ICICI Bank Becoming More Selective with New Credit Card Customers
ICICI Bank India’s second largest bank and the country’s largest credit card issuer has decided to ease up on the growth of its credit card business following in the same footsteps of Standard Chartered Bank as was reported here a couple of weeks ago. In fact seeking better quality clients that are more likely to repay their obligations has been a long running theme within Indian retail banking over the last few months, as the rush to grab market share at any cost including compromising on credit quality has clearly not paid off.
>> Read more
ICICI Bank a Great Buy Right Now
Even before rumour mongering took hold of the Indian equity markets at the beginning of October, ICICI Bank, India’s largest private sector lender had already taken a beating, down some 56% from the start of the year when the Sensex hit its all time highs. Rumours of ICICI Bank’s exposure to Lehman Brothers and the questioning of its financial health began circulating through anonymous emails and text messages. That was enough to prompt a run on a few of the bank’s branches in the southern city of Hyderabad.
>> Read more
Indian Credit Card Holders Should Expect Annual Card Fee’s
Indian credit card issuers that have been lobbying for an end to the cap on penal rates of interest are upgrading existing customers to platinum or titanium cards. Card issuing banks are doing this in the eventuality that the Supreme Court upholds the National Consumer Disputes Redressal Commissions decision to cap interest rates at 30%.
>> Read more
ICICI Bank Credit Cards Introduce No Annual Fees on Selected Cards
ICICI Bank India’s largest privately owned listed bank recently announced that itno longer charges its credit card holders an annual fee for any of its pure play card offerings. ICICI Bank announced this change at the beginning of August, effectively eliminating annual fees for all ICICI Bank credit cards holders including existing ICICI Bank Credit Card holders retroactively. Not all cards have this benefit. All ICICI Bank Credit card holders can take advantage, but those holding co-branded ICICI Bank Credit Cards that have been issued jointly with airlines will still be required to pay the annual fee.
ICICI Bank is an innovator in the Indian credit card space offering ground breaking India specific products and now has more credit cards issued in India than any other financial institution in the country, offering the following services through ICICI Bank :
- auto debit
- bills payments
- travel services
- hospitalisation benefits
- balance transfer
- EMI-on-call
- dial-a-draft and
- credit limit enhancements