Page 7 - Credit Card

5 rules to change from 1st September 2023, here's all you need to know

Five significant changes are going to take place from the first day of September 2023. These changes will directly affect your pocket, and it is important to know these changes

Credit card spend hits new high in July at Rs 1.44 trillion: RBI data

The data showed that e-commerce payments cornered 65.71 per cent of the total credit card spend in July, with PoS (point-of-sale) transactions accounting for 34.28 per cent

Axis Bank partners Cleartrip to give travel benefits to credit card holders

Under this collaboration, customers will be provided with an array of privileges for domestic flight bookings, including discount on booking seats up to Rs 1,200, and free meals up to Rs 500

Equitas Small Finance Bank to venture into personal loans segment

Private sector Equitas Small Finance Bank Ltd has plans to foray into credit cards and personal loan segments as it expects to build a consumer finance portfolio, a top official said. Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations. Equitas Small Finance Bank reported a 97.1 per cent jump in its profit after tax (PAT) for the April-June 2023 quarter at Rs 191.20 crore. The bank had registered a net profit of Rs 97 crore during the corresponding quarter of the previous year. "In the coming years, we plan to build our consumer finance portfolio by foraying into credit cards and personal loans which will further help increase stability through a diversified loan portfolio," said Arun Ramanathan, the bank's Part-Time Chairman and Non-Executive Independent Director. The bank would work on offerings like forex cards, Foreign Currency Non-Resident (FCNR) deposits, and remittances, among others,

Credit card default increases by 1.94% to Rs 4,072 crore in FY23-24

Credit card default rose to Rs 4,072 crore or 1.94 per cent at the end of March 2023, Parliament was informed on Tuesday. "As per the inputs received from RBI, in respect of defaults in credit cards, the gross non-performing assets (GNPAs) in credit cards was Rs 3,122 crore in March-2022 and Rs 4,072 crore in March-2023, while credit card outstanding in March-2022 and March-2023 was Rs 1.64 lakh crore and Rs 2.10 lakh crore, respectively," Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha. GNPAs in credit cards have declined from 3.56 per cent in March 2021 to 1.91 per cent in March 2022, and stand at 1.94 per cent in March 2023 against the schedule commercial banks' GNPA of 3.87 per cent in March 2023, he said. Replying to another question, Karad said, the total number of frauds as reported by the cooperative banks during FY23 was 964 with amount involved to the tune of Rs 791.40 crore. During FY22, the total number of fraud was 729 and the amount

Fintech company CRED launches RuPay credit card-based UPI payments

According to CRED, this initiative will benefit banks and merchants through increased consumption and inclusion in the credit ecosystem

Credit cards in force hit new high in June; spends decline over May

HDFC Bank maintained its leadership position with 18.35 million cards, followed by SBI Card at 17.34 million, ICICI Bank at 14.8 million, and Axis Bank at 12.5 million

Swiggy enters credit card space, launches co-branded product with HDFC Bank

Card will operate on Mastercard's payment network; rollout in phases on Swiggy app overnext 7-10 days

Match upgraded credit card benefits with spending pattern, beware of costs

Threshold limit for waiving annual fee should not exceed spending capacity

In a first, credit card spend crosses Rs 1.4 trillion-mark in May: RBI data

Axis Bank, the fourth-largest, is closing the gap with ICICI Bank after the Citi acquisition with 12.46 million cards

Unsecured loan portfolios growth highest, credit card NPAs shoot up: Report

Credit card non-performing assets rose 0.66 per cent to 2.94 per cent as of March 2023, a credit information company said in a report on Thursday. The report, which comes amid heightened concerns on the riskier unsecured loans portfolios from the regulator, also said that such products like credit cards and personal loans grew the fastest, the report by Transunion Cibil said. On the asset quality front, credit card balances unpaid for over 90 days stood at 2.94 per cent, which is a 0.66 per cent jump over the year-ago period, while the same for personal loans improved by 0.04 per cent to 0.94 per cent, it added. From a loan growth perspective, outstanding balances on credit cards grew 34 per cent in the year to March 2023, and personal loans were up 29 per cent. Loan against property, a product typically used by small businesses for funding needs, was the fastest-growing retail product with a 38 per cent rise, according to the report. Interestingly, home loans considered by many

Visa to Rupay: From October 1, you can port your credit, debit cards too

Currently, when you apply for a debit or credit card, you usually don't get to choose the network provider as it is decided by the card issuer.

Phonepe launches point-of-sale systems so vendors can accept card payments

Paytm had been providing all-in-one POS machines to check-out counters across the country, which were earlier only available for bank payments

RBI issues draft circular on issuance of debit, credit, prepaid cards

RBI directive tells debit, credit and prepaid card issuers to give customers more freedom to choose networks

How will changes in TCS regime affect international credit card holders?

According to an announcement by the finance ministry, there will be no change in the rate of Tax Collected at Source on international spending through credit cards

How merchant discount rate can drive credit card acceptance in a big way

Is it time to rethink the MDR on credit cards in general, to boost their usage?

Bank of Baroda to divest 49% in credit card arm BOB Financial Solutions

State-owned Bank of Baroda (BoB) plans to sell up to 49 per cent stake in credit card business arm BOB Financial Solutions Ltd. Currently, it is 100 per cent owned by BoB. The bank has floated a Request for Proposal for roping in a strategic investor, and the process is expected to complete in one year, a senior bank official said. BOB intends to offload up to 49 per cent in a combination of primary and secondary capital from one or multiple investors to create more value in BOB Financial Solutions and take it to the next level of growth, the official said. BOB Financial doubled the acquisition of new credit cards in FY23 by issuing close to 1.2 million credit cards compared to 0.5 million a year ago. "Retail spends too more than doubled compared to FY 2022, clocking approximately Rs 17,300 crore (compared to Rs 7,000 crore in FY 2022)," BoB said in its annual report. At the same time, the net profit of the NBFC also more than doubled to Rs 24.62 crore against Rs 10.07 crore in t

Credit card dues up 30% in Apr; cross Rs 2 trillion mark for the first time

The Reserve Bank of India (RBI) has expressed its concern about the growing unsecured bank credit

Apple to launch credit card in India, in talks with NPCI for Apple Pay

The iPhone maker is also holding talks with the National Payments Corporation of India (NPCI) to possibly launch Apple Pay in the country

TCS levy: Credit card users may have to declare forex transactions to banks

The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS