Online ticket booking
17:32
Showing posts with label credit card. Show all posts
Showing posts with label credit card. Show all posts
Tuesday, 18 July 2017
Friday, 30 June 2017
ministry of Finance
07:44
GST: Bank and Insurance Companies
GST: Bank and Insurance Companies
From insurance premium to ATM transaction, banking will be expensive under GST
Ahead of the July 1 roll out of the Goods and Services Tax (GST), the government has repeatedly stated that the tax incidence on most goods and services will remain the same even if it does not come down. However, various sectors have raised concerns contrary to this claim.
One such area is of the financial services offered by banks and insurance companies, which are expected to pinch your pockets more under GST. Financial service charges include service charges on ATM transactions and Credit and Debit Cards, insurance premiums, EMI (Easy Monthly Installment) etc.
Under GST, financial services have been put under the 18 per cent slab, whereas currently customers pay 15 per cent service tax for them. Thus, a straight 3 per cent hike in your bills may be expected.
For example, if your annual premium for a Rs 1 crore term plan works out to Rs 25,000, GST will result in a tax burden of Rs 4,500, compared to Rs 3,750 currently.
Similarly, State Bank of India (SBI) charges Rs 50 plus service tax (15 per cent), for each withdrawal at banks beyond four free transactions. So, currently for withdrawing Rs 10,000, you need to pay a sum of Rs 1,550 ( Rs 1,500 as service charge plus Rs 50). Under GST, this transaction will attract a service charge of Rs 1,850.
Banks and insurance companies have already started to send out messages to its customers warning about the hike. SBI Card has sent SMS to its customers alerting about the higher incidence of tax.
"Important: The Government of India proposes to implement the GST which is likely to be effective from July 1, 2017. Consequently, the existing service tax rate of 15 per cent shall be replaced by a GST rate of 18 per cent," the SMS sent by SBI read.
An SBI official confirmed the same.
Banks like Standard Chartered and HDFC are also sending messages related to GST to their customers.
ICICI Prudential Life Insurance, in email messages to its customers, said premium payable on term policy and fund management charges on a Unit Linked Insurance Policy will attract 18 per cent GST post implementation of the new indirect tax regime.
GST is touted as the single biggest tax reform since India's independence in 1947 and is expected to add 2 per cent to India's GDP (gross domestic product). It aims to subsume the various central and state taxes that are currently levied on goods and services, bringing India under a uniform tax regime.
GST is set to be launched on the midnight of June 30 and July 1 by the President Pranab Mukherjee. Prime Minister Narendra Modi, Vice President Hamid Ansari, Lok Sabha speaker Sumitra Mahajan, members of Parliament and GST councils and chief ministers of all states have also been invited. Former Prime Ministers Manmohan Singh and H D Deve Gowda are also expected to grace the occasion.
Source:Times Of India
Tuesday, 13 June 2017
retail business
08:30
Double Swiping of Payment Cards to be discontinued from 15th June 2017
Double Swiping of Payment Cards to be discontinued from 15th June 2017
28th May 2017 - Manama, Bahrain - The Central Bank of Bahrain (CBB) has announced that all merchants and shopkeepers in Bahrain are required to stop their present practice of "double swiping" payment cards such as credit, debit, charge or prepaid cards, at their own point of sale (POS) and cash registers, from 15th June, 2017.
“Double swiping” means a merchant or shopkeeper swiping a card for the second time at his or her point of sale (POS) or cash register, immediately after the card transaction is approved in response to the first insert/swipe of the card at a POS belonging to the card acquirer. This practice of "double swiping" is widely considered as unsecure and hence, being discouraged by a number of countries, as well as card companies like VISA, during the last couple of years.
Over the years, the CBB has taken a number of measures to protect card transactions. Among these are the phasing out of the traditional magnetic stripe cards and adoption of the EMV (Europay, MasterCard and Visa International) compliant chip embedded cards, as far back as 2010, since EMV is widely considered as the global security standard for card transactions. Card transactions in Bahrain are now processed securely, using card information stored in chips. When a card is first inserted in to the acquirer's POS at a sales counter, the card transaction is completed after the necessary approval or denial. The customer immediately receives a transaction advice via SMS message, for both, local as well as international card transactions. Accordingly, a card transaction does not require swiping the magnetic stripe again on the shopkeeper's own POS or cash register.
Merchants have been "double swiping" as a practice over the years, to collect card payment details and cardholders' personal data for internal accounting and/or marketing purposes. However, as this practice of swiping at a shopkeeper’s POS or cash register for the second time provides access to all payment card data, including sensitive information such as security code and personal data encoded on the magnetic stripe, it can effectively lead to card data compromise. Capturing or storing such sensitive card information in a shopkeeper’s computer system, has the potential risk of unintentionally exposing such information to malpractices and card frauds. Furthermore, it can undermine the efforts taken so far to enhance the security of card transactions by moving from magnetic stripes to EMV chip cards. Hence, there is a serious need to stop this unsecure practice of "double swiping" and thereby protect cardholder data against possible theft and to ensure public confidence in card transactions.
Source:The Central Bank Of Bahrain
Sunday, 23 April 2017
security
15:36
Mastercard next gen biometric card combines chip with fingerprints
Mastercard next gen biometric card combines chip with fingerprints |
Mastercard has unveiled the next generation biometric card, combining chip technology with fingerprints to conveniently and safely verify the cardholder’s identity for in-store purchases.
South Africa is the first market to test the evolved technology, with two separate trials recently concluded with Pick n Pay , a leading supermarket retailer, and Absa Bank, a subsidiary of Barclays Africa.
The new card builds on fingerprint scanning technology used for mobile payments today and can be used at EMV terminals worldwide.
“Consumers are increasingly experiencing the convenience and security of biometrics,” said Ajay Bhalla, president, enterprise risk and security, Mastercard.
