India Credit Cards Review, Advise & Market Research
We at CardBhai continuously use lot of data from RBI for internal Research Purpose. Excerpts of this research is made available to you.
During the Last Financial Year – Apr-2009 to March-2010, Indians spent a total of Rs 62,872.23 cr [USD 13.97] on Credit Cards and Rs 26,172.45 cr [ USD 5.81 Bn] using their Debit
Since the CardBhai Forum was opened for participation, we have received lots of queries on help for settlement of Credit Cards / Personal Loans. Today I would like to enlighten readers on why RBI & Credit Institutions are unlikely to clean your name from the Credit Information Companies – CIBIL Records even after Settlement.
First, you should know that Credit Cards and Personal Loans are Unsecured Debt [Loans without any Security]. RBI gives a Free hand to Banks to charge any interest rate on these instruments.
Credit Cards are increasingly being accepted as a means of payment as proved by Data from RBI. However, Credit Card frauds occupies the Top Slot in the Number of Banking Frauds Statistics as released by RBI. Now as the pioneer adviser in this sector, I feel it is my responsibility and have been taking several steps in this direction.
I have received several mails where consumers complain about fraudulent transactions on credit cards. I asked the RBI –
As a Credit Card Customer of a Bank regulated by RBI, what are my rights when a fraudulent transaction occurs on my card which
Just for the sake of comparison, I compiled data directly from the RBI to track Debit Card Vs Credit Card spending habit by consumers in India. For the quarter ending DEC-2009, Indians spent Rs 16,423.66 cr on Credit Card and Rs 7,262.95 cr on their debit cards.
The following chart illustrates
In a report compiled by the FreePress as obtained from RBI on the top 10 categories of Fraud in Indian Banking system, Credit Card Fraud occupies the Numero Uno slot. This is no surprise to us since in over 3 years of existence we have received so many complaints which tell us the true story. Who is at Fault ? The RBI ? The Banks ? Or The consumer ? Well, in our opinion, the major bug lies with the System itself along with the misuse by the consumer who was pampered and spolit by the banks.
The Deficiencies of RBI in Credit
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Domestic Air Offer – Book any Domestic Flight and get 10% cash back on Base Fare or Rs.250 cash back per booking (whichever is less).
Trains – Book any Train and get 10% cash back or Rs.50 cash back per booking (whichever is less)
International Air Offer – Book any International Flight and get 10% cash back on Base Fare or Rs.600 cash back per