Written by Blake Teen on September 23, 2011.
NEW DELHI: Standard Chartered Bank on Monday launched Approval-in-Principle (AIP) for customers applying for credit cards online.
It will enable customers to get an instant approval in-principle decision on his or her credit card application, StanChart said in a statement.
Applications which are approved in-principle have a higher probability of eventually getting a card subject to the bank’s verification of details shared and documentation completion, including collection of KYC and income-proof documents, it said.
The service is currently available for customers applying for a credit card online and will subsequently be introduced at the physical branches and partner retail outlets, it said.
Written by Oliver Laker on June 30, 2011.
Issuance of free credit cards is a risky affair. According to MD and CFO of State Bank of India, Mr Diwakar Gupta, the credit cards should be issued against a fee so that the cardholders only belong to the segment which values the card.
“Don’t push (free) cards for the sake of increasing numbers,” he said.
Gupta said so while speaking at the launch of the cobranded card by SBI and Bank of Maharashtra.
Mr A.S. Bhattacharya, CMD, BoM said, “We are happy that our bank is partnering with one of the largest credit-card issuers in the country. This strategic tie-up gives us the perfect platform to create a new benchmark in the credit-card industry.”
Written by Oliver Laker on June 27, 2011.
Banking and monetary regulator Reserve Bank of India has decided to work on towards further increasing the security features of credit cards. So far the credit cards had magnetic strip attached to them as a security feature.
A panel set by RBI has decided that all credit cards issued in the upcoming three years should bear an electronic chip and should have a unique PIN attributed to it.
A working committee was set up by RBI to work on how to increase security in transactions related to credit cards.
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Written by Oliver Laker on February 28, 2011.
Travel overseas has been made a lot easier with prepaid travel cards. The traveler earlier was troubled by the burden of carrying cash during travels or encashing traveler’s check or having to pay extra charges for ATM withdrawals. The introduction of prepaid travel cards has made the customer overcome these hassles.
What is a prepaid travel card?
A prepaid card is one which can be loaded with desired amount of money and used for expenses thereafter. Unless it has the option of being reloadable, the card can be used only till the time the amount in the card when it was first purchased has not exhausted. It is different from a credit card in that it doesn’t allow any debt to get piled up for the customer. Its difference from debit card lies in the fact that it is not linked to the bank account of the user.
A prepaid travel card is a prepaid card which can be loaded with foreign currency.
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Written by admin on February 17, 2011.
In this day and age, it seems that everyone uses credit cards for everything. For us adults, it makes sense because of the rewards and benefits, but is giving plastic to a minor the best choice? Let’s weigh the benefits and drawbacks.
Safer than cash – If cash is lost or stolen you (or your kid) is out of luck. With credit cards, you will be legally protected against unauthorized charges. By federal law the most you can be held accountable for is $50 but most credit cards don’t even charge that and instead, give you zero liability.
Know where the money is being spent – When it comes to cash, you have to take your kid’s word for how it is spent. One benefit of a minor using a credit card is that their spending can be broken down by transaction – you as the parent or guardian can see which stores and merchants your teen is spending money at. Most credit Read Full Text…