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All good things must come to an end....Now IDFC Wealth Card is devalued...🙁
RBI needs to put a maximum limit of cards a person can take as per ITR. Right now a person with 10 l income can take multiple cards and reach 2-3 cr aggregate card limit. What if he defaults allThis will continue till
1) folks use personal credit cards for business spends.
2) banks gives cards without due diligence or being strict in issuing CC just to expand their CC market share. (eg. IDFC wealth requires annual income of 36 lakhs or more, how many folks do you think got it via this route? Instead, bank gave wealth card just on the basis of C2C method if your existing CC has 5 lakhs limit and everyone knows how generous is ICICI in giving LE). Adding to this, today even HDFC Infinia doesn't feels exclusive anymore, I won't be surprised if Infinia and many other premium credit cards also gets more devalued (read point 2 again)
3) banks giving LTF cards. (especially with lounge access)
4) no capping on reward points/ cashback (this will ensure cards are used for personal spends)
just a side note and a thought I had while typing the reply, an individual can only have maximum 5 CC at any time, if he holds more than that - he should not get any further CC; this might also reduce the devaluation of cards.
Feel free to add any point which I might've missed. Thanks for reading.
Sbi and other gov banks are there for you 😉RBI needs to put a maximum limit of cards a person can take as per ITR. Right now a person with 10 l income can take multiple cards and reach 2-3 cr aggregate card limit. What if he defaults all
That is the way it should be . RBI should tell this to all pvt banks as wellSbi and other gov banks are there for you 😉
They don't give cc , if your overall credit limit is about 2 times your itr
offers discount cashback rewards vouchers - this is the new indian marketing / sales design that we are used to and demand.. so we will negotiate everything.. So banks also using the same.. to attract customers and then normalise..its a business.. where we get free credit and convinience.. . everything else is a bonus.. NOT a right.... .it became a money spinner for many and profitability is priority for banks...so they have woken up.. Plus RBI is also driving some changes... HOWEVER... wherever they are charging a fee the benefits have to be commensurate..you if take a fee and then don't deliver value or devalue mid cycle at random then it is unfair and possibly unethical as well.. at best they shd chg and offer the customer an option to opt out or move to a free card..This will continue till
1) folks use personal credit cards for business spends.
2) banks gives cards without due diligence or being strict in issuing CC just to expand their CC market share. (eg. IDFC wealth requires annual income of 36 lakhs or more, how many folks do you think got it via this route? Instead, bank gave wealth card just on the basis of C2C method if your existing CC has 5 lakhs limit and everyone knows how generous is ICICI in giving LE). Adding to this, today even HDFC Infinia doesn't feels exclusive anymore, I won't be surprised if Infinia and many other premium credit cards also gets more devalued (read point 2 again)
3) banks giving LTF cards. (especially with lounge access)
4) no capping on reward points/ cashback (this will ensure cards are used for personal spends)
just a side note and a thought I had while typing the reply, an individual can only have maximum 5 CC at any time, if he holds more than that - he should not get any further CC; this might also reduce the devaluation of cards.
Feel free to add any point which I might've missed. Thanks for reading.
check % of people may min dues in USA vs IndiaI look at US cards and the unbelievable benefits they offer in most cases with no bullshit exclusions and wonder how they do there and why can't they do it here (of course I am not comparing a shoddily run bank like Axis with a giant like Chase but still).
USA runs on credit card debt. Here in India if a person misses one payment and learns how much interest he gets charged as a result, it puts the fear of God in him, and he will either never default again or abandon credit cards altogether.I look at US cards and the unbelievable benefits they offer in most cases with no bullshit exclusions and wonder how they do there and why can't they do it here (of course I am not comparing a shoddily run bank like Axis with a giant like Chase but still).
The amount of spending on credit cards in the US is insane.I look at US cards and the unbelievable benefits they offer in most cases with no bullshit exclusions and wonder how they do there and why can't they do it here (of course I am not comparing a shoddily run bank like Axis with a giant like Chase but still).
Jab mai haar nahi mann raha hu toh tumlog kyun mann rahe ho ? Abhi aur devaluation hona baki hai yaar.Earlier from 2020 there started the golden time for Credit cards, when i started exploring the credit card world.
Every bank is offering credit cards with lot of reward/cashback/lounge/golf/entertainment/Hotels/Travel offers.
But in recent everything is gone, i see with AXIS all cards devaluation it seems the end of Credit Card Golden Era. At least for Lower and Middle Category Spender.
For High Category Spender and Traveler community still some Advantage i can see.
We have seen some great Cards Like Axis ACE, SBI Cash Back, RBL Zomato, Axis Magnus, Axis Airtel, HDFC Millenia.... Now all are with reward caps and exclusions on major spending's.
So its kind of RIP Credit Card Reward Era.....
What TF Community People thinks... will in future will get any revival....
I am a firm believer in Darwin’s laws of Natural Selection so I definitely would prefer the latterNow, you want
People with stable finances, normal growing economy and normal cc rewards
OR
Insanely high debt, economy at the risk of falling down anytime and amazing cc rewards
Can I be the CTO?Jab mai haar nahi mann raha hu toh tumlog kyun mann rahe ho ? Abhi aur devaluation hona baki hai yaar.
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Ek din aayega jab Sumanta mere pas aayega technofino community ko bechne k liye saste me, jab saare credit card devalue ho jayenge.
kisi ko koi interest nahi rahega yeh online forum me, na views aayea aur na koi post. Tab mai saste me kharid k new new credit card launch karwaunga bank se..
Aur technofino ko saste me kharid k ek profitable startup me badal dunga.
It is highly profitableJab mai haar nahi mann raha hu toh tumlog kyun mann rahe ho ? Abhi aur devaluation hona baki hai yaar.
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Ek din aayega jab Sumanta mere pas aayega technofino community ko bechne k liye saste me, jab saare credit card devalue ho jayenge.
kisi ko koi interest nahi rahega yeh online forum me, na views aayea aur na koi post. Tab mai saste me kharid k new new credit card launch karwaunga bank se..
Aur technofino ko saste me kharid k ek profitable startup me badal dunga.
Oh come on it really can’t be. Web Ads alone don’t make much moneyIt is highly profitable
They make income from people taking credit cards trough their banner adds (referral income). Its 1k-2k pe sign upOh come on it really can’t be. Web Ads alone don’t make much money
And btw you didn’t understand what he was trying to say. He says that after all cards are devalued this forum won’t serve a purpose so he will buy it then at cheap
Did you use the location based deals that OneCard offers?Hihi Explore new Cards bro! I don't consider golden days of Credit card are gone yet
Yesterday I got 500 back on 3700 spent on Dmart using OneCard.
.... Here in India if a person misses one payment and learns how much interest he gets charged as a result, it puts the fear of God in him, and he will either never default again or abandon credit cards altogether.