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MCC Should be Displayed Upfront at the time of Payment - Your Thoughts?

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sahil1033

sahil1033

TF Premier
Lately there's been a lot of issues because of exclusion of several MCCs for earning reward points. What adds up to the pain even more, is that booking flight tickets uses railways MCC and there are even more such incidents. Even MobiKwik has now changed its MCC from Utility to Wallet Load for CC bill payment.

RBI has been doing much better now coming up with several rules and regulations. A few of good ones are :

- If card isn't activated within 30 days, it will be cancelled ... comes handy if credit card issuing company plays dirty with you and didn't deliver on the promise and turn their back towards us ... so, if someone doesn't activate the card, it will automatically be cancelled, no entry in credit bureaus ... only drawback is, time and effort lost along with a hard enquiry in credit bureaus

- Banks have been advised to mention specific reason behind rejecting credit card application. I'm not too sure on this if it's true or not and in case if it's true, is it followed or not?

Anyway, point being, while transacting, at least at the last checkpoint, the page where OTP is entered for transaction, MCC code along with its description should be displayed. This will be a transparency we all deserve. If I find that MCC is different, I won't proceed ahead with transaction and I don't get the idea of keeping it hidden.

What are your thoughts on this? Also, can we collectively in any way put forward this message to RBI or any other entity which can take action on this?
 
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sahil1033 said:
Lately there's been a lot of issues because of exclusion of several MCCs for earning reward points. What adds up to the pain even more, is that booking flight tickets uses railways MCC and there are even more such incidents. Even MobiKwik has now changed its MCC from Utility to Wallet Load for CC bill payment.

RBI has been doing much better now coming up with several rules and regulations. A few of good ones are :

- If card isn't activated within 30 days, it will be cancelled ... comes handy if credit card issuing company plays dirty with you and didn't deliver on the promise and turn their back towards us ... so, if someone doesn't activate the card, it will automatically be cancelled, no entry in credit bureaus ... only drawback is, time and effort lost along with a hard enquiry in credit bureaus

- Banks have been advised to mention specific reason behind rejecting credit card application. I'm not too sure on this if it's true or not and in case if it's true, is it followed or not?

Anyway, point being, while transacting, at least at the last checkpoint, the page where OTP is entered for transaction, MCC code along with its description should be displayed. This will be a transparency we all deserve. If I find that MCC is different, I won't proceed ahead with transaction and I don't get the idea of keeping it hidden.

What are your thoughts on this? Also, can we collectively in any way put forward this message to RBI or any other entity which can take action on this?
Click to expand...
Very well said...
 
shafeekb said:
Agree with you. For now, I think we should create a thread and list all the MCCs we know. It may be helpful to someone.
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List of MCC is already available from Citibank dated July 2015, check attachment

P.S. I don't how many codes would be missing from it as it's a very old list but will give you a fair idea at least
 

Attachments

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D₹V said:
He is saying create MCC list where we transact on daily basis like Paytm, Amazon, Flipkart etc.
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Oh! That's quite a task ... let's see if someone can initiate this and people will contribute to it. The only way to know about MCC is, talking to customer care and merchant name at the time of getting OTP and merchant name post transaction settlement is different. So, it may help to some extent but it's a total chaos.

@shafeekb
 
I feel banks (card issuers) are also at fault - deliberately - and get away with it. They assign wrong codes to establishments n shops n for everyone else. There is apparently NO AUDIT or VERIFICATION
of this MCC allotment. And, once allotted, any way to change it ? No one knows - not even the shops or the operating bank staff across the country. Nearly 100% of the Shopkeepers know anything about the MCC. Except very few CC USERS - like us - most of the CC/DC users are also totally ignorant.

High time to plug the loopholes n streamline this sensitive area.
 
sahil1033 said:
Oh! That's quite a task ... let's see if someone can initiate this and people will contribute to it. The only way to know about MCC is, talking to customer care and merchant name at the time of getting OTP and merchant name post transaction settlement is different. So, it may help to some extent but it's a total chaos.

@shafeekb
Click to expand...
Y e p
 
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