The RBI is drafting a comprehensive study on the credit card market and a best practices code for credit card issuers.
Credit card information is privy and prone to theft. Therefore it is your responsibility to keep it safe from miscreants who may illegally use it and make you pay the price for the same because after all, you are the owner of the card.
Credit card spends touched an all-time high of Rs 1.16 trillion in July, registering a growth of 6.5 per cent on a month-on-month basis and 54 per cent year-on-year, latest data put out by the Reserve Bank of India revealed. Spends have topped the Rs 1 trillion level for five consecutive months now. Industry participants are expecting further tailwinds in credit card spends with the onset of the festive season, where spends typically remain at an elevated level.
If you were thinking that by raising interest rates, the RBI is only trying to get stricter with credit card holders, think again
It is therefore important that precautions are taken so that you do not have to pay financially for the misdeeds of others.
These will save you some money and lots of hassles.
Secured credit cards linked to your deposit account is a good way to boost your bad credit history.
Often, individuals are offered credit cards with great schemes directly by the bank.
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.
ICICI Bank on Wednesday said its credit card base has crossed the 2 million mark, making it the largest credit card issuer in the country.
Warning: These tips are not for those who are already in a debt trap or struggling to meet expenses.
Of late, card-issuing banks have started charging even for entry-level credit cards. So, how do you select a card? A ready reckoner.
Of late, card-issuing banks have started charging even for entry-level credit cards. So, how do you select a card? A ready reckoner.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
The cost of acquiring new cardholders is quite low for domestic card issuers by international standards, but net credit losses are comparatively high, a study commissioned by the Indian Cards Council (ICC) revealed.
So how does one protect themselves from misuse of their credit cards? Here are a few helpful suggestions.
Most analysts have downgraded the stock of SBI Cards and Payments (SBI Card) as the credit card issuer posted weak results during the December quarter (Q3) of financial year 2023-24 (FY24). The sub-par show, analysts said, was for the eighth straight quarter. With this, they have slashed their earnings estimates by as much as 20 per cent over FY24-26 amid near-term pressure points in the company's growth outlook.
The deal, which will be signed this week, will see Standard Chartered Bank adding 170,000 cards to its existing portfolio of 1.1 million cards. The foreign lender will also become the fifth largest card issuer in the country after HDFC Bank, ICICI Bank, Citibank and State Bank of India.
Tighter norms, better economy reduce credit card non-performing assets.
While shopping for a credit card, it is important to note a few things. Read on.
Spending through the credit card in March 2022 jumped 48 per cent year-on-year to top Rs 1 trillion -- five months after it had hit the same figure for the first time in October 2021, buoyed by festive season expenditure. The jump has been driven by the pickup in consumption as the pandemic recedes. Expenditure in March, at Rs 1.07 trillion, was up 24.5 per cent over February, the data put out by the Reserve Bank of India (RBI) showed.
These directions on enhancing security of card transactions will come into effect from March 16, 2020, as per the RBI notification.
ICICI Bank, the biggest credit card issuer, has made it conditional for some of the credit card applicants, who do not meet the bank's eligibility criteria, to open FDs under a scheme called Fixed Deposit Instant Credit Card.
The outstanding credit card base dropped to 77.99 million in August from over 80 million in July, mainly on account of the new norms of the Reserve Bank of India (RBI) that warrant the deactivation of cards that are inactive for a year. While there was a 2.8 per cent decline in net card additions on a month-on-month (MoM) basis in August, a first in many months, credit card spends slipped 3 per cent on a high base. Still, spends topped the Rs 1-trillion mark for the sixth consecutive month.
Banks give incentives to splurge through cards during this season. Here's how you can use them to get the best results.
If a consumer spends Rs 50,000 on a credit card and only pays off the minimum amount of 5 per cent due every month, then at an interest rate of 34 per cent per annum it will take him about 11 years to completely pay off the amount with the total interest payable at Rs 57,000.
The Reserve Bank of India (RBI) on Wednesday allowed payment system providers, prepaid card issuers, card networks and white label ATM operators access to its Centralised Payment Systems (CPS), such as real time gross settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems in the first phase of its plan bring non-banks in the same platform. "Direct access for non-banks to CPS lowers the overall risk in the payments ecosystem.
Do not game the system to run away from repaying the money you owe to the credit card company.
Avoid getting into a debt trap by using your credit judiciously. Anil Rego explains how
Global credit card major Visa International on Friday unveiled its 'Visa Smart Program' in Asia Pacific region including India.
The bank has said rent payments will not earn reward points, and redemption of reward points on various cards have been capped in certain segments.
A "negative list" of 650,000 defaulters has been identified and registered by the India Co-operation Committee comprising MasterCard credit card issuers in the country.
Bank of Baroda's subsidiary Bobcards Ltd will slash the interest rate on its credit cards to lowest ever level of 1.49 per cent per month, a move that will trigger off another rate cut war among banks and card issuers.
Used prudently, plastic money is among the most useful, powerful and non-polluting kind of plastic invented. Be smart with it!
Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
Poor earnings show in the September quarter (Q2FY24), with hints of likely weakness in asset quality going ahead, forced analysts to cut earnings estimates of SBI Cards and Payment Services (SBI Card). On the bourses, shares of the State bank of India arm tumbled 7.4 per cent to Rs 732 apiece on the BSE in the intraday trade as investors factord in near-term concerns. Analysts at Motilal Oswal Financial Services, for instance, slashed SBI Card earnings by 8 per cent and 10 per cent for FY24 and FY25, respectively, as they expect the company to face pesistent magin pressure.
Come October 1, merchants, payment aggregators and acquiring banks can no longer store the card details of customers.
If you are a compulsive credit card user and are at a loss about how to regulate your credit card spend, here is help at hand!
The Reserve Bank of India (RBI) on Thursday extended the card-on-file (CoF) tokenisation deadline by six months to June 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. The earlier deadline was December 31, 2021. "In light of various representations received in this regard, we advise...the timeline for storing of CoF data is extended by six months, ie., till June 30, 2022 and post this, such data shall be purged," RBI said in a notification addressed to all payment system providers and payment system participants.
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