The Ken on #CCGeeks outsmarting the banks

[spatone]

Today's Story on The Ken talks about us

Credit-card whizzes outsmart banks at their own game

What can lenders do when credit-card experts on Telegram, WhatsApp, and Discord keep finding new ways to game the system and maximise rewards?

the-ken.com

"Not so long ago, Indians were mostly reluctant to embrace credit cards. As of July, there are 90 million credit cards in circulation across the country. The rise in credit cardholders has given birth to a group of wonks who find and sell tips and tricks to squeeze out rewards and benefits. Some of these wonks have turned these covert practices into lucrative business, which, in some cases, pays them more than their regular jobs. Banks are having a tough time. Some have taken extra security measures to keep these wonks at bay, but they don’t seem to be working."

If someone has subscription of The Ken, can they please post the story?

 

[KingAAR]

sorry for the bad ordering...

 

[bulldozer]

Credit-card whizzes outsmart banks at their own game

He shares an example. Back in 2021, he teamed up with a friendly grocer and used their point-of-sale (PoS) machine to put through a credit-card transaction worth Rs 80,000 (US$970). Later, he asked the grocer to help him turn that spending into cash after taking away the merchant discount rate ( MDR).

By the end of the month, Vivek paid off his credit-card bill, the same Rs 80,000 (US$970). And the cashback he got from using his credit card turned out to be more than what he gave up in that merchant fee.
And that’s how Vivek figured out how to make money by manufacturing spending. Come 2023, Vivek has evolved his “secret” venture into a full-fledged enterprise.

Currently, he oversees three PoS machines, boasting a steady client base of over 50 individuals each month, with occasional surges that peak at 80. This newfound business fetches him up to Rs 1 lakh (US$1,200) monthly.

Not being allowed to copy paste more than this.
Highlights:

Axis Reserve devaluation key reason - A bug. People used to initial 50k reward points and immediately reported loss of card. The bank replaced the card along with the 50k points. The guy whom they spoke with replaced the card 11 times!
Magnus and Reserve devaluation is attributed to misuse like repeated payment to same biz establishments.
Due to all this, banks scans internet conversation now which never used to happen earlier

 

[bulldozer]

sorry for the bad ordering...

missed your post.

 

[Deleted member 9785]

Ken and Mint logo ke business band karvake managenge

 

[iNokia]

Naam Vivek hai par harkatein @Abhishek012 jaisi hai.

 

[Deleted member 9785]

Ken did not cover and missed miles advisory ticket booking business

 

[Pavan]

Guys how to unlock the paid version of ken
if it's secrets please can some one DM

 

[Surendra]

Earning one lac per month through cards, not possible. Ken try to make it a issue of cards

 

[spatone]

Guys how to unlock the paid version of ken
if it's secrets please can some one DM

Let's see when they cover paywall removers like these - https://12ft.io/

 

[Abhishek012]

Naam Vivek hai par harkatein @Abhishek012 jaisi hai.

Ken wale real name disclose nahi karte hai, pure 2 ghante ki interview tha. 😜😜

 

[Deleted member 9785]

axis has proved the ken wrong . They have outsmarted cc geeks in new TnC

 

[simplegarv]

Earning one lac per month through cards, not possible. Ken try to make it a issue of cards

Check AIS for CC Thread. The whole new world will unveil itself and then comment what's possible or not.

 

[Surendra]

Check AIS for CC Thread. The whole new world will unveil itself and then comment what's possible or not.

AIS doesn't reveal how much cashback or RPs earned , better read comment what I said earning one lac per month not possible, one can't use that much card in a month, bank will close the card

 

[simplegarv]

AIS doesn't reveal how much cashback or RPs earned , better read comment what I said earning one lac per month not possible, one can't use that much card in a month, bank will close the card

That guy used 56L in just 3 months and assuming 1% flat reward rate 56,000.

 

[Surendra]

That guy used 56L in just 3 months and assuming 1% flat reward rate 56,000.

Yeah... But hard to achieve monthly Targets of high amount of cashback

 

[sxchzy]

cashback is also not detected on ais as cashback is settled on card account
ais onle checks card spendings in total so money earned if any isnt speciafically removed and added elsewhere

 

[Deleted member 9785]

Today's Story on The Ken talks about us

Credit-card whizzes outsmart banks at their own game

What can lenders do when credit-card experts on Telegram, WhatsApp, and Discord keep finding new ways to game the system and maximise rewards?

the-ken.com

"Not so long ago, Indians were mostly reluctant to embrace credit cards. As of July, there are 90 million credit cards in circulation across the country. The rise in credit cardholders has given birth to a group of wonks who find and sell tips and tricks to squeeze out rewards and benefits. Some of these wonks have turned these covert practices into lucrative business, which, in some cases, pays them more than their regular jobs. Banks are having a tough time. Some have taken extra security measures to keep these wonks at bay, but they don’t seem to be working."

If someone has subscription of The Ken, can they please post the story?

Now banks are outsmarting cc geeks

 

[misteramit]

Vivek, a 32-year-old New Delhi-based civil engineer, keeps a well-hidden income source, one so hush-hush he doesn’t even share it with his parents. He calls it a “secret social service” that pays him more than his regular job. And this covert practise carried out in different ways by many like Vivek, who insists on being addressed by just his first name, is puzzling banks. He shares an example. Back in 2021, he teamed up with a friendly grocer and used their point-of-sale (PoS) machine to put through a credit-card transaction worth Rs 80,000 (US$970). Later, he asked the grocer to help him turn that spending into cash after taking away the merchant discount rate ( MDR). By the end of the month, Vivek paid off his credit-card bill, the same Rs 80,000 (US$970). And the cashback he got from using his credit card turned out to be more than what he gave up in that merchant fee. And that’s how Vivek figured out how to make money by manufacturing spending. Come 2023, Vivek has evolved his “secret” venture into a full-fledged enterprise. Currently, he oversees three PoS machines, boasting a steady client base of over 50 individuals each month, with occasional surges that peak at 80. This newfound business fetches him up to Rs 1 lakh (US$1,200) monthly. It’s simple: he encashes credit cards for his clients, helps them earn reward points and cashbacks, and, naturally, invoices a fee. Vivek is riding the wave of a growing community of credit-card wonks. Some of them lead large groups on messaging apps such as Telegram, Whatsapp, and Discord. They also use the social-media platform X (formerly Twitter) to share tips and tricks to exploit loopholes in the credit-card rewards system. “People have cards with all these promised rewards, but sometimes they can’t spend enough to actually enjoy those benefits. We step in to help them unlock that level. Isn’t this like a social service?” Vivek chuckled. The Ken joined several groups and found many of them with thousands of members. Those mentioned in the story declined to be named as they did not want to publicly disclose their identity. Banks, known for dishing out credit cards to encourage spending, aren’t exactly thrilled with the trend. If anything, the rise of credit-card wonks has pushed them to be more alert. For instance, in 2022, India’s two top lenders—HDFC Bank and ICICI Bank—dedicated a special team of IT professionals to track and plug such loopholes. “An unplanned surge in the sale of a credit card is a sign that some bug or loophole has been discovered and is being exploited.

Beating banks at thier own hypocrisy game of paying on time and enjoying liberty of free credit period with added rewards but behind the scenes all they want and pray for you to default at least once in a while so that they can start exploiting the hell out of you both mentally and financially, ofcourse they won't accept this 🎭 dual nature

 

[cardy]

Naam Vivek hai par harkatein @Abhishek012 jaisi hai.

That's not true 😭