According to TransUnion September 2018 quarter report, Indians have 3.69 crore credit card accounts (up by 31.7% in the same quarter a year ago), outstanding balance of Rs 84,400 crore (up by 35.8% for the same quarter a year ago) and the average balance per credit card holder was Rs 46,000 (up by 8.1% for the same quarter a year ago). Attractive discounts and deals on credit cards have fuelled the demand for cards from first-time users. Financial planners caution in using credit cards as its most expensive forms of credit. Generally, on a credit card outstanding amount gets charged about 3% per month which turns out to be 36% on an annualised basis.In August 2016, YES bank commenced the credit cards business and was the 17th credit card issuer in the market. The bank is now offering 11 variants of credit cards for mass affluent, affluent high net worth (HNW) and super high net worth customers.Rajanish Prabhu, Business Head-Credit Cards at Yes Bank, talks about USP of their credit … [Read more...] about Be cautious of over leveraging while using multiple credit cards: Yes Bank
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While Occupy protesters are holding sit-ins in foreclosed homes and pledging to default on their student loans, Madison Avenue, too, is targeting Wall Street’s abusive practices. The Consumer Finance Protection Bureau, the new government agency formerly led by high-profile Senate candidate Elizabeth Warren, has just unveiled a prototype of a new, radically simplified credit card agreement, with the aim of letting Americans take control of their credit by making the information in their contracts much more clear advertisement The designer is Peter Sunna, who’s worked for brands like Burton and Microsoft, and who was recruited by none other than the cutting-edge marketing group Co: Collective, an outfit highlighted for its innovative business structure in Fast Company‘s Future of Advertising piece. (Sunna also did the identity design for Co:Collective’s new coworking space Grind. Two-thirds of consumers say they don’t understand how their credit cards … [Read more...] about Could Better Design Reform The Banking Industry?
Last year, Priyanka Jain, 37, an IT consultant residing in Delhi, was thinking of gifting something unique to her two kids, Joy Jain, 8, and Freya Jain, 9, for Children’s Day. She looked for a product that would teach her kids the importance of savings and give them a head-start in building a strong financial foundation. So, she decided to gift a bank savings account to both the children based on the advice given by her financial advisor.Says Priyanka, “Both kids loved to save the cash received on special occasions – festivals, birthday, etc. – apart from the monthly pocket money and keep it in a piggy box from an early age. So, a savings account with a bank seemed like a perfect gift for children nearing their teens to make them learn about banking.”There are savings accounts on offer for minor children as well, with such facilities as ATM withdrawal via own debit cards. Here is what you must know about children’s savings accounts.Close … [Read more...] about Gift your kid a savings account this children’s day
India is the world's most "open and investment friendly" economy, Prime Minister Narendra Modi said as he wooed the BRICS business leaders, urging them to invest in the country and take advantage of its "limitless" possibilities and "countless" opportunities.Addressing the closing ceremony of the BRICS Business Forum, prime minister Modi said the grouping of five countries had led to economic development despite the global economic slowdown."India is the most open and investment friendly economy in the world due to political stability, predictable policy and business friendly reforms. By 2024, we want to make India a five trillion dollar economy. The infrastructure alone requires $1.5 trillion investment," he said.Close Noting that India has "limitless" possibilities and "countless" opportunities, the prime minister urged the BRICS business leaders to take advantage of them. related news Maharashtra government formation LIVE: Uddhav Thackeray asks Sena MLAs to return to … [Read more...] about India world’s most open, investment friendly economy: PM Modi at BRICS
Everything you hear about these days is mobile-app this and mobile-app that. But what does the mobile-app market look like? What do people want from apps? And what does the competitive landscape look like when you compare iPhone to Windows to Android? advertisement advertisement Lucky for you, we have answers, thanks to James West of GDS Infographics, who created this superb collection of facts and figures for the iStrategy conference. Let’s dive in. Games are obviously the killer app of the mobile market–64% of people who pay for an app also download a game; other popular ones include social networking, weather, entertainment, and banking: But the really astounding stat lies at the bottom of that chart: Despite all the noise about Android owning more market share than Apple, Apple has 300,000 apps available compared to Android’s truly pitiful 25,000. You be the judge about whether that’s because Apple was first or because developers find Apple apps … [Read more...] about Infographic Of The Day: Everything About The Mobile App Market