COBRANDED CREDIT CARDS
RBI imposes Rs 29.6 lakh penalty on HSBC
The Reserve Bank of India (RBI) has imposed a Rs 29.6 lakh penalty on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with certain directions related to cards. The bank failed to ensure no negative amortisation while computing Minimum Payment Due in certain credit card accounts. The RBI found that the charge against the bank was sustained, warranting the imposition of monetary penalty.
Banks seek clarity from RBI on credit card network norms
Several banks have sought clarity from the Reserve Bank of India (RBI) regarding guidelines that mandate offering existing credit card customers a choice of networks like Rupay, Visa, and MasterCard. As per RBI's guidelines issued in March, card issuers must provide this choice both during initial issuance and at the time of renewals. A senior bank executive informed ET that banks have sought clarification on whether this choice of networks should be extended to all existing customers or only implemented during renewal processes.
UPI integration gives a fillip to RuPay credit cards distribution
RuPay credit cards are seeing a growth in usage after linking with UPI, with its issuance at 30%, up from a mere 5% in 2022-23. The shift towards UPI-based credit cards on third-party apps like Google Pay and PhonePe poses a challenge for banks, raising concerns about customer retention and cross-selling. Fintech startup Fibe, led by Ashish Goyal, foresees a potential share struggle among top UPI apps.
UPI boosts RuPay market share; cost pressure for gaming firms
Happy Thursday! The integration of UPI with RuPay credit cards has pushed up new issuances but transaction growth hasn’t kept up. This and more in today's ETtech Morning Dispatch.
Adani One launches cobranded credit cards with ICICI Bank, enters financial services
Adani One, the super app by Adani group, launches cobranded credit card with ICICI Bank. The card offers rewards for spends within Adani ecosystem.
Adani Group & ICICI Bank launch co-branded credit cards with airport lined benefits
Adani Group and ICICI Bank have joined hands to introduce co-branded credit cards offering airport-linked benefits, aiming to enhance customer experience across various businesses. The Adani One app, launched in December 2022, serves as a digital platform for booking tickets, accessing airport facilities, and more. The cards provide perks like Adani Reward Points on various spends, premium lounge access, free air tickets, discounts on duty-free shopping, and F&B expenses at airports.
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Adani Group wants a slice of India's payments and e-commerce pie: Report
India's Adani Group is seeking a licence to operate on the public digital payments network and is in talks with banks for a co-branded credit card. The conglomerate also plans to offer online shopping via the govt-backed Open Network for Digital Commerce (ONDC), according to the Financial Times.
New credit card rules, changes in May 2024: These 4 banks have revised their credit card rules
Credit card customers should be aware of the changes and make sure to follow the latest fee and guidelines set by the bank or credit card company. The top banks that have revised their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank.
New credit card rules: Bank of Baroda hikes interest rates and late payment fees on this credit card
Bank of Baroda credit cards: The hiked rates are applicable from June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.
Frequent flyers of Vistara to get better airport lounge access, increased rewards and more after merger with Air India's programme
Better airport lounge access: All Vistara travellers who have atleast gold tier in Club Vistara program stands to gain due to the merger between Vistara and Air India's Flying Return program. Some of the benefits include better airport lounge access, more routes to redeem rewards and others. However there is also a con in regard to burning of reward points.
Top travel credit cards with most value-back: Airport lounge access, discounts on airfare, business class vouchers, rewards
Top travel credit cards: Here are some of the top banks' travel credit cards providing significant value-back on travel spends. Some of these cards are co-branded with popular travel portals or airlines while others offer general travel benefits.
Club Vistara points to merge with Air India Flying Returns: What frequent fliers should know about migration; last date to opt out
Vistara-Air India merger: After the much-anticipated merger between Air India and Vistara, Club Vistara will be discontinued. Here is a look at what Club Vistara members should know about the integration with Air India Flying Returns, as per the email communication.
Mother's Day gift: Can credit card be a good gift to your mother especially when she is not earning?
Mother's day: This mother's day give her the gift of financial freedom by by taking out a credit card and giving to her. A credit card will be useful for her in many situations like in case of emergencies, household shopping, etc. A credit card will also help a non-working mother by giving her better autonomy.
Rewards credit cards with most value-back potential: SBI Card, HDFC Bank, Axis Bank, IDFC First Bank, American Express
Listed below are the best rewards credit cards in India, chosen basis their reward earning rate, redemption value and overall value-back potential across multiple spending categories.
