Let the festivities and celebrations begin; get yourself a credit card this Onam. Shop with it, earn reward points, make your family happy but remember to never go overboard or miss your payments, says Rajiv Raj
Read the fine print on the credit card application form carefully, so that you know exactly what you are signing up for.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Some of the celebrities whose names and details were used by the fraudsters are Abhishek Bachchan, Shilpa Shetty, Madhuri Dixit, Emraan Hashmi and Mahendra Singh Dhoni, Deputy Commissioner of Police (DCP) of Shahadra Rohit Meena said.
The RBI is drafting a comprehensive study on the credit card market and a best practices code for credit card issuers.
We asked Get Ahead readers to send in their opinions on the credit card vs debit card debate. Here are a few responses from readers about their credit card experiences:
Credit card spending has crossed Rs 1.13 lakh crore in May compared to Rs 1.05 lakh crore in the previous month according to official data. The month-on-month rise in spending through cards indicates a pick-up in economic activity. The latest data from the Reserve Bank of India (RBI) showed that 7.68 crore credit card holders spent about Rs 71,429 crore for buying online, while the amount was spent through swipes at Point of Sale (PoS) machines stood at Rs 42,266 crore in May.
It is not just the number of credit cards in use that is falling, but even spending through this route is dropping. According to latest data released by the Reserve Bank of India, the credit card population fell by 8.62 per cent to 25.87 million at the end of January this year, as against 28.31 million at the start of the financial year. This is in contrast to April-January 2007-08, when the number of credit cards rose by 13.32 per cent.
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.
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).
The Dell 15 (2026) enters the Indian market with an introductory price of 69,699 for the entry-level model, which includes 8 GB memory and a 512 GB SSD.
A man allegedly involved in nearly 20 criminal cases across Telangana and Andhra Pradesh relating to cheating and matrimonial fraud was arrested, police said.
If you were thinking that by raising interest rates, the RBI is only trying to get stricter with credit card holders, think again
Indian golfer Saptak Talwar made a strong start at the English Open, carding a three-under 69 despite an early double bogey, placing him T-22. Fellow Indian Veer Ahlawat finished T-96. England's George Bloor leads the tournament.
We asked Get Ahead readers to send in their experiences about using credit cards and debit cards. Here are a few responses.
A look at how finance charges and other fees are calculated on your credit card expenses.
The small and medium enterprises may soon have a credit card in their names. The Lucknow-based Small Industry Development Bank of India is mulling over the idea of having an SME credit card.
Unfortunately not everyone is aware of the pitfalls of owning a credit card.
Your credit card bill could rise if you do not have a good credit history. The interest rates on credit cards, which were hovering around three per cent, are set to cross the three per cent mark across the industry.
Do you think this is a good incentive to make people use credit cards more? Have you ever got any cash back on the use of credit cards that offer 'cash back'?
The idea was that despite some defaults the high rates would assure good profits.
If the credit card is not used judiciously, it can cause havoc with one's personal finances, warns Sarbajeet K Sen.
Secured credit cards linked to your deposit account is a good way to boost your bad credit history.
Delhi Police dismantled multiple interstate cyber fraud syndicates in a month-long operation, arresting 35 and bringing 89 offenders to justice. The syndicates were involved in various scams, including digital arrest, investment fraud, and fake dating schemes, with transactions worth nearly Rs 40 crore.
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.
A look at the fine print in your credit card usage.
With guidelines in favour of the issuer, consumers need to be more vigilant.
Credit card companies come up with tempting offers.
If used well, it can bring a host of benefits.
HDFC bank and Reliance Communications have launched India's first virtual credit card. HDFC credit card users can use their Reliance mobile phones to make payments.
Though reward points should not be a primary concern while opting a credit card they do hold some monetary value. Be sure to redeem your points on time and make the best use of your card.
Gurugram Police have dismantled a nationwide cyber fraud network, arresting 10 individuals involved in scams that defrauded victims of Rs 40 crore.
If used without much care credit cards can become debt traps. But there are ways to use them to your advantage, says Rajiv Raj
Reduce the credit limit on your card if you do not use it. Most banks have this facility, and the original limit can be restored if you need it.
