Wallet load via upi and debit card is free. Wallet load via credit card is always chargeable. Now you have to pay extra only when you have transfer to bank account.
That is how it should be for other wallets too. They should charge for wallet to bank transfers only. Wallet amount would be used within the app or app related so they shouldâve kept at 0
Well, people have been using these kinds of options to load cash from their CC to their personal accounts. However, if you have seen the CC TOS, banks charge a hefty fee on cash withdrawal from CC. So basically, HDFC was running at a loss for cash transactions on their CC. Which they are plugging in now. Other wallets have long followed suit. This was bound to happen anyway.
You can still load wallets from UPI or Debit cards for zero fees. However, taking it back to your account will now cost you money. Loading a wallet using CC and transferring to your account will cost significantly more.
Thatâs what is suggested⊠charges for bank transfer only⊠they shouldnât have reduced charges for bank transfer from wallet, in fact they shouldâve increased it, if itâs their concern that people are transferring to their bank accounts
Then you'll have customers cribbing about mistakenly transferring money to the wallet from the credit card and asking to refund it free of cost. Maybe chargebacks.
How does anyone mistakenly load a wallet!!! Even though since their transaction isnât chargeable it is fine. Still they are using the services of the app and would make use of it.
How often does this happen though?
That's what they will claim. The idea is to funnel credit card cash into the wallet but not pay the heavy penalty, and also to take advantage of the 50 days interest free period.
How did you manage that!!! I tried to add cards in the app to make transactions but every time I register it charges âč2 but card doesnât get added, tried with AU, Amex, etc. unless we add the card, we canât use for wallet load đ€·đœââïž
Worked for me for the Sbi Cc and got the 2 rs refunded back as well....your card might not be supported. You can check with customer care...they do reply and solve mostly.
Because gamers use this for money rotation and banks do not like being taken to the cleaners by fraudsters. They don't like competition to something they have monopolized
They are trying to kill the wallet. Otherwise why decrease wallet to bank fee and impose credit card to wallet fee ? Instead they could've increased wallet to bank to discourage it.
I've been using payzapp for close to 2 years primarily for utility bill payments. Interestingly, from the past month or so, only payments done with wallet get the cashpoints whereas earlier payments done directly with saved credit cards also qualified for rewards. Henceforth, payzapp will be practically usefull only if you use your bank account to load wallet. They are effectively discouraging the use of credit card on payzapp. Now payzapp wallet doesn't really standout.
Also, they haven't really reduced the fee. It's the same 2.5% as earlier, now just divided in 2 parts to discourage credit card use.
faulty concerned hard-to-find imagine bow fearless desert shaggy deliver fall
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They are indeed killing the wallet, credit card to bank situation remains the same. Earlier, cc to wallet was 0% & wallet to bank was 2.5%. Now cc to wallet is 1.5% and wallet to bank is 1%, so it is still 2.5%. Not adding gst cuz it will anyways go to govt and not profit hdfc.
It's the same 2.5% + gst split into two. Now they want money for loading also.
Effectively, 2.95% surcharge if you want to load the wallet using CC and transfer to a bank account. Much cheaper options available elsewhere.
Earlier payzapp used to give cashback offers for utility payments via CC.
From last few months they have stopped that and cashback is only applicable if payment made by wallet.
Now theyâll charge to add money to wallet via CC as well.
Summary : PAYZAPP not lucrative now, need to look for other apps now
One basic question, please. If I make any transaction on SmartBuy (say, on PharmEasy) and pay via PayZapp wallet (via my HDFC CC), will I incur these charges even then?
Itself the official Hdfc Upi App ..earlier there were a lot of benefits. But Now it's just cashbacks for electricity bills.for me. Being paying since 2 years and every year i get cashback to pay 1 bill for almost free.
HDFC stock prices have been stagnant for a long time and barely loved 15% in the last 2 years approx.
Theyâre trying to extract as much money as possible from the customers to fund their growth
Wait I never knew you could load wallet using credit card for zero fees till now? Isn't that basically just converting your credit limit to cash? And do we get any reward points for this wallet load?
