Devaluation Revision in the HDFC Bank Credit Card Reward Points Program & Fee structure w.e.f 1st January 2023

[Wealth is my birth right!]

1) you missed the point here. all i wanted to highlight was that genuine spenders on grocery won't be affected at all. about millenia guys richer than infinia, better go and ask hdfc about their calculations.

2) banks are not stopping you from using cc for edu and govt, just that the rewards are not being given. why would they give rewards, if the same spend will definitely happen from their debit card/net banking. ppl would still want to use cc for these spends for interest free period.

3) a person considering 2nd AC/1st AC might want to spend a little bit more on flight ticket if he is getting discount because of credit card. thats why more cc offers are there on flights as compared to railways, airport lounges than railway lounges. banks will want to increase your spending habits, while you will be happy to be leading a more luxurious lifestyle. once people get hooked on to spending more, these offers will also go away, as seen on zomato, swiggy and eazydiner.

4) i never said banks are forcing or directing you to use cc. but they run campaigns to influence you into using a particular product of theirs that is more beneficial for them than it is to you.

5) it is naive to think that banks don't form 'cartels' for specific goals.
one example that comes to my mind is LIBOR rigging scandal. read about it. for profit maximization, hdfc and axis would have jumped to get the spends and share of wallet of customers of icici and eterna when they stopped rent rewards. but instead of that, they chose to take a hit themselves by introducing their own devaluation, so that the end customer is at a loss.
and rents, edu, govt are not manufactured spends so the customer is at a loss for no fault of his (unless someone is actually doing fraud).

let's not blame ai. it doesnt take AI to find out which customers are rotating money. they don't use ai where problems can be solved using simple sql and excel sheets.

low mdr is one of the possible reasons highlited by otehr members which is a plausible explanation.

i don't know you personally, so i didn't take it personally. but i never knew that calling out banks' behaviour could offend someone so much. i think i need to be careful of the fact that there are bank executives also on this forum 😅

Dude
Forum is public and all have freedom of speech
No one will take it personal
Cheers🍾

 

[ltf4ever]

Dude
Forum is public and all have freedom of speech
No one will take it personal
Cheers🍾

true man, but that doesn't mean freedom to blatantly discredit someone's (logical) answer point by point. i 'like' and upvote other posts that correct me, because they are humble about it.

 

[Wealth is my birth right!]

true man, but that doesn't mean freedom to blatantly discredit someone's (logical) answer point by point. i 'like' and upvote other posts that correct me, because they are humble about it.

Cool
I understand the situation
Even me too got somewhere such things
Let’s all travel on same space to get ourselves educated on financial world 👍✅

 

[Indian]

true man, but that doesn't mean freedom to blatantly discredit someone's (logical) answer point by point. i 'like' and upvote other posts that correct me, because they are humble about it.

How i'm rude ? you made a big statement to defend hdfc bank without fact and logic , this is public forum and I just want to share my thought and where you went wrong is MONEY Rotation , how you justify others spending pattern as either genuine or not genuine that triggered me to reply your long statement because nobody advocacy for HDFC here , if bank executives are here let them help our community members including me , I'm not against any bank employee, I don't want to go further, I APOLOGIES to all members including you if my statement hurts them, I keep write in this forum without pointing others. Please read twice my statement I'm not against anyone.

 

[SamPtnk]

Does Axis ACE gives 2% cashback on Rent payment? or any reward point on rent payment?

No it was stopped long back

 

[colorful_slate]

Last week I dropped an email to HDFC to upgrade my Regalia (5.5 lakh limit) to LTF Infinia. I mentioned that I have spent more than 8 lakh in the last 6 months on my regalia. Then today I got this reply from customer care. Any idea what this means?
@TechnoFino @Subhankar

 

[CMGCMG is verified member.]

Last week I dropped an email to HDFC to upgrade my Regalia (5.5 lakh limit) to LTF Infinia. I mentioned that I have spent more than 8 lakh in the last 6 months on my regalia. Then today I got this reply from customer care. Any idea what this means?
@TechnoFino @Subhankar
View attachment 7493

To determine if you are eligible for a credit limit of 10L, you must submit the necessary documents. If you meet the eligibility requirements, your credit limit will be increased and you will be upgraded to Infinia. However, you won't get LTF Infinia. You may be offered FYF.

 

[SubhankarSubhankar is verified member.]

Last week I dropped an email to HDFC to upgrade my Regalia (5.5 lakh limit) to LTF Infinia. I mentioned that I have spent more than 8 lakh in the last 6 months on my regalia. Then today I got this reply from customer care. Any idea what this means?
@TechnoFino @Subhankar
View attachment 7493

10L is the required limit for Infinia. Few days back they were even agreeing on 7L as well. Income docs will be required for the upgrade in your case. If you've 37L of ITR, revert them back with that. They'll do the upgrade to Infinia

 

[dishank_24]

I think the card is still super worth. But the detailing available about everything in this forum is unbeatable. Truly Amazing work @TechnoFino and all the management of this forum.

 

[samss]

Is electricity bill payment government transaction?

 

[ULTRA-MAGNUS]

Is electricity bill payment government transaction?

By that logic, AIR India flight booking is also govt transaction 😛

 

[pranavcool]

Is electricity bill payment government transaction?

Its utility

 

[thanix]

By that logic, AIR India flight booking is also govt transaction 😛

Not anymore as its now owned by TATA 😃

 

[demblahblah]

When does HDFC charge annual fee? 1st/2nd month?

I got the privilege but no charge yet, hence confirming

 

[Tosh]

Should be in statement after 90 days so 4th month because that's usually the timeline to waive off fees via spends. Not really sure though someone will confirm soon

 

[Oscar]

What does this mean?

 

[deep@vie]

HDFC has wished us a HAPPY NEW YEAR 2023.

🤣

 

[Tosh]

View attachment 7670
What does this mean?

You cannot convert more than 50k points to cash in a month

 

[Oscar]

You cannot convert more than 50k points to cash in a month

Thank you for making it clear.

 

[colorful_slate]

10L is the required limit for Infinia. Few days back they were even agreeing on 7L as well. Income docs will be required for the upgrade in your case. If you've 37L of ITR, revert them back with that. They'll do the upgrade to Infinia

@Subhankar @cmg HDFC replied, they can't upgrade to Infinia, but can give Dinners Club Black as FYF. Is it wise to take this, as I easily cross 5 lakh transactions per year on my regalia, so I don't think I will be paying any annual fees even without LTF?