TCS of 20% on credit cards put on hold, forex cards get Rs 7-lakh exemption
A higher tax deducted at source or TCS of 20% on certain categories of overseas spends will now come into force from October 1, 2023, the finance ministry has said. This will apply to debit cards and forex cards. But if you use your credit card overseas, you will escape the TCS for now, until banks are ready with their IT infrastructure.
Credit card: When should you apply for an upgrade?
Do not upgrade or switch to a new credit card only for better offers and rewards. Also consider applicable fees and charges, impact on your credit utilisation ratio and spending habits.
Free lounge visit, air miles is fine. But how do credit cards make money?
Credit cards usually come with attached advantages, like joining benefits, free complimentary lounge access, air miles, club memberships and so on. This involves cost. The question then is: Do credit cards make money? You would be surprised
Making UPI payments via RuPay credit cards: Is it worth it?
RuPay credit cards issued by banks which can be linked to the UPI facility offer benefits across categories, including travel, shopping and fuel. But such convenience comes with the risk of overspending, which can lead to high credit card dues.
Credit card bad debt doubles to 18% for state-run banks: RBI Financial Stability Report
On a year-on-year basis, data with the FSR showed that the NPA for credit cards has increased from 9 percent in March 2022 to 18 percent in March 2023
Kotak Mahindra Bank customers can now use RuPay credit cards on UPI
Kotak Mahindra Bank customers can select from seven RuPay Credit Cards to use seamlessly on UPI, the bank said in a statement.
SBI Card’s growth is remarkable, but potential profits are not
For SBI Card, the downside of the spends is ironically its focus on growth. Chasing growth has meant tapping into geographies with lower per capita income and spending power such as small towns
RBI Bulletin: Average ticket size of transactions through credit cards 3 times more than UPI in May
The UPI is expected to account for 90 percent share of retail digital transactions volume in the next five years
Forex cards or credit cards? Which one is better for foreign travel
Forex cards work like debit or charge cards that you can load up before you travel abroad. Every swipe deducts the amount from your card. On the other hand, your credit card gives you reward points at every swipe.
SBI Card dips after mixed growth data for May
Morgan Stanley in a note assigned an ‘overweight’ rating on SBI Card with a target price of Rs 1,155, indicating a 32 percent upside for the current market price
Credit card boom in India: 10 crore cards expected by 2023 end
According to RBI data, in April 2023, India had over 8.6 crore credit cards outstanding, a growth of around 15 percent from 7.5 crore in April 2022.
American credit card users owe nearly $1 trillion: Here’s how to avoid their mistakes
Do not be tempted to overspend, pay your credit card dues in full before the due date, and do not chase milestone benefits linked with your card. Most of all, learn to live within your means.
Car breakdown or a flat on the expressway? Your credit card can rescue you
When using roadside assistance, it's crucial to understand that this service is not meant to replace comprehensive auto insurance coverage. Roadside assistance typically covers immediate breakdowns and emergencies, but it does not provide coverage for accidents, repairs or general maintenance
Credit cards transactions rise 30.1% in FY23 in volume: RBI Annual Report
In value terms, payment transactions carried out through credit cards increased by 47.3 percent.
Credit cards are useful, but an emergency fund they ain’t
Credit cards are just a mode of payment not a permanent source of funds. They cannot and should not be a replacement for having a separate emergency fund. Or for living within your means, for that matter.
Moneycontrol Daily: Your Essential 7
A daily round-up of the most interesting articles to help jump-start the day.
Airmiles, lounge benefits, free hotel room: Credit cards line up goodies for summer holidays
The recent rule of 20% Tax Collected at Source has brought some relief as credit card spends on foreign spends are exempt from the tax up to a spend of Rs 7 lakh. But banks charge a foreign exchange markup fee when you spend abroad. These are the top Mastercard credit cards.
TCS rules on foreign tours, magazine subscriptions, iTunes, international equities… all doubts clarified
The government partially rolled back the 20% tax collected at source (TCS) rule for international spends on credit cards. Now, only those who spend more than Rs 7 lakh will come under the Liberalised Remittance Scheme and be subject to TCS.
Finmin's Rs 7-lakh relief to taxing foreign spends on credit cards can't resolve TCS crisis
International credit card spends are under LRS from May 16 and the 20 percent TCS will kick in from July 1, 2023. Until June 30, TCS at the rate of 5 percent will apply.
How tax on foreign tour spends on credit cards will affect your holidays
International transactions via credit cards have been brought under the RBI’s Liberalized Remittance Scheme or LRS from May 16, 2023. From July 1, 2023, there will be 20 percent TCS on them with no minimum threshold.
Using credit card reward points for domestic travel: A guide
With the travel season on, it makes sense to use credit card reward points and airline loyalty programmes. The only limitation is lack of choice for travel within India
Paytm, SBI Cards launch Paytm SBI Card on the RuPay network
This move aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy.
Using credit card reward points for domestic travel: A guide
With the travel season on, it makes sense to use credit card reward points and airline loyalty programmes. The only limitation is lack of choice for travel within India.
Explained: IRDAI’s diktat on credit cards
Credit card platform Kiwi launches 'credit on UPI' service
In March, the National Payments Corporation of India (NPCI) recorded a significant surge in Peer-to-Merchant (P2M) transactions made through the UPI platform
