Credit Card
How are business credit cards different from personal credit cards?
Business credit cards are specifically meant for undertaking business expenses and are of various types. Read on to find out about the advantages of such credit cards and their utility for business-related expenditures.
Credit card lounge access: Rules changed for these two credit cards from January 1, 2025
Credit card lounge access: Many banks have recently made changes to features of various credit cards. While some banks have curtailed the complimentary lounge access feature of a credit card by introducing spend based limits, other banks have restricted the reward points and redemption features.
ICICI Bank and Times Internet launch super-premium credit card
ICICI Bank and Times Internet have launched a super-premium credit card, 'Times Black,' crafted from historic Times of India printing plates. Targeting ultra high-net-worth individuals, the card offers exclusive benefits like lounge access, reward points, and even helicopter rides. The annual fee is ₹20,000, waived for yearly expenditures of ₹25 lakh.
Influential economist Mohamed El-Erian labels US as K economy, says lower-income households are struggling in America
Mohamed El-Erian , who is a renowned influential economist has recently claimed that the United States is a country where lower-income households are facing survival issues financially. He pointed out the massive disparity in the US economy as of now, where the rich keep getting richer
Penalties surge as RBI cracks the whip on lenders
The Reserve Bank of India (RBI) significantly increased enforcement of penalties on banks in FY24, with public sector banks paying six times more and private banks paying double the previous year. Enhanced vigilance since the near-collapse of Yes Bank has led to heightened surveillance and stricter regulatory actions, including bans on significant lenders.
Why is India's credit card market slowing down? New report reveals the trends
India's credit card market is slowing down, with fewer new cards issued and rising late payments. Outstanding balances reached ₹3.3 lakh crore by June 2024, a slower growth than the previous year. Late payments are increasing across all card categories, particularly for cards with lower limits. New card issuances also declined significantly in the first quarter of FY25.
Key Supreme Court ruling comes in case involving capping of charges on late credit card bill payment
The national consumer court had in 2010 restrained banks from charging interest rates in excess of 30% per annum from the credit card holders for their failure to make full payments on due date.
After festive spending rush, credit cards back in wallet
Credit card spending in India decreased by over 16% to ₹1.70 lakh crore in November from October's high of ₹2.02 lakh crore, reflecting post-festive season consumer sentiment. Axis Bank experienced the largest drop, with a nearly 24% decline in spending.
Indian banks' profitability to moderate in FY26, India Ratings says
Indian banks' profitability is expected to moderate in 2025-26 due to higher delinquencies in unsecured loans and rising credit costs, according to India Ratings. Rapid financial improvement seen between 2021-2024 is likely to peak in 2024-25. Increased delinquencies in personal loans, credit cards, and microfinance will impact banks' profits, with credit growth forecast cut to 13.5% for 2024-25.
Buy now pay later, credit card spending reducing savings of youth: RBI Deputy Governor
RBI Deputy Governor warns of decreased savings due to BNPL and credit card usage. These trends challenge monetary policy. Digital financial solutions are changing consumer behavior. This impacts traditional economic policies. Central banks need new approaches to manage these changes. The global digital economy is growing rapidly.
SBI Cards and Payment Services shares rally 5% as Nomura and Nuvama upgrade ratings to buy, hike target prices
Shares of SBI Cards surged 5.1% after Nomura and Nuvama upgraded its rating to 'buy' with target prices of Rs 825 and Rs 850. Both brokerages see growth potential, citing improving asset quality, credit cost decline, and strong card additions despite past concerns.
Punjab & Sind Bank to roll out instant loan scheme for MSMEs based on GST return
Punjab & Sind Bank plans to launch an instant loan scheme for MSMEs up to Rs 25 lakh, following the success of their digital home and vehicle loan schemes. The automated, rule-based approval system aims to expedite the process and reduce manual intervention, ensuring loans can be sanctioned quickly, even on holidays.
SC sets aside NCDRC’s 2008 order that barred banks from charging interest rates over and above 30% from credit card holders
The Supreme Court overturned a 2008 order that capped credit card interest rates at 30%. This ruling favors banks like Citibank and American Express, allowing them to charge higher rates. The court determined the National Consumer Disputes Redressal Commission lacked the authority to set interest rate ceilings, a domain reserved for the Reserve Bank of India.
