credit-cards-india

Total Debit and Credit Card Issued in India Reaches 520 Mn in 2014

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In continuing our tradition to source authentic data and present it to you, we have published the breakup of Debit Card and Credit Cards in circulation in India at the end of Dec 2014. It gives me immense pleasure to state that Total Debit & Credit Card Penetration in India has touched a whopping 520 Million / 52 Crore [1 Crore = 10 Mn] at the end of 2014, half the size of Indian population, still less than the 97 crore mobile connections India has.

The Following Chart Shows the

Read moreTotal Debit and Credit Card Issued in India Reaches 520 Mn in 2014

Why Can’t RBI Have Clear Laws on Late Fees / Over Limit Fees ?

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Late Fee Over Limit Fee ScamThe Indian Banking Regulator – RBI publishes Master Circular for Credit Card Operations in India binding on the Banks / Financial Institutions. However, there are lot of shortcomings in the Notification especially when it comes to Late fees / Over Limit Fee levy. RBI without going into the details just asks the Bank to be Fair in its Practices and give Unilateral Powers to Banks without approving Card Members Agreement which changes quite often at the will & wish of the Bank. Most Banks Like HDFC & ICICI use Algorithms to maximize profits and this leads to Grievance in which Consumers are always at the receiving end. Let us discuss this with a case study of our reader who has enlightened his plight of

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How HDFC Credit Card’s Rip Off With Late Fees & Over Limit Fees Lead You into Debt Trap ?

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HDFC Card Debt TrapI’ve been running this Credit Card and Loan Advisory for over 8 years and during this time I have not come across a case as terrible as this one where HDFC Bank’s Credit Card’s division has optimized its accounting algorithm to levy Late fees, Over Limit Fees and push the consumer into severe debt trap.

A reader sent me an e-mail stating that he had spent a mere Rs 14,277 using HDFC Credit Card, and has already paid a whopping sum of Rs 1,04,612 [One Lakh Four Thousand Six Hundred Twelve] and the bank at its whims and fancy keeps raising bills which he is no position to pay and hence had prayed for help. I couldn’t believe if this was True and hence demanded statements. The user sent

Read moreHow HDFC Credit Card’s Rip Off With Late Fees & Over Limit Fees Lead You into Debt Trap ?

What to do when Credit Card Application is Rejected ?

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Credit Card Application RejectedIt is not uncommon for us as consumers to get tempted to BUY the Latest SmartPhone using Credit Card. However, many of you all don’t know the importance of Credit History and thus end up in the soup. A Reader of our Advisory is in a similar situation and narrates his experience with SBI Credit Cards department seeking help,

I have been informed by the SBI Credit Cards department that credit card application was rejected for not meeting the CIBIL Score which is totally baseless. I was sent a letter stating the same which not only caused mental agony as it has questioned my integrity and credibility but also embarrassed me in-front of my colleagues. Because of this reason I had to apply for my CIBIL score which

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Smart Shoppers can explore American Express & Payback Credit Card

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American Express PAYBACK Credit Card FeaturesWorld’s 3rd Largest Credit Card issuer, American Express has joined hands with Payback Network and launched American Express Payback Credit Card for the Smart and Savvy Shoppers with multiple benefits. Yes this is a Credit Card and not a Charge Card like AMEX Platinum or AMEX Gold Card [Charge Cards are the ones where you have to Payback the Bill in full at the end of every Billing Cycle]

The Payback card is designed for consumers who shop and organize their

Read moreSmart Shoppers can explore American Express & Payback Credit Card