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My wish list...

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RAMESH BABU N

RAMESH BABU N

TF Legend
After holding 54 (and 3 pre-paid RuPay) cards - in the last 40 years - and after surrendering 37 cards and having seen all types n varients of credit cards, debit cards, charge cards n stored value cards, HERE IS MY WISH LIST :

1. NO LTF CARDS
2. NO EXCLUSIONS WHATSOEVER
3. NO MILESTONES TO REACH
4. NO EMIs
5. x% CB ON ALL SPENDS
6. MAX 6 (2rupay/2visa/1amex/1mc)
7. DECLARE ALL 6 IN ITR
8. ITR LINKED LIMITS
9. IMMEDIATE BLOCKING ON MANUFACTURED SPENDS
10.LIFE TIME BAN

Over n above these, let banks devise giving benefits/facilities/discounts...

Uncontrolled issue of cards with international/national lounge facility is resulting in avoidable quality degradation. Ideally, all lounge benefits must be charged - at discounted value - on a pay-per-use basis - to maintain quality n minimum standards.

Under utilization of existing cards due to more-cards-per-user n less-usage-per-card. Many LTF cards are rarely put to use.

I don't care if many wouldn't agree with some/all the above. That's my wish list. Not their's.
 
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RAMESH BABU N said:
After holding 54 (and 3 pre-paid RuPay) cards - in the last 40 years - and after surrendering 37 cards and having seen all types n varients of credit cards, debit cards, charge cards n stored value cards, HERE IS MY WISH LIST :

1. NO LTF CARDS
2. NO EXCLUSIONS WHATSOEVER
3. NO MILESTONES TO REACH
4. NO EMIs
5. x% CB ON ALL SPENDS
6. MAX 6 (2rupay/2visa/1amex/1mc)
7. DECLARE ALL 6 IN ITR
8. ITR LINKED LIMITS
9. IMMEDIATE BLOCKING ON MANUFACTURED SPENDS
10.LIFE TIME BAN

Over n above these, let banks devise giving benefits/facilities/discounts...

Uncontrolled issue of cards with international/national lounge facility is resulting in avoidable quality degradation. Ideally, all lounge benefits must be charged - at discounted value - on a pay-per-use basis - to maintain quality n minimum standards.

Under utilization of existing cards due to more-cards-per-user n less-usage-per-card. Many LTF cards are rarely put to use.

I don't care if many wouldn't agree with some/all the above. That's my wish list. Not their's.
Click to expand...
How can we declare credit cards in ITR?

9 & 10 aren't going to happen in any way because manufactured spends are through various tricks, the bank even can't imagine of
 
RAMESH BABU N said:
After holding 54 (and 3 pre-paid RuPay) cards - in the last 40 years - and after surrendering 37 cards and having seen all types n varients of credit cards, debit cards, charge cards n stored value cards, HERE IS MY WISH LIST :

1. NO LTF CARDS
2. NO EXCLUSIONS WHATSOEVER
3. NO MILESTONES TO REACH
4. NO EMIs
5. x% CB ON ALL SPENDS
6. MAX 6 (2rupay/2visa/1amex/1mc)
7. DECLARE ALL 6 IN ITR
8. ITR LINKED LIMITS
9. IMMEDIATE BLOCKING ON MANUFACTURED SPENDS
10.LIFE TIME BAN

Over n above these, let banks devise giving benefits/facilities/discounts...

Uncontrolled issue of cards with international/national lounge facility is resulting in avoidable quality degradation. Ideally, all lounge benefits must be charged - at discounted value - on a pay-per-use basis - to maintain quality n minimum standards.

Under utilization of existing cards due to more-cards-per-user n less-usage-per-card. Many LTF cards are rarely put to use.

I don't care if many wouldn't agree with some/all the above. That's my wish list. Not their's.
Click to expand...
Great ideas to curb abuse of Credit Cards and subsequent devaluation.

Sir even in USA, people "game" the credit card system and do manufactured spends to earn reward points and mile, but the banks are smart and law is strict plus enforcement is too good. They catch the person and take legal action quickly.

In India expecting such things are very difficult where meritorious people are harassed/punished and bootlickers with zero knowledge are rewarded.
 
RishiKiDev said:
Great ideas to curb abuse of Credit Cards and subsequent devaluation.

Sir even in USA, people "game" the credit card system and do manufactured spends to earn reward points and mile, but the banks are smart and law is strict plus enforcement is too good. They catch the person and take legal action quickly.

In India expecting such things are very difficult where meritorious people are harassed/punished and bootlickers with zero knowledge are rewarded.
Click to expand...
Right bro, here we see partiality if you have money India is yours
 
Govt is monitoring our google map i.e. where we are going, email and whatsapp chat so they already know which credit cards we have

Note: FM herself mentioned in parliament that govt is tracking google maps and whatsapp chat
 
aniketkr.sharma said:
Right bro, here we see partiality if you have money India is yours
Click to expand...
True.
There is no equality or justice.
Even common man can see how the rich and connected people can get away with anything.
Plus the rampant corruption by the "Babus", every day crores of black money being recovered from a peon to judge, shows the moral terpitude of this country's elite.

Every "Babu" wants to loot people and resources of India just to send their kid abroad.
Just like the Brits were looting us, these "Babus" continuing the same loopholed system for their advantage.
 
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RishiKiDev said:
True.
There is no equality or justice.
Even common man can see how the rich and connected people can get away with anything.
Plus the rampant corruption by the "Babus", every day crores of black money being recovered from a peon to judge, shows the moral terpitude of this country's elite.

