Credit raja
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Now IDFC Wealth Card is devalued...
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Is it End of Credit card Golden Days?
- Thread starter Credit raja
- Start date
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- Tags
- devaluation
Sab mare jayenge
Sirf CBDC bachega
Sirf CBDC bachega
Calm Radiance
TF Premier
This will continue till
1) folks use personal credit cards for business spends.
2) banks gives cards without due diligence or being strict in issuing CC just to expand their CC market share. (eg. IDFC wealth requires annual income of 36 lakhs or more, how many folks do you think got it via this route? Instead, bank gave wealth card just on the basis of C2C method if your existing CC has 5 lakhs limit and everyone knows how generous is ICICI in giving LE). Adding to this, today even HDFC Infinia doesn't feels exclusive anymore, I won't be surprised if Infinia and many other premium credit cards also gets more devalued (read point 2 again)
3) banks giving LTF cards. (especially with lounge access)
4) no capping on reward points/ cashback (this will ensure cards are used for personal spends)
just a side note and a thought I had while typing the reply, an individual can only have maximum 5 CC at any time, if he holds more than that - he should not get any further CC; this might also reduce the devaluation of cards.
Feel free to add any point which I might've missed. Thanks for reading.
1) folks use personal credit cards for business spends.
2) banks gives cards without due diligence or being strict in issuing CC just to expand their CC market share. (eg. IDFC wealth requires annual income of 36 lakhs or more, how many folks do you think got it via this route? Instead, bank gave wealth card just on the basis of C2C method if your existing CC has 5 lakhs limit and everyone knows how generous is ICICI in giving LE). Adding to this, today even HDFC Infinia doesn't feels exclusive anymore, I won't be surprised if Infinia and many other premium credit cards also gets more devalued (read point 2 again)
3) banks giving LTF cards. (especially with lounge access)
4) no capping on reward points/ cashback (this will ensure cards are used for personal spends)
just a side note and a thought I had while typing the reply, an individual can only have maximum 5 CC at any time, if he holds more than that - he should not get any further CC; this might also reduce the devaluation of cards.
Feel free to add any point which I might've missed. Thanks for reading.
All good things must come to an end....Now IDFC Wealth Card is devalued...
RBI needs to put a maximum limit of cards a person can take as per ITR. Right now a person with 10 l income can take multiple cards and reach 2-3 cr aggregate card limit. What if he defaults all
That is the way it should be . RBI should tell this to all pvt banks as well
offers discount cashback rewards vouchers - this is the new indian marketing / sales design that we are used to and demand.. so we will negotiate everything.. So banks also using the same.. to attract customers and then normalise..its a business.. where we get free credit and convinience.. . everything else is a bonus.. NOT a right.... .it became a money spinner for many and profitability is priority for banks...so they have woken up.. Plus RBI is also driving some changes... HOWEVER... wherever they are charging a fee the benefits have to be commensurate..you if take a fee and then don't deliver value or devalue mid cycle at random then it is unfair and possibly unethical as well.. at best they shd chg and offer the customer an option to opt out or move to a free card..
check % of people may min dues in USA vs India
Maikalal Jaikishan
TF Premier
USA runs on credit card debt. Here in India if a person misses one payment and learns how much interest he gets charged as a result, it puts the fear of God in him, and he will either never default again or abandon credit cards altogether.
The amount of spending on credit cards in the US is insane.
Here - half of the stores don't accept credit cards, big transactions ask for extra percentage, some of them don't know how to use the machine and most just prefer UPI.
This is good for the economy(prevents debt) but not good for the cc enthusiasts as it prevents people from spending too much on credit card.
Now, you want
People with stable finances, normal growing economy and normal cc rewards
OR
Insanely high debt, economy at the risk of falling down anytime and amazing cc rewards.
You decide.
Abhishek012
TF Pioneer
Jab mai haar nahi mann raha hu toh tumlog kyun mann rahe ho ? Abhi aur devaluation hona baki hai yaar.
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Ek din aayega jab Sumanta mere pas aayega technofino community ko bechne k liye saste me, jab saare credit card devalue ho jayenge.
kisi ko koi interest nahi rahega yeh online forum me, na views aayea aur na koi post. Tab mai saste me kharid k new new credit card launch karwaunga bank se..
Aur technofino ko saste me kharid k ek profitable startup me badal dunga.
I am a firm believer in Darwin’s laws of Natural Selection so I definitely would prefer the latter
Can I be the CTO?
It is highly profitable
They make income from people taking credit cards trough their banner adds (referral income). Its 1k-2k pe sign up
AnungUnRama
TF Select
Did you use the location based deals that OneCard offers?
Somehow this logic applies only to the common people, not to the influential and the powerful. And, indeed, not to the countries or even the states. US runs on debt. India as well. Some Indian states run on insane levels of debt like there is no tomorrow!
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