Credit Adviser

Credit Adviser

Unused Credit Cards – Don’t Hand it Over to Anybody / Not Even Bank Agents

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Credit Card IndiaThe Kolkata Police have busted a Credit Card racket involving unused credit cards. The modus operandi set by the thieves was to call credit card holders and tell them since their card is not in-use they’d be levied charges between Rs2000 to Rs 4000. Hearing this, the consumer would retaliate and the thieves would let such consumers go and for the others they’d offer that the bank will cancel your card and an agent will be sent to your home to pick up the same. Bingo! once the consumer approved of cancellation, one of the racketeers would visit as a Sales Agent with perfect dressing and make them sign-over some documents to make it appear as legal and then collect the card.

Once the card was in their hands,

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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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Yes Bank Launch Credit Cards Co-Branded with American Express

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Yes bank Co-Branded Credit Card wihAmerican ExpressRana Kapoor founded fourth largest private bank Yes Bank has announced the expansion of its retail offering by launching co-branded credit card in association with American Express.

They will offer the following 3 types of cards,

  • American Express Platinum Reserve Credit Card,
  • American Express Platinum Travel Credit Card and
  • American Express Gold Card [ This is a charge card and Payment must be made in Full every billing cycle ]

Speaking on the occasion,

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OneAssist’s WalletAssist Protecting you Against Credit Card Frauds, Emergency Bill Payments, etc

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OneAssist founded by Gagan Maini and Subrat Pani wants to Help and simplify a common man’s worries. Gagan and Subrat have been in the service industry for almost 20 years (each) and have often pondered upon the fact that a few essentials that form a part of our everyday life also significantly increases their dependency on them – mobile phone, credit and debit cards, KYC / financial documents, passport, etc. Loss of any of these could be disruptive and leaves a person stranded & helpless. The core proposition is to offer assistance in times of these emergencies, helping people helping people to lead an uninterrupted life, despite losing his mobile or a wallet or travel documents etc. All this just on one call. One particular product that is of our interest is the WalletAssist.

WalletAssist, as the name suggests, is most relevant for people who carry Credit Cards / Debit Cards. WalletAssist member- on event of loss of a wallet will be able to call the helpline from anywhere in the world and ALL the cards in the wallet will be blocked immediately.

What Benefits WalletAssist Members Get in the unfortunate event of Loss of their Wallet or Credit / Debit Card ?

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How CIBIL / Credit Bureaus protect Indian Banking System & Consumers ?

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CIBIL is India’s First Consumer Credit Bureau, incorporated in the year 2000 and official business began only in 2004. As per the Credit Bureau Finance Act, All Banks/NBFC/Financial institutions are mandated to submit monthly data on retail loans to any one credit bureau and CIBIL is the Largest in India today.

CIBIL’s Coverage of Consumer Data
CIBIL repository has data from over 800 Financial Institutions covering 135 Million Individuals with 230 Million Accounts being tracked. There is a general perception that CIBIL only covers Metro Areas, however data suggests that only 35% of CIBIL’s retail records are from Top 20 Indian

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Debit Card Acceptance by Merchants to get Cheaper in India – RBI

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The Card Payment Industry in India is pretty small compared to the CASH economy. In 2011, it was Rs 140,000 Cr or USD $28 Bn. The finance minister in his budget speech had envisaged the promotion of electronic payment systems with incentives. The RBI swiftly acted on this move and sent a notification to all the CEOs of Banks operating in India pointing out the discrepancy in Debit Card Vs Credit Card spend by consumers.

Though Debit Cards at 26.37 Mn outnumbered Credit Cards 17.67 Mn, consumers were not spending enough on Debit Cards but rather chose to withdraw cash for spending needs.

Another practice most commonly seen in

Read moreDebit Card Acceptance by Merchants to get Cheaper in India – RBI