Credofly
@credofly
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Welcome to Credofly, your go-to source for all things credit cards - cashback, points, miles, rewards, travel & more
Joined January 2022
RBI really needs to fix a few things: 💳 MCC Problems – Make sure the right MCC is used for every merchant. Add a way for users to complain if they miss rewards because of a wrong MCC. Do regular KYC checks for merchants and show the MCC before payment. 📉 Mid-Year Devaluation
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.@grok Summarize this thread as if explaining to a 5-year-old.
🚏Most people don’t know this - your credit card rewards depend on a secret 4-digit code you never see. It’s called MCC (Merchant Category Code). ⚠️ And when it’s wrong, honest users lose. 🧵 Let’s talk about the broken MCC system in India 👇
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💔 A real problem in the credit card rewards system: 💳 When the MCC is wrong, users don’t get rewards for genuine purchases, and the bank won’t help. ⚠️ When the MCC is wrong, users get rewards for non-genuine purchases, and the bank takes action. 😞 In the end, honest users
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🚏Most people don’t know this - your credit card rewards depend on a secret 4-digit code you never see. It’s called MCC (Merchant Category Code). ⚠️ And when it’s wrong, honest users lose. 🧵 Let’s talk about the broken MCC system in India 👇
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You’ll laugh at this - the same store/app/website can have different MCCs depending on whether you pay via 1st payment gateway or 2nd payment gateway. So your rewards depend more on the gateway than the purchase. Crazy, right?
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Who owns the MCC 🧐 Wrong MCC? Merchant says it’s the bank’s fault. Bank says it’s the merchant’s fault. Payment Gateway says it’s automated. In the end - no one fixes it, and the user loses.
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💳 Wrong MCC = No rewards 💳 Wrong MCC = Bank action Either way, users lose It’s time RBI steps in and fixes the MCC mess. #MCC #CredoflySpark
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Because right now, your credit card doesn’t really reward how you spend - it rewards how your merchant is coded. And that’s unfair. Until RBI fixes it, the MCC system will keep punishing honest users.
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So what can RBI do? ✅ Fix MCC allotment rules ✅ Create a complaint category for MCC-related reward loss ✅ Force acquirers to show MCC before payment ✅ Make merchant KYC mandatory for MCC verification
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It gets worse. If the wrong MCC gives you extra rewards (for a non-eligible spend), banks can: ❌ take them back ❌ block your card or account But if a wrong MCC causes you to lose rewards, no one helps. Honest users lose both ways.
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Here’s the real problem 👇 Many merchants are assigned wrong or outdated MCCs. So: ❌ You shop for groceries → tagged as “fuel” → no rewards ❌ You pay insurance → tagged as “utility” → less cashback And when you complain? Bank says: “Not our fault.”
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Every merchant (shop, app, or website) is tagged with a 4-digit MCC. This code tells banks what kind of spend it is - 🛒 Grocery 🛞 Fuel ✈️ Travel 💡 Utilities 🏦 Insurance Your rewards depend entirely on this code - not what you actually bought 🤑
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🚏Most people don’t know this - your credit card rewards depend on a secret 4-digit code you never see. It’s called MCC (Merchant Category Code). ⚠️ And when it’s wrong, honest users lose. 🧵 Let’s talk about the broken MCC system in India 👇
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💔 A real problem in the credit card rewards system: 💳 When the MCC is wrong, users don’t get rewards for genuine purchases, and the bank won’t help. ⚠️ When the MCC is wrong, users get rewards for non-genuine purchases, and the bank takes action. 😞 In the end, honest users
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Saying this since beginning, Infinia is the best credit card in India🥇 Great rewards for over a decade and still ongoing 🚀 In other news, ICICI limits Myntra GV voucher purchases to 10k per month on iShop. ✅ HDFC doesn’t distribute cards to everyone.
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💔 ICICI Bank limits Myntra GV vouchers purchase to Rs 10k per month. 😭 Earlier it was Rs 25k per month. ✅ You can still use add-on cards to purchase more Myntra GVs. Upcoming nerf - convenience fee on GV purchase? 🧐 #CredoflyNerfs #CredoflyDevaluationTracker
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✅ Everything you need to know about Axis Bank ATLAS credit card EDGE Miles redemption 🥳🥳 🟢 EDGE Miles, offered by Axis Bank, are a form of reward currency that cardholders can earn, particularly with cards like the Atlas or Olympus. Here's how you can redeem these EDGE
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🎴3-card strategy for miles and points enthusiasts - 1⃣Axis Atlas / HSBC Travel One - travel and for most offline spends (non-exclusion categories) 2⃣HDFC Infinia / ICICI EPM - smartbuy vouchers (wherever applicable) 3⃣Amex Plat Travel - exclusion categories 🏅You will get a
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