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2nd Largest Credit Card Issuer in India with High Quality Assets

May 19, 2012July 28, 2008 by CardBhai

We have just now learnt from our sources in HDFC Bank that the company after merger with Centurion Bank of Punjab has become the second largest credit card issuer in India beating beleaguered Citibank and SBI-GE Money in the race. HDFC Bank now has a base of 4.2 mn credit card customers while Citi India has around 3.8 mn and SBI-GE Capital have around 3 mn customers.

Mr. Parag Rao of HDFC Bank said,

We have followed a consistent

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RBI Cracks Down on Banks with Credit Card Regulations

May 19, 2012July 24, 2008 by CardBhai

A fortnight after landmark ruling by the Consumer Court on Credit Card APRs, the Reserve Banks of India worked round the clock and has cracked down on Banks and Financial Institutions with new set of Regulations. Our analyst in Mumbai was able to obtain the same and here are the RBI’s recommendations. [Our comments appear in Italics]

Issuing of Credit Cards [CC]: Banks have to asses the risk independently while issuing cards to persons, especiallyunemployed and others with no independent financial means. [This means that CIBIL will have more inquiries from CC issuing companies. Kindly maintain Good Credit History henceforth.] What is CIBIL ? Read here.
Reasons for Rejection of CC Application: CC issuing companies are required to explain the reason for CC rejection to a potential customer if his CC application was rejected. [Fantastic Move, but will the banks comply ? ]
End to Unsolicited Credit
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Credit Card Interest Ceiling at 30% – Consumer Court

May 19, 2012July 9, 2008 by CardBhai

In a landmark judgment, the National Consumer Disputes Redressal Commission has ruled that Credit Card APR or Interest Rates in excess of 30% in India is illegal. Additionally, they have said, penal interest can be charged only once for one period of default and shall not

Cash Payment Fees Introduced

May 19, 2012June 5, 2008 by CardBhai

While selling ICICI Credit Card, the agent must have told you that the balances can be paid by Cash, Cheque, Bank Transfer etc absolutely FREE of cost. However, the same is not true any more. ICICI has introduced a whopping Rs 100 FEES for Cash Payment of Credit Cards [Plus Service

Credit Card Interest rate hiked again

May 19, 2012June 3, 2008 by CardBhai

ICICI one of the worst banks to bank with, has hiked interest rates on Credit Cards yet again. We had last reported about the hike jointly announced by ICICI and ABN in August-2007The rates have now gone up from 3.15% per month to 3.40% per month i.e a whopping

How Many Credit Cards is too much ?

May 19, 2012June 2, 2008 by CardBhai

Credit Card sales agents rank amongst the top 5 white collar liars in Indian business. When selling, they tell that everything you want is for FREE – Free cards, No joining fee, No service charge, low APR, Air miles or Cashback etc. This will lure any Indian to apply for one and head himself into the trap.

You must always ask how many cards it too much ?
Due to the nascent