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Tag: credit

Credit card signatures are almost a thing of the past

Credit card signatures are almost a thing of the past

Finance
5 stunning stats about credit cardsThe random scribble you hastily scrawl after swiping your credit card is no longer required. Major credit card companies are getting rid of the signature requirement for credit card transactions. American Express, Discover and Mastercard will no longer require merchants to collect a signature on April 13. Visa will do away with the signature requirement starting April 14. "Signatures are no longer considered to be any real deterrent to fraud," explained Matt Schulz, senior industry analyst at CreditCards.com. "Most people don't sign their name in full or take it all that seriously." The signature requirement had already been fading, especially for smaller purchases. For instance, American Express has not required a signature for transactions under $ 50...
The reason India's banks show massive credit offtake before the end of a fiscal

The reason India's banks show massive credit offtake before the end of a fiscal

Finance
KOLKATA: Indian banks have reported credit offtake of a massive Rs 2.76 lakh crore in the last fortnight of FY18, Reserve Bank of India data showed. There is a possible catch though. It's unlikely that the demand for bank loans has suddenly risen to the roof as the data suggested. It's perhaps the usual dressing up of balance sheet before the close of the fiscal known as window dressing in financial parlance. "This credit offtake data does not reflect the demand for bank loans. It's the year-end phenomenon where everybody pushes up their balance sheet," said Madan Sabnavis, chief economist at CARE Ratings. Credit offtake during the preceding fortnight was about Rs 31,000 crore. The last fortnight credit figure was Rs 40000 crore less than what it was in the corresponding fortnight in FY17,...
Never, ever purchase these things on your credit card

Never, ever purchase these things on your credit card

Finance
As we move farther and farther down the road toward a cashless society, consumers can use credit cards to pay for nearly everything, everywhere these days. But just because you can doesn't mean you necessarily should, warns credit reporting agency Experian.Outstanding card debt has now hit its highest point ever, surpassing $ 1 trillion in 2017, according to the Federal Reserve. And 86 percent of Americans who have or had credit card debt said they regret it, according to a recent report by NerdWallet.More from Advisor Insight:The bad things people do with 401(k) plansWhat sort of insurance do you need?Most consumers confused about credit, debtHere are six expenses Experian advises you to not put on plastic.1. Taxes. If you get slammed with an unexpected tax bill this April, it could be te...
RBI gets HC poser on credit card security

RBI gets HC poser on credit card security

Finance
NEW DELHI: At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions and the Delhi high court has decided to examine the issue to protect consumers from rising incidents of credit card fraud. Under additional authentication system, banks are supposed to send one-time password (OTP) to the card-holder which is to be used for the transaction and it is meant to ensure that the card is not misused by another person when it is lost. RBI has been asking banks to adopt second level of authentication and has issued several circulars from 2009 to implement it. Alleging that some banks, including HDFC were not providing additional protection layer ...
Lloyds Bank bans Bitcoin purchases on its credit cards

Lloyds Bank bans Bitcoin purchases on its credit cards

Business
Lloyds Banking Group has banned its customers from buying Bitcoin and other crypto-currencies on their credit cards.The ban, starting on Monday, applies to Lloyds Bank, Bank of Scotland, Halifax and MBNA customers. It will not apply to debit cards, only to the banking group's eight million credit card customers.The move follows a sharp fall in the value of digital currencies, prompting fears about people running up debts.Lloyds is concerned it could end up footing the bill for unpaid debts should the price continue to fall.Explaining the ban, a Lloyds spokeswoman said: "We continually review our products and procedures and this is part of that."Bitcoin ended last week down 30% at $ 8,291.87 - its worst week since April 2013 and far below the $ 19,000 it reached last November.However, the c...