“Whether unlocking a smartphone or shopping online, the fingerprint is helping to deliver additional convenience and security. It’s not something that can be taken or replicated and will help our cardholders get on with their lives knowing their payments are protected.”
How it works
A cardholder enrolls their card by simply registering with their financial institution. Upon registration, their fingerprint is converted into an encrypted digital template that is stored on the card. The card is now ready to be used at any EMV card terminal globally.
When shopping and paying in-store, the biometric card works like any other chip card. The cardholder simply dips the card into a retailer’s terminal while placing their finger on the embedded sensor.
The fingerprint is verified against the template and – if the biometrics match – the cardholder is successfully authenticated and the transaction can then be approved with the card never leaving the consumer’s hand.
Benefits
Authenticating a payment transaction biometrically – in this instance via a fingerprint – confirms in a very unique way that the person using the card is the genuine cardholder.
Merchants can easily maximize the shopping experience delivered to their customers, as the card works with existing EMV card terminal infrastructure and does not require any new hardware or software upgrades.
For issuers, the technology helps detect and prevent fraud, increase approval rates, reduce operational costs and foster customer loyalty. Additionally, a future version of the card will feature contactless technology, adding to the simplicity and convenience at checkout.
Trials underway
The recent South African trials mobilized employees from Pick n Pay and Absa Bank to test the potential ways convenience and security could contribute to the checkout process. Over the next few months, additional trials will be conducted with the biometric card. A full roll out is expected later this year.
Richard van Rensburg, deputy CEO of Pick n Pay, said: “We are delighted that this innovation has been trialed for the first time at Pick n Pay stores in South Africa. Biometric capability will mean added convenience and enhanced security for our customers.
"The technology creates a platform on which we can further our strategy of personalizing the shopping experience in a meaningful way. We have been extremely impressed with the robust and secure nature of the technology.”
For Absa, the biometric card forms part of the bank’s strategy to test and develop sophisticated technology capabilities designed to improve its payment operations and client service, reduce risk, and make banking easier and even more secure for its customers.
“We are very proud to be the first bank in Africa to test – in a real payment environment – the single-touch authentication technology that will unlock the benefits of biometrics,” said Geoff Lee, head of card and payments at Absa Retail and Business Banking.
“The technology will effectively enable our customers to rely on their unique fingerprints to make payments in a face-to-face environment. Following the test period, we will make it available to our customers in a way that is affordable, reliable, and convenient and, most importantly, extremely secure.”
Industry comments
Tim Erlin, VP at Tripwire, said: “The payment card industry is always looking for technology that removes friction from the buying process. Security, while absolutely necessary, is a major source of friction.
"The use of fingerprints for authentication isn’t new, and there are known flaws. Using fingerprints at the point of sale is an improvement over the use of PINs or signatures, both in security and convenience.
"Criminals are adept at adapting, and there should be little doubt that any widespread payment technology will be challenged. Security is never completely foolproof, but the objective isn’t perfection; it’s profit.”
Mark James, IT Security Specialist at ESET, commented: “We have long been plagued by the
simple forms of protecting our data and or identity using four digit codes or usernames and passwords. Whenever a new process is available we typically look at the security implications and possible vectors of attack, and rightly so, security should be a big concern, reviewed and improved where possible.
"However, we should also embrace the fact that it’s a lot safer than a four digit code. Biometrics are a good way to secure our everyday items that need that extra layer to keep our data safe.
"There are measures that can be used to protect the storage of the biometric data and of course proof of concept will dictate that someone somewhere has the means to copy your fingerprint, through “finding” a mug that you have used and duplicating your fingerprint and use it with your card. I for one welcome the extra security and would embrace any method of moving away from an antiquated four digit code.”
Dr Anton Grashion, MD, Security practice, at Cylance, added: “Anything that makes credit card transactions more secure without adding a burden on the user is to be welcomed. Security of the biometric data would obviously be very important as well as the infrastructure that supports the system.
"It’s not always the obvious point of use that becomes the weakest security spot but in general where we add additional layers we sometimes add additional opportunities for exploitation.”
Additional trials are being planned in Europe and Asia Pacific in the coming months.
Source:URL
Saturday, 15 April 2017
Friday, 7 April 2017
retail business
08:39
PayU India launches online deferral payment facility 'LazyPay'
PayU India launches online deferral payment facility 'LazyPay'
New Delhi : Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.
The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.
LazyPay appears as a payment option at the time of checkout on websites and apps integrating the product. It provides users a deferral payment facility for 15 days with a transaction limit decided as per the purchasing behavior of every individual.
Select consumers can now simply shop via LazyPay and conveniently settle the dues during the payment cycle instead of having to feed in card details or net banking credentials. This further makes the transactions smooth and seamless without transaction failures, need for passwords, etc.
"At PayU India, our endeavor is to provide world class experiences to consumers and drive higher conversions for merchants. LazyPay is the perfect example of our philosophy of simplifying the online payment process, wherein we separate the purchase and payment experiences and provide a deferral payment facility to the consumer. Furthermore, as a consumer-centric product, Lazy Pay delivers instant gratification to consumers, even thought they might be out of funds at the time of placing the order," said Managing Director PayU India, Jitendra Gupta.
"We want to provide users a privileged experience for payments, just like frequent flyers would experience privileges while checking-in at airports. We aim to recreate the kirana store experience where a shop owner allows you to take products home and pay later because he is acquainted with you," added Gupta.
The pilot for LazyPay went live in March 2017 and the initial response has been very encouraging. Within a month, LazyPay has 5 big merchants and more than 12 smaller merchants onboard including Zomato, Box8, Jazz Cinemas, Netmeds and Innerchef.
More than 10 million users have been qualified for LazyPay so far and the system is equipped with algorithms that will write off debts in real time. The said algorithms put in place for dynamic, real-time underwriting, are based on 80-odd variables. Proactive analytics and machine learning algorithms are a part of the internal architecture.
