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Indian credit card companies have slowed the pace of card issuance while simultaneously focusing on fee-based cards, an official from Mumbai-based Bank of Baroda tells CardLine Global. "When the going was good, card issuers were fighting for the higher market share by issuing cards to all and sundry without due diligence," the official says. "In this changed economic scenario, however, issuers are looking at the spending and repayment ability of the customer before issuing a card." According to an official from the State Bank of India who requested anonymity, the bigger change in the card market will be the shift to the premium segment. "We are in the process of launching a new premium card sometime soon, as we see real value in the premium segment," he says. "Premium customers spend and not keep the card idle unlike our basic segments." In February, Citibank launched its Platinum Select card with an annual fee of 4,000 rupees (US$80), while ICICI Bank launched ICICI Bank Singapore Airlines Visa Platinum card in May that comes with an annual fee of 6,000 rupees.
October 15 -
Many call centers in the United Kingdom "routinely" record calls with consumers' credit card information, suggest survey data from Veritape Ltd., a British firm that sells call-recording software. Veritape based the findings on a survey it conducted in September of 133 call-center managers, the firm says in a statement. Only 3% of respondents complied with rules that prohibit the storing of credit and debit card information "once a transaction is complete," Veritape says. About 61% of respondents said they were unaware of the rules, while 18% said they were "aware but … couldn't comply for technical or budgetary reasons." Eleven percent of respondents said they ignore the rules, while 6% said they were working toward compliance.
October 15 -
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Indian credit card issuers are using job sites to track down credit card defaulters, local newspaper Economic Times reports. Recovery agents for issuers are tracking resumes on job sites to trace credit card users, especially younger ones, who may have defaulted on their cards and absconded, the paper reports. A source confirms this to CardLine Global. "The economic downturn has a role here," a recovery agent for one of India's biggest card issuers tells CardLine Global. The agent requested anonymity because the issuer had not authorized him to speak to the media. "With many people losing their jobs, there are many instances of cardholders shifting locations for a new job or even avoiding their card dues," the agent says, noting his employer has struck data-sharing deals with the major job sites in India. "So now we just run through the database for any defaulter we are looking for," he adds. "Since most people keep their real addresses on their resume, our job becomes easier." CardLine Global contacted three job sites operating in India–Naukri, Monsterjobs, and Timesjobs–but officials at each declined to comment on the issue.
October 14 -
Doha Bank has begun to issue a Visa-branded credit card designed to appeal to consumers interested in preserving the environment, the Qatar-based bank says in a statement. The "Go Green" card is made from biodegradable material, the bank says. Doha says it will convert 1% of all cardholder spending into "green" points that will result in donations to environmental groups and efforts, such as those that support tree planting in Qatar and environmental education for children. Bank officials offered no immediate comment.
October 14 -
United Commercial Bank Ltd. has joined the Omnibus ATM network, an official for the Bangladesh-based bank tells CardLine Global. The network connects proprietary ATM networks in the country, the spokesperson says. "Our customers will now be able to use the [Omnibus] network of 273 ATMs," the spokesperson says. Bangladesh-based BRAC Bank led the formation of the network in 2007. The network now includes four financial institutions. The network also includes 1,200 point-of-sale terminals. Omnibus estimates it has a cardholder base of 1 million.
October 14 -
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