Page 13 - Credit Card

Credit card payments on foreign travels likely to attract tax at source

According to the LRS, which was introduced in 2004, all resident individuals, including minors, are allowed to freely remit up to $250,000 per financial year

HDFC Bank, Flipkart Wholesale launch co-branded card for latter's members

The product will offer users 5% cashback on Flipkart Wholesale online spending. Members can apply for the card directly at Flipkart Wholesale stores and on its Best Price Flipkart Wholesale app

Bank of Baroda plans to divest 49% stake in credit card subsidiary

At present, BoB holds 100 per cent in the entity

Credit card outstanding rises 29.6% to reach record high level in Jan

RBI data showed that credit card outstanding in January 2023 stood at Rs 1,86,783 crore as against Rs 1,41,254 crore in January 2022

HDFC first private bank to tie up with IRCTC for co-branded credit card

Earlier, IRCTC has only partnered with SBI and Bank of Baroda for this travel segment of the card

CRED CEO Kunal Shah reveals his salary, takes Rs 15,000 per month

Moreover, a user on Twitter shared a screenshot of the story in which the CEO responded to the question

E-commerce, travel transactions drive credit card spends in January

Cross Rs 1 trillion for 11th month in a row

American Express Q4 profit decline 9% as customers fall behind on payments

American Express saw its fourth-quarter profits fall by 9 per cent, as the credit card giant had to set aside significantly more money to cover potentially bad loans. The company saw charge offs and delinquencies rise, a troubling sign for a company whose customer base is usually well-to-do and extremely creditworthy. But the company did announce it planned to raise its quarterly dividend and also forecast higher-than-expected profits for 2023, which helped lift the stock in early trading as investors seemed to look past the delinquencies and more at how cardmembers were still strongly spending on their accounts. The New York-based company said it earned a profit of USD 1.57 billion in the quarter, or USD 2.07 a share, that is down from USD 1.72 billion, or USD 2.18 a share, in the same period a year earlier. That is below what analysts had forecasted. While AmEx saw a double digit rise in card usage from a year ago cardmembers spent USD 413.3 billion on their cards last quarter

Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Net card addition fell substantially in December to 580,000

Credit card spends drop sequentially as festive season draws to close

Monthly spending is more than Rs 1 trn again, led by the rising share of e-commerce transactions

Six held for cheating HDFC Bank credit card holders of Rs 1.61 lakh

Six men were arrested from a hotel located on the Mehrauli-Gurugram road for allegedly cheating HDFC Bank credit card holders of Rs 1.61 lakh, the police said on Monday

To woo customers, HDFC Bank aims to issue 1 mn credit cards every month

The bank wants to double the current pace of half a million new credit card issuances every month, according to Parag Rao, country head for payments business

Maximise reward points by using the right card for your each spend

Beware that on some expenses you could be levied a fee for card usage

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

HDFC Bank revises credit card rewards points programme for customers

The bank said for select products and vouchers, redemption of reward points will be capped at 70 per cent of the total value, but this is not applicable for Infina and Diners Black cards

Credit card bill payment platform Cred buys CreditVidya for undisclosed sum

Credit Card bill payment platform Cred on Tuesday said it has acquired SaaS lending-as-a-service platform CreditVidya in a mix of cash and stock transcation for an undisclosed sum.

Musk refuses to reimburse 'millions of dollars' owed to Twitter vendors

This comes amid, several cost-cutting measures by Musk to make Twitter more profitable, including layoffs across Twitter offices around the world

Want to close or cancel your credit card? Here's a step-by-step guide

When you are considering canceling a card, it should be taken into account how the cancellation of your credit card will affect your credit score

Credit card base of major issuers erodes in Q2 over RBI's norms

SBI Card was exception as gains card base, market share

Credit card spends touch record high of Rs 1.22 trillion in September

Banking system saw a net reduction of close to 290,000 cards during this period, impacted by RBI norms warranting deactivation of cards that are inactive for a year