Page 10 - Credit Card

Got new debit/credit card? Here's what to do before 1st online transaction

Most banks now toggle off the control limit of a card at the time of issuance. To make online or offline transactions, the users must first enable the controls. Know how here

Gain the luxurious advantage: Can a super-premium card really open new doors to an opulent lifestyle?

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Visa, Hyperface partner to advance credit access and co-branded credit card

Visa also aims to enhance end-user experience, create an intuitive onboarding process, and simplify card lifecycle management when accessing credit through partner banks

Credit card users in India may no longer be able to overpay their dues

The banks have put guards in their applications to prevent customers from overpaying their credit card dues

IndusInd Bank launches 'virtual commercial card' for cross-border payments

In partnership with Visa and Juspay, the virtual card has additional layers of security that give users complete control over their international expenses, thus making it safe and hassle-free

Credit card disputes keep rising at Visa Inc as e-commerce booms: Report

Disputes on Visa's network rose to more than 90 million in 2022, data provided by the payment company showed

Credit market on course to grow to $350 billion by year-end: Vivek Joshi

Financial Services Secretary Vivek Joshi on Tuesday said the credit market, led by the digital lending segment, is on course to grow to USD 350 billion (around Rs 3 lakh crore) by the end of the year. The digital lending segment stood at USD 270 billion at the end of 2022, Joshi said on the opening day of the fifth edition of the global fintech festival here. The official also said the country's fintech market is slated to grow three times to USD 150 billion by 2025-end from USD 50 billion in 2021. About 800 speakers and 50,000 delegates are attending the three-day global fintech summit.

5 rules to change from 1st September 2023, here's all you need to know

Five significant changes are going to take place from the first day of September 2023. These changes will directly affect your pocket, and it is important to know these changes

Credit card spend hits new high in July at Rs 1.44 trillion: RBI data

The data showed that e-commerce payments cornered 65.71 per cent of the total credit card spend in July, with PoS (point-of-sale) transactions accounting for 34.28 per cent

Axis Bank partners Cleartrip to give travel benefits to credit card holders

Under this collaboration, customers will be provided with an array of privileges for domestic flight bookings, including discount on booking seats up to Rs 1,200, and free meals up to Rs 500

Equitas Small Finance Bank to venture into personal loans segment

Private sector Equitas Small Finance Bank Ltd has plans to foray into credit cards and personal loan segments as it expects to build a consumer finance portfolio, a top official said. Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations. Equitas Small Finance Bank reported a 97.1 per cent jump in its profit after tax (PAT) for the April-June 2023 quarter at Rs 191.20 crore. The bank had registered a net profit of Rs 97 crore during the corresponding quarter of the previous year. "In the coming years, we plan to build our consumer finance portfolio by foraying into credit cards and personal loans which will further help increase stability through a diversified loan portfolio," said Arun Ramanathan, the bank's Part-Time Chairman and Non-Executive Independent Director. The bank would work on offerings like forex cards, Foreign Currency Non-Resident (FCNR) deposits, and remittances, among others,

Credit card default increases by 1.94% to Rs 4,072 crore in FY23-24

Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. "As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively," Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. GNPAs in credit cards have declined from 3.56 per cent in March 2021 to 1.91 per cent in March 2022, and stand at 1.94 per cent in March 2023 against the schedule commercial banks' GNPA of 3.87 per cent in March 2023, he said. Replying to another question, Karad said, the total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of Rs 791.40 crore. During FY22, the total number of fraud was 729 and the amount

Fintech company CRED launches RuPay credit card-based UPI payments

According to CRED, this initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million

Swiggy enters credit card space, launches co-branded product with HDFC Bank

Card will operate on Mastercard's payment network; rollout in phases on Swiggy app overnext 7-10 days

Match upgraded credit card benefits with spending pattern, beware of costs

Threshold limit for waiving annual fee should not exceed spending capacity

In a first, credit card spend crosses Rs 1.4 trillion-mark in May: RBI data

Axis Bank, the fourth-largest, is closing the gap with ICICI Bank after the Citi acquisition with 12.46 million cards

Unsecured loan portfolios growth highest, credit card NPAs shoot up: Report

Credit card non-performing assets rose 0.66 per cent to 2.94 per cent as of March 2023, a credit information company said in a report on Thursday. The report, which comes amid heightened concerns on the riskier unsecured loans portfolios from the regulator, also said that such products like credit cards and personal loans grew the fastest, the report by Transunion Cibil said. On the asset quality front, credit card balances unpaid for over 90 days stood at 2.94 per cent, which is a 0.66 per cent jump over the year-ago period, while the same for personal loans improved by 0.04 per cent to 0.94 per cent, it added. From a loan growth perspective, outstanding balances on credit cards grew 34 per cent in the year to March 2023, and personal loans were up 29 per cent. Loan against property, a product typically used by small businesses for funding needs, was the fastest-growing retail product with a 38 per cent rise, according to the report. Interestingly, home loans considered by many

Visa to Rupay: From October 1, you can port your credit, debit cards too

Currently, when you apply for a debit or credit card, you usually don't get to choose the network provider as it is decided by the card issuer.

Phonepe launches point-of-sale systems so vendors can accept card payments

Paytm had been providing all-in-one POS machines to check-out counters across the country, which were earlier only available for bank payments