Friday, February 7

Tag: credit card

The CFPB Targets an Antiterror Tool
28Nov By adminNo Comments
Business

The CFPB Targets an Antiterror Tool

Nov. 28, 2023 12:53 pm ETI led an investigation for the Federal Bureau of Investigation that caught a terrorist plotting an attack on U.S. soil. The Consumer Financial Protection Bureau is moving to block access to an essential tool my team used.The CFPB is considering a proposal that would effectively ban credit-reporting companies from selling credit-header data to law enforcement agencies. These data include identifying material such as a person’s name, current and former addresses, Social Security number and phone numbers—but not financial information. The CFPB’s proposal would force law-enforcement officers to subpoena this information—a process that can take weeks or months—instead of obtaining instant access. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990c...
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Credit Score: 5 reasons why you should not max-out your credit card
21Nov By adminNo Comments
Business

Credit Score: 5 reasons why you should not max-out your credit card

Credit cards come with a set spending limit, representing the maximum amount you can charge to your card. It's important to keep your balances comfortably below this limit to maintain a healthy credit utilization ratio. When you approach or hit the maximum limit, your card is considered maxed-out.For instance, if your credit card limit is Rs 3 lakh and your outstanding balance is Rs 3 lakh, your credit cardis maxed out.Maintaining a lower credit balance not only enhances yourcredit score but also reduces the risk for lenders when considering your loan applications.How is credit utilization ratio calculated and why is it important?The credit utilization ratio is calculated as the overdue balance on your credit card divided by the total available limit.This ratio is a pivotal factor in your...
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Credit score vs. credit report: All you need to know
14Nov By adminNo Comments
Business

Credit score vs. credit report: All you need to know

Credit score vs. credit report is often most frequently asked queries when it comes to understanding the nuances of your credit health. Let's break down these terms to empower you with the right knowledge necessary for informed financial decisions.What is a credit score?Your credit score is a three-digit number that serves as a quick assessment of your creditworthiness. Ranging from 300 to 900, this score is derived from a complex algorithm that evaluates various aspects of your credit history.The factors include your payment history, credit utilization, length ofcredit history, types of credit, and new credit.A higher credit score generally indicates lower credit risk, making you more attractive to lenders. It's a numeric representation of your financial habits and is crucial when applyi...
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Credit Card: 5 ways to make the most of your credit card rewards
14Nov By adminNo Comments
Business

Credit Card: 5 ways to make the most of your credit card rewards

The credit card market is flooded with options, each catering to different needs. Credit cards nowadays come with enticing perks like cashback, travel benefits, and reward points. The competition among card issuers is fierce, with each trying to attract new customers by offering increasingly attractive rewards. To maximize your credit card benefits, follow these tips:1. Choose the Right CardStart your credit card search by understanding your spending patterns and preferences.Different cards offer various reward programs, such as cashback or shopping vouchers. Some even have bonus categories that give extra points for specific types of spending. Match your card to your lifestyle—frequent travelers should opt for cards with travel perks, while online shoppers can benefit from cards offering...
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Credit card spending hits record high at Rs 1.4 trn in May: RBI data
16Jul By adminNo Comments
Business

Credit card spending hits record high at Rs 1.4 trn in May: RBI data

Credit card spending has hit a record high of Rs 1.4 trillion in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data. Of the new additions, as much as 2 million were used in the first two months of the current fiscal alone. In January 2023 there were 82.4 million active cards in the country. The number has been growing steadily and reached 83.3 million in February, ...
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Credit Card Payment Defaults In India Jump To 2.94% During April-June 2023
15Jul By adminNo Comments
Business

Credit Card Payment Defaults In India Jump To 2.94% During April-June 2023

A reason for the rise in defaults may be the rapidly changing and uncertain economic scenario influenced by global challenges in some sectors and evolving consumer behaviour, says an expert.Growth momentum of India's retail credit remained high during the April-June 2023 quarter; however, credit card defaults increase; check whyThough the growth momentum of India’s retail credit remained high during the April-June 2023 quarter, credit card payment defaults have increased, according to a report by TransUnion CIBIL. It added that unsecured loans continue to scale growth backed by small-ticket loans.According to the report, titled’Credit Market Indicator’, serious delinquency (with payment overdue of over 90 days) in credit cards jumped by 66 basis points year-on-year to 2.94 per cent during...
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