All posts by ANAND BHIDE

A credit card offers benefits such as instant access to credit, rewards and offers, privileges, and much more. But did you know that credit cards also offer insurance coverage?

It is possible to avail financial protection against theft and loss of credit card. Coverage is also available for unfortunate events during travels.

IndusInd Bank Credit Card offers two insurance programmes for its cardholders:

The Total Protect program protects against unauthorised transactions in case of credit card loss/theft.
The Travel Insurance Program covers unfortunate events during travel.

Let’s learn more about credit card insurance and how it can benefit you as a cardholder.

Understanding Credit Card Insurance

There are two types of credit card insurance coverage. Let’s understand each type in detail.

1. Insurance Coverage against Credit Card Loss/Theft

This insurance coverage works in the following manner:

In case of loss or theft of the credit card, you must report the matter to the insurance company at the earliest. Also, you must inform the relevant authorities about it.
The credit card protection plancomes into action in such situations and protects against unauthorised transactions on the credit card.
The coverage amount under the plan can be equal to the credit limit on the card, including any add-on cards.
The insurance protection is valid for up to 2 days (including reporting day) before and 7 days after reporting the lost/stolen credit card (including reporting day). This duration varies based on the card and the bank.

IndusInd Bank offers Total Protect, an insurance program that provides the above-listed benefits.

2. Insurance Coverage against Unforeseen Travel Issues

Many banks offer travel insurance coverage as a feature within their credit card to make their cardholders’ travels easier and secure. This is how this credit card insurance policyworks:

If you suffer an unfortunate event during your travels, such as loss of passport or baggage, missed flight connection, delayed baggage, and so on, you can raise a claim with your bank.
The bank compensates for the financial losses you may have suffered after a thorough investigation.
You must inform your bank up to 48 hours before your travel begins and within 48 hours of arrival in India to be eligible for such coverage.
The coverage amount for each type of loss covered by the card is usually pre-specified. The amount will not be more than the sum insured by the travel insurance program.

With selected IndusInd Bank Credit Cards, you can benefit from the Travel Insurance Program, which covers the following:

Loss of baggage, including loss of checked-in baggage.
Loss of passport
Delayed baggage
Lost Ticket
Missed Connection.

You can enjoy the Travel Insurance Program benefits with IndusInd Bank Nexxt Credit Card, Legend Credit Card, Platinum Visa Credit Card, and other selected Credit Cards.

Note that all insurance claims are subject to the terms and conditions of the coverage. It is advisable to read through the T&C before raising a claim.

Also Read: Credit Card Transaction Failed: Money Debited? Here’s What to Do

Conclusion

With credit card insurance, you can enjoy a sense of security during your transactions and travels and have better control of your finances.

You can apply for IndusInd Credit Cards and benefit from solid insurance coverage instantly! The application process is 100% paperless and digital, and you can get instant approval!

So, what are you waiting for? Apply Now for an IndusInd Bank Credit Card today!

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What is Unbilled Amount in Credit Card?

June 19, 2024 ANAND BHIDE Leave a comment

If you have gone through a credit card statement, you may have come across the term ‘unbilled amount’. After you complete a transaction on the credit card, its history can be seen under the ‘unbilled amount’ category.

So, what is the unbilled amount on a credit card? It refers to the transactions from the credit card that are yet to be processed and added to the credit card statement.

Understanding Credit Card Unbilled Amount

The unbilled amount represents the credit card activity carried out successfully by the cardholder but not yet added to the billing statement.

Let’s take an example to understand this:

Let’s assume you have a credit card whose next billing cycle is the 10^th of the upcoming month. You decide to use your credit card on the 3^rd of that month and carry out a transaction of ₹ 7000.

So, until the bill comes on the 10^th of the month, this ₹ 7000 will show as the unbilled amount. It is because the amount has not yet been billed in a statement.

If you had made another transaction of ₹ 3000 on the 6^th of that month, your unbilled amount would have been ₹ 10,000 (₹7000 + ₹3000).

With a clear idea of what an unbilled amount is in credit card statements, let’s see how and where you can check for the same.

How to Check the Unbilled Amount in Credit Card?

Now that you know what the unbilled amount on your credit card means, let’s see how you can check for the same:

1. Access your Net Banking Portal

You can log in to your net banking portal to access your credit card statement. In the statement, you will be able to see the unbilled charges.

2. Sign up for Text Message Alerts

You can sign up for text alerts for unbilled transactions. This way, you will be updated about the unbilled amount on your credit card in real time.

3. Reach out to Customer Service

You can contact the customer service of the bank to get clarity on the unbilled amount and clear any queries and doubts you may have.

4. Access mobile application

You can also utilise the bank’s mobile application to check the unbilled amount on your credit card.

Also Read: What Happens When You Default on Credit Cards?

Unbilled Amount Vs Outstanding Amount in Credit Card

Unbilled amounts and outstanding amounts of a credit card might seem confusing.

