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News on Medial
HDFC Bank has revised terms for credit cards: Here are the key changes
Money Control
·
1y ago
Medial
HDFC Bank has revised its terms for credit cards, effective from August 1. The changes include introducing charges for rental and educational transactions made through third-party payment apps, charges for large utility bill payments, fuel transactions above a certain threshold, and redemption charges for reward points. The bank has also increased annual and renewal fees for certain credit cards and introduced processing fees for the Easy EMI payment option. Late payment fees have also been revised. One notable change is the levying of charges on third-party payments for education and rent.
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Key financial changes in August: Tax deadline, faster cashless insurance approvals and new credit card rules
Money Control
·
11m ago
Medial
In August, individual taxpayers who filed their returns in July need to verify their returns within 30 days of filing them online. Non-life insurance policyholders can expect cashless authorisation from insurance companies within one hour of request receipt. The Securities and Exchange Board of India (SEBI) has proposed a new risky asset class for mutual funds. HDFC Bank has revised terms on its credit card portfolio, including new fees and charges. Tata Neu Infinity HDFC Bank credit card users can earn NeuCoins on eligible UPI transactions. Shoppers are advised to spend smartly during the festive season, redeeming reward points and avoiding unnecessary purchases.
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Cobranded credit cards to form 25% of market by FY28: report
Economic Times
·
10m ago
Medial
Cobranded credit cards are projected to make up 25% of the Indian credit card market by FY28, growing at a rate of 35-40% annually. Currently, their market share stands at 12-15%. Cobranded cards involve a bank as the issuer and a different brand as the customer acquisition channel. Examples of popular cobranded credit cards in India include Flipkart and Axis Bank, Amazon and ICICI Bank, and Swiggy and HDFC Bank. Cobranded cards have higher activation rates and spending averages compared to traditional cards. The Reserve Bank of India has implemented stricter regulations for this sector to manage risk and ensure customer protection.
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Cobranding with Tata Neu, Swiggy widens HDFC Bank cards’ reach
Economic Times
·
1y ago
Medial
HDFC Bank is capitalizing on the trend of co-branded credit cards by issuing a large number of cards in partnership with popular brands like Swiggy and Tata. This move by HDFC Bank allows customers to enjoy special offers and benefits when using these co-branded cards, enhancing their overall card usage experience.
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ICICI Bank revises credit card perks, doubles minimum spend for lounge access to Rs 75,000
Money Control
·
9m ago
Medial
ICICI Bank has made several changes to its credit card terms, including increasing the spending requirement for airport lounge access from Rs 35,000 to Rs 75,000. The bank has also introduced caps on rewards for utility, insurance, and grocery spending, and added charges for supplementary cardholders. Other changes include a revision to the fuel surcharge waiver policy, a revised spending threshold for annual fee reversal, discontinuation of spa facility access, and the introduction of fees for using third-party payment apps for educational and utility transactions.
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Linking RuPay credit cards to UPI: What you need to know
Money Control
·
1y ago
Medial
Linking your credit card to UPI allows you to spend smaller amounts through your credit card. RBI allowed RuPay credit cards to be linked to UPI in June 2022, resulting in significant growth in the number of credit cards issued. HDFC MoneyBack Plus Credit Card, ICICI Coral credit card, SBI SimplySAVE credit are some popular credit cards that can be linked to UPI.
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5 best debit cards designed to fetch you the travel benefits
Money Control
·
1y ago
Medial
India's digital payments ecosystem has experienced significant growth, with digital transaction volume increasing at a compound annual growth rate of 45 percent. When comparing credit cards and debit cards, credit cards are often seen as having more offers and benefits. However, the market now offers debit cards with convenient features and attractive benefits. Here are five such debit cards recommended by Mastercard, which offer advantages like travel benefits, hotel memberships, complimentary lounge access, dining discounts, and low forex markup fees. These debit cards are designed to elevate the travel and luxury experience of customers.
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Rupay Credit Card Demand Soars by 37% in Q2 FY24 Key Trends and Preferred Issuers
Business Bytes
·
1y ago
Medial
The demand for Rupay credit cards in India saw a significant increase of 37% in the second quarter of fiscal year 2024. This surge was particularly prominent in cities such as Jaipur, Meerut, Surat, Nagpur, Ranchi, Raipur, and Varanasi. Axis Bank, HDFC Bank, and the State Bank of India were identified as the preferred issuers of Rupay cards. This article explores the trends behind the surge in demand, regional dynamics, and the reasons for the popularity of specific issuers. It also highlights Rupay's competitive edge and its role in promoting financial inclusion. The article concludes by examining future projections for the credit card landscape in India.
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Swiggy HDFC Bank Credit Card revises cashback structure: Here are the details
Money Control
·
1y ago
Medial
Starting from June 21, Swiggy's HDFC Bank credit card has revised its cashback benefits. Instead of appearing as Swiggy Money on the app, the cashback earned will now be reflected in the credit card statement, reducing the amount that needs to be repaid. The credit card holders will still earn 10% cashback on the Swiggy app, 5% cashback on online spending, and 1% cashback on other categories. The cashback credited as Swiggy Money on the app will remain valid for one year for redemption.
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Understanding Credit Cards: A guide for young adults
Money Control
·
8m ago
Medial
Credit cards are a popular choice due to their convenience and rewards. For young adults, understanding credit cards can be overwhelming. This guide provides a comprehensive overview, covering the basics of how credit cards work, the different types available, and the importance of interest rates. It also explains the concept of credit scores and their impact. Key tips for responsible credit card use include paying the balance in full each month, tracking spending, avoiding carrying a balance, and reading the fine print. With responsible use, credit cards can be a valuable financial tool.
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Kotak Mahindra Bank open to more partnerships on co-branded credit cards, says senior executive
Money Control
·
1y ago
Medial
Kotak Mahindra Bank is planning to launch more co-branded credit cards in partnership with industry players. The bank currently has five co-branded credit cards with IndiGo Airlines, PVR, Indian Oil Corporation, Myntra, and Metro Cash and Carry. Additionally, Kotak Bank has partnered with BookMyShow to offer discounts on tickets for international artists, which has seen significant growth in credit card spending. The bank is also focused on boosting its RuPay credit card business, which has been performing well.
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