MCC Should be Displayed Upfront at the time of Payment - Your Thoughts?
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Lately there's been a lot of issues because of exclusion of several MCCs for earning reward points. What adds up to the pain even more, is that booking flight tickets uses railways MCC and there are even more such incidents. Even MobiKwik has now changed its MCC from Utility to Wallet Load for CC bill payment.
RBI has been doing much better now coming up with several rules and regulations. A few of good ones are :
- If card isn't activated within 30 days, it will be cancelled ... comes handy if credit card issuing company plays dirty with you and didn't deliver on the promise and turn their back towards us ... so, if someone doesn't activate the card, it will automatically be cancelled, no entry in credit bureaus ... only drawback is, time and effort lost along with a hard enquiry in credit bureaus
- Banks have been advised to mention specific reason behind rejecting credit card application. I'm not too sure on this if it's true or not and in case if it's true, is it followed or not?
Anyway, point being, while transacting, at least at the last checkpoint, the page where OTP is entered for transaction, MCC code along with its description should be displayed. This will be a transparency we all deserve. If I find that MCC is different from what it actually should be, I won't proceed ahead with transaction and I really don't get the idea of keeping it hidden from the consumers.
What are your thoughts on this? Also, can we collectively in any way put forward this message to RBI or any other entity which can take action on this?
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banks wont agree, it direct loss of business for them
The problem is MCC is of concern only to credit card users. A lot of people still don't use online payment gateways, even among those who use them, credit cards users are comparatively less(it maybe hard considering how many of us use them but most people don't use credit cards).
So, RBI many not be concerned with issuing a rule that serves only a select minority(that too for earning rewards) but affects everyone including banks.
Lets' vote in this petition
https://www.change.org/p/displaying-merchant-ca...
Desidime should come up with a solution to atleast notify people who have commented on a thread (for this forum, it's called topic) so that they're notified.
I'm only notified via email when someone has either quoted my comment or has mentioned me specifically.
@admin @Rosh_0007 @bumblefoot
Absolutely yes. Flipkart for example is manipulating MCC, purposely setting it wrong to save on MDR, plus taking "offer charges" and such illegal shit. For smartphone, Flipkart has MCC as clothing or books for 2 of my phone purchases and so I missed out on rewards on BOB card on one of them. MCC is being completely abused by people in the payments "game".
![Fresh Fortune Chana dal 1kg and other items [location speciifc]](https://cdn3.desidime.com/topics/photos/1884462/medium/Screenshot2024-11-26at5.27.13PM.png?1732622473)
Yes. Need of the time ⌚.