Here’s a table that explains the difference between the two:

Type of Amount	Meaning
Unbilled amount	It is the total amount that reflects all the transactions you have carried out on the credit card but has not been added to the monthly bill yet.
Outstanding amount	It is the total billing amount that you must pay to the credit card company. It is also called current balance and can also include unpaid balances retained since the last statement.

It is advisable to clear any outstanding amounts at the earliest to avoid interest charges and build a good credit score.

Conclusion

Understand the unbilled amount to manage your finances effectively. It allows you to track your spending and have a clear idea of the upcoming credit card statement balance.

Planning on applying for a new credit card? Consider IndusInd Bank’s range of Credit Cards – with exclusive benefits, rewards on everyday spending, travel privileges and discounts, flexible repayment options, and enhanced card security. The best part? You can apply for a credit card online since the process is instant, paperless and 100% digital!

Apply Now for an IndusInd Bank Credit Card today!

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The Rise of Peer-to-Peer Payment Platforms

June 19, 2024 ANAND BHIDE Leave a comment

India has experienced rapid growth in digital payments. The UPI (United Payments Interface) network processed 1,344 crore transactions in March 2024. In comparison, there were 1,220 crore UPI transactions in January 2024.

With access to smartphones and the internet, people prefer the easier money transfer way, i.e., the online way.

One of the popular online payment methods is peer-to-peer (P2P) payment. If you have made a UPI transaction with your friend, you have carried out a P2P transaction.

But what is a P2P payment, and how does it work? Let’s explore the answers in this article.

Understanding P2P Systems and Its Workings

The below points provide the meaning of P2P payments and their workings:

A peer-to-peer (P2P) payment system is a type of technology that allows an individual to transfer funds directly to another individual. There is no direct involvement of any intermediary, such as a bank.
P2P payments occur through online portals or mobile apps.
To carry out a P2P transaction, you must connect your bank account with the P2P service provider. You can also connect credit cards with a P2P payment app to enable transactions.
You must provide your bank account or credit card details to register for the service. A PIN will be generated at the time of the registration process.
Once registered, you can send money via the P2P process after you enter the PIN. In some cases, you may have to provide more authorisation (such as a One-Time Password or OTP).
Since your debit or credit card connects to the P2P payment service, the transactions will reflect in the respective debit or credit card account.

Now that you have understood what P2P transaction is, let’s glance at its rise in recent years.

Rise of Peer-to-Peer Payments in India

Here are some figures that showcase the rise of P2P payments in India:

As of December 2023, UPI transactions witnessed a 56% year-on-year growth in volume to 6,577 crores. For the same period, there was a 44% growth in transaction value to Rs 99.68 lakh crores.
Mobile apps played a crucial role in the rise of peer-to-peer payments. In the second half of 2023, the volume of mobile transactions increased by 38% to 6,295 crores. The value of transactions rose by 31% to ₹152.33 lakh crores.
In March 2024, UPI transactions amounted to ₹19.78 lakh crores, 40% higher than that for March 2023.
A report by PwC India projects expects UPI transactions to exceed 100 crore transactions per day by FY27.

You can also experience the benefits of P2P payment systems once you connect your credit card with a UPI app.

With IndusInd Bank Platinum RuPay Credit Card, you can enjoy credit card transactions and seamless UPI payments.

To connect your IndusInd Bank Platinum RuPay Credit Card with UPI, follow the below steps:

Open your preferred UPI app
Choose “Add Credit Card/Link Credit Card”
Select the Credit Card Issuer Bank (IndusInd Bank)
Pick your IndusInd Bank Platinum RuPay Credit Card
Generate your UPI PIN by entering your card details: last 6 digits and expiry date
Verify via the OTP sent to your registered mobile number
Set your desired PIN for seamless transactions

Also Read: Benefits of a Credit Card – 10 Reasons Why to Use a Credit Card

Conclusion

The rapid growth of P2P systems reflects the shift towards digital payments in India. By opting for the IndusInd Bank Platinum RuPay Credit Card, you can also enjoy convenient and secure digital payments, special credit card rewards, and privileges.

Apply Now for an IndusInd Bank Credit Card today!

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Save Money on International Money Transfers: Top Tips & Tricks

June 19, 2024 ANAND BHIDE Leave a comment

Selecting a reliable money transfer service to carry out international transactions might seem simple. However, several vital considerations, including international money transfer fees, need to be made beforehand. This means that before starting an online money transfer, it’s essential to watch the volatile foreign currency rates carefully and be aware of all associated costs. Doing this can reduce the cost of your transactions and improve how you manage your daily spending.

For whatever purpose international money transfer, be it to finance a foreign mortgage or buy a classic car, you will always need some advice on reducing costs. So, let’s explore the top tips and tricks to save money on international money transfers.

What is International Money Transfers?

It is a process by which people or a company send money from one nation to another via different modes like bank transfers, remittance services, online payment platforms, etc.

