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On an average monthly spend of ₹30,000, you could be earning back ₹9,000 to ₹15,000 per year! 

5 Reasons You're Losing Money Without a Credit Card (No, Really!)

On an average monthly spend of ₹30,000, you could be earning back ₹9,000 to ₹15,000 per year!&nbsp;

What if I told you that by not having a credit card you are secretly losing your money? And no, I'm not trying to sell you anything!
Hey there, smart spenders! Today, we're busting the biggest myth in personal finance.
Spoiler alert: fourth one&rsquo;s a kicker.
The first thing that I am going to talk about is free money. Seriously, I am not joking! In fact, I am talking about the magic of cashback and rewards.
Every time you swipe your debit card, you mostly get... nothing.
But with the right credit card you get cashback and reward on all types of expenditure &ndash; whether it&rsquo;s on groceries, fuel, eating out or flight tickets.
On an average monthly spend of ₹30,000, you could be earning back ₹9,000 to ₹15,000 per year! And here&rsquo;s a pro-tip - Look for cards with no annual fees to maximise your gains. WHY HAVE A CREDIT CARD?
The second reason using a credit card is good for you is about building a credit score.
Your credit score is like your financial report card, and it affects everything from loan approvals to interest rates. And using a credit card responsibly can boost your score faster than any other method!
So, use your card for regular expenses and pay the full amount on time. It's like hitting the gym for your credit score![FF TEXT 3 WHY HAVE A CREDIT CARD?
The third reason a credit card makes so much sense for a young professional like you: Interest-Free Loans. Yes, you heard that Right!
Imagine walking into a bank and asking for a 45-day interest-free loan. They'd laugh you out, right? But that's exactly what your credit card offers!
Let's say you buy a new phone on the 1st of the month.
Your bill is generated on the 31st, and you have 15 more days to pay. That's up to 45 days of free credit! But remember, this works only if you pay your full balance. Partial payments are a trap!
Also Watch: <a href="https://www.editorji.com/business-news/why-your-salary-is-disappearing-the-rs-50-lakh-secret-no-one-tells-you-1728639723750">Why Your Salary is Disappearing: The Rs.50 Lakh Secret No One Tells You</a>
Now, the fourth reason using a credit card makes great sense is fraud protection.
That "Picture this: Your card details get stolen. Scary, right? In case of internet banking or debit cards, your bank account could be drained in minutes. But with a credit card?"
You're protected! Report the fraud, and you're not liable for unauthorised transactions. It's like having a financial bodyguard!
And now the last one, but certainly not the least &ndash; credit cards offer you travel perks that make you feel rich!
Ever wanted to feel like a Bollywood star at the airport? Well, some credit cards offer their users meet and greet services at airports.
But apart from that, they also offer free airport lounge access, travel insurance, concierge services and also emergency card replacement abroad.
Now, I know what some of you are thinking - credit cards are dangerous!
Here's the truth: Credit cards are tools. Like a knife in the kitchen, they're incredibly useful when used correctly. So there you have it! Five ways credit cards can actually make and save you money.
Also Watch:<a href="https://www.editorji.com/business-news/nobel-prize-in-economics-awarded-for-research-on-national-prosperity-1728910700287"> Nobel Prize in Economics Awarded for Research on National Prosperity</a>

HDFC Bank's PIXEL credit cards, India's first virtual-only cards, offer extensive customization via the PayZapp app. Customers can tailor rewards, card design, and payment cycles. Available as PIXEL Play and PIXEL Go, they cater to different income groups

HDFC Bank launches PIXEL credit cards; Here's everything to know about India's first virtual card

<h2>HDFC Bank's PIXEL credit cards, India's first virtual-only cards, offer extensive customization via the PayZapp app. Customers can tailor rewards, card design, and payment cycles. Available as PIXEL Play and PIXEL Go, they cater to different income groups</h2>

HDFC Bank has launched PIXEL credit cards which are India's first virtual card. Virtual cards are those that are billed as complete digital offerings. PIXEL comes in two versions &lsquo;PIXEL Play&rsquo; and &lsquo;PIXEL Go&rsquo;.
So far, banks have allowed electronic versions of physical credit cards enabling UPI and digital transactions.
<h3>PIXEL Credit Cards</h3>
Through HDFC Bank&rsquo;s PayZapp App, the customer will be onboarded for the digital credit cards. After this, the customer will receive a card instantly. Customers can also manage the credit card using the same app and can access features such as card controls, rewards, EMI dashboard, statements and notifications among others.
The &lsquo;PIXEL Play&rsquo; card is available for salaried persons between 21 years and 60 years of age with a monthly income of Rs 25000. For the self-employed, the card is available for those between 21 years and 65 years of age with an annual taxable income of Rs 6 lakh.
The PIXEL GO card can also be availed by salaried persons with an income of ₹8000 per month while the rest of the rules are the same.
&ldquo;PIXEL represents a pivotal shift in our approach to banking solutions, crafted to resonate with digital natives. We are excited to introduce this digital-first credit card that offers flexibility and customization," said Parag Rao, Country Head - Payments, Liability Products, Consumer Finance &amp; Marketing, HDFC Bank
The bank will give a physical card only if the customer insists on one.
<h3>Digital cards vs virtual cards</h3>
As per Mint, unlike the traditional credit cards, which come with fixed offers and rewards, this virtual card allows customers to tailor rewards to suit one&rsquo;s lifestyle and requirements. Customers also have the flexibility of choosing the merchants who offer the highest cashback (up to 5%).&nbsp;
&ldquo;The bank gives the power of customisation and choice to customers, by enabling them to select their preferred categories and favourite merchants/platforms," HDFC said.
Customer can customise cards by choosing the card design hat reflects one&rsquo;s personality and also decide the preferred payment cycle. Along with this customers are also at the liberty of changing the chosen merchant every three months though the PayZapp app without any additional cost.
It is also to be noted that the interest-free period is 50 days from the date of purchase, much like the physical cards. Customers will also be not able to withdraw cash using digital cards.
Also watch: <a href="https://www.editorji.com/business-news/credit-card-issuance-breaches-100-million-mark-in-february-rbi-1711627629322">Credit card issuance breaches 100 million mark in February: RBI</a>

