just on fundamentals , in theory
-debit is what is our money and debit card is how we use it
-credit is bank's money and credit card is how we use it
offers are promotional engagement b/w banks and corporate as marketing
Now does or doesn't RBI have rules reg. it , similar to what SEBI have for share holders to treat them equally
- was thinking of reaching RBI banking obudsman for the selective offers with tons of T&C in consumer intrest
There is difference between shareholder and card holder. Shareholder is a part owner whereas a card holder is a customer. Good luck with wasting time and resources for this useless thing.
If you have too much time use it for some part time job.
Banks, credit card companies and e-commerce platforms works on the principle of profit.
They do not have to give out any offers.
People will still buy stuff if they really need them even if there are no offer on it.
People here building their whole personality on offers..... 😄
Cashback & offers are never your "right", it is a "privilege" offered by companies which you would know by now if you had ever read full T&C of any offer by credit/debit card. RBI ombudsman & every other regulator/appellate authority in India is there to protect your "rights" not "privileges" & they don't do a good job even there. Share holders have "rights" not "privileges" which SEBI is "supposed" to protect.
guest_999 wrote:Cashback & offers are never your "right", it is a "privilege" offered by companies which you would know by now if you had ever read full T&C of any offer by credit/debit card. RBI ombudsman & every other regulator/appellate authority in India is there to protect your "rights" not "privileges" & they don't do a good job even there. Share holders have "rights" not "privileges" which SEBI is "supposed" to protect.
Well articulated...
DEALSTER wrote:There is difference between shareholder and card holder. Shareholder is a part owner whereas a card holder is a customer. Good luck with wasting time and resources for this useless thing.
If you have too much time use it for some part time job.
Time will tell who is wasting time, you care about your own and Ftime OFF
guest_999 wrote:Cashback & offers are never your "right", it is a "privilege" offered by companies which you would know by now if you had ever read full T&C of any offer by credit/debit card. RBI ombudsman & every other regulator/appellate authority in India is there to protect your "rights" not "privileges" & they don't do a good job even there. Share holders have "rights" not "privileges" which SEBI is "supposed" to protect.
talking about consumer right, if a entity is giving benefit to one it sud be there for all provided they belong to same class
also i read it somewhere in indian consumer law
Consumers have the right to seek redressal against restrictive trade practices, unfair trade practices or unscrupulous exploitation of consumers
Section 49 consumer rights?(1)Every contract to supply a service is to be treated as including a term that the trader must perform the service with reasonable care and skill.
SnippierJoker wrote:Banks, credit card companies and e-commerce platforms works on the principle of profit.
They do not have to give out any offers.
People will still buy stuff if they really need them even if there are no offer on it.
People here building their whole personality on offers..... 😄
profit and customer service are too diff things
banks cant deny services to customer stating it is generating no profit (better file for bankruptcy then ),or it only give benefit to one set of customer and not other stating no profit
-so if a poor and rich have both a/c in same bank the bank ATM card work for the rich and not for the poor that will be discrimination , provided both have same type of saving account and same card type
-even for diff. card type the bank ATM sud dispense money for both equally
-they get their 'profit ' when they charge card fees
demerius2020 wrote:Bank can and do give special treatment to their high profit generating customer.profit and customer service are too diff things
banks cant deny services to customer stating it is generating no profit (better file for bankruptcy then ),or it only give benefit to one set of customer and not other stating no profit
-so if a poor and rich have both a/c in same bank the bank ATM card work for the rich and not for the poor that will be discrimination , provided both have same type of saving account and same card type
-even for diff. card type the bank ATM sud dispense money for both equally
-they get their 'profit ' when they charge card fees
demerius2020 wrote:Key words you seem to miss here is "contract to supply a service" which in case of credit card means "contract to supply the service of credit" as implied in the name of the product itself which is "credit card". If & when some company launch a "paid cashback card" which is not a credit/debit/prepaid card then you can claim "deficiency" in cashback service for which you paid the card for.talking about consumer right, if a entity is giving benefit to one it sud be there for all provided they belong to same class
also i read it somewhere in indian consumer law
Consumers have the right to seek redressal against restrictive trade practices, unfair trade practices or unscrupulous exploitation of consumers
Section 49 consumer rights?(1)Every contract to supply a service is to be treated as including a term that the trader must perform the service with reasonable care and skill.
So in theory:-
1. under what banking logic bank can deny some offer on credit card to debit card holders?
