As the festival season is upcoming…Here, people look for discounts, offers ,benefits in the large number and they do expect for less price since the COVID-19 have given a big obstacle to earn money, many of the customers mind will contain restrictive ideas on their financial issues. A credit card is a card which allows people to buy items without cash. Each card has a unique number. … Payment using a credit card is one of the most common methods of electronic payment. Credit cards are usually small plastic cards with a unique number attached to an account. The biggest advantage of a credit card is its easy access to credit. Credit cards function on a deferred payment basis, which means you get to use your card now and pay for your purchases later. The money used does not go out of your account, thus not denting your bank balance every time you swipe.
On 29 September, India’s largest credit card issuer, HDFC Bank, announced the revamp of three of its existing cards to offer more to customers as it looks to regain lost market share in the next three to four quarters. The bank had lost ground owing to an embargo by the Reserve Bank following glitches in its e-
banking services.
According to the Reserve Bank of India (RBI), the total number of credit cards stood at 63.4 million at the end of July.
Kochi-based private lender Federal Bank entered the credit card business in September in association with card network Visa. A few days later, the lender launched another card, this time with homegrown card network RuPay. “We had said our credit cards will be an existing-to-bank product (or product for existing customers). The reason is that a couple of years ago, we said our foray into unsecured will be on existing customers, and that is what we did in our personal loan business,” Federal
Bank chief executive Shyam Srinivasan said in recent interview. Just about a month since the ban was lifted,
HDFC Bank issued over 400,000 credit cards till 21 September. “India has traditionally been a debit card market. However, the growth in credit card issuance in the last decade has changed this narrative, and credit cards are being used prominently,” PwC said in a note in August Just about a month since the financial institutions coming into the credit card space is welcome as it will help grow the market. Like I said earlier, a whole new set of customers is coming in, like the millennials and people who are newcomers to the workforce but are digital-savvy customers, and are a strong target segment for cards,” said Parag Rao, group head for payments, consumer finance, digital banking and IT, HDFC Bank. BENEFITS OF FESTIVE CREDIT Card
Saves money via numerous credit card Pre-approved loans for immediate fund
No foreign transaction fees.
Increased purchasing power.
Not linked to checking or savings account.
Jennifer(Internship Trainee )
#indianmediacouncil