Mobikwik not charging wallet load money via credit card

[codenerd]

I have added around 9K via AMEX to Mobikwik wallet and as per Mobikwik's rule they allow to add upto 2500 via CC per month without any convenience charge and beyond that they charge around 25rupee per 1000 rupee loaded.

After completing my KYC and even though I have already crossed 2500 free limit of wallet load, now when I am trying to load money via CC (loading 11K now) it doesnt add any convenience fee. Its free! I cant understand this logic. Can someone explain? Is this a glitch? Please share views!

 

[SiddharthR]

I have added around 9K via AMEX to Mobikwik wallet and as per Mobikwik's rule they allow to add upto 2500 via CC per month without any convenience charge and beyond that they charge around 25rupee per 1000 rupee loaded.

After completing my KYC and even though I have already crossed 2500 free limit of wallet load, now when I am trying to load money via CC (loading 11K now) it doesnt add any convenience fee. Its free! I cant understand this logic. Can someone explain? Is this a glitch? Please share views!

Don't do it for large amounts if you really don't need, who knows if they charge you later...
Even if you do load, use that before getting into trouble of paying 2.5% charges (if they charge)

 

[codenerd]

Don't do it for large amounts if you really don't need, who knows if they charge you later...
Even if you do load, use that before getting into trouble of paying 2.5% charges (if they charge)

I am fine with paying the charges/convenience fee as I am transferring it back to wallet and investing it elsewhere. As long as the returns are more than what I am incurring as convenience fees, I am good.

Is there any other risk which you are talking about? Because I am doing everything legally and even paying hefty charges while loading to wallet and even withdrawing from wallet.

If there is any drawback/loophole in this strategy please do share your thoughts. Also I am a salaried person with proper tax payments. So does this affect my taxation anyhow?

Please share your views as to what kind of troubles this strategy (CC->Wallet-> Bank transfer) may cause!

 

[Copycat]

I have added around 9K via AMEX to Mobikwik wallet and as per Mobikwik's rule they allow to add upto 2500 via CC per month without any convenience charge and beyond that they charge around 25rupee per 1000 rupee loaded.

After completing my KYC and even though I have already crossed 2500 free limit of wallet load, now when I am trying to load money via CC (loading 11K now) it doesnt add any convenience fee. Its free! I cant understand this logic. Can someone explain? Is this a glitch? Please share views!

It is probably a glitch. It has happened before too. They correct it soon. And at least the last time it happened they did not charge anything after the fact (for the simple reason that people could argue that they would not have proceeded with the transaction if they knew that additional charges would be incurred). So enjoy it, while it lasts 🙂

 

[codenerd]

It is probably a glitch. It has happened before too. They correct it soon. And at least the last time it happened they did not charge anything after the fact (for the simple reason that people could argue that they would not have proceeded with the transaction if they knew that additional charges would be incurred). So enjoy it, while it lasts 🙂

Makes sense! 😆 Gosh! The amount of money Mobikwik would lose due to this glitch! Well I am just rotating small amount of money using my Amex cards (9K per month) via Mobikwik to Mobikwik Xtra. This incurs some convenience fees for wallet load+transfer back to savings account but in lieu of that I earn MRs, invest that same amount in mobikwik xtra (gives me 12% interest annually). So all in all I churn out more monetary benefit by completing this cycle as compared to the convenience fees I pay for those wallet transactions beyond the free permissible limits!😆

If theres anything that can be optimized in this cycle or any risks or pitfalls, please do let me know!

 

[Deleted member 9785]

dont worry start up models recove rmoney from IPOs

 

[PavanPavan is verified member.]

Am full KYC for me they are charging

 

[Arseon]

What are you going to do when the 12% returns don't come? It's p2p lending, at some point, defaults will occur. Foolish to put credit card money on p2p lending.

 

[codenerd]

What are you going to do when the 12% returns don't come? It's p2p lending, at some point, defaults will occur. Foolish to put credit card money on p2p lending.

I agree p2p is risky. But its not just credit card money which I keep there. After having money from salary invested in digital gold, elss, stocks, mutual funds, insurance, etc etc, i still invested 2L+ since last 4 months in bharatpe12% + Cred Mint, i started doing with mobikwik also. But with mobikwik I experimented with this credit card thing.

