Ever wondered how refunds from failed/reversal/refund transactions are adjusted to your credit card bills? You may think, since the transaction will eventually be reversed, the bank will not charge you for the transaction. You are right, but the timing of the reversal/refund may sometimes complicate things a bit for you. RBI has specified the adjustment… Continue Reading
Can you spend beyond the sanctioned limit on your credit card? Let us say the sanctioned credit limit is Rs 1 lac. Can you do a purchase transaction of Rs 1.25 lacs? Or can the total unbilled transaction add up to more than Rs 1 lac? Apparently, you can. You can spend beyond the sanctioned… Continue Reading
Have you ever received an unsolicited card? OR received a card that you applied for but now think that you shouldn’t have applied for this card. As per regulations, the banks are prohibited from issuing unsolicited cards and are required to seek consent from the customer before issuing a card. Reproducing an excerpt from RBI… Continue Reading
I was trying to book a train ticket on the IRCTC website and found the ad for IRCTC HDFC Bank Credit card. In this post, let’s find out more about the card. Benefits, rewards, and caveats. In the past, I have written about IRCTC Bank of Baroda Rupay Credit card. Obviously, IRCTC is a monopoly… Continue Reading
Have you come across a friend or a colleague who cannot keep a check on monthly credit card expenses and struggles to come to terms with the size of the card bill? Vows to keep expenses under check from next month, but the story keeps repeating. I am sure you have. You wonder why. They… Continue Reading
Ever wondered how Amazon Pay ICICI Bank Credit Card and Flipkart Axis Bank Credit Card can offer 5% cashback for purchase transactions on Amazon and Flipkart respectively? 5% is a lot of money. While I am not privy to internal arrangements between the banks and these retailers, 5% is still a hefty cashback. In this… Continue Reading
A loan for one is an investment for another. And vice versa. Your loan (liability) is an investment for the bank. Your investment in a bank FD is a liability for the bank. Similarly, your insurance investment is a liability for the insurance company (in cases where the returns are guaranteed). We have seen how… Continue Reading
Your daughter studies in a different city. You transfer money to her bank account every month for her regular expenses. Or whenever she asks for it. UPI payments are accepted everywhere, and she has no problems getting by. She conveniently makes payments from her favorite UPI app for her purchases. Now, imagine she needs Rs… Continue Reading
You take a personal loan of Rs 2 lacs from a bank. Interest rate is 10% p.a. What is the cost of the loan? 10% p.a., right? Isn’t interest rate the cost of loan? Yes, but only if the bank levies no other charges. If the bank does levy additional charges, then the cost of… Continue Reading
Our brains are not wired to perform very complex calculations without assistance. Either we need pen and paper to solve. Or a calculator or spreadsheet software to solve complex problems. Now, if you really want, it is not difficult to find a pen and paper. And mobile phones provide 24X7 access to calculators and spreadsheet… Continue Reading