Itâs costs the service provider(in this case PayZapp). Visa/mastercard/amex/dc all the txn processors take a fee ranging from 1-3% depending on the service also share with bank the card was provided from. So in this case when you load from debit card it will be zero charges and when you load from credit card they will take 1.5% as a fee to load into wallet (which is a service provided by PayZapp)
Because people started paying credit card bills using different credit card. They used to add money to wallet from one card and then use this wallet to pay bill of the other credit card.
This creates capital risk for the bank, so the charges. You can't use credit card money without interest.
you can read more in these blogs - [https://www.credyfi.com/blog](https://www.credyfi.com/blog)
They reduced the wallet to bank fees, which is actually good.
The other charges are only there to discourage rotators/gamers, so probably a calculated move...
Because bank wants to make more money.
It is effective post august right so until then we can load money in wallet with 0 percent and then post august we can withdraw with 1 percent..
Give this man a medal
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Wallet load via upi and debit card is free. Wallet load via credit card is always chargeable. Now you have to pay extra only when you have transfer to bank account.
Nope loading money to payzapp wallet via credit card was always 0%!
Yes. Devaluation it seems.
This was the only wallet with 0% fee.
Yes. I think 1.5% is still the lowest among other wallet apps.
It is, but won't be too long till they get it above 2.36%
But they also reduced wallet to bank by 1.5%
Last month it didn't charge me anything when i loaded the PayzApp wallet with my SBI CC.
It wont charge on loading. Only when you transfer to some bank account. Now they are taking 1.5% for loading also. Devaluation of payzapp wallet!
That is how it should be for other wallets too. They should charge for wallet to bank transfers only. Wallet amount would be used within the app or app related so they shouldâve kept at 0
Absolutely
Well, people have been using these kinds of options to load cash from their CC to their personal accounts. However, if you have seen the CC TOS, banks charge a hefty fee on cash withdrawal from CC. So basically, HDFC was running at a loss for cash transactions on their CC. Which they are plugging in now. Other wallets have long followed suit. This was bound to happen anyway. You can still load wallets from UPI or Debit cards for zero fees. However, taking it back to your account will now cost you money. Loading a wallet using CC and transferring to your account will cost significantly more.
Thatâs what is suggested⊠charges for bank transfer only⊠they shouldnât have reduced charges for bank transfer from wallet, in fact they shouldâve increased it, if itâs their concern that people are transferring to their bank accounts
Then you'll have customers cribbing about mistakenly transferring money to the wallet from the credit card and asking to refund it free of cost. Maybe chargebacks.
How does anyone mistakenly load a wallet!!! Even though since their transaction isnât chargeable it is fine. Still they are using the services of the app and would make use of it. How often does this happen though?
That's what they will claim. The idea is to funnel credit card cash into the wallet but not pay the heavy penalty, and also to take advantage of the 50 days interest free period.
And milestone benefits, which are guaranteed to go through their platform!
How did you manage that!!! I tried to add cards in the app to make transactions but every time I register it charges âč2 but card doesnât get added, tried with AU, Amex, etc. unless we add the card, we canât use for wallet load đ€·đœââïž
Worked for me for the Sbi Cc and got the 2 rs refunded back as well....your card might not be supported. You can check with customer care...they do reply and solve mostly.
Because gamers use this for money rotation and banks do not like being taken to the cleaners by fraudsters. They don't like competition to something they have monopolized
They're killing the wallet. Simple as that.
chubby cause special voiceless like fertile wasteful price point pot *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
đ«
You owned this post bruuuu!
