Credit Card Renewal Fee: A renewal fee (also called an annual fee) is the yearly charge levied by the credit card issuer to keep the credit card active. It is billed after the first year (sometimes waived in the first year) and varies depending on the type of card. ‘Credit
Card cloning, also called credit card cloning or ATM card cloning, is the illegal process of creating a duplicate card by copying data from a genuine credit or debit card’s magnetic stripe or chip. Fraudsters then use the cloned card to withdraw money or make unauthorized purchases. Unlike physical
When you swipe your credit card for shopping, you often enjoy an interest-free period. When you withdraw cash from an ATM using the same card, costs kick in immediately. This means that a cash advance is essentially a short-term loan on your credit card with a separate cash advance fee
When you spot an unknown transaction on your credit card or a purchase that never arrived, you expect your bank to step in. This is where chargeback processing plays a crucial role. Many Indian cardholders confuse chargebacks with refunds or reversals, leading to frustration and delays in resolving disputes. This
Digital payments in India have grown rapidly, and with that, the need for stronger security has also increased. One of the most effective solutions introduced by the Reserve Bank of India (RBI) is card tokenization. But what exactly does it mean, how does it work, and why is it important
An encryption key is a sequence of random bits that acts as the foundation of any cryptographic process. It instructs the encryption algorithm on how to transform readable data (plaintext) into an unreadable form (ciphertext). Without the correct key, even if someone intercepts the ciphertext, they cannot reconstruct the original
A billing cycle is the recurring period during which a credit card, utility, or subscription service records your usage, calculates charges, and generates a statement. In credit cards, it is the duration between two statement dates, usually 28 to 31 days. All transactions posted in that window contribute to the
A foreign transaction fee is a charge taken by a bank or card issuer when you pay in a foreign currency or when your transaction is processed by a foreign bank, even if you are in India. It is usually a percentage of the transaction value, often 1% to 3%
Rewards redemption is the process of exchanging the points or credits you have earned from a program into real benefits. These benefits can be cash, cashback, e-gift vouchers, discounts, bill payments, products, or services. In other words, it is the act of cashing in the points you accumulated on a