PayU India plans to invest USD 50 million in LazyPay over the next couple of years. The company aims to get over five million users onboard in the next one year. PayU India has largest merchant distribution network in the online payment space, which it will utilize for expansion. (ANI)
Source:TopNews
Friday, 17 March 2017
SBI
07:41
Qatar Airways offers up to 15% discounts on SBI cards
Qatar Airways offers up to 15% discounts on SBI cards
State Bank of India and Qatar Airways today entered into a partnership to offer the bank's corporate and retail cardholders up to 15 per cent discount on business class tickets and up to 10 per cent discount on economy fares to the US, Europe and Africa.
The offer is on both debit and credit cards and is valid for bookings done on or before April 7 for travel until September 30, the national carrier of Qatar said in a statement.
Naveen Chawla, Qatar Airways senior manager for the Subcontinent said this partnership provides them a platform to leverage SBI's massive corporate customer base.
Qatar Airways, which had last week said was planning to set up a domestic airline here, was set up 20 years ago and has a fleet of 195 aircraft flying to 150 international destinations across six continents.
Source:Business Standard
Thursday, 9 March 2017
Paytm
14:08
Paytm to charge 2 percentage fee on loading wallet via credit card
Paytm to charge 2 percentage fee on loading wallet via credit card
"We will put 2% fee (inclusive of taxes) only on adding money to wallet using credit cards while adding money using any other payment option remains free," Paytm said in its statement.
New Delhi, Mar 9: E-commerce application Paytm on Wednesday announced it will now levy a 2 percent charge for adding money into the wallet using credit cards. The 2 per cent fee, inclusive of taxes, would be charged whenever the wallet would be loaded through the user’s credit card. The decision is expected to impact a large number of Paytm users. Paytm will provide an equivalent amount of cashback for using credit card to add money to the wallet. Paytm users can add money to their wallets through other modes such as netbanking and debit cards without any extra cost.
“To avoid this misuse, we are making some changes in our terms. There will be no fee when you shop on Paytm or pay for any utilities using your Credit Card or any other payment option but to avoid the misuse highlighted above, we will put 2% fee (inclusive of taxes) only on adding money to wallet using credit cards while adding money using any other payment option remains free,” Paytm said.
“However, this 2% fee charges on credit card would be reversed in the form of a discount coupon for same amount which will be issued within 24 hours of adding money effectively giving you this fee back. This hopefully keeps unintended misuse of our platform away and as a consumer you still enjoy our services at no extra cost,” the statement further read.
The company also announced a slew of other changes as follows:
At Paytm we allow multiple payment options when you buy any product or pay for any utilities. We offer you to pay using Credit Card, Debit Card & Net Banking. Now, we are also adding 2 new payment options — UPI & IMPS. All these payment options are also available when you add money to your wallet. Every day millions of our customers use various methods to pay for products/services or add money to wallet.
As you are aware, in the month of November we launched a new payment platform for small merchants at 0% fee. Millions of merchants are accepting Paytm at their shops/establishments. They prefer to take money to their bank accounts and as a promise to democratizing payments, we made transfer to bank fee at 0%. This was extended to all our users as many shopkeepers/merchants also used their personal Paytm accounts to accept payments at their Shops.
This 0% transfer to bank fee left an opportunity to misuse this great service meant for our valuable customers. We saw a disturbing trend when many users started funding their Paytm wallet with their credit cards and transferring it to the bank all for free. They were not only getting free loyalty points which effectively is free cash but also getting access to free credit.
Incidentally, Paytm pays fee to card networks or banks whenever you use any payment instrument like any other online commerce company. Paytm pays a hefty charges when you use your credit card to card networks & issuing banks. If user simply adds money and takes to bank, we lose money. Our revenue model requires users to spend money within our network and we make money from the margins available to us on various products/services we offer.
We understand many of us use credit cards for consolidating all our monthly payments and using it to get a credit period for buying a product/service but this disturbing trend of using credit cards to rotate cash affects our ability to serve our valuable customers.
Some financially savvy users (surprisingly many of them employees of national financial institutions) exploited this model to rotate money. This may surprise normal users like most of us but for a savvy user it meant freebies at Paytm’s cost.
Paytm grew its user base in an unprecedented manner following the demonetisation drive carried out by Prime Minister Narendra Modi. Due to unavailability of cash, people downloaded the e-commerce application for cashless transactions. Within 10 days following the demonetisation drive, Paytm recorded a total of 7 million transactions.
Source:India.com
Sunday, 15 January 2017
Mobile Payment
20:22
India ready for four times jump in digital payments: Nandan Nilekani
India ready for four times jump in digital payments: Nandan Nilekani
Nandan Nilekani, who is a part of the Niti Aayog panel on e-payments that is working with chief ministers to promote the use of digital payments systems across the country has said that India is ready for four times jump in digital payments.
In an interview to a newspaper, Nilekani said that the infrastructure needed to enable more than a billion people to transact digitally is already in place, but unlike the West, where card-based payments are more common, the Indian economy will digitalise through mobile-based payments that are faster and cheaper to roll out.
Now, it is a matter of increasing awareness and keeping transaction charges low, he added.
Source:DDINEWS
Friday, 13 January 2017
Credit Plan
07:36
The Best Balance Transfer Credit Cards of 2017
The Best Balance Transfer Credit Cards of 2017
Every year, millions of Americans learn a hard lesson in holiday overspending. Then they look to balance transfer credit cards for immediate relief. For years, credit card issuers have been counting on consumers in need of a balance transfer just after the new year. It’s at this time of year that they tend to release their best offers.
Let’s look at some of the best balance transfer cards on the market today and then take a little dive into which one is likely the best for your debt situation.