How a credit card fraudster bought $47,000 worth Universal Studios Singapore tickets
A Malaysian man has been jailed for buying US$47,000 worth of Universal Studios Singapore tickets through credit card fraud. The 35-year-old received tokenised credit cards on his Apple Pay app that he used to purchase almost 800 Universal Studios Singapore tickets. The fraudster told the court he was guilty and hoped his actions did not result in major repercussions.
Fraudsters obtain 38 credit cards from HSBC Bank, withdraw Rs 1.26 crore
HSBC Bank lost Rs 1.26 crore in an alleged credit card fraud. The bank filed a police complaint. 38 credit cards were issued using fake documents. The cards were used to withdraw the entire amount. Online applications and forged IDs were used in the scam. Police are investigating the crime.
Axis Bank credit card changes from December 20, 2024: Rule changes in reward points, airport lounge access, others
Axis Bank credit card changes: The revisions include finance/interest charges, NACH payment failure charges, fees for cash payment, late payment charges, reward redemption fee, fee on online skill-based gaming among others.
Kotak Mahindra Bank shares rally over 2% on upgrades from both Jefferies and Citi
Kotak Mahindra Bank shares rose 2.6% after Citi and Jefferies upgraded the stock to “buy,” with target prices of Rs 2,070 and Rs 2,120, citing strong loan growth, improving delinquency, and potential upside catalysts.
Bank lending slowed across sectors in November
Bank lending across most sectors in November showed a slowdown, except for credit to industries. Vehicle loans and credit card outstanding exhibited a significant decrease in growth. However, loans against gold increased substantially. Overall non-food credit growth slowed to 11.8 percent, highlighting varying trends in different sectors.
Credit card changes in December, 2024: SBI, AU Small Finance Bank, Axis Bank, Yes Bank credit card rule changes
AU Small Finance Bank has revised its reward points, Axis Bank has made several changes to the general terms and conditions of most of its credit cards. SBI has revised utility bill payments fees, and YES Bank has revised reward point redemption category.
Key money updates in 2025: Major changes to UPI, credit card lounge access, fixed deposit, income tax and EPFO
Money changes in 2025: The new year brings several financial rule changes, including revised fixed deposit (FD) regulations for non-banking financial companies (NBFCs), an increased transaction limit for UPI 123Pay, and various tax-related changes and deadlines. Know the changes that will impact you in 2025.
Ending Bajaj Fin credit card tie-up a non-event, pace of new sales to return in a quarter: RBL Bank
RBL Bank is set to regain its credit card sales pace within a quarter following the end of its tie-up with Bajaj Finance. About 30% of its cards remain co-branded, but new distribution strategies and partnerships, including IRCTC and Mahindra Finance, aim to maintain steady card dissemination and boost cross-selling of other financial products.
SBI credit card rule change: These SBI credit card customers will not get reward points on digital gaming platforms
SBI credit card rule change: Starting December 1, 2024, SBI has done away with reward points on various digital gaming platforms for some of its credit cards. Some of these cards include Gold Defense SBI Card, SBI Card Platinum and Prime. Effective this month, SBI will levy a fee on all utility payments that go beyond a certain limit in a single billing cycle. Read on to know about SBI credit cards that have been affected, and the fee charged.
Farmers borrowing more from banks and are creditworthy, too
The number of farmers’ accounts opting for credit through institutional sources increased by 381 lakh from March 2020 to March 2024. A large number of urban labourers moved back to their rural homes postCovid, fostering growth in agricultural activities.
RBL Bank shares down nearly 5% on ending credit card partnership with Bajaj Finance
RBL Bank Share Price: RBL Bank shares fell 5% after ending its credit card partnership with Bajaj Finance. Brokerages downgraded RBL’s target price, while Bajaj Finance also saw a decline in shares.
For credit cardholders: Restriction on free airport lounge access, reward point usage and other big changes by four banks
While some banks have restricted their complimentary lounge access features, other banks have made changes to the reward points earning and redemption feature. Read on to know the details about the latest changes made by Axis Bank, Bank of Baroda, YES Bank and AU Small Finance Bank.
