State-owned bank Punjab National Bank (PNB) has decided to increase to increase the interest rates on credit card transactions by 0.50 per cent per month effective from February 01, 2010. The new rates would be revised to 2.45 per cent per month on revolving credit, cash withdrawn through a credit card against the present 1.95 [...]

Reserve Bank of India (RBI) may allow money withdrawals with the help of prepaid cards from the point of sale (PoS) terminals soon, making PoS more efficient. These prepaid cards will be open loop cards issued by banks. The other two types of prepaid cards are semi-closed loop cards that are issued by non-banking finance [...]

HDFC Bank has introduced a facility to help its credit cardholders cap the spending limit on their add-on cards. Using this facility, cardholders can fix a sub-limit within the overall credit limit for an add-on card – a card issued to the main cardholder’s dependants like son/daughter/spouse/parents. In case the cardholder does not specify a [...]

SBI Card has provided another option for its customers to pay their credit card dues using SBI debit card. Customers need to log into PayNet on the SBI Card web site and pay online using their SBI ATM cum debit card. This is the 13th payment option that SBI Card has offered to its customers [...]

SBI Card launched mShop – a service to enable its customers shop from over 100 merchants across the country, with the help of their mobile phones. mShop is a mobile application that helps a SBI Card customer to make purchases and pay by SBI Card. Customers can download this application on their mobile phones and [...]

Credit card business has witnessed a 12 per cent drop in card payments in the first half of the current financial year. The global economic crisis has hit the business, with credit card payments declining to Rs 29,330 cr from Rs 33,470 cr in the first six months of the last fiscal. As per the [...]

Low-cost airline SpiceJet and State Bank of India launched their co-branded credit card – SBI SpiceJet Card. This card offers SpiceJet customers special benefits. “We are pleased to introduce these new benefits for our SBI SpiceJet customers. Bringing new products that offer greater value to our customers has been an ongoing endeavour for us at [...]

Reserve Bank of India (RBI), in its report, has warned banks against the rising customer complaints. In 2008-09, consumer complaints about banking services increased to 69,117 from 47,887 a year earlier, a rise of 44 per cent. A large number of complaints are lodged against the big lenders like State Bank of India (SBI), ICICI [...]

India has seen a 12 per cent decline in the credit card spending in the first five months of this financial year. The reason cited for this decline is the recent economic slowdown which prevented cautious shoppers from spending more, leading to the loss of Rs 24,427 crore. From November last year, the credit card [...]

Commonwealth Micro Finance India (CMFIL) has launched a multi-purpose prepaid debit card, especially for unbanked population of the country. The biometric card, which looks like a mobile smart card, costs very little. Any person with no bank account can get this card, based on his/her identity and address proof. Customers can use the card to [...]