Citi Simplicity® Card - No Late Fees Ever - The Citi Simplicity currently offers the longest intro APR of any online balance transfer offer today. New cardmembers will receive a 0% intro APR on both purchases and balance transfers for 21 months. There is a 3% balance transfer fee on the Citi Simplicity and once the intro APR expires, it becomes 13.49% - 23.49% variable. This card has no annual fee but it also does not carry a rewards program, so keep that in mind when deciding which card in your wallet should be used for new purchases.
Chase Slate® - The Chase Slate is the only card on our list that doesn’t carry a balance transfer fee. New cardholders will receive an intro 0% APR on purchases and balance transfers for 15 months. All balances transfers made in the first 60 days of account opening will not have a balance transfer fee (otherwise, the fee is 5%). Once the intro APR expires, the standard APR becomes 13.24% - 23.24% variable and the Chase Slate card does not have an annual fee. Like it’s Citi Simplicity counterpart, this card also does not carry a rewards program.
Discover it® - 18 Month Balance Transfer Offer - Discover’s best balance transfer offer comes from the Discover it, offering new customers a 0% intro APR on balance transfers for 18 months (and 0% intro APR on purchases for six months). There is a 3% BT fee when making a balance transfer and the Discover it does not carry an annual fee. Perhaps the greatest feature of this card is its cash back rewards program, dishing out 5% cashback on rotating categories throughout the year and 1% cashback on all other purchases.
Barclaycard Ring™ MasterCard® - The Barclaycard Ring MasterCard is a card you likely won’t find on anyone else’s balance transfer list, but I feel it’s very important option. This card does not include any intro APR offer, but does have two very valuable features for cardholders who don’t think two years is long enough to pay down debt. The Barclaycard Ring MasterCard offers a standard APR on purchases and balance transfers of just 8.25% and includes no annual fee or balance transfer fee. This means you can transfer your high-interest balance to a card that has a much lower APR, and pay that rate forever, not worrying about it ballooning up after the intro APR expires.
Citi® Diamond Preferred® Card- The Citi Diamond Preferred card is very similar to the Citi Simplicity in that it offers a 0% intro APR on both purchases and balance transfers for a full 21 months (BT fee is 3%). When the intro rate expires, the ongoing APR becomes 12.49% - 22.49% variable (so a little better than the Simplicity). However, the Citi Diamond Preferred card does not include the no late fee, no over limit fee guarantees and also does not include a rewards program. There is no annual fee to own the Citi Diamond Preferred.
BankAmericard® Credit Card - The BankAmericard Credit Card cracks our list with a very strong 0% intro offer on balance transfers for the first 18 billing cycles. The balance transfer fee is 3% and when the intro APR expires, the ongoing APR is one of the lowest on this list, 11.24% - 21.24% variable. The BankAmericard Credit Card has no annual fee and no ongoing rewards program.
U.S. Bank Cash+™ Visa Signature® Card - Cardholders of the U.S. Bank Cash+ Visa Signature Card will earn a $100 bonus after spending $500 in purchases during the first three months. The intro APR on balance transfers is 12 months and includes the standard 3% balance transfer fee. After the intro rate expires, the ongoing APR becomes 13.49% - 23.49% variable. There is no annual fee to own the U.S. Bank Cash+ Visa Signature Card and it includes a robust rewards program that allows you to pick your 5% cash back and 2% cash back categories each quarter.
Wells Fargo Platinum Visa® Credit Card - A 0% intro APR on balance transfers for the first 15 months is provided to all Wells Fargo Platinum Visa Credit Cardmembers (3% BT fee). Once the intro rate expires the ongoing APR becomes 15.65% - 25.49% variable (the highest on our list) so consumers should be wise to get this balance paid off ASAP. There is no annual fee to own the Wells Fargo Platinum Visa Credit Card and it does not have a rewards program.
I must be honest in telling you this market is dominated by two cards, the Chase Slate and the Citi Simplicty. These two balance transfer credit cards each have a unique feature that makes them both extremely attractive and popular. Assume a consumer has a $5,000 balance at a 21.24% interest rate and is looking to make a balance transfer (and can make a $200 per month monthly payment).
With the Chase Slate, the $5,000 balance can be transferred without a BT fee. Making $200 monthly payments during the 15-month 0% APR intro offer will reduce the balance by $3,000. The new $2,000 balance will have an APR attached (let’s say it stays at 21.24%). Continuing the monthly payment of $200, a total of $2,219.39 will be paid ($2,000 principle + $219.39 interest). The total amount paid will be $5,219.39 and it will have taken a total of 27 months to do it (the last payment being only $20).
Now let’s look at the Citi Simplicity card. Again, we’ll assume a $5,000 balance that, when transferred will become $5,150 after a 3% BT fee. This card offers 21 months of interest-free payments, so at a $200 payment, the balance is knocked all the way down to $950. Once the BT intro offer expires, the APR will again become 21.24%. Continuing the monthly payment of $200, a total of $1,000.90 will be paid ($950 principle + $50.09 interest). The total amount paid will be $5,200.00 and it will have taken a total of 27 months to do it (the last payment being only $1)
Well, there you go. In this example, the Citi Simplicity would include a savings of about ~$20.
What this example points out are two important realizations:
1.If a consumer has a balance to transfer and doesn’t expect to be able to pay it all off in the 0% BT period, the longer duration is a money saver
2.If a consumer has a balance to transfer and expects to be able to pay it off entirely during the 0% BT period, then the 0 BT Fee is a money save.
Essentially, consumers are buying a little security in signing up for the Citi Simplicity. They’ll pay more up front in the 3% balance transfer fee, but will receive 6 additional months of 0% interest, which can be crucial if a high balance still exists after 15 months. But no matter a consumer’s credit card debt situation, all the top balance transfer cards on this list can provide a little bit of holiday spending relief.
