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• Credit Card Firms Stare at Losses After Budget’s E-payment Push

  Credit card companies such as Visa and MasterCard could face losses following the Budget’s low-cost electronic payment announcement. The Budget proposes a new provision that would require enterprises earning above Rs.50 crore to provide ‘low-cost electronic modes of payment’.

  Card companies making a tidy sum from retailers could see a reduction in profits if e-payments such as Google Pay, United Payments Interface (UPI), UPI-QR code, NEFT etc. are made available to customers.

  Retailers currently pay 2% Merchant Discount Rate (MDR) on card transactions but they could save more if they use other e-payment modes.

  The Finance Minister announced that a penalty provision under section 269SU has been introduced in the Income Tax Act, 1961 which will mandate businesses generating over Rs.50 crore turnover offer digital payment modes to customers.

  This could affect the revenues of card companies since it could encourage greater use of digital payment platforms by customers, reducing credit or debit card usage.

  11 July 2019

• The Disadvantages of Carrying Dormant Credit Cards

  With the rapidly growing popularity of credit cards in the country, an impressively high number of individuals are carrying cards more than one. The benefits of owning multiple credit cards include more purchasing power, more reward points, and if used smartly, better management of finances.

  However, if one or more of your credit cards are lying unused for a considerable length of time, there are chances that it’s working against you rather than assisting you financially. One of the ways through which this is harming you is by charging the annual card maintenance fees. Because you are not using the card, the charges associated with are an additional burden to you.

  Another disadvantage is that a dormant credit card may attract scammers and miscreants who may use its information to carry out financial frauds. Also, a dormant credit card can also have a negative impact on your credit score.

  So considering all these, it’s better to use all your existing card on a regular basis and if that’s not something that you want to do, you can even consider closing a few of the card accounts.

  14 May 2019

• Ola and Flipkart all set to launch their own credit cards

  Ola and Flipkart are working towards launching their own credit cards which would be offered in partnership with some of the large banks in the country. With this move, the companies expect to gain insight into the spending pattern of the customers.

  For launching its credit card, Ola has tied up with the State Bank of India (SBI), and the project is set to commence as early as next week. The plan is to issue 1 million cards during the first year, considering its huge 150 million customer base. The company is betting big on credit-based payments as the next level of digital payments.

  On the other hand, online retailer Flipkart is likely to launch its credit card in collaboration with HDFC Bank or Axis Bank later this quarter. The company is already piloting its buy-now-pay-later offering. As per sources, the rewards offered on these cards are expected to be higher than the one currently available in the market.

  In the month of October last year, Amazon Pay had partnered with ICICI Bank and launched a co-branded credit card that offers added rewards and benefits to Amazon India customers.

  03 May 2019

• Tips to report credit card frauds

  In the unfortunate event of loss of your credit card, you need to report the same to the card issuing bank immediately. You also need to report to the bank if you feel that your credit card details are no longer safe and some other individual has access to it.

  Also if there is a suspicion about an unauthorised transaction with the card, you need to get the card blocked immediately. Most credit card issuing banks give you the facility of blocking the card directly through their net banking facility or mobile banking app.

  To report any unauthorised transactions, call the customer care centre of the bank and report the whole incident to them. This is why it’s wise to have the credit card customer care number saved on your phone. For most cards, the customer care number is printed on the back side of the card.

  Once your call is answered by any representative of the bank, request them to block the card and initiate an investigation on the fraud. You should also file a report with the local police station and retain a copy of your report. And keep following up with the bank on the matter until it’s sorted.

  29 April 2019

• Prominent Features of Debit-Cum-Credit Cards

  As the next step of technological innovation in the field on plastic money, banks have started launching a special kind of product that acts both as credit and a debit card. The most prominent examples are the ‘Duo Card’ launched by IndusInd Bank in October 2018 and the ‘Combo’ that was launched by Union Bank of India?in November 2018.

  Although the dual cards look similar to the regular credit and debit cards, they come with two chips – one that functions as a debit card and the other that functions as a credit card. The debit chip of the card would be linked to the savings bank account of the cardholder.

  Apart from these chips, there are two magnetic stripes on the card and the customer can use any one of them depending on their wish to use the card for credit or debit transaction. The magnetic strips have been provided to use the card for POS transactions.

  One of the best aspects of these duals cards is that people do not have to carry distinct credit and debit cards in their wallet any longer, and this would cut down the hassles of carrying multiple cards everywhere.

  26 April 2019

• Reasons to Pay More than Just the Minimum Due on your Credit card

  One of the primary points to bear in mind is the timely repayment of the credit card dues. This is crucial because your experience of using credit card depends on it. You should always ensure that the card dues are paid by the due date and make an attempt to make pay the full outstanding amount.

  However, if you are unable to pay the total outstanding, ensure you pay an amount that is close to the total dues and don’t settle for paying just the minimum amount due.

  Paying the minimum amount due would harm you in ways more than one. On the other hand, paying more than the minimum amount due would help you maintain a low credit utilization ratio, which, in turn, would help you in building a solid credit history.

  Another negative aspect of paying just the minimum amount due is the accumulation of high interests. Because the minimum amount due is just about 5% of the total amount due, the interest on the unpaid amount would be high. This also implies that you would find yourself in a debt trap in the near future.

  24 April 2019

• Why is Your Credit Card Application Rejected?

  You might be wondering why your credit card application is getting rejected multiple times. Well, the exact reasons why a credit card issuer has denied a credit card application are not really disclosed. But if you know the most possible reasons for rejection, you can at least guess the reason for denial and work towards it.

  Listed here are common reasons for rejecting a credit card application.

  •Poor or no credit history: If you’re applying for a credit card for the first time, there’re high chances that you might face rejection because of no credit history. In such cases, you can apply for a secured credit card or avail some other loan, build a good history and then apply for a credit card.

