sahil1033
TF Premier
Lately there's been a lot of issues because of exclusion of several MCCs for earning reward points. What adds up to the pain even more, is that booking flight tickets uses railways MCC and there are even more such incidents. Even MobiKwik has now changed its MCC from Utility to Wallet Load for CC bill payment.
RBI has been doing much better now coming up with several rules and regulations. A few of good ones are :
- If card isn't activated within 30 days, it will be cancelled ... comes handy if credit card issuing company plays dirty with you and didn't deliver on the promise and turn their back towards us ... so, if someone doesn't activate the card, it will automatically be cancelled, no entry in credit bureaus ... only drawback is, time and effort lost along with a hard enquiry in credit bureaus
- Banks have been advised to mention specific reason behind rejecting credit card application. I'm not too sure on this if it's true or not and in case if it's true, is it followed or not?
Anyway, point being, while transacting, at least at the last checkpoint, the page where OTP is entered for transaction, MCC code along with its description should be displayed. This will be a transparency we all deserve. If I find that MCC is different, I won't proceed ahead with transaction and I don't get the idea of keeping it hidden.
What are your thoughts on this? Also, can we collectively in any way put forward this message to RBI or any other entity which can take action on this?
RBI has been doing much better now coming up with several rules and regulations. A few of good ones are :
- If card isn't activated within 30 days, it will be cancelled ... comes handy if credit card issuing company plays dirty with you and didn't deliver on the promise and turn their back towards us ... so, if someone doesn't activate the card, it will automatically be cancelled, no entry in credit bureaus ... only drawback is, time and effort lost along with a hard enquiry in credit bureaus
- Banks have been advised to mention specific reason behind rejecting credit card application. I'm not too sure on this if it's true or not and in case if it's true, is it followed or not?
Anyway, point being, while transacting, at least at the last checkpoint, the page where OTP is entered for transaction, MCC code along with its description should be displayed. This will be a transparency we all deserve. If I find that MCC is different, I won't proceed ahead with transaction and I don't get the idea of keeping it hidden.
What are your thoughts on this? Also, can we collectively in any way put forward this message to RBI or any other entity which can take action on this?