Top Tips to Save Money on International Money Transfers

1. Compare Exchange Rates

Prior to selecting a provider, it is crucial to evaluate prices offered by several vendors, just as with any other purchase. This will assist you in obtaining the most favourable exchange rate and costs for your foreign money transfer.

Remember that banks aren’t always the most affordable choice, so you might also want to use Internet remittance services or specialised currency exchange businesses.

2. Look Out for Hidden International Money Transfer Fees

As previously discussed, there can be hidden costs related to overseas money transactions. These may include paying international money transfer fees imposed by the recipient’s bank. Before completing a transfer, carefully read the fine print and request an explanation of all the associated expenses.

3. Choose the Right Payment Method

When sending money overseas, a variety of payment options are available. Ensure the option you select fits your needs. Wire transfers are usually the best option for more significant amounts, while credit cards work well for smaller amounts.

4. Choose the Right Time to Make Your Transfer

Because currency rates are always changing, when you make your transfer, it will have a significant impact on its cost. It is crucial to monitor exchange rates and select a period when they are most advantageous for you. To know when to make your transfer, you may also set up pricing notifications with your preferred provider.

5. Protect Yourself from Fraud

Money transfers include some risks, and to avoid being a victim of fraud, it is good to keep a keen eye on transactions. For best results, always deal with a reputable money transfer company and never hand over money to anyone, no matter how convincing they might be.

Finally, if someone asks for your social security number or any other secure number, you should not provide it until you have checked with the company.

6. Negotiate Transfer Fees

Negotiating international money transfer fees with your preferred provider might be possible in some circumstances. This is especially helpful if you need to make frequent or big transfers. Contact suppliers, and don’t be scared to ask for a better deal or to compare international money transfer fees.

The Bottom Line

People often think that sending money overseas must be costly, but that is not the case at all. With these top tips and tricks, it is quite easy to avoid being overcharged when sending money across borders. To get the best value for international money transfers, one should make a point of comparing charges. Apart from that, being wary of additional charges and considering other forms of transfer to get the best value for money for international transfers. The next time you find yourself in a position to transfer money to another country, use these tips to avoid being a victim.

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Forex Card Myths Debunked: Separating Fact from Fiction

June 14, 2024 ANAND BHIDE Leave a comment

Nowadays, there are multiple financial transactions that any individual has to perform every day. Whether they are making payments within the country or buying something on a trip abroad, a seamless payment mode is required. Especially, while traveling to a different country, the shift between currencies and appropriate payments can become quite laborious. It’s here that choosing the best Forex cardbrings convenience, especially when it comes with multi-currency support.

Unfortunately, countless misconceptions surround the world of foreign exchange and Forex cards. Delve deeper into this informative guide to uncover the truth behind these misconceptions and use your Forex card wisely.

Myth 1: Buying Your Forex Card Takes Time

You might think that getting a Forex card involves a lengthy process. But with IndusForex, the process is a piece of cake as you can get the best Forex card rates 24*7. You can buy the card online by uploading a few documents and entering some details. Select your preferred mode of delivery and receive your card in no time. You can also pick it up from any of the 836 branches all over India. Remember that you can also reload your Forex card online with ease.

Myth 3: Transactions with Forex Cards Come with Additional Charges

In earlier days, some of the forex cards might have incurred additional charges under certain circumstances. However, with new-age and innovative Forex cards offred by IndusForex, that’s not the case. Their virtual card lets you manage payments hassle-free without keeping multiple cards and the fear of losing them. purchasing the card is also easy. You can do so from the IndusForex portal or any IndusInd Bank branch.

Another issue is regarding the loss or theft of the card. The presence of virtual cards like IndusForex, you won’t have to worry about this aspect anymore.

Myth 4: Forex Cards Are Not Convenient for Travelling Abroad

Foreign cards are a fantastic way to manage finances when journeying abroad. They can be used at point-of-sale terminals for shopping and at cash machines overseas to withdraw funds.

These cards can be preloaded with the necessary foreign currency and can even support multiple foreign currencies. This is why they are often referred to as multi-currency cards. For instance, IndusForex supports 14 currencies.

Additionally, when making transactions abroad with credit and debit cards, there are conversion fees of around 3-5% as the local currency is converted to foreign currency. However, when using foreign exchange cards, this can be avoided as the currency is already in that of the destination.

Myth 4: Forex Card Rates Are Extremely High

At IndusForex, you can enjoy unbeatable rates. Pay only 5% of the Forex card rates while booking. You can pay the remaining 95% amount within 24 hours. So, it’s a completely hassle-free way of buying or loading your Forex card. Visit the site today and book the rates.

Ending Note

The best Forex card will allow you to send money seamlessly across borders. Moreover, you can engage in foreign exchange trading and profit from it. So, discover the truth behind the Forex cards in India and get yours today to dive into this financial market.

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