Is it End of Credit card Golden Days?

[Credit raja]

Earlier from 2020 there started the golden time for Credit cards, when i started exploring the credit card world.
Every bank is offering credit cards with lot of reward/cashback/lounge/golf/entertainment/Hotels/Travel offers.

But in recent everything is gone, i see with AXIS all cards devaluation it seems the end of Credit Card Golden Era. At least for Lower and Middle Category Spender.
For High Category Spender and Traveler community still some Advantage i can see.

We have seen some great Cards Like Axis ACE, SBI Cash Back, RBL Zomato, Axis Magnus, Axis Airtel, HDFC Millenia.... Now all are with reward caps and exclusions on major spending's.

So its kind of RIP Credit Card Reward Era.....

What TF Community People thinks... will in future will get any revival....

 

[praful47]

Earlier from 2020 there started the golden time for Credit cards, when i started exploring the credit card world.
Every bank is offering credit cards with lot of reward/cashback/lounge/golf/entertainment/Hotels/Travel offers.

But in recent everything is gone, i see with AXIS all cards devaluation it seems the end of Credit Card Golden Era. At least for Lower and Middle Category Spender.
For High Category Spender and Traveler community still some Advantage i can see.

We have seen some great Cards Like Axis ACE, SBI Cash Back, RBL Zomato, Axis Magnus, Axis Airtel, HDFC Millenia.... Now all are with reward caps and exclusions on major spending's.

So its kind of RIP Credit Card Reward Era.....

What TF Community People thinks... will in future will get any revival....

After sweeping out kachra from their system. We can expect revaluation and other offers .

 

[Gaara]

Hihi Explore new Cards bro! I don't consider golden days of Credit card are gone yet
Yesterday I got 500 back on 3700 spent on Dmart using OneCard.

 

[Swastik]

I'm in the same boat ,have been holding a a basic SBI Card since 2014 ,but really got into the game with ICICI Amazon Pay Card in 2019 ,

As time pases ,I'm seeing Increase in card holders and decrease in card benefits ,be it lounge ,perks ,rewards ,it's all going down
I've seen my Axis Magnus going from Bad to Worst ,Restrictions on my Axis Vistara Signature to now the news of card being completely discontinued(not yet confirmed though) ,Lounges going away on my HDFC Millennia......it goes on

 

[Swastik]

Visa, Mastercard agree to lower swipe fees, settling long-running lawsuit

Card networks would cap credit-card interchange fees for five years as part of a settlement with merchants.

www.livemint.com

I'm not sure if and when this applies to india ,but its only going to make things worse

 

[Credit raja]

Hihi Explore new Cards bro! I don't consider golden days of Credit card are gone yet
Yesterday I got 500 back on 3700 spent on Dmart using OneCard.

I'm talking about devaluation of Card Features they offered. What you get these offers are all and above card features.

Eg. SBI CB initially 2-3 months we get cashback of 15% on amazon ( 10% discount by amazon offer + 5% back as SBI CB Feature)
Now any online sale they exclude SBICB CC from the offer.

 

[Vasuki]

Earlier from 2020 there started the golden time for Credit cards, when i started exploring the credit card world.
Every bank is offering credit cards with lot of reward/cashback/lounge/golf/entertainment/Hotels/Travel offers.

But in recent everything is gone, i see with AXIS all cards devaluation it seems the end of Credit Card Golden Era. At least for Lower and Middle Category Spender.
For High Category Spender and Traveler community still some Advantage i can see.

We have seen some great Cards Like Axis ACE, SBI Cash Back, RBL Zomato, Axis Magnus, Axis Airtel, HDFC Millenia.... Now all are with reward caps and exclusions on major spending's.

So its kind of RIP Credit Card Reward Era.....

What TF Community People thinks... will in future will get any revival....

Past always looks good .

Yeah there is downward spiral in reward that is because of global slowdown & wars ..
Made funding bad .
Since we are away from it & rbi circular about unsecured debt in November .. l.e offer & devaluation was inevitable.

