Will the Budget bring credit card international spends under TCS?
In June 2023, the government reversed its earlier decision to bring credit card international spends under tax collected at source or TCS. The expectation was that these spends would eventually be brought under TCS but that has not been the case so far. According to credit card experts it is unlikely that the election budget will make announcement on this matter
Rupay credit card monthly spending crosses Rs 10,000 crore; doubles market share
The number of Rupay credit cards in circulation crossed 10 million in December, which is a little more than 10 percent of the overall credit cards in circulation.
New to credit? Here is how to build your credit score wisely
Building a strong credit score takes time and responsible credit management. Your repayment history is given the highest weightage, so you must ensure that you pay all your dues on time to build and maintain a good credit score.
ICICI Bank reduces benefits on 21 credit cards, imposes minimum card usage for airport lounge access
The bank has also withdrawn rewards on rent payments and e-wallet loading while levying currency conversion mark-up on payments in INR at overseas destinations.
Explained: How virtual credit cards work
An advantage of the virtual credit card is that it empowers cardholders with advanced transaction controls and limits that protect against misuse and reduce the risk of significant financial loss.
LIC IDFC FIRST credit card: A Moneycontrol review
Though the card offers extra reward points for LIC policy premium payments, the reward rate is not very lucrative. Also, most benefits offered are available with other credit cards, too
DreamFolks launches card-based membership programme for travellers
With the new program, people will be able to access airport lounges without having a credit or debit card, DreamFolks said
Banking Central | How RBI may have averted a potential consumer debt crisis
In the post-Covid period, personal loans as a percentage of total bank loans have risen significantly. These loans are the first to take hit in the event of an economic crisis. The RBI action has come as a timely step
Why Do Credit Cards Refuse Reward Points On Utility, Insurance And Rent Payments
Many credit card holders have been found to use sharp tactics to earn faster rewards points. This has prompted banks to exclude categories such as utility bill, insurance and rent payments from their reward-earning lists.
Seven financial changes that may impact you this December
From providing nomination or opt-out for investments in MFs and demat accounts to changes to HDFC Bank’s Regalia credit card lounge access within India, you need to be aware of several changes in the financial arena.
Banks prefer to lend money to salaried, than self-employed, says a Paisabazaar study
A Paisabazaar report titled “Making India Credit Fit” says that awareness of credit has gone up sharply among young customers.
Love to travel? Here is how you can use credit card to save on travel expenses
The key to maximising value is understanding the features and benefits of your travel card and using them smartly.
When keeping an eye on your credit score, don’t lose sight of the credit utilisation ratio
If the ratio is high and consistently so, it might indicate the individual is relying heavily on credit and may be under financial stress.
Decoding taxation for international transactions: New TCS regulations explained
With effect from October 1, 2023, the new TCS regulations apply to your international spending such as overseas tour packages, forex, remittances, and so on. Whether you're a business owner, a frequent international traveller, or simply curious about how the TCS would be levied, this video is a must-watch.
Juggling multiple credit cards? Here are ways to strike the perfect balance
There are several benefits that you can derive from having more than one card, including using them as backup and for efficient cashflow management, but these can easily backfire if you don’t have the highest level of financial discipline and responsibility
Maximise your credit card rewards: Here's all you need to know to earn while you spend
Look for a credit card that not only amplifies your spending power but also offers you complimentary membership to renowned hotel and airline loyalty programmes.
Higher TCS on foreign spends: Credit cards exempt for now, book flights, hotels separately to minimise tax impact
The government has clarified that standalone purchases of foreign flights or hotel stays are not considered as a purchase of an overseas tour package; they are covered under LRS.
Amazon Pay looking to tie-up with more banks for credit card offerings
At present, the company has a tie-up with ICICI Bank for a co-branded credit card as part of which over 42 lakh credit cards have been issued as of June 2023.
Credit card rewards: When the wrong Merchant Category Code can be costly for cardholders
Businesses are categorised by a unique number called the Merchant Category Code. This determines what rewards you get, or not. When a wrong MCC is configured in the banking system, it could land you in trouble, besides depriving you of your rewards.
Marriott Bonvoy HDFC Bank Credit Card: A Moneycontrol Review
Marriott Bonvoy and HDFC Bank have launched India’s first co-branded hotel credit card. For those who like staying mainly at Marriott hotels, this card is a good thing. But keep in mind that it also aims to convert travellers into Marriott hotel loyalists.
Why are banks cutting down on free airport lounge visits?
Complimentary visits to airport lounges, which were once a big draw to attract new customers, are now a burden. Banks and credit card companies are now cutting down on free visits.
Reeling under huge credit card debt? Here’s how balance transfer helps
Credit card balance transfer method is one of the many ways to reduce your credit card debt. But make sure you have the discipline to pay off your debt in time. But if the debt is too high, a credit counsellor is a better option.
Equitas Small Finance Bank to venture into credit cards, personal loans segment
Equitas Small Finance Bank was also investing in developing a mobile application to serve merchants and help improve their business operations.
Credit card history: The first person to think of this financial instrument was a sci-fi writer
Buy now, pay later goes back to at least 1934, when American Airlines and the Air Transport Association issued the first Air Travel Card.
What triggers your bank to shrink your credit card limit?
Stretching the card limit, missing payments, and inactive cards are among the few reasons your bank may decide to cut your credit card limit.
