[Pancham]

I am planning to close my Magnus before renewal next week. I think this is the only ‘premium’ card I have left but I just can make sense of paying INR 12k with all the devaluations.

Does Magnus have any good use anymore ? It’s hard to get these cards and so I am thinking if I should cancel it.

[libranof1987]

Originally Posted by ashis89

Is it possible to make a large payment via credit card if the amount exceeds the credit limit itself(~1.3x)?

Is it recommended?

You can,
a) Request the bank to enhance your credit limit temporarily; but you'll have to plan this in advance as it will go for multiple approvals
b) If you can split the payment over some time / a few days, make one installment, pay it off, and then do the balance. These days credit card payments reflect almost immediately (even from accounts of other banks) so you may not even have to wait too long.

No harm in doing so. If you clear off the outstanding before the statement generation date, the high usage (which typically, marginally, affects the credit score) won't even get reported to credit agencies.

[Shubbi]

I have a long-standing StanChart Ultimate credit card which has accumulated a good amount of points. Requesting experts here to share inputs on how best to utilize them.

SCB's rewards redemption site lists 1:1 Marriott Bonvoy & ITC voucher options, which I am leaning towards. The rest are mostly shopping vouchers from a good set of retail/fashion brands, which I am ok without.

Are there any hacks to derive more juice out of these points?

[vkochar]

Originally Posted by Pancham

I am planning to close my Magnus before renewal next week. I think this is the only ‘premium’ card I have left but I just can make sense of paying INR 12k with all the devaluations.

Does Magnus have any good use anymore ? It’s hard to get these cards and so I am thinking if I should cancel it.

How do we close this online - I cannot seem to find the link online or on the app to shut this card - I have the same dilemma and also already own a Amex Plat and Infinia so Magnus was only kept for the meet and greet which they stopped earlier this year

[Noctis]

Originally Posted by pedrolourenco

Other than Infinia, what are my options. My major problem is I'm a NRI and that makes me not eligible for most cards.

Thanks to the welcome bonus you can try the Plat charge for a year and see if it works for you. I have a foreign issued Amex that I have been able to extract good value out of (buyers protection, hotel memberships, business flight). The concierge and other experiences on offer is a bit limited in India though, and the two lounges we have aren't that great either.

Still it's a lifestyle card which makes it's value difficult to measure compared to a reward based one. So I'd recommend you just try for a year and close before renewal if it doesn't work for you.

Originally Posted by vkochar

How do we close this online - I cannot seem to find the link online or on the app to shut this card - I have the same dilemma and also already own a Amex Plat and Infinia so Magnus was only kept for the meet and greet which they stopped earlier this year

Easiest way is to just send an email. And I see no benefit for holding Magnus anymore, it's been devalued beyond redemption.

[pedrolourenco]

Originally Posted by aseem23

The key is to be spend heavy (more than 70-80Lacs in a year with Plat charge,

That is a very large amount for an average person to spend.

Originally Posted by Pancham

Does Magnus have any good use anymore ? It’s hard to get these cards and so I am thinking if I should cancel it.

Most reviews say it's not worth but some say it's still ok if you are anyway spending and managing to get it effectively free. Despite the devaluation it's still not bad I think.

Originally Posted by Noctis

Thanks to the welcome bonus you can try the Plat charge for a year and see if it works for you.

Based on the suggestions from several people, I cancelled the Platinum Charge Card application and applied for the Platinum Travel. Unfortunately the application got rejected.They have not given any specific reason. I have an OK CIBIL score of 785, I easily meet the salary criteria etc. Only 2 things I was not complying with as per their requirements were:
- I'm not a Resident Indian.
- I do not live in the Pin Code areas they service.
But I had clearly told the executive about these 2 issues and he said both are not a problem.
Can't figure out anything else that could be the reason.
Edit: Just had a word with them and the said this message was regarding the Platinum Charge Card. My Platinum Travel Card is still under process.

I have a foreign issued Amex that I have been able to extract good value out of (buyers protection, hotel memberships, business flight). The concierge and other experiences on offer is a bit limited in India though, and the two lounges we have aren't that great either.

The Platinum Charge Card fees are steep but I was ok with that as I would have anyway extracted some benefits. My issue is that I have 4 cards but none of them are premium.
I'm a seafarer so as per IT rules, I'm a non resident. So almost all banks refuse to issue cards. And when I'm not sailing I reside in India so I can't get a car from any other country.