Risk is there in stock market also! But u gotta take leap of faith somewhere😂

And yea i am aware that p2p is not guaranteed returns.

 

[gurubhai]

Risk is there in stock market also! But u gotta take leap of faith somewhere😂

Thats why they say diversify your portfolio...
Also pls share your reviews of Xtra? and for how long you using it?
Also please confirm that you can directly invest in xtra through wallet? and get back money in account whenever you want to withdraw?

 

[ADITYA1904]

I have added around 9K via AMEX to Mobikwik wallet and as per Mobikwik's rule they allow to add upto 2500 via CC per month without any convenience charge and beyond that they charge around 25rupee per 1000 rupee loaded.

After completing my KYC and even though I have already crossed 2500 free limit of wallet load, now when I am trying to load money via CC (loading 11K now) it doesnt add any convenience fee. Its free! I cant understand this logic. Can someone explain? Is this a glitch? Please share views!

I am full kyc and they charge me even for 2500

 

[codenerd]

Thats why they say diversify your portfolio...
Also pls share your reviews of Xtra? and for how long you using it?
Also please confirm that you can directly invest in xtra through wallet? and get back money in account whenever you want to withdraw?

12% club from BharatPe I have been using since 3 months without issues. Mobiwkik started 2 days back! But withdrawal takes 2 days ion both the apps and its simple!

 

[codenerd]

I am full kyc and they charge me even for 2500

CC to Wallet for first 2500 they wont charge. Its clearly mentioned its free till 2500. But transfer from wallet to bank account will be chargeable from 1st rupee. No free limit there.

 

[Seth]

12% club from BharatPe I have been using since 3 months without issues. Mobiwkik started 2 days back! But withdrawal takes 2 days ion both the apps and its simple!

Which is better , somehow safe and easy to use
12% club or mobikwik?

 

[codenerd]

Which is better , somehow safe and easy to use
12% club or mobikwik?

UI wise 12% is way better and user friendly but it takes total 4 days for interest geenration at first time whereas mobikwik takes just 2 days. Mobikwiks interface for this facility of withdrawal and stuff is okayish. Nowhere compared to 12%. But both have same logic to credit interest and works same way. I am using both actively with good investment amount. Currently 12% has stopped anyone from reinvestment so youwont be able to put money there temporarily. So I am also using mobikwk time being. Been using both for months and withdrawn full amount and partial interest also numerous times. zero issue.

While you sign up for Mobikwik Xtra - Pls Use my referral code.
Code: ZJTYHK

 

[Seth]

UI wise 12% is way better and user friendly but it takes total 4 days for interest geenration at first time whereas mobikwik takes just 2 days. Mobikwiks interface for this facility of withdrawal and stuff is okayish. Nowhere compared to 12%. But both have same logic to credit interest and works same way. I am using both actively with good investment amount. Currently 12% has stopped anyone from reinvestment so youwont be able to put money there temporarily. So I am also using mobikwk time being. Been using both for months and withdrawn full amount and partial interest also numerous times. zero issue.

While you sign up for Mobikwik Xtra - Pls Use my referral code.
Code: ZJTYHK

Okay bro thanks 👍

 

[Hemang]

Yesterday I tried adding ₹ 1000 to wallet through credit card, and it was not charging any convenience fees.
But if we try to pay one credit card bill with another cc then it charges convenience fees.
My query is that what are the payments which can be done using loaded mobikwik wallet ??

 

[NShah]

Yesterday I tried adding ₹ 1000 to wallet through credit card, and it was not charging any convenience fees.
But if we try to pay one credit card bill with another cc then it charges convenience fees.
My query is that what are the payments which can be done using loaded mobikwik wallet ??

Only 1k per month is Free

 

[Hemang]

Only 1k per month is Free

Ok sir. And what are payments we can make using that ₹ 1000 rupees ?

 

[NShah]

Ok sir. And what are payments we can make using that ₹ 1000 rupees ?

Wallet to bank or wallet to Utility bill payments