Keep in mind that interest rates and balance transfer terms can and do change frequently. You can see an updated list of balance transfer offers here.
Note: Some of the credit card offers listed in this article are from credit card issuers from which we receive financial compensation. The opinions expressed here, however, are mine alone, not those of the credit card issuers and have not been reviewed, approved or otherwise endorsed by the credit card companies.
Source:huffingtonpost
Saturday, 3 December 2016
wallet business
05:27
MODE OF PAYMENT SYSTEM WITHOUT CASH
MODE OF PAYMENT SYSTEM WITHOUT CASH
Are you one of the many lakhs of people in the country who have just received their monthly salaries, but don’t have the cash in hand to spend it? The good news is that you can move around with lakhs of rupees of purchasing power in your pocket – the only thing is, it won’t be cash. But, it will be as good, if not better. Credit cards, debit cards, meal cards all carry a certain purchase limit and can be used easily at many shopping centres and stores. With the Modi government demonetising old Rs 500 & Rs 1000 banknotes, more people are being compelled to move towards cashless transactions. So, how does one go cashless? Here are some options for you to consider:
1) Net banking: It allows you to use your banking services from any place across the country. All you need is an internet connection, a username and a password to log in to your net banking website – and voila – ou are ready to use net banking. With the help of net banking, you can check your account balance, statements, you can pay your credit cards bills, electricity bills, do a wi-fi recharge…you can even recharge a mobile or any prepaid connections. It allows you to do third party payment transfer. From net banking, you can also apply for a loan. Purchase of mutual funds, insurance can also be executed through net banking. It is a very secure mode of carrying out multiple transactions. It comes with a range of transaction options such as IMPS, NEFT, RTGS.
2) Credit Card: Suppose you went to a shop and purchased grocery for Rs 5000 and on an agreed future date of payment in good faith, you made the payment on that particular day. Extending the same logic, why should you carry cash when you can simply use a credit card which serves the same purpose? The credit card saves your time as there is no need to go to banks or ATMs. You only need to swipe your card through a machine which shopkeepers and grocery stores normally keep these days. On every purchase made through credit cards, you get reward points which again can be used for the purchase of other products.
There is a misconception about credit cards that you will have to pay hefty charges, but if you are paying your bills within the time frame (due date) then there’s no credit involved. Credit is the grace period given by the banks for paying up the bill. You normally get a credit limit based on your income level, but that also depends on certain factors such as your past credit score, stable job, liabilities against any loan taken and various other payment dues. Some merchant outlets may charge up to 2.5% extra if credit card is used, so do watch out for that.
3) Debit Cards: They are just like credit cards, without the ‘credit’ element. Whenever you are in need of money, this card will provide you cash 24×7 through any ATM machine. There is no need to worry about bank timings, stand in queues for withdrawing cash – leaving out special circumstances like the one we are seeing right now. These are bank account-linked ATM cards, that are mainly used for withdrawing cash. As soon as the cash is taken out from an ATM machine, by swiping your card, the amount gets deducted from your bank account. An instant message is sent to your registered mobile phone providing you the details of cash withdrawal. These are widely accepted cards. Debit cards can be used for online transactions and at merchant outlets.
4) Gift/Forex Cards: These are prepaid cards which have certain cash limit assigned to them. These are readily accepted cards and can be used at any shop and can also be used for online purchase of products. Most of these cards are reloadable but they are reloaded only when the amount is either consumed or gets expired. You can request for this prepaid card through your net banking by going into the card section and selecting the option of ‘request for prepaid cards’ and with few verifications, you will get your card at your doorstep.
5) Digital Wallets: Instead of keeping money in your pocket, purse or physical wallet, you can keep money in e-wallets. These e-wallets are similar to your physical wallets which you keep in your pocket. It is a mobile based application which can be downloaded from any app store and can be accessed through your mobile phone. Transaction or transfer of funds through these wallets can be done across the country between person to person (usage of e-wallet app should be same between the end users). The only thing you need to do is to reload your wallet eacy time by transferring money into it through your bank account. These wallets are highly encrypted, so, there is no need to worry about security. Currently, e-wallets are offered by PayTm, Mobikwik, Freecharge, Oxigen, Reliance Money, etc. Even banks like SBI, HDFC Bank, AXIS, ICICI Bank, etc. have launched their e-wallets app viz a viz Buddy, Payzapp, Lime, Pocket respectively.
6) UPI (Unified Payment Interface): Simply put, it enables you to transfer money from one bank account to another. It is an infrastructure provided by NPCI’s (National payment Corporation of India) to all the public, private & cooperative banks where they can build their own interface and help the common man easily make micropayments with a maximum cap of Rs 1 lakh through various modes like virtual address (a single identifier code), account no with IFSC code, mobile number or adhar number. It will ease the e-commerce payment gateway where we do not have to share account number or any sensitive information between person to person. Moreover, UPI works 24×7 on real-time fund transfer system.
7) E- Coupons: These electronic coupons are offered by various online mega stores. They are very helpful in taking discounts on purchase done through online shopping. We only need to enter the e-code and get the discount automatically. They do not require any printing or clipping. They carry unique identification code which can be accessed through the internet at particular sites. Some of the coupons which are available online are groupons, nearby coupons, shopping site coupons, etc.
8) Physical coupons: These are paper coupons which come in small denominations of Rs 10 to Rs 50 with a validity of 6 months to 18 months. These are used by corporates to reward their employees. The best use of these coupons can be done in buying meals from places such as Pizza Hut, Dominoes, KFC, Big Bazaar, etc. Out of many, two big giants that are providing these coupons are Sodexo and Ticket Restaurants.
9) AEPS (Aadhaar Enabled Payment System): Going ahead, you can use Aadhaar cards as a debit card in various merchant stores. These cards have been already linked to your bank accounts. You will be provided with a finger scanner at the merchant’s store to do your payments. Aadhaar-cum debit cards will allow you to do micro-payments for not more than Rs 4000. However, there are several questions like which bank account will be taken into consideration for making payments.
