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Tag: Credit Card

  • What is a fuel surcharge waiver on a credit card?

    What is a fuel surcharge waiver on a credit card?

    Ever noticed that extra charge at the petrol pump? When you swipe your card to fill fuel, there’s often a little more added to your bill than just the cost of petrol or diesel. It’s not a huge amount but over time, it adds up. That little addition is called a fuel surcharge. Most people don’t realise they’re paying it until they look closely at their statement. Let’s break this down so you know what it is and how to avoid it. 

    Understanding the cost

    To put it simply, every time you use your credit card at a petrol pump, the bank or service provider adds a small fee. It usually ranges between 1% and 3% of the transaction amount. 

    Now, this isn’t a penalty or a hidden charge. It’s standard practice and is charged to cover handling and processing costs. It doesn’t go to the petrol pump – it’s taken by the payment network or the bank to manage the transaction. So, if you buy ₹1,000 worth of fuel then you could end up paying ₹1,020 or more because of this extra layer. 
    Some credit cards offer a feature called a fuel surcharge waiver. What this means is that they cancel or refund that extra charge for you either instantly or in your next billing cycle. You still pay the fuel price but you don’t pay the extra fee. 

    Not all cards offer this and not every transaction qualifies, so you’ll need to read the fine print or check with your provider. But if you drive often or spend a lot on fuel then it can lead to significant savings over the months.

    How can you get avail this benefit?

    1.    Start by checking if your existing card includes this benefit. If not then explore options that explicitly list fuel surcharge waivers under their features. Many cards in the mid and premium category offer this especially those tailored for travel or daily commuters.

    2.    Even after having the right card, make sure you meet all the conditions. This includes minimum spend amount, eligible fuel stations, payment method and transaction type. These vary across card issuers and skipping even one requirement can void the waiver.

    3.    Use the correct payment channel. Swipe your card at the physical POS terminal at the fuel station rather than paying through a digital wallet or UPI linked app. Most waivers apply only to direct transactions through swipe or chip and pin methods.

    4.    Issuers usually set a maximum limit on the waiver amount per billing cycle. Spending more on fuel than the waiver cap allows means any surcharge beyond that limit won’t be refunded.

    5.    Make sure to monitor your billing statement. Look for either no surcharge being added or for a separate line item reversing the surcharge. If it doesn’t reflect then follow up with the card issuer within the billing period.

    Being aware of these steps and reviewing your card’s terms can help you take full advantage of this benefit.

    Points to consider before relying on the advantages

    These terms help ensure the waiver is applied correctly and consistently.

    •    Take a look at the minimum amount you need to spend. Most issuers set a spend threshold for the waiver to apply around ₹400 or more. Transactions below this amount may not qualify.

    •    Understand the monthly cap on the waiver’s value since there is usually a limit to it. For example, you may receive a waiver up to ₹250 per month. Any surcharge beyond that will be charged to your account.

    •    Some cards provide the waiver only at selected fuel stations. It’s common for issuers to have partnerships with brands like Indian Oil, HPCL or BPCL. Transactions made at non partnered pumps may not qualify for the waiver.

    •    Not all modes of payment are eligible. In most cases, the waiver is applicable when the card is swiped at the point-of-sale terminal. Transactions made through mobile wallets, QR codes or apps may not receive the benefit.

    •    Even if the waiver is applicable, it might not be reflected immediately. In many cases, the fee is first charged and then reversed in the following statement. It helps to track your statements and confirm the reversal each month. 
    A fuel surcharge waiver is a small yet practical benefit that supports smarter spending. It doesn’t drastically reduce your fuel expenses but it helps cut down on non essential fees that can accumulate over time. 

    Whether you should actively look for this feature depends on your usage pattern. For some, it may offer consistent value. For others, it’s an add on that’s nice to have but not a priority.

    If you’re planning to apply for a credit card or upgrade your existing one, be sure to review the complete list of benefits. With that, also check credit card fees and charges. A surcharge waiver is one of many features that can make a difference when chosen thoughtfully.

  • Mastercard launches campaign with CRED to make high-value transactions

    Mastercard launches campaign with CRED to make high-value transactions

    Mumbai: Mastercard and CRED on Monday launched a campaign that will enable Mastercard credit cardholders to make simple, secure tuition and rent payments for housing expenses using the CRED app.

    Cardholders will enjoy the convenience of making high-value transactions such as rent payments or paying maintenance and school fees for any type of education, from primary school to university, from any mobile device while benefiting from additional liquidity and enjoying exclusive cashback and credit card rewards.

    “By rewarding transactions and providing a seamless experience, we can enable more CRED members to use their cards for large value recurring transactions. Partnerships with ecosystem stakeholders like Mastercard encourage members to pay their monthly rent and education fee payments on their credit cards, enabling them to gain more credit card points and unlock greater liquidity. At CRED we are creating a system that strives to reward high trust and creditworthy individuals of India, inspiring others to be like them,” said Cred’s representative Akshay Aedula.