2 . under what banking logic bank can deny some offer on debit card to credit card holders?
-which is more superior of two?
lets hear from devil's advocates here
besides profit making and which would have counted towards services(better services?)
guest_999 wrote:
Key words you seem to miss here is "contract to supply a service" which in case of credit card means "contract to supply the service of credit" as implied in the name of the product itself which is "credit card". If & when some company launch a "paid cashback card" which is not a credit/debit/prepaid card then you can claim "deficiency" in cashback service for which you paid the card for.
Did't we had a RIGHT TO EQUALITY, which would had included RIGHT TO RECEIVE SERVICES 'EQUALLY'?
-the 'contract ' to supply a service by a service provider also entails the contract to receive the service by the receiver , and the contract doesn't completes for financial goodwill untill the receiver receives what the supplier supplies.
Also in the eyes of law all receiver are to be equally treated by the supplier with no discrimination whastover
and now my debit & credit card no where mentioned in the MITC/t&C that IT WOULD NOT be eligible for some offer so it is very much eligible as percontract , the bank denying the same is another issue
demerius2020 wrote:"Right to Equality" is a fundamental right in constitution with no relation to market & even this comes with "reasonable restriction"(entire reservation scheme is based on such reasonable restriction only). Contract can only be made for something for which you paid or for which you signed a legally valid agreement initially. Now tell me, in which card MITC/T&C it is mentioned that you have a "right" to receive cashback/offers. We are talking about "legal validity contract" so even a single word matters. Your argument that "nowhere mentioned card not eligible for offer=eligible for offer" is laughable in the eyes of even the most inexperienced junior lawyer in India.Did't we had a RIGHT TO EQUALITY, which would had included RIGHT TO RECEIVE SERVICES 'EQUALLY'?
-the 'contract ' to supply a service by a service provider also entails the contract to receive the service by the receiver , and the contract doesn't completes for financial goodwill untill the receiver receives what the supplier supplies.
Also in the eyes of law all receiver are to be equally treated by the supplier with no discrimination whastover
and now my debit & credit card no where mentioned in the MITC/t&C that IT WOULD NOT be eligible for some offer so it is very much eligible as percontract , the bank denying the same is another issue
demerius2020 wrote:1. Business logic.So in theory:-
1. under what banking logic bank can deny some offer on credit card to debit card holders?
2 . under what banking logic bank can deny some offer on debit card to credit card holders?
-which is more superior of two?
lets hear from devil's advocates here
besides profit making and which would have counted towards services(better services?)
With the exception of RuPay Platinum debit cards which have been outsmarting any CC or DC offer, generally offers on Visa/MC credit cards are more than debit card offers. The simple reason being that credit cards is a more profitable business since people tend to forget to pay back on time and banks can charge late fees and interest. With DC, it's people's money anyway, plus not many keep huge amounts in savings account, just the bare minimum required MAB and banks give loans to those wanting loans against the savings account deposits they have - this is one reason banks want you to keep higher amounts in savings account rather than FD. Interest rate on loans is highest, FDs somewhere in the middle, and on savings account is lowest so more profit for banks.
I know Kotak is one bank that mostly gives equal offers on both credit and debit cards, IndusInd also but otherwise most banks' CC offers are more frequent or slightly higher discounts.
demerius2020 wrote:Time will tell who is wasting time, you care about your own and Ftime OFF
Please go ahead by all means. Do let me know why you do and what is the result.
guest_999 wrote:1. Right to equality is fundamental right in constitution of india, The cosntituion is binding on india and indian citizens including the business operating in india.,Your argument that is laughable
"Right to Equality" is a fundamental right in constitution with no relation to market & even this comes with "reasonable restriction"(entire reservation scheme is based on such reasonable restriction only). Contract can only be made for something for which you paid or for which you signed a legally valid agreement initially. Now tell me, in which card MITC/T&C it is mentioned that you have a "right" to receive cashback/offers. We are talking about "legal validity contract" so even a single word matters. Your argument that "nowhere mentioned card not eligible for offer=eligible for offer" is laughable in the eyes of even the most inexperienced junior lawyer in India.
some1anywhere wrote:Kotak and indusind are doing good , is thers is a law/rules under which they are doing so? whats there logic can be?With the exception of RuPay Platinum debit cards which have been outsmarting any CC or DC offer, generally offers on Visa/MC credit cards are more than debit card offers. The simple reason being that credit cards is a more profitable business since people tend to forget to pay back on time and banks can charge late fees and interest. With DC, it's people's money anyway, plus not many keep huge amounts in savings account, just the bare minimum required MAB and banks give loans to those wanting loans against the savings account deposits they have - this is one reason banks want you to keep higher amounts in savings account rather than FD. Interest rate on loans is highest, FDs somewhere in the middle, and on savings account is lowest so more profit for banks.