Every "Babu" wants to loot people and resources of India just to send their kid abroad.
Just like the Brits were looting us, these "Babus" continuing the same loopholed system for their advantage.
Click to expand...
Bro, this is from start, I remember when I was in 10th, three boys from 8th standard murdered a boy and from the three boys, a boy is from high standard family, the police even didn't registered the complaint and the boy was set free, we heard the settlement amount was 1cr that time
 
aniketkr.sharma said:
And I knew the SFT reports are also submitted by banks if spends in cards cross 10 lakhs
Click to expand...
SFT reporting done in a financial year or from card anniversary year?

Means if 9 lakha spends in 8 months, and let assume this is last financial year month.
So if I again spends 2 lakh next month, it will be 10 lakh in a card anniversary year but will be in next financial year.
So will it reported in SFT because 10 lakh spends in cards anniversary year but not in financial year.
 
Ak Singh said:
SFT reporting done in a financial year or from card anniversary year?

Means if 9 lakha spends in 8 months, and let assume this is last financial year month.
So if I again spends 2 lakh next month, it will be 10 lakh in a card anniversary year but will be in next financial year.
So will it reported in SFT because 10 lakh spends in cards anniversary year but not in financial year.
Click to expand...
SFT are financial year reports, not cards anniversary year
 
RAMESH BABU N said:
After holding 54 (and 3 pre-paid RuPay) cards - in the last 40 years - and after surrendering 37 cards and having seen all types n varients of credit cards, debit cards, charge cards n stored value cards, HERE IS MY WISH LIST :

1. NO LTF CARDS
2. NO EXCLUSIONS WHATSOEVER
3. NO MILESTONES TO REACH
4. NO EMIs
5. x% CB ON ALL SPENDS
6. MAX 6 (2rupay/2visa/1amex/1mc)
7. DECLARE ALL 6 IN ITR
8. ITR LINKED LIMITS
9. IMMEDIATE BLOCKING ON MANUFACTURED SPENDS
10.LIFE TIME BAN

Over n above these, let banks devise giving benefits/facilities/discounts...

Uncontrolled issue of cards with international/national lounge facility is resulting in avoidable quality degradation. Ideally, all lounge benefits must be charged - at discounted value - on a pay-per-use basis - to maintain quality n minimum standards.

Under utilization of existing cards due to more-cards-per-user n less-usage-per-card. Many LTF cards are rarely put to use.

I don't care if many wouldn't agree with some/all the above. That's my wish list. Not their's.
Click to expand...
Thanks for sharing your experience, It's really a reference book 📚.🙏
 
RishiKiDev said:
Great ideas to curb abuse of Credit Cards and subsequent devaluation.

Sir even in USA, people "game" the credit card system and do manufactured spends to earn reward points and mile, but the banks are smart and law is strict plus enforcement is too good. They catch the person and take legal action quickly.

In India expecting such things are very difficult where meritorious people are harassed/punished and bootlickers with zero knowledge are rewarded.
Click to expand...
Last paragraph hit me hard. It’s truth
 
RAMESH BABU N said:
After holding 54 (and 3 pre-paid RuPay) cards - in the last 40 years - and after surrendering 37 cards and having seen all types n varients of credit cards, debit cards, charge cards n stored value cards, HERE IS MY WISH LIST :

1. NO LTF CARDS
2. NO EXCLUSIONS WHATSOEVER
3. NO MILESTONES TO REACH
4. NO EMIs
5. x% CB ON ALL SPENDS
6. MAX 6 (2rupay/2visa/1amex/1mc)
7. DECLARE ALL 6 IN ITR
8. ITR LINKED LIMITS
9. IMMEDIATE BLOCKING ON MANUFACTURED SPENDS
10.LIFE TIME BAN

Over n above these, let banks devise giving benefits/facilities/discounts...

Uncontrolled issue of cards with international/national lounge facility is resulting in avoidable quality degradation. Ideally, all lounge benefits must be charged - at discounted value - on a pay-per-use basis - to maintain quality n minimum standards.

Under utilization of existing cards due to more-cards-per-user n less-usage-per-card. Many LTF cards are rarely put to use.

I don't care if many wouldn't agree with some/all the above. That's my wish list. Not their's.
Click to expand...
I am in this community actively for just 1, 2 months so please explain what are these MANUFACTURED spends? What are these, I heard this many times but couldn't really understand the exact nuances of it. And I agree with you, lots of cards are headache, that's why now I just have HDFC DCB BLACK, ICICI TIMES BLACK, and HDFC BIZ BLACK for business expenses (planning to close others, except rupay cards-for UPI spends).
 
ashwinikumar900 said:
I am in this community actively for just 1, 2 months so please explain what are these MANUFACTURED spends? What are these, I heard this many times but couldn't really understand the exact nuances of it. And I agree with you, lots of cards are headache, that's why now I just have HDFC DCB BLACK, ICICI TIMES BLACK, and HDFC BIZ BLACK for business expenses (planning to close others, except rupay cards-for UPI spends).
Click to expand...
In simple understanding "rotation of money" from card via different routes
 
ashwinikumar900 said:
I am in this community actively for just 1, 2 months so please explain what are these MANUFACTURED spends? What are these, I heard this many times but couldn't really understand the exact nuances of it. And I agree with you, lots of cards are headache, that's why now I just have HDFC DCB BLACK, ICICI TIMES BLACK, and HDFC BIZ BLACK for business expenses (planning to close others, except rupay cards-for UPI spends).
Click to expand...
Manufactured spends are those deals which are not backed by any real transactions. For example, as a business owner, if you do trxns with your own personal card on your business POS, it is not a real sale but a manufactured sale. Colloquially, you may also call it rotation.

It's rather strange to see that you don't know about this - but you have a huge liking for everything in BLACK. DCB, Times, Business... all in Black.
Just kidding....
 
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