Hdfc is blocking credit cards and forfeiting all reward points of huge spenders. Edit : Mostly For NPS Payment.
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Hdfc is blocking credit cards and forfeiting all reward points of huge spenders.
Edit : check this link – https://www.cardexpert.in/hdfc-limits-reward-re...
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Interesting!
Anyways this is what one should expect from any bank when they lend/use CCs too much
Bhai details please . How huge ?
Bank normally temp. Block card for Over limit .
I am planning to surrender 2 of my cards. They arbitrarily started charging annual charges for lifetime free cards from this month. I feel everyone should do it and teach them a lesson
Same. My HDFC card is LTF (issued last year) but they charged me this month.
I’ve complained to them and in case the amount is not reversed, I’ll close all my HDFC cards.
They’re blocking probably of Nps rotaters
Comments for CardExpert
Comment on HDFC Limits Reward Redemptions to 70% of booking value on Infinia & Diners Black Credit Cards by Captain Bishuddha Bharatiya
Sharad so sorry to hear that. Same thing has happened to one of my family member. Today received a letter ( hard copy ) that they are maintaining a partial suspension of the card and are permanently lapsing the rewards points. Total 79,000 rewards points was accrued through online shopping, rent payments and NPS. I think about 70-80% points was accrued through NPS and I think this is the reason for bank’s action. Infact I would say we are lucky that unlike many people our card is not permanent cancelled. Many other banks also like IndusInd, Amex, etc. are terminating credit cards permanently for doing huge transactions in NPS.
Permanently disabling cards simply indicates Banks are no more interested in having such customers.
Banks are learning to value the good people now.
How’s people rotating money through NPS ?
NPS tier 2 does not have a lock-in period. You can invest (deposit) money and it will be credit T+2 days. you can submit a request for withdrawal after units are issued. In another couple of days money would be credited in bank account.
Key points to Note:
- 1.1% or so loading charges for using CC
- Value of units may change and so redemption value could be different from deposit amount. It could swing in either direction.
Good decision, more the banks put a brake on such people more will be the benefits for genuine users. Credit cards are for fraud protection & convenience with some decent savings on the side but many people are actually treating it as some kind of side job to earn money.
I hope bank does its due diligence before closing cards and genuine people who use NPS but do not misuse are not affected.
This is good news. Banks have to apply the brakes at some point.
There is a need to identify genuine users vs those who misuse CC’s to get RP’s and make a profit. Having a credit limit does not mean spending that much amount every month.
They did it right & it’s fully fair…I & several others wrote this again & again in several threads that you are NOT supposed to use your Credit card for commercial purposes or to earn money from it…Banks issue credit cards for personal use ONLY, not for money rotation or earning a living from it…
Thank You HDFC & all other banks for taking this decision to cut down customers who don’t know that Credit cards are not for business purposes…
Thanks to people who rotate money using credit cards, banks will now be more strict before issuing any credit card to any customer (and genuine customers will have to face more trouble getting cards) because they can’t predict which customer is applying with which intention…
Banks earns from Credit card and if customer earns from credit card then it is unfair ?
The credit card are given by banks for personal use which can be justified but not for earning huge number of Reward points using Rotation of credit.
True.
However, what is at dispute is which txns were genuine vs which were for rotation of money. So they probably decipher by putting some rules or indicators via algorithms in systems to flag at level1, and then their team’s investigation at next level followed by explanation cum evidence from cardholder response at level 3. If bank takes a liberal view at all levels, most txns except the most excessive or extreme would not get into issue or dispute. Just some thoughts.
Ltf depends on the cards varient too, like super premium cards i.e. DCB and Infinia are first year free only atleast now not sure about few years back, also to get first year free you have to spend certain amount within 90 days like it is 1.5 lacs for my Infinia, else will be charged 10k+gst after 90 days as fee for 1st year.
ha ha. why ppl keeps so much reward points in accounts.. we shud redeem them .. no one knows what will happen tomm
You don’t use hdfc cards much I think. 
Anyway sooner or later all other banks will start doing something similar(aka large spending card users excl the genuine high profile ones) so you should also start preparing. 
Most of the Credit card not give rewards point for Nps(Government payment). Indusind gives 0.70% rewards for government payment. Charges for payment gateway is 1%. So, anyone can’t rotate money from indusind credit card.
Not mine.
Oh…Paying Others Bills worth of lacs every month using your CC to get cashback/reward points = Using for business purposes… 
My friend runs a bill payment shop
One suggestion to All loyal and royal customers. Use credit card. Pay your dues only after due date. So banks survive and don’t default. 
It’s a good decision
Bhai aap thik ho naa ?? Please stay safe while handling cash…Aab itne mahine nikaal liye ho rumaal aur saste wale PPE se toh aage bhi safe hi rahoge… : ) Please Take Care… : )
If banks follows some of the replies from this thread, the below is going to happen for sure with in no time.
https://www.desidime.com/discussions/just-for-f...
Banks are here to do business, not for charity. Like wise, CC users are not here for charity. It is HDFC’s mistake of attracting customers with 10x rewards and denying the rewards later. They need to disable that MCC for 10x rewards. All other banks disabled that MCC for rewards.
Banks are spending huge amount on software. If not, entire world economy comes down to -ve, if banks stops CC usage.
Can u tell in details?
What happened actually?