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Just like many of you, I make international purchases online using my credit cards. Most of the time this is the easiest, hassle free when compared to wire transfers and sometimes this is the only option to pay. I have read in magazine articles that using Credit Card is recommended and can be cheaper than Traveller’s cheque or Currency conversion while travelling as well. Many of the international transactions are in US Dollars and it will be converted to local currency (Indian Rupees) by your credit card issuing bank to prepare your statement. I never thought there will be differences…

T.Nagar Talk (a local paper) today carried a piece about Centre for Social and Economic Justice. This Organizations runs a site creditcardvictims.org for helping consumers for their rights with credit card companies. The site offers some good advice on smart usage of credit card. Though sites like this are common in the USA, even the popular TV Show Oprah has a website on this – but in India, this is a new effort. Read my earlier post on Credit Card Regulations in India. Last week I had a good experience – for official use I had bought 3 mobile phones on a…

Thank you Reserve Bank of India (RBI, which is the US Fed equivalent of Government of India) RBI yesterday issued its final guidelines on credit cards, to all Banks and NBFC’s (Non Bank Finance Companies). This guideline is a “God” sent answer to the long prayer of Indian Credit Card users, who were at the mercy of issuers. The guideline addresses several of consumer pain points: Credit Limits cannot be enhanced unilaterally by the issuer “No” to Unsolicited Card/Charges/Loans Every customer complaint will have to be issued a docket number Issuers should not make any intimidating or harassing collection calls to customers Banks…

Last Friday, I was chatting with a friend of mine, who works for a Software MNC in Chennai. Whenever we get a chance, it is common for us to share with each other our plans for future and seek other person’s advice and feedback. A little background about him, before I continue: He is from a typical Indian middle class family and after a decade of career progression at various Software firms, he is now settled down in life – married, has a kid and a good paying job. Our topic of the day was his recent decision to buy…