In this video you will learn that as per the new credit card guidelines of RBI, now no bank or card issuer can activate the Overlimit feature without the explicit permission of the customer. Earlier, many banks used to start this facility automatically, due to which customers used to spend more than the limit and overlimit charges were imposed on them. Now RBI has stopped this process completely. Under the new guidelines, customers will decide for themselves whether they want to keep the Overlimit feature active or not. For this, banks and card issuers will have to provide transaction control feature on their apps, internet banking and mobile banking platforms so that customers can turn on or off the overlimit option at any time. This facility will always be available, due to which there will be complete control over the expenses. If the customer has not given permission for overlimit, the bank will not under any circumstances allow the card to be used more than the limit nor will it be able to charge overlimit. If the customer has been charged overlimit charges by mistake, he can get a full refund by filing a complaint on the RBI Ombudsman Portal. The new rules have been implemented with the aim of making the banking process more transparent and in the interest of customers.

Many people have credit cards that they don’t use, but their annual fees keep getting deducted every year. In this video it is explained how you can close any credit card in the right and safe manner and how beneficial the new rules of RBI can prove to be for you. According to RBI, if you give a request to your bank to close the credit card, then the bank is required to close it within seven days. If the bank delays, you will have to pay a penalty of Rs 500 per day. This is applicable only if there is no outstanding balance on the card. The video also explains why it is important to repay the outstanding amount, redeem reward points, remove standing instructions and contact customer care properly before closing the card. Some banks also ask for a cropped photo of the card as part of their verification process. Always destroy the card by cutting off the chip part so that there is no possibility of any kind of fraud. If a card is not in use and its annual fees are putting an extra burden on your pocket, closing it may be the best decision for your financial health. This video explains in detail every important step of credit card closure.

Has your credit card bill increased so much that it is becoming difficult to pay it all at once? In this video we will explain in detail how you can convert your credit card bill or any big purchase amount into EMI. In this you will know how to make EMI conversion request from the bank, what steps have to be followed through mobile app, net banking or customer care and for which period the bank gives EMI options like 3, 6, 9 and 12 months. It is also explained in the video what are the benefits of taking EMI, what can be its disadvantages, how much extra charges or interest can be charged and which people get this facility easily. The EMI option is not available to every customer, so it is important to understand the eligibility, payment history and credit behavior. If paying your credit card bill in one go seems difficult, EMI can be a useful method, but be sure to understand all the terms and charges before choosing it. This video has been created to give you complete clarity so that you can keep both your money and credit score safe.

Money Borrowing Tips: When there is a sudden need for money. So often people ask for money from their friends or family. But many times we are not able to get money from friends or family. Then in such a situation people have two options. Credit Card EMI and Personal Loan. With both of these, people’s money problems get solved.

But many times people do not know this. Making EMI by taking money from credit card is full of benefits. Or taking a personal loan directly. There is a lot of difference between these two, which is important to understand. Because choosing the wrong thing can be heavy on the pocket. So let us tell you the advantages and disadvantages of both. So that you can take decisions easily.

Credit card EMI right or not?

If you already have a credit card. So EMI option is the easiest. You can convert any big expense into EMI in a few clicks. The interest rate in this is usually between 13 to 18 percent. Which depends on the bank and your credit history. The duration of EMI ranges from 3 to 12 months. Therefore it is more suitable for short-term needs.

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The most important thing is that no separate documentation is required and approval is done immediately. But keep in mind that if payment is missed in any month, interest and penalty increase rapidly. Along with this, the credit limit also gets blocked. Due to which there may be problems in future expenses. Therefore, before taking EMI, definitely think whether you will be able to pay each monthly installment comfortably or not.

Advantages and disadvantages of personal loan

If your need is a little bigger. For example, for medical expenses, marriage or home renovation, a personal loan would be better. The interest rate in this ranges from about 10 to 16 percent. Which may be slightly less than the EMI. The payment term is also long. Usually from 1 to 5 years. This keeps your monthly EMI low and does not put much pressure on the budget. For this one has to go through some basic documents and approval process.

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But as soon as approval is received, the entire amount is transferred to the account. If your credit score is good and income is stable. So you can get personal loan at cheap interest. Overall, credit card EMI is fine for small needs. Whereas for larger amounts and longer plans, personal loan is a more sensible option.

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Credit cards discounts: Nowadays, people use plastic money i.e. credit card for everything from shopping to loan. Gradually, plastic money is replacing cash and youth are used the most. The most important thing is that if you do not have money now, then you do not need to kill your mind, because with the help of this you can buy anything and pay later.