Credit card changes from April 1: Reasons behind benefit shifts

<h2>Banks such as SBI Card, ICICI Bank, Axis Bank, and others are adjusting their terms and conditions</h2>

As April 1st approaches, major credit card issuers in India are preparing to implement policy changes affecting the accumulation of reward points and access to lounge benefits. Banks such as SBI Card, ICICI Bank, Axis Bank, and others are adjusting their terms and conditions. But why is this happening? Well, credit cards typically undergo various changes over time, including alterations to rewards programs, promotional offers, annual fees, and eligibility criteria. For consumers facing a significant devaluation of their credit card benefits, their primary option is to explore alternative credit cards, either within their existing options or by considering new ones, Rohit Chhibbar, Head of Credit Cards Business at Paisabazaar, told CNBC-TV18. "If the card has undergone a major devaluation and now falls below the expectations, the only real choice, as a consumer, is to look at other alternative credit cards, either from the existing ones or a new one. While doing this, consumers should ensure that the alternative option also suits their spending habits and is significantly better than the devalued card in terms of the overall value it provides," he told CNBC-TV18.com.

Even as the number of credit cards in circulation has risen to 100.60 million in February, the credit card spending has moderated to Rs 1.49 trillion from Rs 1.66 trillion in January 2024

Credit card issuance breaches 100 million mark in February: RBI

<h2>Even as the number of credit cards in circulation has risen to 100.60 million in February, the credit card spending has moderated to Rs 1.49 trillion from Rs 1.66 trillion in January 2024</h2>

The total number of credit cards issued by banks have breached 100 million mark in February 2024. From the previous month, 1.1 million new cards were added in February.&nbsp;
As per RBI's latest data, the outstanding number of credit cards in the system was 100.60 million as of February. In the same month last year, the total cards in circulation stood at 99.5 million.
&ldquo;The banks have been pretty aggressive in shoring up their credit card spending and there has also been changes in the spending pattern of the consumers over the years driving the credit cards in circulation. Going forward, the growth rate of the cards in circulation is likely to moderate considering the fact that the industry has reached a substantial size,&rdquo; Saurabh Bhalerao, associate director, CareEdge Ratings told Business Standard.
<h3>Credit Cards in India</h3>
HDFC Bank leads in terms of credit card issuances with 20.40 million in circulation. Meanwhile, there are 18.75 million cards from SBI, 16.84 million from ICICI Bank, 13.90 million from Axis Bank.&nbsp;
However, the overall credit card spending has moderated to Rs 1.49 trillion from Rs 1.66 trillion in January 2024. This is due to the considerable decline in point of sale (PoS) and e-commerce payments.
The point of sale transactions dropped to Rs 54,431.48 crore from Rs 58531.77 crore in January 2024. Likewise the e-commerce payments also declined to Rs 0.95 trillion from Rs 1.08 trillion as the festive season came to an end.
The transactions of leading credit card issuers also declined with transactions via HDFC bank's transaction dropping to Rs 40288.51 crore in February from Rs 43711.47 crore in January. Similarly, ICICI Bank&rsquo;s card transactions slipped to Rs 26,843.03 crore from 29,672.96 crore, and Axis Bank posted a fall in transactions to Rs 17,528.09 crore from Rs 20,305.45 crore. Transactions on SBI Card, issued by the public sector lender, dropped to Rs 23,247.79 crore from Rs 30,693.83 crore in January 2024.
However, the overall credit card transactions in February 2024 reported a 26.27% year-on-year growth from Rs 1.18 trillion in February 2023, indicating a robust expansion from the year ago period.
Business Standard quoted analysts and said that ,credit card usage is expected to see an increase owing to structural factors driving demand among consumers and strengthened systems from the lenders.
&ldquo;We believe that credit card usage will continue to rise driven by structural factors such as greater digitalisation of financial transactions, ease of usage and greater comfort among consumers in relying on credit to fund their consumption needs. These drivers have elevated credit card usage from a demand side perspective. On the other hand, from a supply side angle, credit card issuers or lenders are also increasing their focus on the product and strengthening their systems and processes,&rdquo; Ajit Velonie, Senior Director of CRISIL Ratings told the publication&nbsp;
&nbsp;

As RBI is looking to bring centralisation in transaction, banks are preparing to integrate their systems with RBI's for capturing the card spend information of individual customers during personal foreign tours

Banks prepare to bring international credit cards spends under liberalised remittance scheme: Report