Centre launches 10,000 new PACS, eyes 2 lakh target before 5-year timelines: Amit Shah
Cooperation Minister Amit Shah launched 10,000 new PACS, aiming to establish 2 lakh such societies ahead of the five-year target. The initiative involves NABARD, NDDB, and NFDB creating numerous new cooperatives across the country. Emphasis was placed on effective cooperation at the panchayat level and the importance of trained manpower.
Bank of Baroda credit card offers discounts on Flipkart, Croma, Amazon and Paytm shopping; other offers, EMI on UPI launched
BOBCARD: BOBCARD by Bank of Baroda credit card users are in for rejoice as they will get big discounts on Flipkart, Amazon, Croma and Jiomart this wedding season. Moreover, BOBCARD by Bank of Baroda Credit Card, has launched EMI facility on UPI. "To use EMI on UPI feature on BOBCARD, the transaction amount must be at least Rs 2500," says Ravindra Rai, MD & CEO, BOBCARD.
Pace of credit card additions falls 50% in October
Credit card additions at Indian banks dropped nearly 50% in October year-on-year amid rising delinquencies and stricter RBI risk weight regulations. Lenders remain cautious with new disbursements as there are signs of demand fatigue in the consumption market, especially affecting the middle-income category.
Bajaj Fin may exit credit card partnership with DBS, Motilal Oswal says
Bajaj Finance may also end its co-branded card partnership with DBS Bank, resulting in a potential decline in fee income by Rs 47 crore in the current fiscal and Rs 140 crore by March 2026. Despite lost upfront fee income, income from the trail fee stream will remain for the next two to three years.
RBL Bank pulls plug on Bajaj Finance partnership
RBL Bank has ended its eight-year co-branded credit card partnership with Bajaj Finance because of changed synergies. The bank will stop issuing new co-branded credit cards, which previously made up 30% of its credit card issuances. RBL will continue to service existing cards and has formed new partnerships with other companies like Mahindra & Mahindra Finance and Indian Oil Corp.
HSBC pulling back from China credit card business after struggling to expand
HSBC is retreating from its struggling credit card business in China, ceasing new card issuance and planning to wind down services for most onshore customers. Regulatory challenges, high client acquisition costs, and competition from Chinese banks and digital platforms contributed to this decision, despite HSBC's broader Asia pivot.
December 2024 money deadlines: Don't miss deadlines for free Aadhaar updates, special FDs, and credit card changes
Many important financial deadlines are approaching next month, and one should be aware of them. These include free online Aadhar updation till December 14, filing belated ITR till December 31, and more. Special fixed deposit schemes from various banks end on December 31, while reward points on specific credit cards will also be discontinued starting next month.
Revised ICICI Bank credit card rules from November 15, 2024: Check latest rules on finance charges, late payment charges and more
ICICI Bank credit card rules: ICICI Bank has notified its credit card customers about changes to finance charges, late payment fees, educational transactions, utility bill transactions, and fuel expenses. Here's an overview of the updates affecting ICICI Bank credit card holders, based on the information available on the website.
RBI raises collateral-free agricultural loan limit to Rs 2 lakh to aid farmers
The Reserve Bank of India (RBI) has raised the collateral-free loan limit for farmers from Rs 1.6 lakh to Rs 2 lakh, effective January 1, 2025, to help small and marginal farmers manage rising input costs. The new policy waives collateral and margin requirements for loans up to Rs 2 lakh, benefiting over 86% of farmers.
YES Bank revises free airport lounge access criteria on credit cards, reward points subscription and more; Know the latest changes
YES Bank credit card: Now the free airport lounge access on YES Bank credit card is to be given only for those who spend above a particular threshold limit like Rs 50,000 or Rs 75,000 or more in a quarter. Moreover, the reward point subscription program also has been updated. Now online spends will get lower reward points (2X) from earlier 3x in subscription plan 1.
These HDFC Bank services will not be available on December 14, 15: Know when you cannot use UPI, IMPS, NEFT, credit card
HDFC Bank has scheduled maintenance between December 14-15, which will lead to a temporary disruption of various services. HDFC Bank customers are advised to plan their banking activities in advance. Read to find out which services of the HDFC Bank will be affected during the downtime.
OneCard secures $25.5 million from QED Investors, BTV, Peak XV Partners and Z47
FPL Technologies has raised $262 million in equity funding over multiple funding rounds. The fresh funds will be used for enhancing its technology infrastructure and invest in the development of new products by collaborating closely with regulated entities like banks.
