List all unavoidable expenses such as rent, groceries, transportation, education and medical bills.
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
Indians withdrew about $50 billion from their credit cards, including $26 billion through Visa cards, from ATMs in the country last year, Uttam Naik, deputy country manager, Visa International (South Asia) said on Monday.
Kotak Mahindra Bank would enter credit cards business to enhance the portfolio of services offered by it, vice-chairman and managing director of the bank, Uday S Kotak, said on Wednesday.
If you are the owner of multiple credit cards, here are some dos and don'ts you need to know about credit card management.
The idea was that despite some defaults the high rates would assure good profits.
While Barclaycard, the card arm of the Barclays group, has informed some of the credit card holders that the cash limit has been reduced to zero 'to help manage the credit situation'. The new entrant to the cards business in India has sent text messages to card holders informing them about the change. A customer care executive said that the limit has been lowered for all card holders.
You can gift your sister a Women Special Credit Card, which is not only loaded with exciting rewards for women, but they are also your sister's first step towards a better credit management.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
"At present, our credit card base is 7.5 million," he said. Sachin Khandelwal, senior general manager for retail assets, however, declined to comment on specific details, such as the magnitude of the reduction in the bank's credit card business over the past year. The country's second-largest lender, which spearheaded the growth of retail finance in the country, has also been going slow on retail loans for the past few years.
Did you know that credit cards can in fact help you to improve and build your credit score if used responsibly and wisely!
Used prudently, plastic money is among the most useful, powerful and non-polluting kind of plastic invented. Be smart with it!
The Union finance ministry on Thursday issued a clarification on the changes in FEMA rules which brings overseas international credit card spending under the RBI's liberalised remittance scheme (LRS). Here's how it affects you.
Harshala Chandorkar of CIBIL on why you must not delay your credit card payments
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
How crooks try to trick the system and defraud credit card transactions and how you must protect yourself from such scams.
The most financially successful borrowers will not necessarily be those who have the easiest access to credit. They will be the ones who understand how to manage it wisely
Tighter norms, better economy reduce credit card non-performing assets.
The Indian government has introduced a 0.4% transaction fee on Unified Payments Interface (UPI) payments exceeding Rs 2,000 for merchants, effective October 15, marking the end of nearly six years of free service. Person-to-person transfers and small-value transactions below Rs 2,000 remain free. The new Merchant Discount Rate (MDR) is capped at Rs 300 for transactions above Rs 75,000, with differentiated rates for essential sectors and investments, and safeguards to prevent costs from being passed to consumers.
Over the past three years, the appointments of 20 candidates selected through the Institute of Banking Personnel Selection were cancelled or offers were withdrawn due to poor credit history.
Credit card issuers saw significant erosion of their card base during the July-September quarter as the Reserve Bank of India's (RBI) norms mandated deactivation of cards that have been inactive for a year. The second quarter of the current financial year saw outstanding cards-in-force decline by 2.55 million to 77.7 million. Prior to this, the industry, on an average, was witnessing a net addition of over 1.5 million credit cards a month as players became aggressive on the unsecured lending business after the pandemic.
Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.
Having cleaned up their credit card portfolios and sensing a change in the economic environment, issuers such as SBI Cards, Standard Chartered and HSBC are seeing an increase in their credit card base at a marginal pace.
Balance transfer is a facility in which you can transfer outstanding balance from one credit card to another. It works well if you have multiple cards.
While there is easy access to money, the flip side is the high interest rate and processing fees, points out Sarbajeet K Sen.
Eight months after barring the country's largest private sector lender HDFC Bank from selling new credit cards, the Reserve Bank of India (RBI) has lifted the ban, banking sources said on Tuesday. However, the ban on launching new technology initiatives remains, the sources said. In December last year, the RBI had come out with an unprecedented
The Reserve Bank of India's (RBI) new rules for credit and debit cards came into effect from October 1. These include tokenisation, one-time password (OTP) for activation after 30 days, written permission for enhancement of credit limit, and greater clarity on interest calculation.
Two hundred Malaysians are now among the first in the world to pay for goods and services using their cellular phones which can act as extensions of their Visa credit cards.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
Rajiv Raj tells you why a store credit card is not a good idea, even though you are tempted with extra 'savings' of 10 per cent on your purchase or a 5 per cent cash back or a 'sign on bonus'.
The Indian government has introduced a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant (P2M) transactions exceeding Rs 2,000, effective October 15. This move ends nearly six years of fully free UPI payments, though person-to-person (P2P) transfers and small P2M payments remain free. The charges aim to bolster investment in UPI infrastructure, with specific exemptions and caps for essential sectors.
Weighed down by mounting outstandings and non-performing assets (NPAs), credit card companies are taking strong measures that include slashing new card issuances and credit limits for existing customers.
Have you reached a stage where you cannot even pay minimum amount due? You need some smart help to get that debt burden off you.
The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
'We are staying away from making forward-looking statements on when we will reach 1 trillion, etc. But growth will be rapid; it's only a matter of time.'
Here's the lowdown on how to choose a credit card that best suits your wallet.
Transcript of the banking chat with Y B Desai, former chairman and managing director, Exim Bank, Mumbai.