<h2>As RBI is looking to bring centralisation in transaction, banks are preparing to integrate their systems with RBI's for capturing the card spend information of individual customers during personal foreign tours</h2>

An international holiday may get costlier now as the Reserve Bank of India has asked banks to be ready to include international credit card spends in the liberalised remittance scheme (LRS) by April 1. As per The Economic Times, many banks are preparing to integrate their systems with RBI&rsquo;s for capturing the card spend information of individual customers during personal foreign tours as they believe that reissuing this specific notification may not go against the model code of conduct.
<h3>Centralised Payment System</h3>
NBBL which is a subsidiary of National Payments Corporation of India in its 2025 vision document has mentioned that the Reserve Bank of India wants all payment rails under a centralised payment system. Internet banking is the only exception and the banking regulator, wants this within the fold quickly, putting it on a par with processes such as the Immediate Payment Service (run by NPCI) as well as the Real Time Gross Settlement and National Electronic Fund Transfer systems (run by the RBI).
Also Read: <a href="https://www.editorji.com/business-news/personal-finance/credit-card-forex-payment-the-what-why-and-how-of-20-tcs-on-foreign-transactions-1685692964931">Credit card forex payment: The what, why and how of 20% TCS on foreign transactions</a>
The Economic Times quoted persons with knowledge of the matter and said that centralisation will allow standardisation of settlement cycles for merchants, visibility on data and proper customer grievance mechanisms.
&ldquo;The RBI has had meetings with banks and industry officials. It does not want to delay the proposal though the industry thinks it could take longer,&rdquo; a banker told The Economic Times.
<h3>Tax on international credit card</h3>
Transaction centralisation would bring any transaction via international credit card under the liberalised remittance scheme. This means the transactions of an individual through international credit cards while being overseas will be part of the annual cap of $250,000 that a resident can remit abroad under LRS for opening offshore bank accounts, investing in stocks, and buying properties.
Likewise, LRS spend beyond Rs 7 lakh would attract 20% tax collection at source (TCS) except for expenditures on account of education and medical treatment on which the tax is significantly lower. An individual will be eligible for a refund if her TCS exceeds total tax liability.
As per The Economic Times, the move is widely perceived as government's overall policy to discourage outflow of foreign exchange and curb large expenditures, which were outside the LRS limit through international credit cards. Banks, however, are awaiting certain clarifications as they are not sure on how to segregate between a personal spend and business expenditure; or, to distinguish between card use while abroad and online card spend from India for booking hotels or flights.
&ldquo;It will be challenging to segregate spends unless separate credit cards are issued for corporate and personal use. In the era of ease of doing business, where the government&rsquo;s aim is to encourage manufacturing in India and promote export of goods, a broader mindset is required in controlling foreign exchange outflow rather than restricting spending through credit cards,&rdquo; Siddharth Banwat, CA and co-founder at Yuvyze Consulting LLP Told The Economic Times.
&ldquo;Ideally, a separate limit should be created for overall foreign exchange spend through credit cards (over and above the consolidated limit of $250,000). Ultimately these credit cards are issued by Indian banks for international usages. From the income tax point of view as well, credit card spends are reported and therefore, there is no need to levy TCS at this stage by including credit card spending within LRS limits,&rdquo; said Banwat.
In May 2023, a government notification removed, the differential treatment between credit cards and other modes of forex withdrawals under LRS. However the government decided to postpone the implementation of the notification as banks and card networks were not prepared

RBI directed card issuers to not sign any exclusive contracts with card networks that ‘restrain’ them from using other networks after a review determined that some card networks and issuer agreements did not support consumers' freedom of choice

Credit card rule change: Banks must offer customers a choice of credit card network, says RBI

<h2>RBI directed card issuers to not sign any exclusive contracts with card networks that &lsquo;restrain&rsquo; them from using other networks after a review determined that some card networks and issuer agreements did not support consumers' freedom of choice</h2>

The Reserve Bank of India has directed credit card issuers like banks and Non-banking financial companies (NBFC) to not sign any exclusive contracts with card networks that &lsquo;restrain&rsquo; them from using other networks. This comes after a review determined that some card networks and issuer agreements did not support consumers' freedom of choice.
&ldquo;The authorised card networks tie-up with banks / non-banks for issuance of credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank / non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements&rdquo;, said RBI press release dated 5 March.
Through this directive, customers will now have the option to choose from multiple networks. Credit card networks create virtual payment infrastructures in which merchants can receive their payments. Networks then charge the merchant an interchange fee (or swipe fee) for processing a consumer transaction.
Also Read: <a href="https://www.editorji.com/business-news/rbi-prohibits-visa-mastercard-from-commercial-card-transactions-1707972724332">RBI prohibits Visa, Mastercard from commercial card transactions</a>
Authorised card networks in India include MasterCard, Visa, National Payments Corporation of India for RuPay, American Express, and Diners Club
<h3>Credit card rules change</h3>
The regulator's directive which will be effective from September 6 also mentioned that the existing cardholders may be given the option at the time of their next renewal.
The RBI also stated, &ldquo;Card issuers and card networks shall ensure adherence to the above requirements in: existing agreements at the time of amendment or renewal thereof, and fresh agreements executed.&rdquo;
However this directive will not be applicable to credit card issuers whose tally of active cards is one million or less. Card issuers with their own authorised network are excluded too.&nbsp;
The network for a card issued to a customer is currently decided by the card issuer &ndash; based on bilateral agreements.
&nbsp;
&nbsp;

This move by Apple to launch its own credit card, comes at a time when mobile phones are being increasingly used to make payments. 