Mastercard to settle UK overcharging lawsuit for £200 million
The credit card provider was facing a lawsuit worth at least £10 billion - which would have made it the largest-ever claim of its kind. The suit came from Walter Merricks, the former head of the UK's Financial Ombudsman Service, who represented roughly 46 million consumers. The UK courts gave the green light to the suit in 2021.
ICICI Bank credit card changes from November 15: Fuel surcharge waiver, lounge access, late payment fee structure
New credit card rules: ICICI Bank informed its credit card users via SMS regarding the updates. Here’s a summary of what changes are being implemented for ICICI Bank credit card customers, based on an SMS that was sent by the bank.
UPI reigns supreme in digital payments kingdom
While UPI grew the fastest among all merchant payments modes, credit cards saw a 35% increase in transactions in October to 433 million transactions, compared to around 320 million a year ago, data released by the Reserve Bank of India (RBI) showed.
EaseMyTrip partners with Hyperface to boost card management, customer experience
EaseMyTrip has partnered with Hyperface, a Credit Cards as a Service (CCaaS) platform, to enhance its card management systems and offer a more personalized experience for its customers. The collaboration will streamline EaseMyTrip's co-branded credit and debit card programs, making it easier for customers to manage their cards and access tailored benefits.
Shopping on credit nearly doubled during Diwali for e-commerce consumers, cash on delivery slumps - GoKwik
Credit use doubled this festive season. Credit cards and BNPL options drove this growth for D2C brands on GoKwik's network. Prepaid payment methods also surged by 13%. Cash on delivery dipped by 8%. GoKwik enables brands to improve profits by reducing COD orders. The company houses over 10,000 brands and 120 million shoppers.
Can you access airport lounge without a credit card? Yes, these debit cards will help
Debit card with airport lounge access: Not many people are aware of the fact the airport lounge can also be accessed without having a credit card. The banks issue debit cards to their customers with their savings bank accounts. These debit cards offer airport lounge access. Know the 12 debit cards that can get you airport lounge access.
5 ways to save money using credit card: Up to 7.5% cashback and more; top credit card offers for online, offline shopping in Diwali
Planning can help you save money while shopping for Diwali, especially if you have a credit card. From no-cost EMIs to cashback and rewards, credit cards offer many benefits. But to maximise savings, you need to know the right strategies. Keep these five tips in mind while using credit cards during the festive season. Here is a curated list of the 7 cashback credit card options that will give you heavy cashback or rewards while shopping online or offline.
Top lifetime free credit cards with no annual fee, joining fee October 2024: ICICI Bank, Yes Bank, IDFC FIRST Bank, Kotak Mahindra Bank, HSBC, Canara Bank, Standard Chartered Bank
Top lifetime-free credit cards: Below is a list of lifetime-free credit cards offered by various top banks. Please note that the cards are not listed in any specific order, and the information is based on data collected from bank websites as of October 18, 2024.
Credit card defaults on the rise; what is the punishment for credit card default
Credit card defaults: The amount of credit card payments that are overdue has been consistently rising, suggesting that borrowers are encountering greater financial challenges. TransUnion Cibil data shows that credit card defaults increased to 1.8% in June 2024 from 1.7% six months prior and 1.6% in March 2023. Despite the seemingly small percentage increase, the overall sum of unpaid credit card balances has notably expanded.
New credit card rules: SBI Card increases these credit card charges from November 1, 2024; check details
New SBI credit card rules:SBI Card has raised the finance charges on all unsecured SBI Credit Cards, as per their official website. However, this change does not affect the Shaurya, Defense card. This will be effective starting November 1, 2024, according to the SBI Card site.
Rise in delinquencies: Banks buckle up, go slow on issuing new credit cards
Banks have slowed down credit card issuances due to increasing defaults among customers. The Reserve Bank of India reported a significant decline in new card additions from August to September. Experts warn that this cautious approach may continue as lenders are wary of rising delinquencies and new regulatory measures affecting unsecured loans.
