Tweets on 2009-02-05

by Vinaya HS on February 5, 2009

in Finance

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I’m not sure why ICICI Bank thinks that I desperately need an i-Mint customer rewards card. I received one at my office and another one at my residence. I promptly cut both cards into tiny little pieces. Here’s a pictorial view of the state of the card received at my residence:

iMint_ 002

A fitting end to a lame card forcibly issued by an even lamer bank.

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{ 8 comments… read them below or add one }

BRS February 5, 2009 at 10:28 AM

I would not dismiss it so quickly. I had also got imint card without applying for one. Apparently, credit card reward points are transferred to imint card. I got some pretty nice gifts for my daughter with these points.
BTW, I use credit card for convenience (never for credit).

shilpa February 5, 2009 at 11:23 AM

A good decision, may I say.

Vinaya HS February 5, 2009 at 10:51 PM

BRS, is it worth all the complexity though?

BRS February 6, 2009 at 9:41 AM

If points get accumulated while one is spending on essential things (say, fuel) – why not use those points? One has to login to the website and choose the gift items. I fail to understand the complexity.
The point is credit cards and reward points certainly have their disadvantages. But, if used sensibly, they have certain advantages also.

anonymous February 6, 2009 at 3:58 PM

I agree with BRS above. Although I tend to agree with Vinaya on almost everything, I would not go to the extend of saying one shouldn’t have credit card at all.

First, let me say something (surprisingly good!) on i-mint. My wife and I also wanted to cut her unsolicited i-Mint card to pieces. On second thoughts, we put it away somewhere. recently, she was informed thru sms that she had accumulated quite a few points (via debit card purchases) which she could redeem by order fancy stuff thru a website. It wasn’t that complicated although the stuff she got wasn’t something to write home about either (though we liked the wrapper more and used it quite a bit for other purposes!).

Second, not all credit cards are bad although I won’t recommend anyone to have more than one credit card (DEFINITELY not more than two). I have citibank credit card (without any annual or other fees) which i use to buy essential stuff (like fuel etc.). The good thing I unintentionally accumulate reward points which can be redeemed with fuel vouchers. With my credit card spends, i normally get one free full-tank refuelling once a year. What is not to like there? So, I would say do a proper cost-benefit analysis and then decide on something. With credit cards, the only thing one must always remember is NEVER roll over your credit and repay the whole amount every billing cycle. my two paisas’ worth.

Dedchung February 17, 2009 at 9:32 AM

Hey folks, it’s nice get rewarded on your spends; however, don’t forget to keep your eyes open. I just thought to share a clause in their TnC with you.

iMint has an option where your Airtel mobile bill can be used to earn the reward points BUT you have to compromise with your privacy. You must give IRREVOCABLE consent to share your mobile usage information with them. That means once you are in it, there’s no return.

I didn’t opt for this because I didn’t want to share my friends’ numbers for some mere reward points. And if I knew someone who was into this program and had called me on my mobile number, I’d try my best to sue that person for sharing my number with iMint (Mind it – iMint reserves the right to share the information further with another organization).

Bottom-line: Nothing comes for FREE. So, please go through the terms and conditions before signing on the dotted line.

Sanjeet February 18, 2009 at 12:15 AM

Yes. I’m agree with Dedchung….

Keep on researching like you ever…Even I also got the iMint card without applying for it; however, I am not using it frequently and it is not paining me too. If you can use it wisely, you can take advantages and vice versa…It’s upto you!!!

You can go through the point number 7 under ‘preferred participants’ terms and conditions’ (Airtel logo)


Naveen Debashish April 17, 2009 at 3:34 PM

All you people who think receiving unsolicited cards helps, are freaks and fools. It is a matter of principle that the bank you trust will not harass you or do things with your account without your permission. What next? Transfer your whole account to somewhere else, or how about automatically charging bank fees to your credit card.
Don’t you people have any pride? Are you an educated lot or just mindless middle class bafoons?

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