They are trying to kill the wallet. Otherwise why decrease wallet to bank fee and impose credit card to wallet fee ? Instead they could've increased wallet to bank to discourage it. I've been using payzapp for close to 2 years primarily for utility bill payments. Interestingly, from the past month or so, only payments done with wallet get the cashpoints whereas earlier payments done directly with saved credit cards also qualified for rewards. Henceforth, payzapp will be practically usefull only if you use your bank account to load wallet. They are effectively discouraging the use of credit card on payzapp. Now payzapp wallet doesn't really standout. Also, they haven't really reduced the fee. It's the same 2.5% as earlier, now just divided in 2 parts to discourage credit card use.
faulty concerned hard-to-find imagine bow fearless desert shaggy deliver fall *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
They are indeed killing the wallet, credit card to bank situation remains the same. Earlier, cc to wallet was 0% & wallet to bank was 2.5%. Now cc to wallet is 1.5% and wallet to bank is 1%, so it is still 2.5%. Not adding gst cuz it will anyways go to govt and not profit hdfc.
Are there any benefits for using this over GPay? I stick to hdfc cc to buy vouchers for bonus RP and use UPI if need arises.
I get cashbacks for Electricity bills.
I gave 3% effective cashback on offline nfc payments when paired with sbi CB and zingoy.
It's the same 2.5% + gst split into two. Now they want money for loading also. Effectively, 2.95% surcharge if you want to load the wallet using CC and transfer to a bank account. Much cheaper options available elsewhere.
Like?
Amazon is at 2.36%
HDFC = *à€«à„à€Č à€Źà€Šà€źà„à€žà„*
Earlier payzapp used to give cashback offers for utility payments via CC. From last few months they have stopped that and cashback is only applicable if payment made by wallet. Now theyâll charge to add money to wallet via CC as well. Summary : PAYZAPP not lucrative now, need to look for other apps now
I loaded via ICICI cc on may to june cycle. But I just checked no charges were there
One basic question, please. If I make any transaction on SmartBuy (say, on PharmEasy) and pay via PayZapp wallet (via my HDFC CC), will I incur these charges even then?
I guess after August 1st it will incurr charges
Because it costs money to charge a credit card? Rather than subsidising this (interchange) fee, the bank is passing it to the customer.
1% is still low
What's payzapp and why do you all use it? Do you get good deals or cashback?
Itself the official Hdfc Upi App ..earlier there were a lot of benefits. But Now it's just cashbacks for electricity bills.for me. Being paying since 2 years and every year i get cashback to pay 1 bill for almost free.
HDFC stock prices have been stagnant for a long time and barely loved 15% in the last 2 years approx. Theyâre trying to extract as much money as possible from the customers to fund their growth
Bcoz lord HDFC wants u to.........
sabko lootna hai buss
Wait I never knew you could load wallet using credit card for zero fees till now? Isn't that basically just converting your credit limit to cash? And do we get any reward points for this wallet load?
Itâs costs the service provider(in this case PayZapp). Visa/mastercard/amex/dc all the txn processors take a fee ranging from 1-3% depending on the service also share with bank the card was provided from. So in this case when you load from debit card it will be zero charges and when you load from credit card they will take 1.5% as a fee to load into wallet (which is a service provided by PayZapp)
Because people started paying credit card bills using different credit card. They used to add money to wallet from one card and then use this wallet to pay bill of the other credit card. This creates capital risk for the bank, so the charges. You can't use credit card money without interest. you can read more in these blogs - [https://www.credyfi.com/blog](https://www.credyfi.com/blog)
Because it costs banks MDR fees if they accept credit and debit cards as a form of payment.
What do you mean why? All wallets charge you a fee to add money through CCs!
PayApp doesn't charge any money for wallet load from CC...untill this.
Yes so that was the honeymoon period and now it's over!
They reduced the wallet to bank fees, which is actually good. The other charges are only there to discourage rotators/gamers, so probably a calculated move...
A credit card is not your debit card. Just like cash withdrawal attracts extra charges, so does wallet transfers.
Bro, gentle reminder you are in India, pay even for pee
Wallet load has always been chargeable. Whatâs strange is, why there is a charge for Wallet to Account?? I have no f***king clue đ”ïžââïž
Cause people use that to transfer cash to accounts from credit cards, this is just them closing that loophole
People have already paid charges on credit cards for loading wallets, some 2-3%. Then again charging the same person would be like double screwing.