How to Choose the Right Credit Card for You?

 

The easy availability of pre-approved card offers has made it simpler to apply for a credit card, however, the question is, should you jump at the idea of getting a credit card with a pre-approved offer? Or you should give it a thought before applying for the same?

Credit cards should be chosen after assessing your spending requirements and comparing all the options available to you. The best credit card for you would be the one that matches your lifestyle, spending preferences, income eligibility, credit score and more so that you can make the most out of it.

However, with so many credit cards available in the market offering benefits across different categories like shopping, travel, cashback, rewards, dining, movies, it can be quite difficult to pick one. To make your search for a right credit card easier, here we have listed the factors that you should consider while choosing a credit card….Read More

30 mn debit, credit card details of WaWa customers up for sale online

WaWa has offered free credit monitoring and identify theft protection to customers.

Credit and debit card information from customers of the food and gasoline chain WaWa Inc is being sold online, according to the fraud intelligence company Gemini Advisory. The breach “ranks among the largest payment card breaches of 2019, and of all time” because it potentially affected 850 stores and 30 million payment records, Gemini Advisory said in a report on Tuesday. The news follows WaWa’s announcement in December that payment processors in its stores had been compromised.

Gemini discovered that data from cards used at WaWa — many of which belong to US financial institutions — is available for sale on Joker’s Stash, a notorious online marketplace where credit and debit card information is bought and sold.

Data on almost 100,000 cards became available on Monday, but Joker’s Stash claimed it had data from 30 million cards of WaWa customers, according to Gemini Advisory. It’s likely that Joker’s Stash will release additional card data in batches over the next 12 to 18 months, Gemini Advisory co-founder Andrei Barysevich said. WaWa said it was “aware of reports of criminal attempts to sell come customer payment card information.” The company said it had alerted its payment card processor, payment card brands and card issuers to heighten fraud monitoring to protect

Now, you can allow up to Rs 2,000 of recurring payments via digital wallets

RBI has permitted processing of e-mandate on credit and debit cards, besides prepaid payment instruments, including wallets like Paytm, PhonePe and Amazon Pay for recurring payments of up to Rs 2,000

The Reserve Bank on Wednesday permitted processing of e-mandate on credit and debit cards for recurring transactions (merchant payments) with a cap of Rs 2,000. The RBI has been receiving requests from industry stakeholders to allow processing of e-mandate on cards for recurring transactions with Additional Factor of Authentication (AFA) during e-mandate registration and first transaction.

“…it has been decided to permit processing of e-mandate on cards for recurring transactions (merchant payments) with AFA during e-mandate registration, modification and revocation, as also for the first transaction, and simple / automatic subsequent successive transactions,” the Resrve Bank of India said in a circular.

This, the RBI said, has been done keeping in view the changing payment needs and the requirement to balance the safety and security of card transactions with customer convenience. The maximum permissible limit for a transaction under the e-mandate facility on cards would be Rs 2,000.

The RBI added that no charges should be levied or recovered from the cardholder for availing the e-mandate facility on cards for recurring transactions. The direction is applicable for transactions performed using all types of cards debit, credit and Prepaid Payment Instruments (PPIs), including wallets.

GST not being charged twice over on credit card payments: Govt busts myths

Please do not recirculate such message without checking it with authority," Adhia said.

Economy news : Two days into the GST regime, Revenue Secretary Hasmukh Adhia today took to Twitter to bust "seven myths" that were doing the rounds about the new tax regime.

Adhia, the architect behind the country's largest tax reform, sought to dispel concerns that if a person makes payment of utility bills by credit cards, the he/she will be paying GST twice.

"This is completely untrue. Please do not recirculate such message without checking it with authority," Adhia said.

India ushered in the Goods and Services Tax (GST) regime on the intervening night of June 30 and July 1.

A four-tier tax slab -- 5, 12, 18 and 28 per cent -- has been decided with essential items like salt, unpacked food grains, healthcare services being kept zero rated.

People have been posting in social media pictures of receipts issued in grocery stores or eateries showing tax deductions as GST, instead of VAT/Service tax earlier.

Busting the myth that GST rates are higher than VAT, Adhia said, "It appears higher because excise duty and other taxes which were invisible earlier are now subsumed in GST and so visible now."

He reiterated that businesses can continue to do business under GST with provisional ID number and need not wait for Goods and Services Taxpayer identification number(GSTIN).

"Provisional ID will be your final GSTIN number. Start business," Adhia said.

He said that businesses need not generate all invoices on computer or internet alone. "Invoices can be generated manually also."

On the rumour that businesses which were earlier exempt will immediately need new registration before starting business now, Adhia said, "You can continue doing business and get registered within 30 days".

He said small retailers need not file invoice-wise details in their return forms and retailers will have to just file one return form as the two other forms will be auto populated by the computer.

"There is only 1 return with 3 parts, out of which first part filed by dealer and two other parts auto populated by computer," he said.

Adhia also said that internet is not needed all the time to do business under GST. The reality is internet would be needed only while filing monthly return of GST, he said.

In a statement, the finance ministry said the two days post GST rollouthas passed "without any major problems being reported" from the field offices.

Read More...