Apple to launch its credit card in India; here's everything you need to know 

This move by Apple to launch its own credit card, comes at a time when mobile phones are being increasingly used to make payments.&nbsp;

Technology giant Apple is gearing up to launch its own credit card in India.&nbsp; According to reports, Apple is planning to tie up with HDFC bank to bring its credit card to its Indian customers.&nbsp;
As per a Moneycontrol report, the company's CEO, Tim Cook, met with HDFC Bank CEO and MD Sashidhar Jagdishan during his trip to India in April. The report further added that Apple also held discussions with the Reserve Bank of India on the modalities of the card. The central bank asked the tech giant to follow the regular procedure for co-branded credit cards, without offering any special consideration for the company. This comes at a time when a significant number of payments are being increasingly made through mobile phones. Technology giants such as Apple, Google, Amazon, and Samsung are actively pursuing expansion into the payments sector and have ambitious plans in the financial services space. These companies have developed payment apps and are looking to make significant strides in this area.

The government had clarified that TCS will not be applicable on spending up to Rs 7 lakh, excluding tour packages. The TCS for medical and education expenses remain at 5%

Credit card forex payment: The what, why and how of 20% TCS on foreign transactions

The government had clarified that TCS will not be applicable on spending up to Rs 7 lakh, excluding tour packages. The TCS for medical and education expenses remain at 5%

In a recent change, the finance ministry amended the rules under the Foreign Exchange Management Act (FEMA) to bring international credit card spending under the LRS or Liberalised Remittance Scheme. This essentially means credit card spending abroad will now be a part of the LRS limit of $250,000. Moreover, tax collected at source for transactions under the LRS was also increased from 5% to 20%. These new rules will be applicable from July 1st 2023. &nbsp; Any transaction that goes over the $250,000 limit, would need an approval from the Reserve Bank of India. Earlier, only payments via debit card, bank transfer and forex cards were under LRS. Now foreign spending via credit card is also included under the scheme. &nbsp; This decision to increase the tax on the credit card spending received a lot of backlash.
Following this, the government clarified that the TCS will be applicable only for payments that go over Rs 7 lakh per financial year.
Government's Rationale&nbsp; The government&rsquo;s rationale for this move is that while payments made by debit cards were already covered under the LRS, expenditures by credit cards were not accounted for, which has led to some exceeding the $250,000 limit and bypassing the LRS rules. This move, the govt says, will remove the differential treatment between debit and credit cards and the total expenditure under LRS will be properly captured.
Here are five scenarios and the impact that this change will have:
<ul>
<li>Any spending of up to Rs 6 lakh outside India (other that buying a tour package) Impact: In this case, no TCS will be applicable. </li>
<li>Spending of Rs 8 lakh outside India for medical expenses Impact: TCS of 5% the amount that is above Rs 7 lakh &ndash; Rs 5,000 in this case. </li>
<li>Spending of Rs 8 lakh outside India for education Impact: 1) In case of an education loan: TCS of 0.5% would apply. 2) Without an education loan: TCS of 5% would apply. </li>
<li>Spending of Rs 8 lakh for any expenditure abroad (excluding taking a tour package) Impact: TCS of 20% would apply on the amount that is above Rs 7 lakh. Hence, you will have to pay Rs 20,000 as TCS in this case. </li>
<li>For any travel package irrespective of the cost of the package Impact: 20% TCS will apply.</li>
</ul>
Who gets the TCS?&nbsp; The tax collected at source goes to any authorised dealer. In case of spending via credit cards it goes to the bank. &nbsp; TCS refund A user can get back the tax collected at source while filing for Income Tax returns. As per the government notification, you can deduct the TCS from the tax you would be paying for that financial year or get a refund in case you don&rsquo;t come under the tax paying ambit.
What would be the implications? Many tax experts believe that the increase in the TCS will create a crunch in the cash flow and influence the spending pattern. The government included credit cards under the LRS to keep a track of the overseas expenses. However, many experts feel that this could have been done even without increasing the TCS rate.
Meanwhile, the All-India Association of Authorized Money Changers &amp; Money Transfer Agents have asked the government for specific clarification regarding small value transactions involving Foreign Currency Cash, Wire Transfers through Banks, Prepaid Forex Cards, and other International payment options widely used by individuals during overseas trips for leisure or employment.&nbsp;

Centre has amended the Liberalised Remittance Scheme rule by which prior permission from RBI has to be taken for any spending over $2,50,000 via international credit cards. Till now, credit card spending was not counted as part of the LRS ceiling

Govt imposes 20% TCS on international credit card spending

Centre has amended the Liberalised Remittance Scheme rule by which prior permission from RBI has to be taken for any spending over $2,50,000 via international credit cards. Till now, credit card spending was not counted as part of the LRS ceiling