    Mastercard’s Vice President- Digital Partnerships, South Asia, Aditya Murthy said, “Mastercard technology offers simplicity and safety to cardholders with every transaction. This partnership with CRED opens convenient, new payment possibilities on credit card spend for millions of mobile-first users and facilitates greater choice for Mastercard cardholders.”

    “Enabling high value, recurring transactions such as tuition and rent to be paid on credit cards will make strides in accelerating India’s transition to a less cash economy. Through Mastercard’s longstanding relationship with CRED, cardholders will enjoy more secure, seamless checkout experiences,” he added.

  • Deepika Padukone turns Secret Santa for Cred

    Deepika Padukone turns Secret Santa for Cred

    Mumbai: This holiday season, credit card bill payment platform Cred and Bollywood actor Deepika Padukone are set to add an extra dash of cheer to the festive season, as the latter dons the avatar of #CredSanta to bring a range of exclusive offers, rewards, fun games and more. 

    The campaign will extend from 24 December to 2 January 2022 as part of ‘Cred Cheer Days,’ said the company.

    “I am delighted to be the CredSanta and partner with Cred to bring joy, happiness and dollops of magic for its members this festive season. I hope that the rewards and special jackpots we have planned will bring smiles and cheer as we end 2021 and look forward to 2022 with hope and optimism,” said Deepika Padukone. “I am ready with my bag of goodies to spin magic so keep watching the Cred app closely,” the actor added.

    As part of the campaign, Cred along with Deepika will be hosting daily activities and Jackpots where members will stand a chance to win exclusive gifts that range from items that are part of the actor’s closet to bitcoins. Cred members can win rewards and cashbacks worth over Rs 100 crore, stated the brand.

    To add on to the Christmas cheer, Cred has also launched an Acapella Video.

     

     

    “This is also the season for giving and our Cred Santa has you covered there as well. Kickstart 2022 with positivity – on January 1st 2022 tweet #CredSanta and we will donate for a charitable cause on your behalf,” the brand stated.

  • IPL partner Cred launches TVC with Anil Kapoor

    IPL partner Cred launches TVC with Anil Kapoor

    NEW DELHI: CRED, a high-trust community of creditworthy individuals, merchants and institutions, has come on board as the official partner of the most awaited event of the year, the Indian Premier League 2020. CRED has kickstarted the journey of making this year’s IPL more rewarding for all players and viewers with a host of activities that would upgrade the experience for CRED Members. In line with the same, the brand also launched their latest campaign – ‘CRED: Not Everyone Gets It’ – featuring three ad films slated to launch over the course of the tournament, and starring leading Bollywood actor Anil Kapoor along with other iconic celebrities from the 90s, that promises to entertain and spread CRED’s message.

    Through these creative and fun ad films, CRED aims to amplify its messaging of how easy it is to manage timely credit card payments through the app and also getting regularly rewarded for good financial behaviour. The campaign started from 19 September with the launch of the first film starring Anil Kapoor. The veteran actor talks about the message of paying credit card bills on time in his unique, inimitable style which has made him a favorite since the 90s, across generations of audiences from millennials to their parents. To keep up the momentum, two more films featuring other much loved Bollywood celebrities will be released over the next month to join in the celebration. The campaign is truly a memorable and comedic take on CRED’s messaging that has been conceptualized entirely by the in-house team and brought to life by Ayappa KM, co-founder, Early Man Films, the production agency.

    CRED lead – growth and engagement Trupthi Shetty said “We are extremely excited to be associated with IPL 2020. At CRED, we believe in rewarding good financial behaviour and with this campaign, we are positive that our message of encouraging financial literacy and educating viewers on the rewarding benefits of responsible financial behaviour would come through in an entertaining manner. With Anil Kapoor and others lending their inimitable styles and unique personalities to each video, we are sure audiences would definitely relate to this campaign and our association would be off to a rewarding start.”

    Early Man Film executive producer & co-founder Anand Menon said, “It was a massive challenge for us to turn around this production keeping in mind the current scenario. But the fact that we had an opportunity to use these celebrities in a unique and entertaining way to tell the CRED story, made the effort worthwhile. We hope everyone enjoys these films and they bring a much-needed smile to people’s lives.“

    Read more news on CRED

  • PayUmoney launches industry’s first-of-its-kind POS business terminal

    PayUmoney launches industry’s first-of-its-kind POS business terminal

    MUMBAI: An innovative POS terminal which promises to connect even the smallest corner shop to the world of paperless payment has been launched by PayUmoney. With no monthly rental, no minimum balance, and the option to link any bank account, costing a mere Rs 7,000 (as opposed to Rs 15,000 to Rs 25,000 charged by traditional channels), and accepting all credit/debit cards, the new terminal seeks to convert the retail experience across millions of small merchant outlets across India.

    The POS terminal is easy to set up, can be operated using a pre- or post-paid SIM, and does away with the use of paper receipts—making it cost and battery effective, and environment friendly. With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service. Interested users may sign up at the website or by calling 9069143747.

