The festive season has arrived and banks are back again luring its customers with discounts and cashbacks through their product offerings.
The first POS terminals emerged in 1979, when Visa introduced a bulky EDC (electronic data capturing) terminal for magnetic stripe cards.
Though the two unsecured portfolios have a smaller pie with about 30 percent in the share of retail loans, which is nearly 25 percent of the total loans in the industry, the pace of growth is substantial
There are often bizarre stories of outrageous fraud but if you are to dig down and look at it, most of these could have been avoided if the victims, at some point or other, had been careful and used common sense methods to safeguard themselves.
Though credit cards are rewarding, you can get the maximum out of your card only if you use it smartly.
Though there are other parameters besides repayment history which makes you eligible for a home loan, timely re-payment of funds is of great importance.
Making purchases through credit cards can help you manage your finances and if you pay up in time there is no extra cost involved.
Before you do this, examine the liabilities that may come from this arrangement.
The credit limit for the customers is up to Rs 4 lakh based on pre-checked bureau scores. As on June end, ICICI Bank's number of outstanding credit cards stood at 43.46 lakh, below HDFC Bank and State Bank of India.
The more we become 'social', the more we tend to show-off. It leads to more bad loans. It is time to shun bad loans and embrace good loans wherever required.
If you are unable to meet your monthly EMI payments, depending on the number of days that have passed without payment, you will be branded a defaulter by the lender.
UPI has a unique feature of creating a virtual address through which you can transfer money without disclosing your account number and IFS code (IFSC) to the receiver.
Following the transaction, SBI and Carlyle will own 74 percent and 26 percent, respectively in each of the two entities. According to reports, Carlyle was in talks to buy the 26 percent stake for Rs 2,000 crore.
The first casualty of loss of income would be the credit worthiness
As at the end of April, HDFC Bank has the largest number of credit cards in the industry at 87 lakh followed by SBI at 46.8 lakh and ICICI Bank at 42.8 lakh cards.
No matter where you are in the world today, you will find credit card fraud and theft on the rise.
The unsecured retail segment in the form of personal loans and credit card loans have help banks provide a breather in the credit growth, which is struggling at multi-year lows of around 5 percent for the banking sector.
If you have multiple credit cards, you need to manage each of their payment cycles systematically.
If you are going through one of these situations, it is time to sit back and relook at your money matters.
If your credit score is zero, it means you do not have a credit history. With no credit history, banks have no data to assess your repayment behaviour and you will be profiled as a ‘risky’ prospect.
Inability to separate wants from needs can land you in a debt trap
There are various factors that influence a credit score, major being - payment history, credit utilization ratio, length of credit history, type of credits (secured v/s unsecured) and number of inquiries.
As India undergoes the big digital payment change, CNBC-TV18 thought of getting you some clarity and perspective on the transaction charges you pay from the country's largest bank as well as one of the biggest global payments giants.
Mobile wallets and biometric modes of payments will replace debit and credit cards in the next three to four years, NITI Aayog CEO Amitabh Kant said today.