10) Med Health Cards: These are discount cards specially designed to avail benefit from the healthcare sector. These cards provide various health care savings programs. These cards provide free OPD consultation service. You can use this card and get a health check up done.
Source:The Financial Express
Thursday, 3 November 2016
PAN NUMBER
08:06
Card Protection Plan: Should you have one?
Card Protection Plan: Should you have one?
It is human nature to stuff all cards- be it debit or credit, driving license or PAN -in a wallet which is always carried around. And when such a wallet is lost, it's a nightmare. However, the turnout wouldn't be so bad if one has subscribed to the card protection plans (CPP) offered by banks.
It is human nature to stuff all the cards - be it be debit or credit cards, driving license or PAN - in a wallet which one carries around. And when such a wallet is found to be lost, it's the procedural call that needs to be followed which proves to be a bigger nightmare. However, the turnout wouldn't be so bad if one has subscribed to the card protection plans (CPP) offered by banks.
What is CPP?
Simply put, it is a comprehensive card protection service in case of any loss, theft, fraud and other related emergencies. Apart from credit and debit cards, banks have extended this service to safeguard the details of other important documents like PAN card, Aadhar card and several others essential documents. In short, this service is designed to come in handy in times of a crisis situation. Other than this, there are several other services provided to those who signup for this offering. However, all these plans come for a limited period of one year. Thereafter, it needs to be renewed every year as in the case of insurance. Currently, most of the banks offer upto three types of plan - Classic, Premium & Platinum.
Services Offered
Banks, both public and private sector players, are offering numerous services under CPP. The benefits are almost standardized across all the players in the industry. However, the cost associated varies from Rs 1,245 to Rs 3,000, depending on the type of plan opted for. The plans vary on the basis of the number of individuals included in the plan. Broadly, the number of plan varies between two and three with inclusion classified as individual, individual+spouse and individual+spouse+parents (a total of four members). Depending on the number of persons included, the pricing of the plan offered differs. Given below are the services available.
1) One call to block all cards In case there is a loss of card, all you need to do is call the dedicated toll free number and inform about the loss of card. From thereon, the bank would take the responsibility of calling the card issuer and getting it blocked.
2) Emergency travel & hotel assistance The facility available under this head varies from bank to bank. So be careful to read the fine print. Some bank restrict this services only within India while few other banks help avail this service even overseas.
While travelling within India or abroad, incase your wallet containing cards are lost, then CPP comes to your aid in settling hotel bills. Incase of case of travel tickets, the service ensures that you get a replacement ticket. The facilitation and cost aspect in terms of settling bills and making the necessary arrangement is taken care by the banks. But remember, there is a ceiling amount for each of these services.
3) Emergency cash advances When stranded with no cash, due to loss of cards, currency, CPP ensures emergency cash advance. Again, for most of the banks this facility is available only when travelling within India. The money advanced should be paid back mostly within 28 days.
4) Valuable Document Registration In this facility, the bank allows you to register all the required details of important documents like driving license, passport, insurance policy documents etc, that you want to be maintained safely. The data stored here is easily accessible as and when needed, at any time during the day. Along with this, banks allow mobile phone identifier (IMEI) registration service as well such that incase of loss of phone, you can easily access this number to register complaint.
5) Card replacement & Passport assistance service Apart from informing the banks and initiating blocking, incase of lost cards, individuals who opted for CPP service will be aided through the procedure of getting the lost card replaced. This service ensures that al the required paper work is formally completed as required with minimum hassle to the customer.
Incase of PAN card, CPP will take care of the procedural requirement inorder to get a new card issued, at no extra cost. When it comes to passport, if the loss is when travelling overseas, it is a given that the user will be left stranded due to lack of travel documents. In such situation, certain banks will aid the traveler to notify the required authorities and also help in the process of getting a new passport issued inorder to travel back home. Here too, it is necessary to read the fine print to understand the extent to which the bank comes into assistance. Most often, the differentiation comes to the basis of the plan option chosen.
6) Sim blocking incase of loss of phone In case of loss of mobile phone, CPP will take care of reaching out to the network provider and get the SIM blocked.
7) Fraud Protection As a part of the plan, the user is protected from fraudulent use of cards arising from theft or loss of card. The cover beings from upto 15 days prior to the loss report. The number of days aspect varies according to the bank. The instances of fraud covered mostly include PIN based frauds, phishing, skimming and counterfeiting. In case of SBI, fraud protection cover is for upto Rs 3 lakh per card.
Should you go for it?
Given that credit and debit card already comes with limited liability on lost cards, it makes sense to go for these protection plans for convenience sake. Here too, only if you are a person juggling over three cards from different providers. Having such a plan ensures that you do not have to call each and every bank and get it blocked, which itself at times turns out to be very tedious procedure.
The other add-ons benefits make sense if you are a frequent traveler. Critically speaking, some of the benefits such as emergency cash advances, passport assistance incase of loss, emergency travel and hotel assistances are all covered in travel insurance. However, there is a cost attached to each of these services and as a result, the premiums may be tad higher. When compared to this, CPP comes across as a cost effective measure, that too only for a frequent traveler.
The other notable benefit comes in instances of fraud, which is a notable plus. However, when it comes to claim settlement, which is a moment of truth for the customer, there is room for disappointment. Incase, if it found that the cause of fraudulent activity was a result of personal negligence, then there is fair chance of the claim being rejected.
Also, it is important to note that the services and their limits vary according to the plan chosen. Consequently, incase one opts for a basic plan; there may be instances when certain services, especially the ones available overseas, may not be offered. In a nutshell, go for it if you are a card junkie and a frequent traveler.