For axis - it was giving unexpected reward & it was gonna be devalue one day or other
Problem arise when Axis did it in worst possible way

 

[Saipsy]

There will always be new cards coming and old cards going or getting devaluaed.
All we have to plan is extracting the most value from what's the best at the moment.

 

[techt]

I'm in the same boat ,have been holding a a basic SBI Card since 2014 ,but really got into the game with ICICI Amazon Pay Card in 2019 ,

This is pretty much same for anyone who is into cashback. Before 2019, the humble 1.5-2% of indusind iconia amex was my go to card and was never bothered about my hdfc cards.

When icici apay launched in 2018 october, it was too good to believe that it is giving 5% unlimited cashback on amazon. I applied for this card in 2019 and it was my first better rewarding cashback card. In 2020, Axis ACE changed the game with 5% cashback on utilities. Due to working in remote, I couldn't apply till 2022. In Sep 2022 SBI CB changed the whole game.

During 2020-till now, many fintech apps allowed some tricks to clock rewards. Now, due to global economy slowdown etc, we will definitely see down trend and may see new rewarding cards in 2 years from now.

 

[Riya]

This devaluation was probably for good...
The returns were unsustainable for the banks... Getting more return on your expenses than an FDR in bank is never a good business model...
Keeping the useless card hoarders out of the system is better for them as well as genuine users

 

[Dad0h0j0]

Hihi Explore new Cards bro! I don't consider golden days of Credit card are gone yet
Yesterday I got 500 back on 3700 spent on Dmart using OneCard.

You have Onecard on FD or unsecure?

 

[Gaara]

You have Onecard on FD or unsecure?

Unsecure . .

 

[Dad0h0j0]

Unsecure . .

how? gyan dijiye 😂

 

[Gaara]

how? gyan dijiye 😂

I opened to check CIBIL and Experia score on One Score.
First, they showed 159k limit approved, I was like who needs this card, later they showed 305k limit.
I was tempted took it, but haven't used it recently some talked about the "Around you" feature where you get 10 to 20% value back on offline spends.
And yesterday I tried it.

 

[Saipsy]

I keep getting grocery store offers on onecard all the time. they are limited to offline grocery stores though.

 

[Gaara]

I keep getting grocery store offers on onecard all the time. they are limited to offline grocery stores though.

Also, few fashion stores like Bata, Raymond etc

 

[Gaara]

Valid till Mar 31 2024 (Usually same offers repeat every month)

Get minimum 10% value back on grocery shopping.


Special offers:

Dmart - Get 20% value back up to 500/- on minimum transaction of 500/-

Vishal Mega Mart: Get 20% value back up to 500/- on minimum transaction of 300/-

More: Get 20% value back up to 500/- on minimum transaction of 100/-​

Reliance SMART- Reliance fresh: Get 20% value back up to 500/- on minimum transaction of 100/-

Spencers: Get 20% value back up to 500/- on minimum transaction of 200/-

*User and location specific offers​

 

[Dad0h0j0]

I opened to check CIBIL and Experia score on One Score.
First, they showed 159k limit approved, I was like who needs this card, later they showed 305k limit.
I was tempted took it, but haven't used it recently some talked about the "Around you" feature where you get 10 to 20% value back on offline spends.
And yesterday I tried it.

if you dont mind can you tell me where you from? I am from morbi, Gujarat. it says in my location they only provide FD Backed card.

 

[Gaara]

where you from?

Visakhapatnam, Andhra Pradesh.

 

[paxauquabriba-4876]

rbi was not happy that cc issuing banks did not notify about the cc bukake & ganngbanng going on with customers where banks were piimping out cc to any era gera nathu khera.

upon noticing the risk & default exposure rbi is mad harny & in a bad mood to phuck the banks without any vaseline.

Thats why the banks panicked & devalued the cards to reduce supply before big daddy rbi comes asking to provide compliance audit