MUMBAI: Indian consumers have started using their credit cards more often than before, driven by higher income. Soaring inflation has no doubt pushed up card spend, but even the number of transactions has increased, albeit a falling base. The latest official data puts the total number of transactions in March at 2.3 crore on a card base of 1.8 crore.
In April 2009, the total number of transactions was 1.5 crore on a card base of 2.4 crore. The rise in the total value of spend is also a reflection of soaring prices. “There is action again in the credit cards business. The focus this time is on higher value segment,” said Shamal Saxena, head of credit cards business at Standard Chartered Bank.
“Almost 20% of our new card customers are non-bank customers and we add 80,000-90,000 new cards per month,” said Parag Rao, head of credit cards, HDFC Bank.
Read more…
John Garcia October - 13 - 2011
Boy, did that backfire.
I’m talking about Bank of America’s new policy of charging its debit-card-using customers $5 a month for that privilege.
And I bet Citi, Wells Fargo and Chase are breathing a huge sigh of relief for just “testing” the debit-card-fee waters in a few states instead of doing what BofA did in one fell swoop.
The reaction from consumers is pretty hostile.
Says “silverblack23″ in response to the article about the debit card fee in the LA Times:
“Why in the world don’t people simply withdraw their funds from BofA and open accounts in banks which do not charge such fees? In this day and age there is no particular advantage to banking with BofA — debit cards allow access to funds anywhere and anytime. Read more…
John Garcia August - 26 - 2011
I got an expected but still surprising reminder this week of the South Florida vacation I took a month ago. It was a $7 charge on my credit card for tolls on the Homestead Extension of Florida’s Turnpike.
I rented a car from Enterprise Rent-A-Car while I was in South Florida in July. I made the drive from Hollywood down to Key West — a trip I’ve taken many, many times in the years that I lived in Miami.
Automated toll plazas are fast, but…
What was different on that trip was the turnpike, the public toll road that stretches from the Orlando area down to South Miami-Dade County. Sometime between July 2011 and my last South Florida trip in 2009, the Florida State Turnpike Authority removed the toll booths that allow drivers to pay cash for tolls along the southernmost leg of the highway and replaced them with automated cameras. Read more…
Gerald Conrad July - 4 - 2011
Have you being thinking of getting one of those new credit cards with great benefits? Not all credit cards are created equal. To find the good ones you need to dig deep and far.
Search no more. Here is the card that has gain a great endorsement from CBS MoneyWatch 2011, “Best Overall Card.” Here is the Chase Freedom Visa – $100 Bonus Cash Back. It has such a variety of bonuses that make it’s one of the best cards on the market with bonuses.
You will want this card over the others you have, since it gives you cash benefits during the first three month and also there after. With this card you can transfer your balance from other cards and pay no interest for 6 months. This alone is a good reason to switch. You will want to head over to our site to discover the benefits that this card will give you.
John Garcia July - 3 - 2011
In this tight economy, consumers have turned to prepaid debit cards instead of mounting debt on their credit cards. According to the Network Branded Prepaid Card Association, Americans spent about $37 billion on debit cards last yeardoubling the amount from 2009. And now American Express is cashing in on the growing trend.
Late Monday, the financial institution introduced its American Express Prepaid Card. Unlike other prepaid debit cards that can be purchased in stores or banks, AmEx’s card has a much simpler set of card and transaction fees. American Express will charge its prepaid card customers:
- A one-time $5 fee for purchasing the card at retail outlets later this year. (American Express currently offers the cards online at no cost.)
- A $4.95 fee for reloading money to the card’s account using a retailer.
Read more…
Marie Conklin June - 21 - 2011
The Capital One Venture card, which is widely considered to be the best miles credit card on the market, just got a lot better. Following in the footsteps of other credit card companies that have recently increased sign-up bonuses, Capital One has increased the sign up bonus on the Venture card to 25,000 miles, a $250 value when rewards are redeemed for a statement credit. Additionally, Capital One also added a 10,000 mile sign-up bonus to the no annual fee VentureOne rewards card. While neither bonus rivals the $500 bonus being offered with Chase Sapphire, the quality of Venture card rewards, coupled with these bonuses, make these two of the best credit card offers on the market today.
How the New Capital One Venture Card Bonuses Work
On both the Capital One Venture Card and the VentureOne card, newly approved applicants simply need to spend $1,000 within three months of becoming a card-member to attain bonus Venture Miles.
Read more…
Greg Fowler April - 4 - 2011
Ever since debit cards came into existence I have been a steady user as opposed to using a credit card. I even went a long time with having one credit card that I only ever used for emergency situations only. I would pull my debit card out at every retailer I would visit and never use cash. I can remember long periods of time never even carrying cash with me for that matter.
I recently started to rethink my position after reading a credit card article. What benefit is there to me the consumer by using a debit card as opposed to a credit card? There are no benefits that I can think of.
Maybe one benefit would be that the money is taken out of my account that second so I can gage how much money I have within my budget and stay within it. It is easier to get into credit card trouble when you can spend, spend, spend all month long and not even realize what you are doing.
Read more…
Marie Conklin January - 17 - 2011
Credit cardse in all shapes, sizes and flavors, but how do you find a credit card that fits the type of life you lead? Are you a jet-setter traveling to foreign lands? Are you trying to build your credit? Do you just charge purchases to rack up the reward points or cashback rewards? Whatever your goal, there is a credit card that works with you to meet your needs. Learn how to find it:
Building Credit
When you start your first real job and enter adulthood, you should think about building your credit file. Your parents may have carried you through college, but now it is time to fly on your own. Start slow so you can crawl before you walk. Secured credit cards are a good starting point for young adults managing their credit for the first time. Secured credit cards are just like traditional credit cards, only you must put down a security deposit (typically $200 to $500) as an assurance to the creditor that you will repay your debt.
Read more…
