Business Insider: Interesting read about credit cards

[akshayhs]

I just went through a news post from Business Insider and wanted to share it with all of you.

There's a very unexpected result revealed about who processess the most credit card transactions! (At least I didn't expect).

Link to article

 

[007]

I just went through a news post from Business Insider and wanted to share it with all of you.

There's a very unexpected result revealed about who processess the most credit card transactions! (At least I didn't expect).

Link to article

Wow. That's interesting! Didn't expect it! 😂

 

[Souvik]

I just went through a news post from Business Insider and wanted to share it with all of you.

There's a very unexpected result revealed about who processess the most credit card transactions! (At least I didn't expect).

Link to article

Surprised to see IndusInd Bank top one of the lists, I wonder what makes IndusInd cards more attractive than the big names in the market ? I have no clue about unique selling propositions of IndusInd cards yet.

 

[Souvik]

I think it might be the fact that most Indus CCs are LTF by default (barring joining fees) so Indus guys are smart that way ... And most have BOGO offers on BMS or somethng like that ... I feel it's the LTF part ...

I hope offers are the deciding part, they must be having charming offers so that people have high transactions with them. Which is the best CC IndusInd has as of now, any idea ?

 

[Souvik]

In reality, only one thing is not the deciding part and people get motivation just from seeing 'LTF'. I do and many others here do.

That's fine, but rationally if you think bank tries to get business out of you as MDR fees (from merchants) for using credit card, and on the contrary we should also be hoping to extract maximum benefit out of that card, even if it has a fee of 10k and you can use it for 15k of tangible/useful benefits (as an example), its worth it.

I know LTF gives a kick, but I am ready to pay fees if it is really worth the value. Not to give a wrong impression I am not talking about Taj, Oberoi hotel membership and other hi-fi/luxury features here, but value for everyday transactions like bigbasket, 1mg, amazon prime, times prime, zomato pro etc.

 

[caabhi]

I just went through a news post from Business Insider and wanted to share it with all of you.

There's a very unexpected result revealed about who processess the most credit card transactions! (At least I didn't expect).

Link to article

Interesting read, didn't expect this result either.

 

[anshid]

Article is only about March 22. Maybe it's an anomaly.

 

[yadavji]

Article is only about March 22. Maybe it's an anomaly.

Agreed, a lot has changed in the last 1 year. Lots of devaluations, lot of new offerings as well.

 

[yashbhavnani]

Surprised to see IndusInd Bank top one of the lists, I wonder what makes IndusInd cards more attractive than the big names in the market ? I have no clue about unique selling propositions of IndusInd cards yet.

I hold an IndusInd indulge credit card. It is in the top 3 cards offered by IndusInd. In my opinion pioneer heritage metal is their top card and then pioneer legacy and indulge share the 2nd spot.

So, the fee is quite high for all 3 cards. I ll speak about heritage and indulge as their fee at the time of signing up ranges from 90k to 180k plus taxes.

The bank does run various sign up offers from time to time like offering benefits of 180k fee at 90k and then the card is ltf which is still the highest but if one knows how to extract best value from the welcome benefits, they may end up deriving a 5x value of the fee paid.

Plus, their dining and golf benefits are icing on the cake and their normal rewards are 1.5%. So, it’s decent especially when you can redeem the points for a statement credit at an industry best 1 point = ₹1.

That’s my take on IndusInd but it’s still a surprise to see them at the top. I thought it could be Amex when I read the headline.

 

[Souvik]

I hold an IndusInd indulge credit card. It is in the top 3 cards offered by IndusInd. In my opinion pioneer heritage metal is their top card and then pioneer legacy and indulge share the 2nd spot.

So, the fee is quite high for all 3 cards. I ll speak about heritage and indulge as their fee at the time of signing up ranges from 90k to 180k plus taxes.

The bank does run various sign up offers from time to time like offering benefits of 180k fee at 90k and then the card is ltf which is still the highest but if one knows how to extract best value from the welcome benefits, they may end up deriving a 5x value of the fee paid.

Plus, their dining and golf benefits are icing on the cake and their normal rewards are 1.5%. So, it’s decent especially when you can redeem the points for a statement credit at an industry best 1 point = ₹1.

That’s my take on IndusInd but it’s still a surprise to see them at the top. I thought it could be Amex when I read the headline.

I appreciate the efforts you've taken to let us know this. But 180k, 90k is too steep and then we have to run around offers to spend more and more to make sure we cover up for the 180k/90k one-time fees/loss. It's a vicious spending cycle prompting impulsive purchases.

Last week, I was talking to these IndusInd credit card guys for Pionner, they offered it for 15k of vouchers, and 18% GST on 15k, Rs 2,700, net loss, LTF thereafter. It's shameful that a prestigious financial institution, which is a backbone of the economy is selling flipkart vouchers to make a margin in between.

Speaking about dining benefits its primarily targeted towards premium restaurants where you pay 50% or more premium for food. These credit card companies induce you to spend and accumulate points and then convert points to cash, often they tweak the points conversion to their benefit. Travel miles I never tried but am sure banks are not paying out of their pockets.

Assuming that there is no free lunch I feel out and out LTF cashback credit cards are the only real deal and value for money. Take 2-3% MDR, give me 1-2% back in cash.