Source:Business Today
Sunday, 5 June 2016
LIC
19:57
LIC Credit Cards
LIC Credit Cards
LIC credit cards is a partnership between LIC Cards Services and Axis Bank Ltd. The card company is a 100% subsidiary of LIC which was launched to start Credit Cards in India. LIC Credit cards offer different types of credit cards based on the need and eligibility of the customer. One can avail add-on the credit cards on the primary credit card without any extra fees or charges. There is no annual fee, add on card fee, or card replacement charges when the card is stolen or lost.
LIC Gold Credit Cards Individuals with income of Rs 1.8 Lakh p.a. and above are eligible to apply for this gold card. Get exciting PlusPoints Rewards program designed to reward spends as follows: 2 Reward Points for Rs 100 spent on LIC premium payments and international spends. 1 Reward Point for every Rs 100 spent on all other categories.
LIC Titanium Credit Card Individuals with income above Rs 3 lakh and above per annum can apply. The added advantage of this card there is a 2.5% fuel surcharge waiver at all fuel pumps across India (for transactions between Rs. 400 and Rs. 4000). Maximum benefits up to Rs. 400 per month. Get exciting PlusPoints Rewards program designed to reward spends as follows: 2 Reward Points for Rs. 100 spent on foreign currency and LIC premium payments 1 Reward Point for every Rs. 100 spent on all other categories Usage offers on Reliance Trend, Reliance Digital, Clipper Lounge, etc. Double Reward Points on international spends and LIC premium payment Show Thumbnail
LIC Platinum Credit Card Individuals whose net income is Rs. 5 Lakh p.a. and above can avail this card. There is also 2.5% fuel surcharge waiver at all fuel pumps across India. One should also submit salary Slip of Rs 42,000 gross salary. 2 Reward Points for Rs. 100 spent on international spends and LIC premium payments 1 Reward Point for every Rs. 100 spent on all other categories Offers on select exclusive brands such as Matrix Cellular, Hertz Car Rental, Kaya Skin Clinic, VLCC etc. and Visa offers on BookmyShow.com, PizzaHut, HotelClub.com, etc. Show Thumbnail
LIC Signature Credit Card One can enjoy best-in-class privileges in travel and living, dining and lifestyle only on LIC Signature Credit Card. Individual whose net income is Rs 15 Lakh p.a. and above can apply for the Signature credit card. 1 PlusPoint for every Rs. 100 spent. Double Reward Points on international spends and LIC premium payment. Offers on premium brands such as Kimaya, Apple, Moschino, Edox, Tie Rack, Baume & Mercier, Air Charters and Yacht Services etc. and Visa offers on BookmyShow.com, Airport Lounge Access, Golf Offers, etc.
Conclusion If your credit card from LIC Cards ever gets lost or stolen, you are protected against fraudulent purchase transactions up to the Insured amount from the moment you report the loss to LIC Cards Customer Service. Late payment fee is linked to the total amount due on card account i.e. Rs. 300 if total payment due is up to Rs 2000 and Rs. 400 for the due is between Rs 2001 - Rs 5000 & Rs. 600 if total payment due is Rs 5001 or more.
credit card
09:51
Axis Bank says 60% of its new credit cards sold in non-metros
Axis Bank says 60% of its new credit cards sold in non-metros
The third largest private sector lender Axis Bank has said smaller centres are outpacing the top eight cities in its credit cards business, fuelled largely by the e-commerce boom.
"Earlier, credit cards penetration was limited to what we classified as top eight cities. But now, over half of our growth is coming from smaller cities and towns," the bank's Head, Cards and Merchant Acquiring, Sangram Singh told PTI.
He further said such smaller centres have contributed to 60 per cent of the incremental growth in cards and 50 per cent of growth in spends during 2015-16, compared to the previous fiscal.
A large part of the spends is coming from the e-commerce segment, Singh said, adding this is not surprising as the booming online sellers have been deepening their reach beyond the metros.
He, however, was quick to add that the bank is also witnessing a spurt in spends at retail stores, with more supermarkets being set up.
The bank has been distributing credit cards from nearly all its branches and does not have a separate proposition for the smaller centres, he said, adding a bulk of its credit cards come with annual fees.
Data released by RBI last week said Axis Bank had 24.13 lakh cards at the end of March and witnessed over Rs 2,096 crore of transactions at ATMs and points-of-sale (PoS) terminals in the month.
The total numbers of credit cards in the country rose over 16 per cent to 24.5 million as of March-end, as per RBI data.
Singh said the bank has closed fiscal 2015-16 with a growth of 40 per cent in cards and 47 per cent in spends, as against 16 per cent and 27 per cent, respectively, for the industry.
He said the bank hopes to maintain this growth to grow its market share and added that at the end of March, it was fourth largest by number of cards and fifth by spends.
While a bulk of the cards are sold internally to the bank's own customers, it also sells to outside customers in the premium category, he added.
The bank is finalising a tie-up with the Tata Group-backed carrier Air Vistara for launching a new proposition, he said.
He said the bank has deployed 50,000 near-field communication ( NFC ) capable PoS machines in the last six months, which is half of the total such devices in the market at present.
Source:BankingUpdates
Wednesday, 27 April 2016
State Bank of India
08:06
‘SBI Quick’ new facility to control debit card frauds
‘SBI Quick’ new facility to control debit card frauds
Considering the rising number of debit card frauds, State Bank of India (SBI) has launched a facility under 'SBI Quick: SMS and Missed Call Banking' service whereby the customer can choose to activate or deactivate their cards using various platforms, like ATM, and Point of Sale (POS).
The user can use platforms like ATM, Point of Sale (POS), e-commerce websites, international usage and domestic usage for activation and deactivation of debit card. This can be done by just sending an SMS, SBI said in a statement on Monday.
