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
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
Recently, I signed up for a RuPay credit card from a leading private sector bank. I already had a couple of credit cards, but I still signed up more out of curiosity and excitement than anything else. UPI is ubiquitous now and I didn’t want to be left behind in understanding how credit card payments… Continue Reading
The Reserve Bank has recently increased the risk weights on personal loans and credit card receivables. Many questions would have popped up in your mind. What are risk-weights? And how do these risk-weights affect the cost of your loans? In this post, let’s find out. Can the Banks Lend Whatever They Want? We know that… Continue Reading
A good credit score is important. It can provide you with access to a wider range of credit facilities and help reduce the cost of credit. Going forward, your credit score may play an important role in non-financial matters, say employment or taking a house on rent. Fair enough but what are the factors that… Continue Reading
Why do you need a credit card number? I am NOT speaking about the credit card but about the credit card number printed on the card. The merchant clearly does not need it. All the information the merchant needs is encoded in the bar strip which is read by the swipe machine. Don’t need the… Continue Reading
Starting October 1, 2023, you may be able to port your credit Card just like your mobile number. No, you won’t be able to port your ICICI Bank Credit Card to HDFC Bank or vice versa. But you can choose the card network for your credit card. What Are Card Networks? If you look at… Continue Reading