Page 13 - Credit Card

Your credit card payments overseas will attract a 20% TCS from July 1

For every $100 you spend abroad using your international credit card, you will need to fork out $120 and then claim it when you file your tax return

Credit card expenditure in forex to come under RBI's remittance scheme

Spending in foreign exchange through international credit cards will be covered under the RBI's liberalised remittance scheme (LRS), under which a resident can remit money abroad up to a maximum of USD 2.50 lakh per annum without the authorisation of the Reserve Bank, as per a Finance Ministry notification. The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI. Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. According to the notification, the Finance Ministry, in consultation with the RBI, has omitted Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, thus effectively including forex spending through ...

Citigroup plans to debut new credit card for use with multiple retailers

It puts customers in control of how they want to finance purchases, Kartik Mani, chief executive officer of the bank's retail-services division, said in an interview

Order to stop loan re-payment via credit card good for customers: Insurers

Insurers said it was never in the interest of the customer to repay the loan by borrowing on a credit card and paying much higher interest rates on the outstanding balance on the card

AU Bank's credit card business will break even in FY25: CEO Sanjay Agarwal

Banking will completely shift from brick-and-mortar to online in some 10 years, he says

Home loan demand declines, special interest rates to continue

CMI findings show a marked increase in demand for credit cards and personal loans, indicating growing adoption of consumption-led credit products that provide convenience and liquidity

Top card cos to go live with UPI-linked RuPay credit card feature by June

The feature seeks to include 50 million UPI merchants in the formal credit economy and drive consumption in a big way

Credit card spends touch all-time high of Rs 1.37 trillion in March

As per latest data, almost 63 per cent of the spends or a little over Rs 86,000 crore came from e-commerce while the rest was at point of sales (PoS) terminals

A powerful tool for democratising credit access

Credit card growth does not conflict with real-time payment systems, but complements them and offers consumers more payment options

Statsguru: Six charts explain the UPI's emerging growth challenge

There are more than 7 billion transactions every month using the payment system - more than five transactions for every man, woman and child in the country

Apple to roll out buy now, pay later service, with guardrails this spring

Apple is getting into the buy now, pay later space with a few tweaks to the existing model including no option to pay with a credit card. The company will roll out the product to some consumers this spring, and will begin reporting the loans to credit bureaus in the fall. Here's what you need to know. Since the start of the pandemic, the option to buy now, pay later has skyrocketed in popularity, especially among young and low-income consumers who may not have ready access to traditional credit. If you shop online for clothes or furniture, sneakers or concert tickets, you've seen the option at checkout to break the cost into smaller installments over time. Companies like Afterpay, Affirm, Klarna, and Paypal already offer the service, typically with late fees for missed payments and the option to use a credit card or bank account to make installment payments. Apple's version, which is integrated with Apple Pay and facilitated by MasterCard, will require the consumer use a debit car

Credit card loans aid over 182,000 street vendors, jobless in Rajasthan

The scheme started in August 2021 to provide support to youths who lost their livelihood owing to the pandemic

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