Page 7 - Credit Card

Funds for foreign trip; translation as career: Top personal finance stories

This week we report on how to manage finances when you are in a foreign country and how you can earn by translating literature

If your credit card has been compromised, here is what you should do

Change passwords for accounts associated with the card, contact the police

Payment app CRED reports 66% increase in revenue to Rs 2,473 cr in FY24

Credit card bill payments app CRED on Monday reported 66 per cent year-on-year increase in revenue to Rs 2,473 crore in FY24, on the back of growth in monetised members and a drop in user acquisition costs. Operating losses were reduced by 41 per cent from Rs 1,024 crore in FY23 to Rs 609 crore in FY24, a company statement said. "This came on the back of some very exciting sort of pieces of execution that we always had as a thesis, but it's always good to see that play out in action. The number of members that we monetised grew 58 per cent year-on- year. Our CAC (customer acquisition costs) came down significantly by 40 per cent," CRED founder Kunal Shah said during a press briefing. Total Payment Value (TPV) for the platform surged 55 per cent to Rs 6.87 lakh crore, while monthly transacting users (MTU) rose by 34 per cent. "Members used CRED for a wide range of payments beyond credit card bills, with strong adoption of P2P UPI payments. They also expanded adoption of CRED Pay acr

Flipkart sees multi-fold jump in customer purchases using credit facilities

E-commerce company Flipkart on Saturday said it saw a multi-fold jump in customers' purchases using credit facilities during the first two days of its annual festive season sale 'The Big Billion Days'. The Walmart group firm recorded 27 times jump in the third-party easy monthly instalment (EMI) usage during The Big Billion Days' compared to usual business days. "With 5 per cent cashback on every purchase using the Flipkart Axis Bank credit card, the co-branded card witnessed a spike of 20 times in overall spends and eight-fold transactions when compared to the non-sale days. Flipkart Pay Later EMI witnessed a 8.5 times spike in the daily transactions run rate compared to the pre-TBBD period," the company said. Flipkart said that it has recorded over 33 crore user visits, implying repeat visits of individuals several times on the platform, during the first two days of The Big Billion Days (TBBD), which started on September 26 for select users and on next day for everyone. The compa

Credit card spending growth declines on RBI gaze, stress build-up

In FY24, credit card spending grew by 27.8 per cent; in FY23, spending was up 47.5 per cent; and it was 54.1 per cent in FY22

Credit card delinquencies rise even as retail credit growth moderates

Balance-level delinquencies in credit card segment stood at 1.8 per cent in Q1FY25 - highest among all other credit divisions

Higher credit costs may impact growth of SBI Cards and Payment Services

SBI Cards and Payment Services, the only listed pure-play card issuer, saw weak growth at 3.5 per cent Y-o-Y in July

How debit, credit card insurance can save you after fraud, accidents & more

Card fraud can seem like something that only happens to others until it happens to you. This is why credit and debit card insurance becomes vital

RBI rejects Canara Bank's bid for credit card subsidiary amid concerns

The decision by the Reserve Bank of India comes amid increasing concerns over the growing volume of unsecured loans in the banking sector

RBL Bank aims to grow in credit cards, launches offering with Indian Oil

Private sector lender RBL Bank is aiming to grow its credit card portfolio "moderately" and focus on other aspects like cross-selling to customers, a senior official has said. If the industry grows at 20-25 per cent, the lender would like to increase its credit card outstanding by up to 15 per cent, its business head for credit cards Bikram Yadav said. "We would grow moderately in this segment, and we'll focus on internal unit economics and customer engagements and deeper cross-sell with them," Yadav added. Yadav, who was speaking after the launch of a dedicated offering in association with the largest oil marketing company Indian Oil Corporation, christened 'Xtra Credit Card', added that the other factors are more important than growth for the bank and its focus is on "reasonable" returns on the capital it deploys. It can be noted that the credit card segment has been under the spotlight because of the RBI's discomfort around the riskier unsecured segment growing fast. "The RBI i

RuPay, Mastercard, Visa – Choose Your Own Credit Card Network!

From September 6, credit cardholders in India get to choose their preferred card network. Watch the video to find out how this change affects you.

Visa or MasterCard? From tomorrow, you can choose your credit card network

The RBI issued a circular on March 6 prohibiting banks and non-bank card issuers from entering into exclusive agreements with card networks

New credit card rules & rewards this September: What you need to know

September brings new credit card rules: increased RuPay rewards, HDFC caps, IDFC payment changes, and RBI's network choice mandate. Here's all you need to know

SBI Card loses credit card market share in July; InCred retains 'Reduce'

InCred's target price translates into 30.7 per cent downside in the share price from previous close of Rs 721.15 per share.

Credit cards issuance in country increases by 16% to 104.6 mn in July

Credit card spending in July 2024 increased by 19 per cent Y-o-Y to Rs 1.72 trn in July

International credit card use up 63% after Covid-19, overtakes debit cards

Data from the RBI shows international credit card spending rose 63 per cent from December 2022 to July 2024, while PPIs grew 53 per cent and debit card transactions increased by just 8 per cent

HDFC, IDFC FIRST, ICICI Bank credit card-related changes: Details here

Starting from September 1, 2024, there will be a cap of 2,000 reward points per calendar month on utility transactions for HDFC Bank credit card users

Rule changes for HDFC, ICICI, IDFC FIRST Bank cards: Check new terms

Several major banks are implementing changes to their credit and debit card rules starting August 1

IDFC FIRST Bank revises credit card payment terms: Check details

The changes are effective September 2024, as per the IDFC FIRST Bank website

ZET app's new secured credit card aims to boost CIBIL scores

Secured credit card comes against a FD of minimum Rs 5,000 ranging to Rs 25,000 with 90 per cent of the amount as the credit limit