[Jaguar]

I don't understand why Priority Pass is not accepted in Bangalore T2. I was traveling for the first time from T2 and none of my cards were in the accepted list, even the premium cards from Standard Chartered.

[ghodlur]

Originally Posted by Jaguar

I don't understand why Priority Pass is not accepted in Bangalore T2.

My Priority pass from Infinia and SBI Vistara Prime were accepted at T2 terminal lounge, never faced any issues with that.

[ashis89]

Originally Posted by ghodlur

My Priority pass from Infinia and SBI Vistara Prime were accepted at T2 terminal lounge, never faced any issues with that.

I guess he is referring to the lounge in the international terminal. They refused to accept our priority pass last month. Our credit cards were accepted and did the job instead.

[IvanBiv]

Originally Posted by Shubbi

I have a long-standing StanChart Ultimate credit card which has accumulated a good amount of points. Requesting experts here to share inputs on how best to utilize them.

SCB's rewards redemption site lists 1:1 Marriott Bonvoy & ITC voucher options, which I am leaning towards. The rest are mostly shopping vouchers from a good set of retail/fashion brands, which I am ok without.

Are there any hacks to derive more juice out of these points?

Hotel vouchers are the best value on Ultimate. The rest of the catalogue is not worth it.
Recently redeemed 30K on Marriott vouchers and it was hassle free redemption and usage at hotel. Redeem points --> Activate Voucher online/through sms --> present at hotel at checkin/checkout

[girishv]

Originally Posted by ashis89

Is it possible to make a large payment via credit card if the amount exceeds the credit limit itself(~1.3x)?

Is it recommended?

The reason for considering a CC over a bank transfer is the hope of earning some points and achieving annual spend limits.

There is one easy way. You can load excess cash to the card (as if paying the CC bill) and then pay the large payment. Depending on the card, it may get declined and you will receive a call from the issuer to check whether its a fraudulent or not.

I did add money in advance multiple times when I wanted to use a particular card for paying more than my limit.

On a different note, you will be reported even if you exceed 75-80% of the limit.

[ashis89]

Originally Posted by girishv

There is one easy way. You can load excess cash to the card (as if paying the CC bill) and then pay the large payment. Depending on the card, it may get declined and you will receive a call from the issuer to check whether its a fraudulent or not.

I did add money in advance multiple times when I wanted to use a particular card for paying more than my limit.

On a different note, you will be reported even if you exceed 75-80% of the limit.

So to be safe, I can use it for 70% limit, repay it the same day and then repeat the exercise the next day? I will call the customer care once to verify.

[Everlearner]

Originally Posted by ashis89

So to be safe, I can use it for 70% limit, repay it the same day and then repeat the exercise the next day? I will call the customer care once to verify.

Yes, this is perfectly fine. You will be within your credit limit and don't need any approval from bank.

[adi.mariner]

Originally Posted by pedrolourenco

I'm a seafarer so as per IT rules, I'm a non resident. So almost all banks refuse to issue cards. And when I'm not sailing I reside in India so I can't get a car from any other country.

That's the irony of being a seafarer. The income is decent enough for a premium Credit Card but you cannot be issued one. HDFC Bank refused to issue a Credit Card even though I had an account with them for over 15 years. And it had to be a Credit Card against a FD (80% limit).

[pedrolourenco]

Originally Posted by adi.mariner

That's the irony of being a seafarer. The income is decent enough for a premium Credit Card but you cannot be issued one. HDFC Bank refused to issue a Credit Card even though I had an account with them for over 15 years. And it had to be a Credit Card against a FD (80% limit).

So true. HDFC (Branch Manager) even had the audacity to say that NRI's are high risk customers that's why they can't issue cards. But when they want deposit's the definition of a High Risk Customer changes.
Anyway I did get a Regalia against an FD. And here's where the Managers take you for a ride as you don't see the rules for issuing cards to NRI's. They will demand any amount in FD stating it's the minimum as per their rules. I was told 4 L. Luckily I found out that it was actually 2 L so I put my foot down. Now you were told that the credit limit was 80%. I was told 85%. So it all depends on the Manager. Another thing you need to be aware is that they don't increase the credit limit as the value of the FD grows. I recently pulled them up for this and now they are working on increasing the limit.
For Infinia they told me 10 L FD. I'm still trying to find where that is written. Also the requirement to spend 7.5 L on my existing card. Of course they can refuse to give that information stating that Infinia is "Invite Only".
I just wish some other bank comes up with a card that matches the Infinia.