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Tag: consumer

PayPal, consumer groups battle over company’s credit line for school costs

Finance
PayPal is fighting back after several consumer advocacy groups cited the payment provider for what they called "predatory financial practices."In a joint letter to the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency, the consumer groups, including the Student Borrower Protection Center, Americans for Financial Reform, Student Debt Crisis and Allied Progress, said "PayPal Credit is currently providing its products as high-cost education financing options that can leave borrowers in significant distress."PayPal Credit is the consumer lending arm of PayPal, and is offered by Synchrony Bank. It is essentially an unsecured line of credit, which generally comes with a higher interest rate than regular credit cards but allows access to up to $ 20,000, depending...
Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Will ensure banks pass on rate cut benefits to consumer: FM to India Inc

Finance
NEW DELHI: Finance Minister Nirmala Sitharaman has assured that she will ensure banks pass on the rate cut benefits to consumers, so the interest burden on them eases, industry body PHDCCI said on Friday. She was addressing members of the PHD Chamber of Commerce through a video conference here. "Hon'ble @FinMinIndia @nsitharaman assured that she will personally ensure that #banks transfer benefits of the #ratecuts to end consumers at the earliest," PHDCCI said in a tweet. Last month, the RBI slashed the benchmark repurchase (repo) rate, the price at which banks borrow from the central bank, by 40 basis points to a historic low of 4 per cent. RBI Governor Shaktikanta Das had said monetary policy transmission to banks' lending rates has continued to improve. "The 1 year median marginal c...
What a payroll tax cut could mean for Social Security, Medicare and consumer spending

What a payroll tax cut could mean for Social Security, Medicare and consumer spending

Finance
Hero Images | Hero Images | Getty ImagesA payroll tax cut is one idea President Donald Trump is considering in response to the negative effects of coronavirus on the U.S. economy.Experts say such a move would not necessarily be a magic bullet.One reason why: It could impair funding to Medicare and Social Security, which rely on payroll taxes for funding and are already facing looming funding shortfalls.Full details on how the Trump administration could implement a payroll tax cut are still  not known.Particularly, it's unclear how that cut would affect levies for Social Security or Medicare or both.Currently, employees and employers are each subject to a 6.2% tax for Social Security and 1.45% for Medicare. Self-employed individuals, meanwhile, make the full contributions on their own,...
YONO largest consumer platform after e-commerce companies, says SBI Chief

YONO largest consumer platform after e-commerce companies, says SBI Chief

Finance
MUMBAI: SBI’s digital banking platform YONO is the largest consumer platform outside of the ecommerce companies in India, according to its chairman, Rajnish Kumar. “Today, outside the ecommerce players, we are the largest ecommerce platform,” Kumar said at the Nasscom Technology and Leadership Conference in Mumbai on Friday. “I have more than 100 partners and they are growing. Today, I do a huge number of redirections to Amazon, IRCTC, Flipkart. I track this actively every day.” YONO, an acronym for “You only need one”, has launched shopping festivals and offerings such as cardless cash withdrawal at SBI ATMs. “Everybody wants to be part of the journey and we have big plans around it. Every day, we get about 70,000 new registered users. In less than 24 months, I am now close to 20 million
Consumer contract changes ‘could save customers money’

Consumer contract changes ‘could save customers money’

Technology
Broadband, TV and phone customers will be given the chance to avoid hefty price hikes when their contracts end under rules taking effect on Saturday. UK watchdog Ofcom says users could save £150 a year on broadband alone once they are informed of alternative deals. Around 20 million customers are out of contract with their suppliers, leaving many paying more than they need to. The regulator says people can earn big monthly savings if they are told in advance of discounts on new deals. Matt Powell, editor at comparison site Broadband Genie, said the requirement for companies to warn when contracts are about to expire would help loyal customers remain on the best plans. BT to charge people £50 for keeping old wi-fi routers Regulator Ofcom to have more powe