Browsing: Card

[ad_1] The Indian card landscape is set for a big change. Starting October 1, 2023, credit and debit card holders will be able to port their card network, a landmark decision that was announced by the Reserve Bank of India (RBI) recently via a draft circular. From a customers’ standpoint, this development is significant as it gives customers the freedom to choose a card network they prefer. Visa, MasterCard, and RuPay are among the leading players in the payment card networks. A card issued by any of these networks could, earlier, not be switched to another network. Thus, this announcement…

[ad_1] In this digital age, credit cards have become an indispensable financial tool as they offer convenience, security, and various rewards and benefits. However, most people tend to ignore some of the key features of credit cards. One essential feature that often goes unnoticed is the interest-free period — a grace period during which cardholders can make purchases without incurring any interest. Understanding and effectively utilising the interest-free period is crucial for consumers to enjoy the benefits of credit cards without falling into a debt trap. Interest-free period The interest-free period, also known as the grace period, is the period…

[ad_1] Axis Bank Magnus Credit Card Terms and Conditions (Revised): Axis Bank has revised terms and conditions for its popular Magnus Credit Cards. The new rules will come into effect from September 1, as per a document on the Axis Bank website, which is also being circulated on social media. The bank has proposed to increase the annual fee from Rs 10,000+ GST to Rs 12,500+ GST. Apart from this, new rules for EDGE Reward points have also been proposed by the bank. A few days back, Axis Bank also revised the terms and conditions for its reserve credit cards…

[ad_1] Should you use your credit card or debit card more frequently to make a payment? On the surface, this seems a frivolous question. However, the decision you take has some financial repercussions which you must understand. Both credit and debit cards give us freedom to make transactions as per our needs but both have their specific benefits that you must be aware of to take a wise decision when you next time pay your bill or go out shopping with your family. At times you can’t decide which card to use to make a payment as mostly people carry…

[ad_1] Reward points are crucial to help you make the maximum use of your credit card spending. Often, cardholders use these reward points for availing discounts on travel, hotel bookings, purchasing apparels, and jewellery, among others. Credit cards offer a plethora of benefits, from cashback and discounts to travel perks and gift vouchers. However, reward points often come with an expiry date, causing many cardholders to lose out on their rewards. Each credit card issuer has their own policy regarding the expiry of reward points. It is crucial to familiarise yourself with the terms and conditions of your credit card…

[ad_1] Have you kept your credit and debit cards PINs unchanged for years? This is not a good habit. It can cost you dearly if your security PINs get compromised. You don’t even remember how many places and vendors you would have entered your security PIN to make transactions. Therefore, it is critical to set your PINs correctly and keep changing the same every three months, if possible. As technology is advancing at an unprecedented rate, it is essential to protect yourself from potential threats. For many, credit and debit cards have become important. To protect yourself from becoming a…

[ad_1] Axis Bank has revised the terms and conditions applicable to Axis Bank Reserve Credit Card customers. The revised rules will be applicable from 13th August 2023, as per information available on the Axis Bank website. Following are details of the changes announced by Axis Bank. Revision of Transaction MCC (Merchant Category Code) considered for Annual Fee Waiver and Edge Program: The bank said spends threshold for annual fee waiver will exclude transactions done on Government institutions and utilities. Further, spending on Government institutions and utilities will not be eligible for EDGE Rewards. MCC Codes: Utilities: 4814, 4816, 4899, 4900Govt…

[ad_1] Despite the strong traction in UPI, the growth of industry card spending has held up well. SBI Cards has experienced robust growth in spending. The mix of revolvers is expected to stabilise around the levels observed in Q4. With interest rates reaching their peak, we anticipate that net interest margins (NIMs) are nearing a trough. While stress in legacy accounts is a concern and could result in high credit costs in the near term, we believe this situation will eventually normalise. Profit is projected to grow at a CAGR of 26% from FY23-FY26E. We anticipate an expansion in ROE…

[ad_1] Credit cards are typically used for convenient transactions and managing expenses. Owing to multiple usages, credit card users at times face a situation where they want to transfer their outstanding balances from one card to another. This practice is known as credit card balance transfer. Balance transfer enables individuals to move their outstanding dues from one credit card to another. This process typically involves transferring the outstanding balance from a higher-interest credit card to a new credit card with lower interest rates or better repayment terms. By doing so, cardholders can potentially save money on interest payments and streamline…

[ad_1] Customers using Kotak Myntra Credit Card will get an instant discount of up to Rs 750 on every purchase on Myntra’s online shopping platform. In a statement, the bank said there will be a 7.5% discount per transaction and the upper cap for the discount enabled for each transaction is Rs 750. Also, there is no minimum threshold to avail of this benefit. Kotak Mahindra Bank Limited in partnership with Myntra today (June 1, 2023) announced the launch of its first-of-its-kind co-branded digital fashion and lifestyle credit card. Kotak Myntra Credit Card can be availed through a hassle-free digital…