Page 2 - Credit Cards

One-third of digital payments in 2024 are driven by credit use: Report

Nearly one-third of all domestic digital payment transactions in 2024 were credit-driven, facilitated through credit cards or interest-bearing EMIs, according to a report. According to a report by digital payments fintech Phi Commerce, UPI has become a transformational product in digital payments responsible for 65 per cent of total transactions. While UPI dominates small and mid-value transactions, credit cards and EMIs (equated monthly instalments) are increasingly used for big-ticket purchases, with education, healthcare, and auto ancillary sectors seeing strong growth in digital credit adoption, the report said. Festive shopping, school admissions, and seasonal trends drive spikes in credit usage, showing that consumers rely on short-term credit for high-spend periods, it said. The report is based on analysed transaction data from over 20,000 merchants across the country. As UPI and flexible credit options become mainstream, the future belongs to those who leverage these tools

Chicken burger on EMIs? Buy now, pay later signals a global debt crisis

From Malaysia's chicken burgers on credit to the US' DoorDash EMIs, Buy Now, Pay Later is creeping into daily essentials, raising alarms over rising household debt and a worsening global cash crunch

Cred detected Rs 11K crore in credit card hidden charges: Kunal Shah

Credit score was never designed to be a consumer product, instead it was made for banks to be able to lend without having to worry about the customer's behaviour, Kunal Shah said

PhonePe launches device tokenisation for credit and debit card transactions

This is a first among companies that have decided to offer direct solutions to customers without requiring a merchant's reliance on third-party payment orchestration platforms

CIBIL flags risks of stress spreading from unsecured to secured loans

Rising delinquencies in consumption-led loans come amid credit slowdown

Forum to fight for retail consumers is critical: FREED's Ritesh Srivastava

With the RBI's intervention by way of risk weighting, retail credit growth has slowed down to around 16.3 per cent year-on-year as of late November 2024

UPI-enabled credit cards see 20% monthly growth, users avg 40 transactions

This growth aligns with a broader trend in transactions processed through UPI on RuPay credit cards

Fixed deposit-backed RuPay virtual Credit Card for first time users is here

Customers who back their credit card with a fixed deposit will earn an interest rate of 7.25% on a 1-year FD, combining the benefits of both credit access and interest income.

Apple may replace Goldman with Barclays, Synchrony for credit card deal

Negotiations between Apple and Barclays have been ongoing for several months, but it may still take months to strike a deal

Paying rent with credit cards? Convenience versus costs & risks

By paying rent with a credit card, you can accumulate rewards, which can be redeemed for various benefits like travel, shopping, or bill payments

Most popular invite-only credit cards for HNIs: Exclusive rewards, benefits

Invite-only credit cards are different from regular credit cards in several key ways. They are typically offered to individuals with a substantial relationship with the bank

Why only paying the minimum due on credit card may not be a wise move?

The minimum amount due on credit cards represents a small portion of the total outstanding bill, typically ranging between 5 to 10 per cent

SBI Card surpasses milestone of 20 million credit cards in circulation

According to a press release by SBI Card, it achieved the milestone of 20 million credit cards in force, having started its credit card business in 1998

Credit card changes in December: Check out Axis Bank, YES Bank, SBI updates

Credit card updates relate to reward point structures, fees, and payment conditions, impacting various customer categories

We want to create an all-weather franchise: Axis Bank's Amitabh Chaudhry

''Our ambition at that time was to become the number one player in our identified areas of businesses''

RBL Bank and Bajaj Finance end co-branded credit cards partnership

RBL Bank partnered with Bajaj Finance in 2016 to issue co-branded credit cards for a period of five years. The partnership was renewed for another five years in 2021

HSBC pulling back from China credit card biz after struggling to expand

HSBC has stopped issuing new cards and is working towards winding down the service offered to a large part of China onshore customers

December 2024: Aadhaar, credit cards, FDs-financial changes to keep in mind

From Aadhaar updates to changes in credit card rewards and stricter rules for OTP traceability, here's what you need to know

Cashback credit cards: What are they and how do they work?

The allure of earning cash back might tempt some consumers to spend more than they normally would, leading to potential debt issues

Is it possible to invest in stocks using a credit card?

Using borrowed funds, like cash withdrawal from credit cards or personal loans, to invest can lead to severe financial consequences due to high-interest rates and market volatility