    To explain the approach behind developing the POS terminal, PayUmoney CEO and co founder Nitin Gupta said, “If we look at the Reserve Bank of India’s December 2015 data, there are 644 million debit card holders in India. The number is 22.75 million for credit cards. Against these, there are only 1.2 million POS terminals, which shows the huge opportunity that exists in the POS payments services sector. Our objective is to bring the smaller merchants into the ambit of payment processing services—the class that has so far been ignored by the traditional players.”

    “When we developed our product, we kept in mind the unique demands of the Indian merchants—whether in cities, or in the country’s vibrant villages. We decided to do away with paper transaction slips: and a transaction acknowledgement will be sent to the buyer’s mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same every time a transaction takes place,” he added.

    This helps merchants to save on unnecessary costs and makes the POS terminal extremely energy efficient, durable, and ideal for locations with frequent power outages.

    With flexibility as the key development buzzword, PayUmoney’s POS terminal does not come with bundled SIMs. Giving merchants the liberty to choose the operator and connection type (pre- or post-paid), the POS terminal of PayU is unlike traditional players that force merchants to subscribe to costly bundled connections.

  • PayUmoney launches industry’s first-of-its-kind POS business terminal

    PayUmoney launches industry’s first-of-its-kind POS business terminal

    MUMBAI: An innovative POS terminal which promises to connect even the smallest corner shop to the world of paperless payment has been launched by PayUmoney. With no monthly rental, no minimum balance, and the option to link any bank account, costing a mere Rs 7,000 (as opposed to Rs 15,000 to Rs 25,000 charged by traditional channels), and accepting all credit/debit cards, the new terminal seeks to convert the retail experience across millions of small merchant outlets across India.

    The POS terminal is easy to set up, can be operated using a pre- or post-paid SIM, and does away with the use of paper receipts—making it cost and battery effective, and environment friendly. With a simple and hassle-free documentation policy, a merchant can start using a PayUmoney POS terminal within 48 hours of signing up for the service. Interested users may sign up at the website or by calling 9069143747.

    To explain the approach behind developing the POS terminal, PayUmoney CEO and co founder Nitin Gupta said, “If we look at the Reserve Bank of India’s December 2015 data, there are 644 million debit card holders in India. The number is 22.75 million for credit cards. Against these, there are only 1.2 million POS terminals, which shows the huge opportunity that exists in the POS payments services sector. Our objective is to bring the smaller merchants into the ambit of payment processing services—the class that has so far been ignored by the traditional players.”

    “When we developed our product, we kept in mind the unique demands of the Indian merchants—whether in cities, or in the country’s vibrant villages. We decided to do away with paper transaction slips: and a transaction acknowledgement will be sent to the buyer’s mobile with a link that opens up a soft copy of an e-slip. The merchant gets an email copy of the same every time a transaction takes place,” he added.

    This helps merchants to save on unnecessary costs and makes the POS terminal extremely energy efficient, durable, and ideal for locations with frequent power outages.

    With flexibility as the key development buzzword, PayUmoney’s POS terminal does not come with bundled SIMs. Giving merchants the liberty to choose the operator and connection type (pre- or post-paid), the POS terminal of PayU is unlike traditional players that force merchants to subscribe to costly bundled connections.

  • EnAble India partners with QwikCilver : Indias First Prepaid Charity Card program

    EnAble India partners with QwikCilver : Indias First Prepaid Charity Card program

    EnAble India a Non Profit Charitable Trust working for economic independence with dignity for persons with disability, has partnered with QwikCilver to launch a novel CLUB ENABLE Membership Card program. QwikCilver is India’s pioneering & leading Gift Card Technology Product & Platform company.

     

    This Program is aimed at reaching out to the likeminded people across India who want to associate with the cause of disability and provides a platform to such persons to become EnAble India Patrons.

     

    The Club EnAble Patron Card program would enable Patrons to make Donations on the Club EnAble e-Commerce Card Platform developed by QwikCilver.  The Patrons can make donations by multiple modes like Credit card, debit card & Net banking. The Patron donations would be used by EnAble India for its core activities i.e.  Employment of people with disabilities, pre-employment services, supplemental education, counseling and support services, consultancy and training for other institutions and NGOs and technology services.

     

    Dipesh Sutariya,co- Founder, EnAble India in a statement on the occasion said:” Our team has been working since 1999 to showcase & address the requirements of the persons with disability in India by training and placement thereby putting up a business case before the employers for employment of this vast workforce. Club EnAble Patron Program would help reach out to a wider network of individuals who seek to associate with this cause. We are pleased to have QwikCilver as a Technology Partner for this Program”

     

    T P Pratap, Co Founder & Chief Marketing Officer, QwikCilver said on the occasion: “We are delighted to be partnering for this noble EnAble India initiative, India’s First Prepaid Charity Card program. With over 30 lakh cards currently being managed on the QwikCilver Platform, this new EnAble India Card Program would work to address the societal needs of this large differently abled population segment of India”.

     

    Club Enable Program has been developed in association with QwikCilver, to make the card services accessible and to build awareness for the mission. Founded on the firm belief that the disabled do not need sympathy but a supportive environment to grow and fulfill their needs, potential and dreams with dignity, enable India is a premier organisation at Bangalore providing training and placement opportunities to persons with all types of disabilities.