Get Ahead readers in their response to the credit card vs debit card debate tell about their credit card experiences.
Wal-Mart has accused Visa of excessively high card swipe fees, several months after the retailer opted out of a class action settlement between merchants and Visa and MasterCard Inc.
So what do we do when the purchase is beyond the repayment capacity? We are presented with 2 options: Pay the Minimum Balance, or Convert the purchase into an EMI.
So how does one be safe? Here are some basic guidelines -- dos and don'ts -- to help you be secure when using a card.
The Association of Payment Clearing Services said that the 25 per cent initial rise in fraudulent use of British credit and debit cards in three years was mainly due to stolen and counterfeit cards used abroad. Card fraud overseas rose by 77 per cent last year to 208 million, 39 per cent of the total. There have been several instances of British consumers reporting money withdrawn from their accounts in India, The Philippines, Australia and Canada.
Get set for a whole new range of credit cards. Plastic cards will be passe soon. They will be replaced by the next generation of credit cards, which is all set to make its debut!
MasterCard International is likely to offer a stake to State Bank of India, which generates a quantum business for the global credit card major in the country.
Refuting reports of a Mauritian identity card being recovered from one of the slain terrorists who attacked Mumbai, Mauritius has said the only document found bearing the country's stamp was of a bank official, who was killed in the terror siege.
'The only solution is for the government to allow us to charge a low controlled MDR of 25 bps on UPI P2M transactions only for merchants with more than a Rs 40 lakh turnover.'
Faced with competition from private insurance companies and in an effort to branch out to new areas to provide better services to its customers, Life Insurance Corporation of India is planning to launch credit cards.
Some banks might charge you a nominal amount of Rs 100-150 for issuing the card.
We asked Get Ahead readers to send in their opinions on the credit card vs debit card debate. Here are a few interesting and harropwing responses from readers about their credit card experiences.
Visa India is planning to introduce payroll cards even as it has recorded a 135 per cent increase in its debit card usage in the first half of 2004.
Banks give incentives to splurge through cards during this season. Here's how you can use them to get the best results.
and three times when you should actually use them
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Credit card association Visa said on Thursday spending in India via its cards issued both inside and outside the country rose 138 per cent in 2002 to $3.725 billion. \n\n
Of late, men have realised the importance of dressing well. However, the one accessory which is mostly overlooked in their attire is the wallet. It is easy to dress up in stylish clothes but those little details like your wallet set you apart from the crowd. Imagine you are out on a date at a high end restaurant and as soon as the bill arrives, you are busy digging to pull out the cash/card from a heavily stuffed wallet. Not a good impression, right? Here are 7 useful tips to choose the right wallet -
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
Come August 1, it will be compulsory to have a personal identification number (PIN)/password for all online credit and debit card transactions in the country.
It is suggested that you get your SIM locked with which the wallet account is mapped.
The server used for the purpose was tracked by cyber crime personnel to Divyanshu Patel, a resident of Unjha in Mehsana district, who was arrested, he said.
Later talking to reporters, Mayor R Venkatachalam said the new simplified system would be a boon to the people, as it worked 24-hours and they can pay taxes sitting in their homes. The corporation has tied up with ICICI Bank for the system and 1.85 per cent service tax would be charged for those paying by credit cards. On tax collection, Venkatachalam said the corporation has collected Rs 105 crore (Rs 1.05 billion), which was about 75 per cent of total taxes.
The facility will be available at 2,500 petrol pumps
By June 2025, financial freedom will be just an ATM away. Pleasantly surprised? But there's more, says Ramalingam Kalirajan
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The Reserve Bank of India has allowed withdrawal of cash from point-of-sale terminals, where customers swipe their credit or debit cards to pay for purchases. Noting that the use of debit cards has been steadily increasing, an RBI circular today said withdrawal of cash up to Rs 1,000 per day through debit cards issued in India was now being permitted. At present, customers are only allowed to withdraw cash at ATMs.
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.
As many as 94 per cent of travel and tourism industry leaders consider AI to be critical to their business.
While Bihar and J&K have the least proportion of bank account holders using debit cards at PoS machines, Telangana's record is the highest.
Most banks are still reluctant to open savings accounts based on company appointment letters, though the Know-Your-Customer norms allow it.
Contactless denit and credit cards increases the ease and convenience of transactions.
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.
While we are slowly moving towards a future where using hard cash will be obsolete, it is indeed a wise idea to start using E-payment cards for pocket money. We need to keep up with the times while we follow our children into the future.
