Page 7 - Credit Cards

Rank loans, save money, seek advice: Strategies to get out of debt

Recovery agents cannot harass debtors and have to take consent before visiting them

Banks get 8 months to effect TCS on international credit card spend

Rule could be implemented from next fiscal year

American Express profit rises, sets aside more money for possible defaults

American Express saw its profit and revenue climb in the second quarter and credit card use is climbing, but the company's stock slipped before the market open as it set aside more money for possible defaults on payments. American Express earned $2.17 billion, or $2.89 per share, topping Wall Street expectations for $2.80, according to analysts surveyed by Zacks Investment Research. A year earlier the company earned $1.96 billion, or $2.57 per share. Total provisions for credit losses were $1.2 billion. In the prior-year period it was $410 million, theNew York company said, citing higher net write-offs and a net reserve build of $327 million, compared with a net reserve build of $58 million a year ago. Shares fell nearly 4% before the market opened Friday. Revenue, net of interest expense, climbed to $15.05 billion from $13.4 billion, mostly due to higher average loan volumes and increased card member spending. That was short of Wall Street projections for $15.42 billion. Card mem

What are cashback credit cards? Which are the best ones? How to pick?

With a cashback card, you can get a direct value back on your credit card purchases.

Credit card spending hits record high at Rs 1.4 trn in May: RBI data

Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone. In January 2023 there were 82.4 million active cards in the country. The number has been growing steadily and reached 83.3 million in February, 85.3 million in March and 86.5 million in April, the data showed. Credit card spends were in the range of Rs 1.1-1.2 lakh crore throughout FY23, but reached an all-time high of Rs 1.4 lakh crore in May this year, according to the

Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance

Explained: How to maximize card reward points without having to overspend

Don't bust your budget just for earning the reward points

Rewards galore: Most loved credit cards for online spends in India

India is approaching 100 million (10 crore) credit cards. Just 4 banks account for 71% of all credit cards

New TCS norms on credit card spends: More than a matter of exchange

Money changers are miffed at the tax exemption for credit card forex spends of up to Rs 7 lakh a year under the liberalised remittance scheme

Credit cards in force touch new high in April even as rollovers decline

Increasing reach and rewards boost credit card spends

No TCS on overseas payment via international credit, debit cards: FinMin

The government on Friday said no TCS will be levied on international spending of up to Rs 7 lakh a year by using debit or credit cards. Facing backlash from a wide section of people, the Finance Ministry said the move is aimed at removing procedural ambiguity with regard to Liberalised Remittance Scheme (LRS) and the levying of Tax Collected at Source (TCS). The ministry's decision earlier this week to bring international credit card spending under the RBI's liberalised remittance scheme (LRS) and the consequent levy of 20 per cent TCS has evoked sharp reactions from experts and stakeholders. "To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards up to Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS," the ministry said in a statement. Currently, payments of up to Rs 7 lakh for medical treatment abroad and towards education do not attract TCS. TCS

Changes in FEMA rules to bring parity in treatment of overseas spending

The finance ministry on Thursday said the changes in FEMA rules, which brings overseas international credit card spending under RBI's liberalised remittance scheme (LRS), are intended to bring in parity in tax treatment of remittances using debit and credit cards. The ministry said since credit card spending overseas has now been brought under LRS, such remittances would be liable to tax collected at source (TCS) at applicable rates. If the TCS payee is a taxpayer, he or she can claim credit and adjust it against his/her I-T or advance tax liability. The Union Budget 2023-24 had hiked TCS rates to 20 per cent, from 5 per cent currently, on overseas tour packages and funds remitted under LRS (other than for education and medical purposes). The new TCS rates will come into effect from July 1, 2023. A day after amending the Foreign Exchange Management (Current Account Transaction) Rules, the ministry issued a list of FAQ (frequently asked questions) detailing the reasons for inclusion

Credit card spends dip in Feb but top Rs 1 trn for 12th straight month

February typically sees a slight dip in spends compared to other months because it has fewer days. In January, spends had touched Rs 1.26 trillion, the second highest figure ever

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

Cross Rs 1 trillion for 11th month in a row

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

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

Festivals boost credit card spends to record high of Rs 1.29 trillion

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base

We're moving away from volatile corporate bulk deposits: RBL Bank MD & CEO

In a Q&A, R Subramaniakumar dwells on the lender's strategy to fuel growth in credit cards and microfinance, and plans to mop up deposits in an increasingly difficult market

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