Government has hiked the Tax Collected at Source (TCS) on international credit card spending from 5% to 20%. The government in a notification announced that any spending via international credit cards outside India will come under the Liberalised Remittance Scheme (LRS).
The central government has amended the Foreign Exchange Management Act, thus bringing the credit card spending under the LRS. This amended rule would be applicable from 1st July 2023. Earlier, only debit cards, forex cards and bank transfers were alone included under the LRS and not credit cards.&nbsp;
While this move is expected to help the government in keeping track of overseas spending, it has received huge backlash on social media. Tax experts have raised their concerns over the hike in TCS as this would affect a lot of business travelers who spend on behalf of the company. Tax expert Ajay Rotti took to twitter and said that the proposed TCS is not a good idea from the perspective of ease of business.
Ajay Rotti @ajayrotti &nbsp; Dear @nsitharaman - TCS on international use of credit cards is not something you should go ahead with. It impacts a lot of business travelers who spend on behalf of the company. It serves no purpose with TCS on the employees name and it can't be on company name!&nbsp;
TCS is being introduced for collection of data on transactions and not as a tax. Banks can be asked to share data of Credit card transactions. TCS as proposed is not a good idea from the perspective of "ease of business"
While this move is introduced to increase RBI's hold on foreign remittances, experts believe that this 20% TCS rule would lead to high cash flow issues from High net-worth individuals.

Last three months of 2022, credit card balances in the U.S. increased $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York 

Credit card debt in US at record high; here's why

Last three months of 2022, credit card balances in the U.S. increased by $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York&nbsp;

Amid the Federal Reserve raising interest rates once again by 25 bps, credit card debt in the U.S has climbed to a record high.
The Fed's interest rate increases are meant to fight inflation, but they've also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest.
With inflation still high, people are leaning on their credit cards more for everyday purchases.
&ldquo;It's the economy, inflation, gas prices, and food costs,&rdquo; said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania.

After postponing it three times, banks are still not ready for tokenization this time! 
Under the new rule by RBI, coming July 1, merchants, payment aggregators, payment gateways and acquiring banks can no longer store the card details of customers.
What is tokenisation?
With the nobel goal of protecting the security of Indians, merchants will be prohibited from storing the data of customers’ cards on their servers with effect. The central bank mandated the adoption of card-on-file (CoF) tokenisation applicable to domestic online purchases.
A customer can, however, still choose not to tokenise his or her card. In such a case, customers will have to enter complete card details every time they make a payment.
What have been big problems
Previously, the RBI was planning to apply the new card tokenization rule from 1st January 2022, onwards. But, after getting many requests from merchants, the bank increased the date by six months, and the rule will now come into effect from 1st July. 
If the extension is not provided by the RBI, the Indian banking system is likely to face considerable disruption, with customers being forced to enter their card details every time they want to transact on a merchant's payment page
What are banks saying
According to reports, most banks are currently lacking the tools and employee resources for implementation and are not equipped to accept tokens to authorise payments. So even if the customer's card information is tokenised, it cannot be used for conducting a transaction.
Banks asking for an extension on tokenisation seems like a genuine request from a system dealing with resource constraints.

Explained: Big changes from July 1 for your credit card, banks not ready

RBI initiative to curb data theft to come into force in July

Have you had trouble with your OTT payments, or have platforms where your card details were stored suddenly stopped processing your payments? Well this is all in prep for the big change that is to kick in from July 1 but wait banks are now saying they are not fully ready.&nbsp; What is tokenisation?
Tokenisation refers to the process of replacing credit/debit card details with a unique alternate code, &lsquo;token&rsquo;. Card networks such as Visa, RuPay and MasterCard will issue tokens to token requestors. Under this process, merchants will have to delete any credit and debit card data stored on their platforms and replace them with a token.&nbsp;
Also read/watch| <a title="Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern" href="https://www.editorji.com/business-news/deloitte-s-gen-z-and-millennial-survey-check-out-their-top-concern-1655275826223">Deloitte&rsquo;s Gen Z and Millennial Survey: Check out their top concern</a> So what changes? Customers who don&rsquo;t tokenise their cards will have to enter card details every time they make a purchase of any item or subscription on online platforms.&nbsp;
Businesses/Customers worried This is a bit particularly subscription-based platforms where users may drop off long held subscriptions due to the problems in getting 'tokenised' Also if a consumer forgets to tokenise an instalment, he/she may miss out on making the payment on time and will have to face its consequences.&nbsp; Another extension?&nbsp; As per reports, saying that the time given for implementation of the rules was too short, the Indian Banks&rsquo; Association (IBA) has submitted an extension request to the central bank.&nbsp; Countdown to deadline RBI&nbsp;introduced card tokenisation guidelines in 2020 but following requests from various stakeholders, the central bank extended the deadline twice, and the new rules are set to come into effect from July 1, 2022.
&nbsp;

You will soon be able to spend your credit card balance via UPI.
The Reserve Bank of India (RBI) on Wednesday announced that it has allowed the linking of credit cards with UPI.
"In order to further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI," RBI's statement noted.
To start with Rupay credit cards will be enabled with this facility. This arrangement is expected to provide more avenues and convenience to the customers in making payments through the UPI platform. This facility would be available after the required system development is complete.
UPI has become the most inclusive mode of payment in India. Currently, over 26 crore unique users and 5 crore merchants are onboarded on the UPI platform. In May 2022 alone, 594.63 crore transactions amounting to Rs 10.40 lakh crore were processed through UPI. UPI currently facilitates transactions by linking Savings/Current Accounts through Debit Cards of users.

