don't remember going anywhere and they charging me extra. Have done Txn even of multi lakhs @ gold shops and yet I haven't been charged till now. Atleast Malabar doesn't charge.

The merchant can very well take the hit for transaction charge and not pass it on to the end consumer, however practice differs from entity to entity.

 

[Souvik]

Gold shops are a different category
Difficult to explain these over text

They are in fact holy grail of converting black money to white, remember the hasty demonetization when gold shops remained open for extended periods of time.

 

[007]

Truth is often stranger than fiction ☺️

Till date, no offline shopkeeper has asked me to pay extra. But I ain't denying the fact that it can't happen, all I am saying is it's wrong as per RBI too!

 

[Souvik]

I've never seen any charges on my CC ... So I really don't know what you're referring to

So you would not see it is a separate fee in your card statement, the vendor would add up and sell you at consolidated selling price.

 

[Souvik]

Till date, no offline shopkeeper has asked me to pay extra. But I ain't denying the fact that it can't happen, all I am saying is it's wrong as per RBI too!

I am just saying its included in the final product selling price mostly, camouflaged sort of....But there are instances where things are more transparent and they tell you that if you pay via cheque its x amount, if you pay via credit card its x+y

 

[007]

Some do but that's on merchant's discretion ... Nothing on CC side is what I meant

Yeah, nothing from CC's end!

 

[007]

Except few like fuel but that also is reversed on my business moneyback along with GST component

Yup. But still I prefer to use cash or UPI for fuel transactions!

 

[Souvik]

7 Digit???
You mean to say your Regalia has 10,00,000+ Limit??
Then should have upgraded to DCB or Infinia.

Not boasting, just posting my LTF Regalia status. My total credit card spends in a month would usually not cross 6k across all cards, hence never opted for that much limit.

I am though greedy to get a LTF upgrade to a better card as you said DCB, Infinia if there is a workaround.

 

[007]

Not boasting, just posting my LTF Regalia status. My total credit card spends in a month would usually not cross 6k across all cards, hence never opted for that much limit.

I am though greedy to get a LTF upgrade to a better card as you said DCB, Infinia if there is a workaround.

View attachment 1174

Woah! That's quite a jump! 🔥

 

[007]

Not boasting, just posting my LTF Regalia status. My total credit card spends in a month would usually not cross 6k across all cards, hence never opted for that much limit.

I am though greedy to get a LTF upgrade to a better card as you said DCB, Infinia if there is a workaround.

View attachment 1174

How did you manage to get LTF Regalia though? 👀

 

[007]

It's not uncommon. Till Regalia, HDFC gives LTF easily. Many have DCB/Infinia as LTF.

Ohh nice! 👌

 

[TheTrickySid]

Not boasting, just posting my LTF Regalia status. My total credit card spends in a month would usually not cross 6k across all cards, hence never opted for that much limit.

I am though greedy to get a LTF upgrade to a better card as you said DCB, Infinia if there is a workaround.

View attachment 1174

That's insane man
BTW how long have you been using the card?
How did you managed to get such a big jump that is do you have a lot of funds in you account or a higher varient account etc??