With guidelines in favour of the issuer, consumers need to be more vigilant.
Whether it is the virtual world or the physical one using your credit card with a few precautions go a long way in keeping it safe. Be cautious and do not become a statistic in the growing credit card fraud!
Podcasting and RSS feeds may be the latest craze in high-tech circles but the general public is largely unfamiliar with the Internet terms.
Going through these steps are by no stretch of imagination fun things to do, but if you do indeed lose your wallet, these steps may come in handy and reduce your stress.
In order to make your life a tad easier, here are some pointers on what needs to be done with inheritance of credit card debt.
You may think that teenagers and credit cards are a recipe for disaster but before you dismiss the idea give it a second thought.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
Secured credit cards offer benefits similar to regular credit cards and hence an applicant should try and get a card with lower fees and more features, suggests Sarbajeet K Sen.
Sharing your credit card with the spouse has it perks. Read on to find out more!
EU and UK laws require airlines to incorporate data protection measures and report data breach to regulators within 72 hours. Non-compliance can invite steep fines.
Some banks might charge you a nominal amount of Rs 100-150 for issuing the card.
All credit cards and debit cards issued by any Indian Banks (except Canara Bank) and authorised issuers of Visa and MasterCard International or any other affiliated with Visa are accepted for booking of rail reservation tickets.
Do you often miss payments? Do you exceed your credit limit? You are just the kind of customer credit card companies are looking out for!
Currently, the bank charges Rs 50 as cash processing fee.
Agriculture and allied activity loans are not eligible for the interest on interest waiver announced by the government last week, the finance ministry has clarified.
Issuers allow you to convert your credit card purchases to EMIs, but it comes with strings attached.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards. Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData - a London-based leading data and analytics company. The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion ($2.5 trillion) in 2023.
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.
If bank and service provider are not compliant, pay manually, or give standing instruction linked to bank a/c, suggests Bindisha Sarang.
The Securities and Exchange Board of India (Sebi) is in the process of issuing a standard operating procedure (SOP) for designated depository participants (DDPs) regarding disclosures and onboarding of foreign portfolio investors (FPIs), according to a regulatory document seen by Business Standard. DDPs act as a link between the markets regulator and overseas investors. The SOP, framed in consultation with the industry, aims to bring consistency across all players and avoid any form of regulatory arbitrage.
According to the Reserve bank of India data, year-on-year growth for credit card outstandings, or the total balance due to issuers on credit card spends by customers, has plummeted to 1.4 per cent as on May 22, 2009.
Lender had 5.12 mn cards - almost a third of the total number of credit cards in the industry - at the end of November, 2013.
'A credit line on UPI is going to make banks think about credit fundamentally as they digitise the credit process entirely.'
The country's credit card population fell to 18.3 million as of end-March from a peak base of 28.3 million in April 2008.
Private sector lender HDFC Bank on Thursday said the Reserve Bank of India (RBI) has asked it temporarily stop all launches of its upcoming digital business-generating activities and sourcing of new credit card customers after outage at its data centre which impacted operations last month.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
If you use customised cards that suit your lifestyle needs, you could also end up availing of a variety of deals, rewards, and discounts.
To promote cashless transactions, the government had waived the Merchant Discount Rate on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
Here's how you can reward yourself for having a good CIBIL score.
The Life Insurance Corporation of India is believed to be talking with GE Capital Services, the largest issuer of private label credit cards in the world, for a foray into credit cards.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
Ultimately, the choice between no-cost EMI and BNPL depends on an individual's financial situation, preferences, and ability to manage repayments responsibly.
If you are panic-stricken because of your inability to repay even your minimum amount due on your credit card, help is at hand.
In an online chat with readers on October 14, Anil Rego answered their credit card queries.
