secured-credit-cards

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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Central Bank of India to Launch – Debit Cum Credit Card

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CBI - Debit Cum Credit CardState owned Central Bank of India has embarked on an innovative product for Indian Consumers – Debit Cum Credit Card which will be launched very shortly according to the management of the bank in a release to CardBhai. The Card will automatically act as a Credit Card when Customer’s Bank account Runs out of Funds which is linked to the Debit Card.

S Das Gupta GM of Cards Division told,

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Strong Credit Card Portfolio – Next Leg of Growth for Banks

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Credit Cards Next Growth instruments for BanksWe see an opportunity for Indian banks from the shift towards newer and inexpensive payment platforms and better penetration of non- balance sheet products like Credit Cards. Banks that make money through ATM interchange fees are likely to see higher income through debit / credit card transactions. On the other hand, a strong retail customer base, new products and focus can provide healthy wealth-management business.

Penetration levels have improved for debit cards (~40% of savings account customers) and a proper incentive structure should enable strong growth in fee income for all banks. We notice most of the fee income generated in the cards portfolio coming

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ICICI Bank to issue EMV Chip Cards Only

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EMV-CardsIndia’s Second Largest Credit Card issued – ICICI Bank just a while ago took the decision to move towards more secured EMV based Chip cards. ICICI Bank has a portfolio of 2.8 Mn Cards which includes VIA and MasterCard as well as the ones issued as Co-Branded Cards.

How are EMV Credit Cards Secure ?
As seen in the picture above, they come equipped with a Microchip [Gold in Color] which has encoded data that earlier was available on the Magentic Stripe. Only the Card Reader has

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Secured Credit Cards in India – Great Product to Build Credit History for Students, Housewives etc

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Today I’d like to educate our Readers on what a Secured Credit Card means, its availability in India and who can avail the same.

Like any other industry, Credit Cards vertical of the banking industry had a bumpy ride since its off-take in 2005 and subsequent bust in 2008-09. Credit Cards by nature are classified as unsecured loans to consumers. The Issuing Banks Guarantees the Merchant on behalf of the credit card holders and settles with the merchant hoping the consumer will pay his credit card bill. Blame it on negligence or circumstances or willfully, many people defaulted for example ICICI Bank had to drastically re-structure its Credit Card Portfolio. Thus this gave rise to a new stream of credit cards known as Secured Credit Cards.

So what Exactly is a Secured Credit Card ? It is a normal Credit Card in all respects except that it is issued only against a Fixed Deposit with the Bank. For Example, we chose

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