Search results for query: *

In recent months, many credit cardholders have been left puzzled as they receive notifications from their banks informing them of reductions in their credit card limits. This trend, observed not only with SBI Card but also across various other banks, has raised questions among consumers. Why are...

First, rent payments, and now utility payments category, banks are imposing extra charges on them. In a recent development, Yes Bank and IDFC First Bank announced that they will charge an additional 1% fee on all utility payments made using their credit cards starting from May 1, 2024. Customers...

Earlier, in 2023, the RBI drafted a circular regarding card network agreements and card network changes, wherein they mentioned that banks and non-banking card issuers should not sign any agreements with card networks that prevent them from issuing cards on other card networks. Now, on March 6...

The Reserve Bank of India, in exercise of its powers under section 35A of the Banking Regulation Act, 1949, had directed Paytm Payments Bank Ltd (PPBL or the bank) to stop onboarding of new customers with immediate effect. The Comprehensive System Audit report and subsequent compliance...

Credit cards were not very popular in India until a few years ago. However, with India emerging as a digital payment powerhouse, credit card payments have become a significant part of it. Indian credit card issuers have issued approximately 9.50 crore credit cards as of October 2023. While the...

As we near the end of 2023, it's time to look back at the eventful year in the Indian credit card industry. We've witnessed significant shifts, such as Axis Magnus and Axis Reserve cards transforming from nearly useless to incredibly rewarding and then back to being relatively less rewarding...

On July 5, 2023, the RBI proposed a set of guidelines for card networks and banks, which has left many consumers confused. The proposed guidelines are as follows: Card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of...

Credit cards were not very popular in India, at least until 2015. In the last few years, credit cards have become one of the preferred methods of digital payment. As you all know, India is the number one country in the world in terms of digital payments. More people are joining this digital...

A Merchant Category Code (MCC) is a four-digit number used by credit card companies to classify the services or products offered by a business. The International Organization for Standardization (ISO) establishes and assigns these merchant category codes. Despite consisting of only four digits...

Complimentary lounge access stands as one of the widely promoted features of credit cards. Almost all mid-range and higher-tier credit cards offer free lounge access to their customers, with even some entry-level credit cards featuring this perk. Due to the extensive advertising, a surge in air...

Having a high credit limit on your credit card can be beneficial in some cases, but it can also have drawbacks in others. However, we generally prefer to maintain a high credit limit on our credit card. Typically, we don't receive a very high credit limit when signing up for a new credit card...

The Reserve Bank of India recently released credit card data for June 2023, revealing that the total number of active credit cards in India increased from 8,77,47,311 at the end of May 2023 to 8,86,82,356 in June 2023, representing an increase of 9,35,045 cards. Here is a graphic illustrating...

On review, the RBI has observed that the existing arrangements between card networks and card issuers (banks and non-banks) limit the availability of choices for customers. As a result, the RBI has drafted a set of guidelines and is seeking feedback. It is expected that the implementation of...

Have you ever wondered how credit card companies make money? They offer you a credit card, and you use it for your purchases, paying your bill on time. In return, they provide you with reward points, cashback, and enticing lifestyle benefits like airport lounge access and free golf. But how do...

Today, on 28th June 2023, the Ministry of Finance released a notification regarding significant changes related to LRS (Liberalized Remittance Scheme) and TCS (Tax Collected at Source). Earlier, the MOF stated that a new TCS rate of 20% would be applicable to all LRS payments (except education...

On June 26, 2023, the Reserve Bank of India (RBI) imposed penalties on several credit information companies. CRIF High Mark Credit Information Services was fined Rs 25.75 lakh, Equifax Credit Information Services Rs 24.25 lakh, TransUnion CIBIL Rs 26 lakhs, and Experian Credit Information...

The Reserve Bank of India recently released credit card data for May 2023, revealing that the total number of active credit cards in India increased from 8,65,12,698 at the end of April 2023 to 8,77,47,311 in May 2023, representing an increase of 12,34,613 cards. Here is a graphic illustrating...

According to recent data released by The Federal Reserve Bank of New York, US credit card debt has reached a historic milestone of $1 trillion in the last quarter. This translates to an average credit card debt of $10,000 per household. There are two types of credit card consumers: those who...

The Reserve Bank of India recently released credit card data for April 2023. According to the data, the total number of active credit cards in India increased from 85,303,238 at the end of March 2023 to 86,512,698 in April 2023. Here is a graphic showing the market share of credit cards: This...

Ministry of finance released some FAQs regarding the omission of rule 7 of FEMA (current account transaction) act 2000. What is the reason behind the increase in rates of TCS? The payment of TCS is not a final tax If the TCS payee is a taxpayer, he can claim credit for the TCS as his tax...