I know Kotak is one bank that mostly gives equal offers on both credit and debit cards, IndusInd also but otherwise most banks' CC offers are more frequent or slightly higher discounts.
guest_999 wrote:is there is an iota of cosumer intrest and contractual serrvices in business logic or only profit profit profit?
1. Business logic.
2. Business logic.
If you don't agree with business logic of a business in India then become customer of another business or start your own business with logic you prefer.
demerius2020 wrote:1. First read what "right to equality is" & what the reasonable restrictions are.
1. Right to equality is fundamental right in constitution of india, The cosntituion is binding on india and indian citizens including the business operating in india.,Your argument that is laughable
2.all i am taking is equal opportunity to offers for every customer with reasonable restriction
3. Now who decides this restriction are reasonable or not?
demerius2020 wrote:Ever heard of anything other than businesses which either run in profit or in loss? Business is all about profit.
is there is an iota of cosumer intrest and contractual serrvices in business logic or only profit profit profit?
guest_999 wrote:
1. First read what "right to equality is" & what the reasonable restrictions are.
Article 15 of the Constitution of India - Wikipedia
2. See above.
3. See above.
demerius2020 wrote:You really don't want to understand. This will be my last reply regarding this here:
1. I have read "right to equality is" & what the reasonable restrictions are.No where in the article provided there is anything contrary to about :-Right to equality is fundamental right in constitution of india, The cosntituion is binding on india and indian citizens including the business operating in india.
2. See above.
3. See above.
Article 15 of the Constitution of India forbids discrimination on grounds only of religion, race, caste, sex, or place of birth.It means no credit card company can deny you offer only because you are hindu or because you are Indian or because you are general category or because you are male or because you were born in Delhi. It also means a bank can decide a male hindu born in Delhi & general category holding less than 10k mab in his bank acc is not eligible for offer & it is perfectly fine without violating the above because bank is not denying offer only because he is hindu or only because he is born in Delhi or only because he is general category.
demerius2020 wrote:Depends on whether you have a contract supporting that which in case of cashback & offers is not there unless you think you are smarter than those senior lawyers who charge lakhs of rupees per hour as their fee & who draft the pages long T&C which you never bothered to read fully.
So if the business contract cause in loss anyone can break it citing loss ?
guest_999 wrote:
Depends on whether you have a contract supporting that which in case of cashback & offers is not there unless you think you are smarter than those senior lawyers who charge lakhs of rupees per hour as their fee & who draft the pages long T&C which you never bothered to read fully.
-cashback & offer do have T&C , my only question who decides if it is arbitrary and agaisnt consumer intrest ?
-YES, I think i am smarter than those senior lawyers who charge lakhs of rupees per hour as their fee & who draft the pages long T&C which I DO bothered to read fully.
guest_999 wrote:
You really don't want to understand. This will be my last reply regarding this here:
Article 15 of the Constitution of India forbids discrimination on grounds only of religion, race, caste, sex, or place of birth.It means no credit card company can deny you offer only because you are hindu or because you are Indian or because you are general category or because you are male or because you were born in Delhi. It also means a bank can decide a male hindu born in Delhi & general category holding less than 10k mab in his bank acc is not eligible for offer & it is perfectly fine without violating the above because bank is not denying offer only because he is hindu or only because he is born in Delhi or only because he is general category.
If you still don't get it or think that you are still right in this regard then I give up. Do whatever you want.
-I really do want to understand.
Cashback & offers are never your "right", it is a "privilege" offered by companies which you would know by now if you had ever read full T&C of any offer by credit/debit card. RBI ombudsman & every other regulator/appellate authority in India is there to protect your "rights" not "privileges" & they don't do a good job even there. Share holders have "rights" not "privileges" which SEBI is "supposed" to protect.
There is difference between shareholder and card holder. Shareholder is a part owner whereas a card holder is a customer. Good luck with wasting time and resources for this useless thing.
If you have too much time use it for some part time job.