Credit card spending via UPI to kick off soon

The Reserve Bank of India (RBI) on Wednesday announced that it has allowed the linking of credit cards with UPI.

In order to further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI:&nbsp;RBI

You will soon be able to spend your credit card balance via UPI.The Reserve Bank of India (RBI) on Wednesday announced that it has allowed the linking of credit cards with UPI. Which is a huge extension as at present, UPI facilitates transactions by linking savings or current accounts only through users' debit cards. "In order to further deepen the reach and usage, it is proposed to allow linking of credit cards to UPI," RBI's&nbsp;statement noted.
To start with Rupay credit cards will be enabled with this facility. This arrangement is expected to provide more avenues and convenience to the customers in making payments through the&nbsp;UPI platform. This facility would be available after the required system development is complete. The governor has also announced to raise the e-mandate for recurring payments on cards sharply with limit enhanced from&nbsp;₹5,000 to&nbsp;₹15,000 per transaction.
&nbsp;

After Indiranagar ka Gunda, Venkaboys, it is the party animal, Ravi Shastri's turn! Cred shot a hilarious ad with the ex-India coach that will give you the most swaggy party animal vibes. The ad opened with the famous '70 min' speech, but with a twist! Shastri's speech is not about the performance but about Happy meals. Dressed in swanky shimmery suits Shastri is seen guiding his team to play ping pong, engaging in savage banters with the journalists, flirting his way at the party, and in a chucklesome way asking a pharmacist to provide cough syrup on the rocks! Shastri shared the video on his Twitter platform and captioned it as 'don't remember any of this'.Before this, Cred's ads with Rahul Dravid and the Venka boys featuring Venkatesh Prasad, Javagal Srinath, and Saba Karim was also a hit among the crowd. 

Ravi Shastri's party animal vibe!

Watch the swanky side of ex-India coach Ravi Shastri!

Cred's&nbsp;ads with Rahul Dravid and the Venka&nbsp;boys featuring&nbsp;Venkatesh&nbsp;Prasad, Javagal&nbsp;Srinath, and&nbsp;Saba&nbsp;Karim&nbsp;was also a hit among the crowd.&nbsp;

After Indiranagar&nbsp;ka Gunda, Venkaboys, it is the party animal, Ravi&nbsp;Shastri's&nbsp;turn! Cred&nbsp;shot a hilarious ad with the ex-India coach that will give you the most swaggy&nbsp;party animal vibes.&nbsp; The ad opened with the famous Chak&nbsp;de India's '70 min' speech, but with a twist! Shastri's&nbsp;speech is not about the performance but about&nbsp;Happy meals. Dressed in swanky shimmery suits,&nbsp;Shastri is seen guiding his team to play ping pong, engaging in savage banters with the journalists, flirting his way at the party, and in a chucklesome way asking a pharmacist to provide cough syrup on the rocks!&nbsp; Shastri&nbsp;shared the video on his Twitter platform and captioned it as 'don't remember any of this. Before this, Cred's&nbsp;ads with Rahul Dravid and the 'Venka&nbsp;boys' featuring&nbsp;Venkatesh&nbsp;Prasad, Javagal&nbsp;Srinath, and&nbsp;Saba&nbsp;Karim&nbsp;was also a hit among the crowd.&nbsp;

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year. 
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022
1. Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3. Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4. Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
5. If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer. 
 

RBI's new credit card rules| Here's you all need to know

RBI issues circular on credit cards. From your interest rates to closure of credit card, here's you all need to know 


New credit card rules from RBI| Here's you all need to know

RBI's directions on credit cards say that registered NBFCs cannot issue credit cards or similar products without the regulator's approval.

The Reserve Bank of India has published master directions to the banks and NBFCs (Non Banking Financial Corporations) for issuance of credit and debit cards this year.&nbsp;
Here we list out 5 important changes in new credit card rules that will become effective from 1st July 2022.
1.&nbsp;Card-issuers shall provide a one-page Key Fact Statement along with the credit card application containing the important aspects of the card such as rate of interest, quantum of charges, among others.
Also read/watch| <a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076">Top</a><a title="Top edible oil stocks to watch out for in India" href="https://www.editorji.com/business-news/top-edible-oil-stocks-to-watch-out-for-in-india-1650876201076"> edible oil stocks to watch out for in India</a>
2. Any credit card closure request shall be honoured within seven working days by the credit card issuer, subject to payment of all dues by the cardholder. After the credit card closure, the cardholder shall be immediately notified about the closure through email, SMS, etc.
3.&nbsp;Card closure requests shall be honoured by the issuer within 7 working days. Failure to do so shall result in a penalty of ₹500 per day of delay, payable to the customer till the closure of the account, provided there is no outstanding in the account.
4.&nbsp;Card-issuers shall ensure that there is no delay in sending/dispatching/emailing bills/statements and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged.
Also read/watch|&nbsp;<a title="Explained: EV fires, the burning issue and if recalls are enough" href="https://www.editorji.com/business-news/explained-ev-fires-the-burning-issue-and-if-recalls-are-enough-1650875918735">Explained: EV fires, the burning issue and if recalls are enough</a>
5.&nbsp;If a credit card has not been used for a period of more than one year, the process to close the card shall be initiated after intimating the cardholder. If no reply is received from the cardholder within a period of 30 days, the card account shall be closed by the card-issuer.&nbsp;

Banking regulator, RBI has lifted all restrictions on HDFC Bank, permitting it to unveil new digital initiatives that was imposed in December 2020 after a spate of outages in the bank's Internet and mobile banking. 
The action by the central bank came after customers of HDFC Bank faced a number of incidents of outages in internet banking, mobile banking, and payment utilities of the bank over the past two years.
In December 2020, the banking regulator had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers, following various outages that the private lender faced due to technical glitches in the past two years.

