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The Reserve Bank of India (RBI) has lifted the restrictions imposed on Kotak Mahindra Bank, allowing it to resume issuing new credit cards and onboarding customers through online and mobile banking channels. The bank was directed to halt these services in April 2024 after the RBI identified...

In November 2024, Zopper launched the "India Gets Moving" campaign in partnership with Apple and HDFC Ergo. Under this campaign, participants were rewarded with points for completing their daily step count targets. The points earned could be redeemed for cash rewards, with the potential to...

Purchasing Amazon gift vouchers through accelerated reward portals and using them for utility bills or insurance payments is a common practice among new-generation credit card users in India. But what if I told you that your purchased Amazon gift voucher could be used by someone else before you...

Hey TFCians, As I promised yesterday, here’s a fascinating yet cautionary story about loophole exploitation. Let’s dive in: The Story Mr. X, a credit card enthusiast, owned several high-end credit cards, which he primarily used for his business. Due to his business expenses, his credit card...

According to RBI guidelines, if a bank wishes to make changes to a credit card’s benefits or terms and conditions, the issuer must provide a one-month advance notice to all customers of the specific product. If a customer doesn’t respond, the bank may consider this as consent to continue using...

A few people on the TF Community have posted threads about their IDFC First Bank accounts being placed under debit freeze or total freeze for minor reasons. Many others have commented on these threads, sharing that they too have faced similar issues, and that their issues have not been resolved...

If you hold a higher variant bank account, you're probably familiar with the term "relationship manager" (RM). Banks assign RMs to customers with premium accounts and good average balances. They often showcase a long list of benefits for having an RM and push you to upgrade your account. But do...

The number of credit card users in the country has boomed exponentially over the last few years, and with it, so have cases of mis-selling credit cards. One of the most common tricks is when bank employees promise you a lifetime free credit card, but you end up getting a paid one instead. But...

HDFC Bank is known for its top-tier credit card, the HDFC Infinia, one of the best credit cards available in India. Many people go to great lengths to get this card, often finding their own "jugaad" to acquire this super-premium metal card. However, its strict eligibility criteria prevent many...

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...

Several users have reported being able to view other customers' ICICI Bank credit cards on their iMobile app. Since the full card number, expiry date, and CVV are visible on iMobile, and one can manage international transaction settings, it's easy for someone to misuse another person's credit...

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...