  •Poor credit score: This could be the number one reason for rejection. You have some credit history, but due to some late payments and other negative behavior, while using your credit lines, your credit score might have got affected. A credit score below 650 or 600 would prevent lenders from approving a credit card application. Work on building your credit score before applying next time.

  •Too many credit card applications: If you’re trying your luck by applying for a credit card at multiple banks, it might also lead to rejection. Whenever you apply for a credit card, the lender would conduct a hard inquiry of your credit report. Too many such instances would prevent the issuers from extending the credit.

  •Besides these, there could be other reasons such as low income of the applicant, too many existing loans, failed address verification, having multiple credit card, etc.

  17 April 2019

• 6 Facts About ‘One Nation One Card’ RuPay Contactless Cards

  The nation’s proud product, ‘One Nation One Card’ launched on RuPay Contactless platform is a common card to make payments across all transportation segments including bus, metro, suburban railways, toll-gate, parking, smart city and retail.

  •It supports both online and offline transactions.

  •It supports multiple service areas including passes, seasonal tickets, smart city specific application, loyalty points etc.

  •The card can also be used at retail outlets, ATMs, online websites, to pay at toll charges, parking fee, etc.

  •The card can be issued on any platform authorized by the RBI including debit, credit, or pre-paid.

  •The card stores the information required by acquirer, operators and banks as per the choice of participating entities.

  •The card features 2 types of wallets to store balance – one is issuer controlled Global Wallet and the other is the operator, acquirer controlled local balance.

  12 April 2019

• All About Contactless Credit Cards

  Contactless Credit Cards allow you to just tap the card reader to process the credit card payment. You don't have to swipe or dip the card, nor have to enter the PIN.

  Contactless credit cards have an embedded chip and a radio frequency antenna that transmits payment details wirelessly whenever a card is tapped against the terminal enabled for contactless payments. The contactless technology thus eliminates the need to insert/swipe the card and enter the PIN.

  The contactless function works only when the card is held at a maximum range of 4cm. Therefore, it's less like that a transaction can take place even if the customer is at a small distance from the terminal.

  Further, the bill needs to be entered on to the POS machine before tapping the card to process the payment. Even when the card is tapped more than once at the terminal, the customer will be billed only once for the purchase. Thus, the contactless feature is safe as well as secure.

  The contactless cards can be used anywhere that the contactless payment POS Machine is available. You can find a contactless symbol displayed on the machine to know whether or the machine is enabled for contactless payments.

  11 April 2019

• Visa looking to onboard mobility card

  The government's initiative to link all payments for metro, toll booths, bus, etc., had found a taker. Visa, one of the largest debit card issuers in the world has shown interest in the government’s idea.

  The National Common Mobility Card (NCMC) may start talks with the bank to issue specified payment instruments in the near future. These are basically contactless mobility cards that Indian customers can use to make various payments.

  NCMC was launched in April and is mainly aimed at digitilising payments.

  10 April 2019

• Tips For Keeping Your Credit Card Safe

  For the security purpose of your credit card, the banks allow you to set a limit on the transactions carried with it. This implies that transactions that surpass the set limit would not be processed and you would result in a failed transaction.

  This facility is particularly helpful when used for international transactions as international transactions demand tighter digital transaction security. You may also switch off the international transaction facility on your card if you feel like doing so by contacting your card issuer.

  Some banks also allow you to entirely switch off the card if you are not using it, and if you decide to use it again, you can switch it on and carry out your transactions. However, the process of switching the card on and off differs from bank to bank.

  While some cards can be switched on and off by pressing a button placed on the physical card itself, for others, you would have to use the net banking facility or contact the card issuing bank. You can also set the transaction limit on the card by contacting the bank or through your net banking account.

  By using these facilities smartly, you can protect your card and the card details from fraudsters and save yourself from unnecessary financial hassles.

  09 April 2019

• Important Things to Know About Credit Card EMI Transactions

  The EMI facility offered on credit cards makes them one of the most sought-after financial tools in the market. The EMI option makes it possible for you to purchase any high-value article and repay the amount to the bank in easy-to-manage monthly instalments.

  Today almost every major credit card issuer and leading retailer allows their customers to make purchases on EMI using their credit card. This applies to both online and offline retailers and you also get the option of choosing the repayment tenure for the EMI availed.

  Usually, the minimum purchase value that qualifies for the EMI facility lies around Rs.2,000 – Rs.2,500. Another exciting introduction that is gaining popularity these days is the no-cost EMI facility offered by all major online retailers. Using this, you don’t have to pay any interest amount on your EMI facility that you avail.

  There’s one important thing to bear in mind while purchasing anything on credit card EMI. And that is to ensure that you make timely repayment of the dues to the bank. This is a very healthy practice and would help you build a healthy credit score.

  02 April 2019

• 5 Tips To Use A Credit Card 

  Your credit card gives you financial independence and convenience like no other financial products. Form making that high-ticket purchase to paying your utility bills on time, you are introduced to a world of new possibilities. The tips listed below would help you get the best that your card has to offer. 

  Maintain a low credit utilization ratio: It’s the percentage of credit that you use on your credit card. A healthy credit utilization ratio is anything less than 30%. 

  Refrain from cash withdrawal: Also called cash advance, cash withdrawal with your credit card is something you should try to avoid as long as possible. This is because of the high rates of interest that credit card issuers charge on the cash advance facility. 

  Timely payment of card dues: This is one of the most important factors that you should remember while using a credit card. It’s always wise to pay off the entire outstanding amount that you owe on your card account by the due date. Also, paying the total amount due is very important to enjoy the interest-free period of up to 50-55 days that you can enjoy on your credit card expenses. 

  15 March 2019