Browsing: credit

[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] Defaulting on a bank loan has serious repercussions. When you fail to repay your loan, you are deemed to be a defaulter by the lender and the same is reported to the credit bureaus. This default can have several consequences such as tarnishing your credit score and affecting your financial credibility for an extended period, making it difficult to avail funds in the future. Implications of loan default The consequences of a default vary based on the type of loan you have defaulted on. If you default on a secured loan, the financial institution is within its legal rights…

[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] As the NUMBER of investment-grade bond issuances has been on a steady rise indicating overall buoyancy in the credit segment, individuals are looking at credit risk funds for higher returns. With the investment cycle picking up steam and much of the private capex yet to be committed, one can expect a series of high-quality issuances in the sub-AAA category. However, investors must be cautious as returns in isolation may not be the best metric to go by. Credit risk funds are debt funds that invest at least 65% of the portfolio in bonds rated AA and below. Investors who…

[ad_1] Nifty PSU Bank index jumped 2.8% to 4,377.25 today as the market mood remained positive despite mixed global cues. The NSE Nifty 50 rose 89.50 points or 0.46% to 19,412.05 and BSE Sensex soared 361.82 points or 0.55% to 65,566.87. All the banking and non-banking indices such as Bank Nifty, Nifty Financial Service and Nifty Private Bank were trading in green. The top gainers on Nifty PSU Bank were Punjab National Bank (PNB), Bank of India, Indian Overseas Bank, Punjab & Sind Bank and Indian Bank while there were no losers. SBI, PNB, Bank of Baroda among preferred large…

[ad_1] By Adhil Shetty Credit cards are popular financial tools; they allow consumers to convert their large purchases into EMIs. This feature also enables cardholders to make expensive purchases more affordable by spreading the cost over several months. Flexible repayment options, such as interest-free periods and the ability to pay the minimum amount due, provide additional financial flexibility to consumers. The recent RBI data show that credit card dues crossed the Rs 2-lakh crore mark in April 2023, which is a significant increase from the previous year. There could be several reasons for higher spends like the rising cost of…