Pune CA unlocks Rs 3 lakh Marriott luxury stay without spending any money: Here’s how
A Pune-based chartered accountant, Priti Jain, enjoyed a three-night luxury stay at a Marriott resort in Uttarakhand, valued at Rs 3 lakh, without paying anything. By using 58,000 reward points from her American Express Platinum card, she converted them into Marriott Bonvoy points during a bonus offer, securing an upgraded suite and additional perks like complimentary breakfast and evening hi-tea.
New credit card, train ticket, money transfer rules, special FD deadline: 5 major changes in November 2024
Significant changes are set to take effect in November 2024. These changes encompass modifications to SBI Card and ICICI Bank credit card regulations, new railway rules, RBI’s updated money transfer guidelines, and the deadline for Indian Bank's special fixed deposit offer.
Credit card usage sees a big jump this festive season
During this year's festive season sales, there was a significant rise in the usage of credit cards and credit-based payment instruments such as pay-later products, with a recorded increase of 35-50% in transactions compared to the previous year, particularly in lifestyle, fashion, and electronics.
RBL Bank to launch co-branded credit cards with Mahindra Finance
Mahindra Finance plans to launch a co-branded credit card with RBL Bank after receiving approval from the RBI. This new offering aims to cater to customers' aspirational needs, aligning with the rise of e-commerce and tech advancements. Mahindra Finance holds a 3.53% strategic stake in RBL Bank.
Axis Bank issues over 1 million credit cards in Q2 FY25 as trend picks up with festive season
Axis Bank became the fourth largest credit card issuer in Q2 FY25, with a 14% increase in Cards in Force. Credit card transactions surged, especially in lifestyle, fashion, and electronics. However, millennial defaults are rising, with outstanding debt reaching substantial highs.
Online spends through credit cards rose sharply in festive sale season
Credit card users in India spent more online in September, driven by e-commerce discounts and festive sales. Online card spending reached Rs 1,15,168 crore in September, surpassing in-store spending. E-commerce platforms like Flipkart and Amazon saw significant sales growth, particularly in mobile phones and electronics.
US Fed rate cut impact on Mortgages, Home Loans, Credit Cards, Car prices, Savings, Student loans. Details here
US Fed rate cut announcement will impact the personal finances of millions of Americans.
New credit card rules: SBI Card, ICICI Bank, HDFC Bank latest credit card rule changes
New credit card rules: The credit card rules for SBI Card, ICICI Bank, and HDFC Bank have been updated by all three banks. Let us examine these changes in credit card rules.
Free access to RuPay exclusive airport lounge: New guidelines released by NPCI to be applicable for these people
RuPay exclusive airport lounge: The National Payments Corporation of India has released new guidelines for complimentary access of RuPay exclusive airport lounge. The new guidelines introduces Tier based spend criterias for accessing RuPay airport lounge at various airports. “RuPay has set up an Exclusive Lounge at T3 departure terminal of Indira Gandhi International (IGI) Airport. This is the first exclusive lounge of RuPay at Departure Pier 11, T3D, near Boarding Gate number 41."
Ankur Warikoo reveals his annual salary while seeking credit card advice. 'I draw a salary of Rs...'
Entrepreneur and content creator Ankur Warikoo recently revealed his Rs 50 lakh annual salary while seeking advice from his followers on a new travel credit card. Known for his transparency about financial matters, Warikoo explained that he plans to replace his Axis Vistara Credit Card and asked for recommendations. His career journey has been inspiring; starting with a modest monthly salary of Rs 14,746, Warikoo left a PhD program in the U.S. to pursue an MBA in India.
ICICI Bank credit card rules changed: Fuel surcharge waiver, lounge access, late payment fee structure, 16 other rules changes
New credit card rules: ICICI Bank has recently made several changes to its credit card rules, following similar moves by HDFC Bank and SBI Card.
Defaults coming back to bite, banks rein in growth of unsecured credit
Several lenders said that they now prefer offering loans to customers with credit scores of more than 750 from a cap of 720 seen prior to the onset of stress. Banks are also keeping a very close watch on days past due (DPD), where collection machinery gets triggered at day zero DPD.
India's credit card losses spike for millennials’ swipe-spend-default habit
Credit card defaults among young millennials have increased, driven by BNPL schemes and e-commerce purchases on EMIs. Credit card outstanding dues have risen significantly, with net credit losses reported at 5-6%. The RBI's measures to curb unsecured loans are showing results, slowing down credit growth in these segments.
