YES BANK CREDIT CARD
![New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm](https://img.etimg.com/thumb/msid-111461585,width-100,height-75,resizemode-4/wealth/spend/new-credit-card-rules-hdfc-bank-axis-bank-other-banks-customers-cannot-make-credit-card-bill-payments-using-cred-phonepe-paytm.jpg)
New credit card rules: HDFC Bank, Axis Bank, other banks customers cannot make credit card bill payments using PhonePe, Paytm
Credit card bill payment rules: As of July 1, customers with credit cards from major banks like HDFC Bank and Axis Bank will no longer be able to settle their credit card bills using third-party applications such as PhonePe, Amazon Pay, and Paytm.
![Major credit card rule changes of big banks that will come into effect in July: SBI Card, HDFC Bank, ICICI Bank, Citibank](https://img.etimg.com/thumb/msid-111358741,width-100,height-75,resizemode-4/wealth/spend/major-credit-card-rule-changes-of-big-banks-that-will-come-into-effect-in-july-sbi-card-hdfc-bank-icici-bank-citibank.jpg)
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](https://img.etimg.com/thumb/msid-111425354,width-100,height-75,resizemode-4/wealth/tax/itr-filing-credit-card-and-forex-spend-reported-separately-by-banks-in-ais-know-the-impact-and-what-you-can-do.jpg)
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](https://img.etimg.com/thumb/msid-111413176,width-100,height-75,resizemode-4/industry/banking/finance/banking/psbs-on-the-margins-in-credit-cards-but-npas-ahead-by-a-wide-margin.jpg)
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.
![RBI imposes Rs 29.6 lakh penalty on HSBC](https://img.etimg.com/thumb/msid-111345416,width-100,height-75,resizemode-4/industry/banking/finance/banking/rbi-imposes-rs-29-6-lakh-penalty-on-hsbc.jpg)
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](https://img.etimg.com/thumb/msid-111315484,width-100,height-75,resizemode-4/wealth/spend/revisions-to-9-hdfc-bank-credit-card-terms-effective-august-1-late-payment-fees-fuel-transactions-bill-payments-others.jpg)
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.
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.
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.
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
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.
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