Boost for HDFC Bank: RBI lifts curbs, allows to issue credit cards

RBI has finally lifted the curbs which now allow banking giant HDFC Bank to finally launch new digital initiatives. Removal of curbs which have been in place for more than one year is a big boost as brokerages see big upside in the stock,


Boost for HDFC Bank: RBI lifts curbs, brokerages see 40% upside in stock

RBI has finally lifted the curbs which now allow banking giant HDFC&nbsp;Bank to finally launch new digital initiatives. Removal of curbs which have been in place for more than one year is a big boost as brokerages see big upside in the stock,
Nomura Maintains 'buy' with a target price of Rs 1,955 apiece, implying a potential upside of 40%.
Morgan Stanley Maintains 'overweight' with a target price of Rs 2,050 apiece, implying a potential upside of 46.7%.
Kotak Institutional Equities Upgrades from &lsquo;add&rsquo; to &lsquo;buy&rsquo; with a fair value of Rs 1,740, implying a potential upside of 25%.
&nbsp;

RBI in December 2020 had asked HDFC Bank to stop all launches of its upcoming digital business-generating activities

Banking regulator, RBI has lifted all restrictions on HDFC Bank, permitting it to unveil new digital initiatives&nbsp;that was imposed in December 2020 after a spate of outages in the bank's Internet&nbsp;and mobile banking.&nbsp;Removal of curbs which have been in place for more than one year is a big boost as brokerages see big upside in the stock.
Also read &amp; watch:<a title="&nbsp;Jubilant FoodWorks share price nosedives as CEO resigns" href="https://www.editorji.com/business-news/markets/jubilant-ceo-that-delivered-hot-returns-resigns-stock-crashes-1647232617998">&nbsp;Jubilant FoodWorks share price nosedives as CEO resigns</a> Brokerages on HDFC&nbsp;Bank&nbsp; Nomura&nbsp;maintains 'buy' with a target price of Rs 1,955/share , implying a potential upside of 40%.
Morgan Stanley maintains 'overweight' with a target price of Rs 2,050/share, implying a potential upside of 46.7%.
Kotak Institutional Equities upgrades&nbsp;stock&nbsp;from &lsquo;add&rsquo; to &lsquo;buy&rsquo; with a fair value of Rs 1,740/share,&nbsp;implying a potential upside of 25%.
A look back at the curbs
The action by the central bank came after customers of HDFC Bank faced a number of incidents of outages in internet banking, mobile banking, and payment utilities of the bank over the past two years.
In December 2020, the banking regulator had directed HDFC Bank to temporarily halt all digital launches as well as new sourcing of credit card customers, following various outages that the private lender faced due to technical glitches in the past two years.

Fintech major Paytm is joining hands with India's largest private lender HDFC Bank to co-brand a credit card powered by Visa.

Paytm to co-brand credit card with HDFC Bank

Paytm&nbsp;joins hands with HDFC&nbsp;Bank to co-brand a credit card
October&nbsp;launch planned to tap into potentially higher consumer demand
HDFC Bank and Paytm will introduce business credit card
&nbsp;

HDFC Bank and Paytm will introduce business credit cards across customer segments, with special focus on millennials, business owners and merchants.

Fintech&nbsp;major&nbsp;Paytm is joining&nbsp;hands with India's largest private lender HDFC&nbsp;Bank to co-brand a credit card powered by Visa. The finance&nbsp; giants&nbsp; said that the October&nbsp;launch is planned to tap into potentially higher consumer demand for <a href="https://www.editorji.com/story/global-chip-shortage-could-affect-debit-credit-card-supplies-report-1624797822032" target="_blank">credit card</a> offers, EMIs and buy now pay later options, with the full suite of products to be on offer by the end of December 2021.&nbsp; <a href="https://www.editorji.com/story/hdfc-bank-paytm-connect-for-digital-payments-1629692702699" target="_blank">HDFC Bank and Paytm </a>will introduce business credit cards across customer segments, with special focus on millennials, business owners and merchants.

A big hit to credit cards/debit cards is on its way as the RBI's new guidelines on data storage policy may make card transactions a slow and complex process.

RBI's big hit, Auto-renewal on Hotstar, Netflix can't be done via credit card

Can you remember your 16 digit card number here is why&nbsp;RBI may expect you to memorise it&nbsp;soon.&nbsp;

RBI's new rules may hit credit/debit card usage

A big hit to credit cards/debit cards is on its way as the RBI's&nbsp;new guidelines on&nbsp;data storage policy may make card transactions a slow and complex process.
The central bank may soon prevent payment aggregators and digital merchants like Amazon, Flipkart and Netflix from storing the information of a customer&rsquo;s card.
Customers, while making a card payment, will also require to put in their 16 digit card number. However, currently, they only have to put the CVV&nbsp;or OTP&nbsp;to make a transaction.
This would result in more people switching to the&nbsp;UPI&nbsp;mode of payment&nbsp;which is already seeing a lot of traction due to its convenience and promptness.
The only way to make card transactions&nbsp;quick would be to memorise the numbers, which might not be as easy as it sounds for everyone.

