YES BANK CREDIT CARD
Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank
New credit card rules: Many major banks have implemented significant modifications to the credit card services. Let's examine the important changes to credit card services offered by these major institutions, which will take effect in July.
ITR filing: Credit card and forex spend reported separately by banks in AIS, know the impact and what you can do
Income tax return: While filing your ITR make a note that banks are now reporting total forex spends as a separate category in addition to total credit card spends. According to Gopal Bohra, Partner, N.A. Shah Associates, "Transactions through international credit cards are currently exempt from TCS, and accordingly, banks do not collect TCS. However, banks report all remittances under LRS through TCS filing, irrespective of whether TCS is collected or not."
PSBs on the margins in credit cards, but NPAs ahead by a wide margin
Public sector banks in India are navigating the credit card market, facing challenges with high NPAs. The focus on tier-II and tier-III cities is driving credit card sales, with State Bank of India and Bank of Baroda leading in card spending through subsidiaries. Specialized skills and appealing features are crucial for success, particularly in attracting younger consumers with modern products and reward points.
HDFC Bank credit card charges, term: 9 major changes you should know about
HDFC Bank has made major revisions to its credit card terms and charges. According to the bank's official website, these modifications take effect on August 1, 2024.
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.
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
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New RuPay UPI credit card rules: NeuCoins you will earn from UPI transactions on Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024
Here is a look at changes that will come into effect for the Tata Neu Infinity HDFC Bank Credit Card from August 1, 2024, as per FAQs posted on the bank’s website.
Credit Card issuance soars despite worries over unsecured loans
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Money changes in July: With July fast approaching, it's essential to keep track of upcoming money deadlines and rule changes. Here is a look at five money-related changes and deadlines in July.
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.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
Citibank credit cards migration to Axis Bank to be completed on July 15; credit cards migrated, new benefits, 9 important FAQs
Citibank credit cards migration to Axis Bank: According to the Axis Bank website, here is a look at the Citibank credit cards that will be migrated, the new terms and conditions, fees and charges, rewards, and other important migration details.
Axis Bank-Citibank credit card migration: 9 Citi cards transferred to Axis Bank; new credit card names, benefits, reward points
Axis Bank-Citibank credit card migration: Citibank credit card holders should note that your card number, CVV, and transaction limits will stay the same after the migration. Your annual fee, spend-based fee waiver limits, and statement date will also remain unchanged. After the migration, you will have a combined credit limit across all your Citi-branded Credit Card(s) and Axis Bank Credit Card(s).
New UPI-enabled Rupay credit card launched by Federal Bank: How to apply, cashbank offers, reward points
Federal Bank RuPay Wave Credit Card enhances your transaction experience with convenience and rewarding opportunities. With this card, you can enjoy cashback and unparalleled rewards on your purchases.
CIBIL score dropped due to bank's fault: Doctor won the legal battle with Rs 2.6 lakh as damages after 7 years, lessons you can learn from this
CIBIL score: A doctor had AMEX credit card issued by a bank with credit limit of Rs 3.25 lakh. However his bank reported him as a defaulter and thus his CIBIL score dropped by a big margin This happened despite the doctor paying the bank by personally handing over a cheque with number 69131. However ICICI Bank, Vadodara branch stepped in to help solve this case.
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.
SBI Credit Cards rule change: Reward points not applicable on 22 credit cards for government transactions from July 15
SBI Card announced that accrual of reward points on government related transactions will be discontinued for certain credit cards from July 1, 2024. List of SBI Credit Cards where reward points will not be applicable on government related transactions.
ICICI Bank will not levy these credit card charges from July 1
ICICI Bank credit card charges: These charges will be discontinued from July 1, 2024, according to the ICICI Bank website.Here is a look at the credit card charges that will be discontinued.
4 easy ways to repay a huge credit card bill
Credit cards can be a useful tool for financial management, but overspending can lead to challenging debts. Here are tips to efficiently pay credit card bills.
Credit cards for international airport lounge access of HDFC Bank, Axis Bank, Yes Bank: Complimentary lounge access, other benefits
Top airport lounge credit cards: The credit cards listed below offer considerable number of complimentary visits to international as well as domestic airport lounges, along with other travel and lifestyle benefits
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.
Risk weighting slows unsecured loan growth
The growth of unsecured credit in India, including personal loans and credit card outstanding, slowed to 18% in April from 23% in November 2023. The Reserve Bank of India's risk weighting on such exposures aims to reduce delinquencies in the banking system.
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.
HDFC Bank debit, credit cards will not be working on these two days: Check details
HDFC Bank has notified customers via email and SMS that all HDFC Bank debit, credit, and prepaid card transactions would be temporarily unavailable during an update period.
Late payment fees of top credit cards with airport lounge access compared: SBI Card, HDFC Bank, ICICI Bank, HSBC
Late payment of credit cards: Here is what top banks' credit cards with airport lounge access, such as SBI, ICICI Bank, HDFC Bank, and HSBC, are charging as late payment fees.
New RuPay credit card on UPI launched: Attractive reward points on online, UPI, offline transactions; lifetime free, other features
IndusInd Bank and Poonawalla Fincorp have launched a co-branded RuPay Platinum Credit card. This card offers reward points on everyday spending on e-commerce websites, including UPI transactions and point-of-sale machine transactions. It has no joining and provides benefits like movie ticket offers and fuel surcharge waivers. All you need to know about IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card.
Credit card issued without consent? Here is what you can do
Card issuers are restricted from offering unsolicited credit cards and are required to get the customer's prior and explicit authorisation before issuing the card, according to the Reserve Bank of India (RBI) rules.
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.
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.
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