This festive season, banks and financial institutions have a reason to be worried as many Indians opted to pay for their festive shopping by means of Credit Cards. The number of transactions by means of plastic money went up by 20% this festive season in absence of other financing modes like persona loans or white
Credit Adviser
Credit Adviser
Credit Card Complaints Grow at 31% YoY
The Number of Complaints received by the Credit Card Company ombudsman shot up by 31.46% in FY2007-08. Total complaints received were 10,107 of which 3,087 were related to MNC Banks and 7,020 related to Indian
Credit Limit Cuts + Raise Interest Rates
Indian Credit Card companies which operate like the underworld, have started cutting credit limits of customers who fall in the line of sub-prime borrowers. The tight liquidity in the financial market has triggered this measure.
Taking advantage of this situation, they
Citibank Commercial Credit Card for Corporates
Citi India has unveiled a commercial credit card for the Indian corporates. The significance of this card is that it comes with an embedded chip which captures the transaction information as soon as the card is used
Education Loan Denied on Credit History Problems
A reader of our site has written to us that he was denied an educational loan for his son’s higher studies due to his below average credit history [His history is not bad, but is below average].
Reader Writes,
I applied for education loan for my son for admission to engineering college . Loan was applied with State Bank of India main branch ,LUCKNOW. The loan was declined for reasons that overdue outstanding on my 5 credit cards for Rs 58,889. Sir on my asking to give the bifurcation they said that CIBIL does not give the details, later on my own calculations i cleared
Why heavy interest by Credit Card Companies ?
The Credit Card companies appealed to the Supreme Court to stay the 30% ceiling on interest charged on credit cards. However, the SC has refused to stay the order and has issued notice to the RBI, under whose purview these