Customers, while making a card payment, will also require to put in their 16 digit card number.

A big hit to credit cards/debit cards is on its way as the RBI's&nbsp;new guidelines on&nbsp;data storage policy may make card transactions a slow and complex process.
The central bank may soon prevent payment aggregators and digital merchants like Amazon, Flipkart and Netflix from storing the information of a customer&rsquo;s card.
Customers, while making a card payment, will also require to put in their 16 digit card number. However, currently, they only have to put the CVV&nbsp;or OTP&nbsp;to make a transaction.
This would result in more people switching to the&nbsp;UPI&nbsp;mode of payment&nbsp;which is already seeing a lot of traction due to its convenience and promptness.
Also Watch:&nbsp;<a href="https://www.editorji.com/story/rbi-warns-don-t-fall-prey-to-this-note-scam-fraud-found-in-sale-of-old-notes-1628068328765" target="_blank">RBI warns! Don't fall prey to this note scam, fraud found in sale of old notes</a>
The only way to make card transactions&nbsp;quick would be to memorise the numbers, which might not be as easy as it sounds for everyone.

The Reserve Bank of India has restricted American Express and Diners Club International Limited from adding new&nbsp;Indian&nbsp;customers from May 1. RBI's&nbsp;decision came after it found that both companies were&nbsp;violating the data storage rules. As per RBI's&nbsp;directions on 'Storage of Payment System Data' the payment system providers in India were to ensure that their entire data related to their daily operations is being stored in a system in India itself.&nbsp;In its statement, the central bank,&nbsp;however, clarified that the order will not impact the existing customers.

American Express, Diners Club banned from adding new customers in India: RBI

The Reserve Bank of India has restricted American Express and Diners Club&nbsp; from adding new customers in India from May 1, as the credit card providers were found in violation of local data storage norms.&nbsp;

American Express, Diners Club banned from adding new customers in India

Amex, Diners Club banned from adding new customers from May 1 RBI: Amex, Diners have violated data storage rules
Amex: In talks with RBI&nbsp;about data localisation, have made progress
RBI&nbsp;order not to impac&nbsp;existing Amex, Diner Club customers
&nbsp;

The Reserve Bank of India has restricted American Express and Diners Club&nbsp; from adding new customers in India from May 1. RBI's&nbsp;decision came as it found that both companies were&nbsp;violating the data storage rules. As per RBI's&nbsp;directions on 'Storage of Payment System Data' the payment system providers in India were to ensure that their entire data related to their daily operations is being stored in a system in India itself.&nbsp;
Reacting to the development, American Express in a statement said: "We have been in regular dialogue with the&nbsp;Reserve Bank of India&nbsp;about data localisation requirements and have demonstrated our progress towards complying with the regulation." RBI, American Express and Diners Club&nbsp;clarified that the order will not impact the existing credit card customers.

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them.As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp;Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

Standing instructions at standstill? RBI norms to hit automatic payments from April 1

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them. As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp; Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

It was a circular the RBI&nbsp;put out in August 2019 but its coming to impact customers from April 1. As the new month starts your standing instructions for payments towards credit cards,OTTs, subscriptions will come to a stand still and will require you to give approvals for each of them. As per RBI's&nbsp;circular&nbsp;banks will have to send a notification to customers five days before a particular auto-payment is scheduled and can go ahead with the transaction only after it is approved by the user reports Economic Times.&nbsp; Even as it is likely to cause a big disruption to automatic payments many also argue this is much needed as auto debit systems have led to many subscriptions running endlessly for customers.&nbsp;

Using a credit card induces the same chemical reaction in the brain, when&nbsp;a person uses cocaine, a new study by the Massachusetts Institute of Technology has found.
The study analysed&nbsp;the&nbsp;neuroscience behind buying things, and noted that shopping with a credit card leads to more purchase cravings in&nbsp;people.&nbsp;For the experiment, MRI machines were used to see what happens in the brain when people wish to buy an item with credit card versus cash.
Researchers concluded that when purchases were made with a card, the&nbsp;striatum&nbsp;in the brain, which is region that assesses&nbsp;the reward system, gets activated. It in turn produces dopamine, which leads people to crave shopping.&nbsp;

Purchases made with credit cards give the same high as cocaine: MIT study

Shopping with credit cards gives the same high as using cocaine, a new study by Massachusetts Institute of Technology claims.

Using a credit card induces the same chemical reaction in the brain, when&nbsp;a person uses cocaine, a new study by the Massachusetts Institute of Technology has found.
The study analysed&nbsp;the&nbsp;neuroscience behind buying things, and noted that shopping with a credit card leads to more purchase cravings in&nbsp;people.&nbsp;For the experiment, MRI machines were used to see what happens in the brain when people wish to buy an item with credit card versus cash.
Researchers concluded that when purchases were made with a card, the&nbsp;striatum&nbsp;in the brain, which is region that assesses&nbsp;the reward system, gets activated. It in turn produces dopamine, which leads people to crave shopping.&nbsp;

credit card

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