Tip Tuesdays: Use Your Credit Card for Emergencies Only After You Have First Created a Real Emergency Fund with Real Cash in a Savings Account

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I have often heard the argument that the credit limit on a credit card serves the purpose of an emergency fund. This strategy by itself is both myopic and dangerous. However, what can make this strategy both farsighted and safe is if you have a real emergency fund with real cash in a savings account […]

Awareness Fridays: Guidelines for Credit Card Operations of Indian Banks

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Reader Shankar asks, Is there any Master Circular issued by the Reserve Bank of India on Credit Cards issued by Indian Banks? There certainly is: Download the Master Circular on Credit Card Operations of Indian Banks. Download an update to the Master Circular. There’s some pretty useful information in these documents. Again, take some time […]

Know Your Rights: Did You Know That Banks Are Liable to Pay a Penalty for Issuing Unsolicited Credit Cards?

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Source: RBI Notification. Banks have been advised that unsolicited credit cards should not be issued and that in case an unsolicited card is issued and activated without the consent of the recipient and the latter is billed for the same, the card issuing bank shall not only reverse the charges forthwith, but also pay a […]

Did You Know: Credit Card Companies In India Will No Longer Be Liable For Transactions That Happen Before A Card Loss Is Reported

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The following is a true account of a close friend’s experience after losing a credit card: How the credit card was lost? My purse was stolen on 20th January 2008 at an IKEA store in Elizabeth, NJ. I lost my Driver’s License, an HSBC credit card, and all my Debit Cards. I contacted the police, […]