In the monetary policy announcement on June 8, 2022, the Reserve Bank hiked the repo rate by 0.5%. Bad news for borrowers. The interest on floating rate home loans would soon go up. Either the EMI or the loan tenure will go unless you part prepay your loan. Apart from the rate hike, the Reserve… Continue Reading
You have heard of gold loans. You reach out to a bank or NBFC, pledge your gold/gold jewellery, and the bank sanctions you a loan. However, have you heard of a gold-backed credit card? I had not until I read about a gold backed credit card from Rupeek. How does it work? Simple. You pledge… Continue Reading
The Reserve Bank published Master directions on Credit and debit card issuances in April 2022. In the previous post, we looked at the rules pertaining to the closure of credit card accounts. In this post, I will focus on the changes in the billing rules for the credit cards. #1 No Charge for Disputed Transaction… Continue Reading
Ever tried to close a credit card? If you have, you know it is not easy. Not all banks cooperate when you try to close/cancel a credit card. What if I were to tell you that your bank must pay you a penalty of Rs 500 per day for each day of delay beyond 7… Continue Reading
Do you order frequently on Zomato? If you do, would you want to own a credit card issued by Zomato? Yes, I know Zomato is not a bank and can’t issue credit cards. I am talking about a co-branded credit card. Zomato has launched a co-branded credit card, offered in tie-up with RBL bank. The… Continue Reading
Ever tried to book railway tickets using a credit card? You would have quickly realized that you need to cough up 2% extra (1.8% + GST) to book your train ticket using a credit card. That’s a lot. For booking train tickets on IRCTC website, UPI and net banking are the cheapest modes. If you… Continue Reading
You own a credit card and use the card judiciously. You are aware of the benefits and flexibility that a credit card offers. You want that your home-maker spouse and your college going kids should also enjoy such flexibility. However, it is not easy to get a credit card unless you are earning. How do… Continue Reading
You want to buy a laptop online and you don’t want to look beyond Amazon and Flipkart for this purchase. Let’s further assume that, on both the sites, the laptop is listed at the same price. However, there are discounts and cashbacks on specific cards. In such a case, unless you have a preference for… Continue Reading
That’s a question many of us grapple with. Do we own too many credit cards? Should we cancel some of the cards? If yes, which cards to cancel? What about the discounts or cashbacks you might miss out on? Or should we just keep the cards even if we don’t use them? What are potential… Continue Reading
Yes, that’s possible and it is all mathematics. In this post, let’s understand how this can happen. Before we go there, let’s do a quick recap of how No-cost EMIs work. How No-Cost EMIs Work You purchase an item worth Rs X. You opt for the No-cost EMI option (let’s say 6 months) on the… Continue Reading