SBI Card increases credit card charges; check effective dates, revised charges, other details
New credit card rules: SBI Card has recently raised fees for certain credit card transactions. These changes involve adjustments to the fee structure for utility bill payments and finance charges. It's important to note that the effective dates for these changes differ.
Despite slower credit growth, consumption via credit goes up by five per cent, say industry executives
Despite tighter lending norms impacting unsecured credit disbursal, credit-fueled consumption in India has surged, particularly for smartphones, electronics, and white goods, driven by aggressive no-cost EMI offers and a growing credit card user base, though lenders are cautiously tightening underwriting standards to manage potential defaults.
Digital payments show strong uptick buoyed by wider adoption of credit during festive season
During this year’s festive season sales, credit cards and credit-based payment instruments like pay-later products saw a significant increase, according to industry reports. Transactions rose by 35-50% compared to last year, with a large share being made through credit cards, EMIs, and pay-later options. Unified Payments Interface (UPI) remained the dominant payment method, with a 34% rise in transactions and over 500 million daily payments recorded.
Last Vistara flight today: 7 important deadlines, dates for all passengers, credit cardholders, Club Vistara members
Vistara-Air India merger: As Vistara and Air India come together in a merger, some aspects of your travel experience may change. Starting November 12, 2024, all flights operated by Vistara will need to be booked through the Air India website due to this ongoing integration. Beginning tomorrow, Vistara’s fleet will officially join Air India. To help travelers, credit card users, and Club Vistara members navigate these changes, we've outlined seven important deadlines and dates to keep in mind.
Credit card dues and defaulters on the rise
Credit card dues and defaulters are rising, with defaulters reaching 1.8% in June. Outstanding credit card debt has grown significantly, stressing the unsecured lending segment. Young millennials are heavily using credit limits and defaulting without revolving loans. The RBI's proactive measures have helped reduce credit growth in unsecured segments.
Finance Ministry asks PSU banks to take steps to meet loan targets for agri-allied sector
India's Finance Ministry has urged public sector banks to achieve their loan targets for the agri-allied sector this fiscal year. Secretary M Nagaraju emphasized the sector's importance in boosting agricultural growth and rural employment. He directed banks to conduct regional assessments to ensure credit reaches all areas with potential in allied activities.
Credit card spends and loan growth slow as lenders get cautious about asset quality: Nomura
Credit card spending and loan growth are slowing down as lenders become cautious about asset quality, according to a Nomura report. The Reserve Bank of India data for August 2024 shows a decline in the number of new cards issued and overall spending. The upcoming festive season may offer a temporary boost, but significant growth is unlikely.
6 Vistara co-branded credit cards: Last date till when card holders can use benefits, rewards after Air India-Vistara merger
Air India-Vistara merger: Many people have chosen to purchase Visatara co-branded credit cards to unlock a range of benefits and rewards. So, what will happen to these cardholders? Keep reading to find out what the FAQ section related to the Vistara-Air India merger has to share.
From Reliance to Unilever, firms worried about low consumer demand in India
Consumer companies in India are struggling with declining urban middle-class spending due to inflation and unemployment. Major firms, including Reliance and Hindustan Unilever, have reported weaker demand and challenging conditions. Urban demand growth has been falling for five quarters, affecting key sectors like entry-level cars, fashion, and lifestyle products.
Planning to remit more than $250,000? The RBI plans to keep a close watch
Banks have requested the Reserve Bank of India to integrate with its Centralised Information Management System for real-time limit verification under the Liberal Remittance Scheme, aiming to fast-track international credit card spending inclusion and ensure seamless tax collection compliance.
Banks see over 15% growth in new credit card addition: RBI data
Indian banks added over 9.2 lakh credit cards in August, with HDFC Bank leading the charge. Total active credit cards reached 10.55 crore. Despite growth, transaction volumes slowed and spending declined to Rs 1.69 lakh crore. RBI has flagged risks in unsecured loans, urging caution among lenders.
JetBlue premium credit cards: Check benefits in New York airport, Boston airport; Key details
The smallest airline JetBlue is all set to introduce the JetBlue premium card, which will be the access for the yet to be open airport lounges of JetBlue. JetBlue premium credit card will have lots of benefits
