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How credit card balance transfers can ease your debt burden

Money Control

Money Control · 1y ago

How credit card balance transfers can ease your debt burden

A credit card balance transfer allows you to transfer your outstanding balance from one card to another, potentially saving you money on interest charges. When you transfer your balance to a new card, you may benefit from a lower interest rate or even a zero percent introductory offer for a certain period of time. By consolidating multiple credit card debts into one card, you can simplify repayment and reduce the overall interest cost. It's important to consider any balance transfer fees and the terms and conditions before deciding if a balance transfer is the right choice for you.

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Understanding Credit Cards: A guide for young adults

Money Control

Money Control · 10m ago

Understanding Credit Cards: A guide for young adults

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.

Linking RuPay credit cards to UPI: What you need to know

Money Control

Money Control · 1y ago

Linking RuPay credit cards to UPI: What you need to know

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.

ITR filing for FY 2023-24: A step-by-step guide to paying income tax using your credit card

Money Control

Money Control · 1y ago

ITR filing for FY 2023-24: A step-by-step guide to paying income tax using your credit card

The Indian government has launched a new income tax portal to make tax-related tasks easier for citizens. One beneficial feature of this portal is the ability to pay taxes using a credit card, offering convenience and financial flexibility. Paying taxes with a credit card can also earn you reward points that can be redeemed for travel, merchandise, and gift cards. Additionally, timely credit card payments can positively impact your credit score. To pay taxes with a credit card, register on the I-T e-filing portal, select the credit card payment option, enter your card details, review the information, and make the payment.

Card Alert: Banks are reducing the minimum amount due; here’s why that’s not such a great deal

Money Control

Money Control · 1y ago

Card Alert: Banks are reducing the minimum amount due; here’s why that’s not such a great deal

IDFC First Bank and Axis Bank have reduced the minimum amount due on credit cards, leading to concerns about the credit card debt trap. While this move may seem beneficial for customers, as they can avoid late payment charges and preserve their credit scores, it can also lead to increased interest payments. Paying only the minimum amount due can result in interest rates that amount to over 40% annually. Experts recommend paying off the entire outstanding balance or a significantly larger amount than the minimum to avoid falling into this financial trap.

Got a new credit card? Here are 5 important things to bear in mind

Money Control

Money Control · 1y ago

Got a new credit card? Here are 5 important things to bear in mind

New credit card users often make the mistake of paying only the minimum amount due rather than clearing the entire bill amount. It is important to understand the basics of responsible card usage to avoid heavy debt. When getting a credit card, make use of introductory offers and sign-up bonuses, understand the rewards program and bonus categories, spend only as much as you can repay on time, avoid cash withdrawals, and study and utilize additional perks offered by the card. With smart and disciplined usage, credit cards can help save a substantial amount.

‘Pay off high-interest debt’: Zerodha cofounder Nithin Kamath sounds alarm over defaults

Economic Times

Economic Times · 7m ago

‘Pay off high-interest debt’: Zerodha cofounder Nithin Kamath sounds alarm over defaults

Zerodha cofounder Nithin Kamath warned about the rising issue of small-ticket personal loans and credit card borrowing, driven by aggressive fintech marketing. He highlighted a surge in defaults, reflecting the increasing debt burden among people, especially those borrowing small amounts via fintech apps. Kamath emphasized the urgency of paying off high-interest debts over saving and investing, noting the psychological impact of debt on personal and professional life. Public sector banks hold the largest share of outstanding personal loans in India.

U.S. Consumer Debt Hits $18.2 Trillion; BNPL Market $175 Billion, Credit Card Delinquencies at 12.31%

Business Bytes

Business Bytes · 3m ago

U.S. Consumer Debt Hits $18.2 Trillion; BNPL Market $175 Billion, Credit Card Delinquencies at 12.31%

U.S. consumer debt has reached a staggering $18.2 trillion, including a rapidly growing Buy Now, Pay Later (BNPL) market worth $175 billion and credit card debt becoming increasingly problematic. Notably, 20% of lower-income individuals and 7% of those in higher income brackets have credit card debts overdue by 90 days or more, the highest since the financial crisis. This trend poses a potential risk of another financial crisis if household debt continues to worsen.

OneCard raises Rs 95 Cr debt from Alteria

Entrackr

Entrackr · 1y ago

OneCard raises Rs 95 Cr debt from Alteria

Mobile-first credit card startup OneCard has secured Rs 95 crore ($11.44 million) in debt funding from Alteria Capital. The company, which offers co-branded credit cards and a credit score tracking app, will issue 9,500 Series B debentures to raise the funds. The debt funding will be used for business operations. OneCard became a unicorn in 2022 after a Series D funding round and has seen significant growth in revenue, but also a rise in losses. It competes with Slice and Uni in the co-branded credit card space.

Alteria Capital infuses 120 crore in OneCard's parent

Livemint

Livemint · 1y ago

Alteria Capital infuses 120 crore in OneCard's parent

Alteria Capital has invested ₹120 crore ($16.2 million) as debt in OneCard's parent company, FPL Technologies. OneCard, a digital credit card platform, aims to improve customer experience through innovative products and personalized offerings. This partnership will accelerate OneCard's growth and expansion in the digital credit card landscape. Alteria Capital, a major debt provider in India, manages around ₹4,250 crores ($571 million) across three funds, with a diverse portfolio of over 170 companies.

Travelling abroad? Here are 3 zero-forex credit cards you can get for free | Mint

Livemint

Livemint · 1y ago

Travelling abroad? Here are 3 zero-forex credit cards you can get for free | Mint

International travel often comes with the burden of forex markups, which lead to additional costs on transactions. However, savvy credit card users can minimize these fees by utilizing cards that offer no forex charges and maximizing rewards to offset any fees paid. Some recommended options include the IDFC Wow, Federal Bank Scapia, and RBL World Safari cards. These cards eliminate forex fees, offer various benefits such as travel insurance and lounge access, and provide attractive reward rates on travel and purchases for cardholders.

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