Not only this, these credit card companies also offer you a lot of cashback offers and full discounts on using their card continuously, but have you ever thought that what do these companies benefit from giving such discounts and how do banks earn from them? Let’s know about this.

How to earn bank with credit card

1. Merchant fees

Whenever you use a credit card to pay, banks charge merchant fees. Merchant fees are a kind of fee that banks charge from a merchant. This fee is charged as the bank’s infrastructure, security and transaction processing expenses. Usually this fee is between 2 to 3%.

2. Interest on credit card

When you buy someone on the same loan from your credit card, the bank gives 45 days to return this money. For these 45 days, the bank does not charge any interest on this money, but even after the end of the date date, if no one returns the money to the bank, the bank starts imposing interest on it. This interest rate is between 30 and 38 percent annually. Apart from this, if you make EMI, then banks also charge a lot of interest on it.

3. Marketing Tie Up Charge

Now talk about discounts, then banks also charge marketing tie up from many companies. That is, you bought some goods from a company and they gave you a discount on using a special bank’s credit card in payment mode. In such a situation, brands try to reach more customers through these discounts. When you get exemption on buying something from a credit card, then the next time people consider the use of credit card better for discounts.

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The festive season is starting. In such a situation, people fiercely online at the beginning of the season Shopping Start doing Same Amazon, Flipkart And MinTra As Sites Has also started tremendous cells and discounts regarding festivals. In such Festive In the season Shopping If there is a slight carelessness while doing this Online ShopInguinal YourCan affect B, In such Let us tell you today that Festive Online in season Shopping What should be taken special care while doing.

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Credit cards in digital economy give many benefits simultaneously. A large number of people use them for shopping and other expenses and hence scammers also keep an eye on them. Scammers can blow money from your credit card in many ways. Therefore it is necessary to take precautions. Let us know what ways can be fraud and how to avoid credit card scam.

These methods can cause fraud

Skimming– Scammers sometimes put card readers or other devices in places like ATM or petrol pump. Here as soon as you use the card for payment, its details will go to the scammers.
FishingIn such scams, scammers send emails or messages by becoming banks or government officials. They want to steal your card information by complicating or on the pretext of any service.
Data leak– Many times hackers steal the data of big companies. In this, a large number of people’s card information can reach the wrong hands.
CNP Fraud– This happens when hackers steal the necessary information including card number, CVV and expiry date. They can make online payment without cards with the help of this information.

How to avoid such fraud?

Keep the log-in details safe– Never share your log-in details like credit card PIN number and card number etc. with anyone. If someone asks you as a bank officer and ask for such details, then be careful.
Do not click on unknown link– If any link or message has come for payment from any of your unknown person or source, then be careful. Never pay on such request.
Use different cards– Use of different cards for autope subscription and shopping etc. for the bill of website, phone and electricity etc. can save you from trouble.
Do not pay on public Wi-Fi– Avoid online transactions on public Wi-Fi on cafes and airports etc. If you have to do this, then use VPN.

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On the one hand, the trend of UPI has increased rapidly in the country, on the other hand, dependence on credit card is continuously increasing on low income people. A study has revealed the fact that about 93 percent of the salary people who have earned less than 50 thousand rupees are dependent on this plastic money.

A study by Think 360 dot AI states that the financial behavior of more than 20,000 salaried and self -employment in India was analyzed in India during a year. According to this, 85 percent self -employment people are dependent on credit cards.

Dependence on credit card of low income people

The study released on Tuesday said that ‘buy now, pay later’ (BNPL) services are used by 18 percent self -employment person and 15 percent salaried people. According to news agency PTI, Amit Das, founder and CEO of ‘Think 360.com’, says that in India’s developed debt scenario, credit cards and BNPL have now become needed for all, from salaried professionals to temporary personnel.

This report of the think tank also mentions the increasing influence of financial technology companies (Fintech), which leads India’s digital debt revolution. The study stated that Fintech companies distributed individual loans worth more than Rs 92,000 crore in Financial Year 2022-23, which is 76 percent of all new loans according to quantity.

Credit card changed rules

Significantly, the credit card holders are given a certain time-limit to pay the money. Apart from this, after spending up to a limit on credit card, many types of offers are made by the bank. In such a situation, it is quite popular for low income people from paying home bills to shopping.

Meanwhile, SBI has now changed some rules for credit card holders. These changes include the minimum insurance and payment settlement process on the premium card along with the minimum amount duty.

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