Virtual RuPay credit card on UPI launched: Earn 8 reward points on every UPI payment of Rs 200; know features, other key details
YES Bank has partnered with ANQ, a Bengaluru-based financial service provider to unveil two unique co-branded credit cards — YES Bank ANQ Pi credit card and YES Bank ANQ Phi credit card. What are the features of these two new credit cards? Find out here? Find out here.
Credit cards with all-round benefits can help maximise savings: Top cards of HDFC Bank, Axis Bank, SBI Card, IDFC FIRST Bank
Top all-round credit cards: By choosing an all-round credit card, users can enjoy various benefits and maximize their savings on a range of purchases. Here is a look at credit cards with the best all-round benefits chosen basis the overall value offered by a card across multiple categories like shopping, dining, travel, movies and more.
Top banks' co-branded credit cards: Cashback offers, fuel surcharge waiver, discounts, freebies, annual fee
Top co-branded credit cards: Banks and other credit card issuers offer credit cards in collaboration with popular brands across different segments. Let us look at the top banks' co-branded credit cards across different spending categories such as shopping, dining, travel, movies, fuel and more.
Federal Bank, South Indian Bank stop new co-branded card issuance
Federal Bank has three co-branded credit cards with partnerships with OneCard Scapia Technology Pvt. Ltd and FI Brand Pvt Ltd, targeting mostly the new generation customers. The bank on Wednesday said it is in the process of rectifying the areas that are deficient and will seek regulatory clearance prior to resumption of new issuance.
How RBI is upping the scrutiny on credit cards
The Reserve Bank of India is tightening its grip on cobranded credit cards, a recently booming sector. This stricter scrutiny aims to prevent unregulated entities from gaining backdoor access to the credit card industry.
RBI amends these debit card, credit card rules: What card holders should know
Latest credit card, debit card rules: The RBI has requested business card issuers to put in place an adequate system to track the use of money.
RBI asks banks to monitor end use of funds for biz credit cards
This is in the context of the RBI clamping down on unregulated co-branded partners working with banks and, in many cases, accessing customer transaction data for their own business purposes.
RBI diktat to banks, credit card companies set to upend long-term integrations
For several years, banks have been dependent on deep integrations and partnerships with companies like Visa and Mastercard to make credit card operations profitable for them and attractive for customers. But now, given the choice, if consumers want to move to other card schemes like RuPay, those partnerships will get disrupted.
Top banks' credit cards with low annual fee
Credit cards with low annual fees: Listed below are the top banks' low annual fee credit cards which are chosen basis the overall value-back they offer in the form of reward points, cashback, discount, etc. across different spending categories.
ETMarkets Management Talk | Poonawalla to launch co-branded card in Q4, says MD Abhay Bhutada
Poonawalla Fincorp plans to launch co-branded credit cards this quarter after receiving approval from the RBI. The credit cards will complement their existing product basket and make them an active participant in the payment ecosystem. The strategy for the credit card business includes offering it to their existing customer base and using it as a bundled offering for new customer onboarding. Poonawalla Fincorp aims to be embedded in the payments ecosystem and be a part of their customers' daily routine.
Cobranding with Tata Neu, Swiggy widens HDFC Bank cards’ reach
HDFC Bank has distributed a million-plus cards with Tata Group’s super app Tata Neu and around 120,000 with foodtech major Swiggy, two people in the know told ET.
Cobranded credit card rush; threat of complete ban on offshore crypto apps
Happy Friday! Banks are pushing the pedal on their cobranded credit card strategy as they gain traction through large consumer facing internet companies. This and more in today’s ETtech Morning Dispatch
Fintech startup Fibe launches numberless co-branded credit card with Axis Bank
The card is powered by RuPay, which allows the customer to link it with the Unified Payments Interface (UPI) system.
Poonawalla Fincorp gets RBI nod to issue credit cards with IndusInd Bank
Poonawalla Fincorp received RBI's approval to issue co-branded credit cards with IndusInd Bank, the company said in a press release on Tuesday. The partnership will enable the company to usher in a new age of flexible and versatile retail credit, said the company in a statement.
HDFC launches co-branded credit card with Marriott Bonvoy
HDFC Bank has launched its first co-branded credit card with Marriott Bonvoy. The card aims to capitalize on the trend of revenge spending post-pandemic, with increased domestic and international travel and spending. The card offers exclusive benefits and rewards, as well as access to Marriott International's travel program. This is HDFC's second co-branded card this fiscal year, following the launch of a card with Swiggy in July.
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