"While the facility of restricting debit card usage is available on the internet banking platform of the bank, we had to find a way to provide our customers with a simple but effective solution to curb this menace," said SBI DMD N K Chari.
SBI Quick, a mobile APP, provides a range of services and works on the condition that the SMS/missed call should come from the mobile number registered with the bank.
Source:BankingUpdates
Sunday, 28 February 2016
refunds
07:36
Citibank customers to get refunds, debt forgiveness under settlements over allegedly illegal debt collections
Citibank customers to get refunds, debt forgiveness under settlements over allegedly illegal debt collections
Bank accused of breaking law when collecting debts
Citibank will refund millions of dollars to customers and stop trying to collect credit card debts from others following probes into the bank's debt collections.
The Consumer Financial Protection Bureau said Citibank broke the law by providing inaccurate and inflated interest rate information for about 130,000 credit card accounts it sold to debt buyers.
That resulted in the debt collectors using the exaggerated interest rates when collecting debts.
The bank also was accused of failing to promptly forward about 14,000 payments from customers, totaling about $1 million, to the debt buyers.
Citibank settled the case and did not admit or deny the accusations.
The settlement, announced Tuesday, calls for Citibank to refund about $4.9 million to about 2,100 customers whose payments to debt buyers were calculated using the incorrect interest rates.
The Consumer Financial Protection Bureau brought a second case against Citibank; Citibank affiliates Department Stores National Bank and CitiFinancial Servicing; and debt collection law firms Faloni & Associates and Solomon & Solomon.
The agency alleged the law firms alterated information, including dates and amounts owed, on bank affidavits used in debt collection cases in New Jersey courts.
In that case, Citibank already has refunded $11 million collected from customers and stopped collecting on another $34 million in debts. Solomon & Solomon was fined $65,000 and Faloni & Associates was fined $15,000, according to a news release.
In the settlements, the law firms did not admit or deny the allegations.
Saturday, 5 December 2015
Missed Call
12:14
Missed Call to Bank for Recharge Mobiles - HDFC BANK
Missed Call to Bank for Recharge Mobiles - HDFC BANK
HDFC Bank's mobile recharge via missed call
HDFC Bank, the country’s second largest private sector lender, is planning to come up with a service that will allow customers to recharge their mobile phones by giving a missed call to the bank.
For this, customers would need to register their numbers with the lender and authorise the amount by which they want to get their phone recharged. And thereafter the customer gives a missed call and their phone will be recharged automatically and the amount debited from the bank account.
“We are looking at lunching this service in the next two-three months. At present we will be offering it only for bank customers. Going ahead we may look at offering it even to the credit card customers,” said Nitin Chugh, head-digital banking, HDFC Bank.
Since over 80 per cent of the telecom customer base in India is on prepaid and also it is one of the most frequently done transactions even on the mobile banking applications, it made sense to offer a simpler solution for this.
The minimum amount of recharge that can be done has been kept limited to Rs 10 and the maximum up to Rs 250. Considering that the average mobile recharge ticket size for prepaid continues to be less than Rs 100, the bank thinks that the limit set by them will be sufficient. It also allows you to add up to three members of the family on this service.
Like several other services launched in the past, this is in line with the bank’s digital strategy that it had embarked on about a year ago. “The idea has been to become a full-service digital bank and to make everything simpler using digital. So the missed call for recharging your phone is in line with that philosophy,” Chugh added.
Source :BankingUpdates
Tuesday, 13 October 2015
flipkart
12:38
Flipkart Big Billion Days sale: Sale schedule and bank offers
Flipkart Big Billion Days sale: Sale schedule and bank offers
The second edition of Flipkart's 'The Big Billion Days' sale is now on. The five-day app-only shopping event attempts to attract customers with offers and discounts over more than 70 product categories.
Flipkart will add a new product category to the sale every day.
October 13-17: Fashion
October 14-17: Home and appliances
October 15-17: Mobiles and accessories
October 16-17: Electronics and automotive
October 17: Books
Flipkart has also joined hands with a number of banks to offer their customers additional benefits during the sale event.
October 13: Extra 10% off with State Bank debit and credit cards. Minimum transaction amount is Rs 2000; maximum cap of Rs 750 per card. The offer is applicable only on fashion and lifestyle products.
October 14: Extra 10% off with State Bank debit and credit cards. Minimum transaction amount is Rs 7500 ; maximum cap of Rs 1750 per card. This offer is applicable on all categories/products
October 15: Extra 10% off with Citibank credit cards. Minimum transaction amount is Rs 10000; maximum cap of Rs 2000 per card. Offer is applicable on all categories/products.
Extra 10% off with Standard Chartered Bank debit and credit cards. Minimum transaction amount is Rs 10000; maximum cap of Rs 2000 per card. Offer is applicable on all categories/products.
Extra 10% off with YES Bank debit cards. Minimum transaction amount is Rs 5000; Maximum cap of Rs 2000 per card. Offer is applicable on all categories/products.
October 16-17: Extra 10% off with State Bank debit and credit cards. Minimum transaction amount is Rs 7500; maximum of Rs 1750 per card. Offer is applicable on all categories/products.
The offers listed above are only indicative and could be subject to change. Please refer to the Flipkart website/app for details and terms and conditions of the offers.
Flipkart said Myntra will also be a part of Big Billion Days and will be presenting a curated selection from iconic fashion brands at never-before offers.
Flipkart's had to apologise to its customers after its inaugural sale last year for glitches and admitted its "failure" in living up to the expectations of its customers.
Flipkart claimed to have got a billion hits for its special sales offer in 2014, but millions of buyers felt cheated on its discounts, as they alleged the prices quoted were higher, even as its website crashed multiple times.
The beginning of this year's sale also didn't do as expected for Flipkart with a number of users reporting errors both on the Flipkart website and app.
Rivals Snapdeal and Amazon have also organised similar sales.
