Credit card interest slashed to 20pc: BB

Bangladesh, Sept. 24 — The central bank says banks will not be allowed to charge more than 20 percent in interest on credit cards.

“Such decision was taken in order to make adjustment in interest and profit rates and also to protect the interest of bank clients,” a Bangladesh Bank circular said Thursday.

It said banks can charge interest on loans taken against a credit card only after expiry of the bill repayment date.

Banks cannot charge interest from the date of transaction, said the central bank.

Bangladesh Bank also said that banks cannot provide any cash withdrawal facility of over 50 percent of allowable credit limit against the credit card even if it is in any other form.

It said banks can only charge delay fee for a single occasion on delayed payment of bills.

Also read: BB eases credit card restrictions for online use

The central bank said

Read More

Continue Reading

Credit card interest capped at 20pc

Bangladesh, Sept. 24 — The central bank says banks will not be allowed to charge more than 20 percent in interest on credit cards.

“Such decision was taken in order to make adjustment in interest and profit rates and also to protect the interest of bank clients,” a Bangladesh Bank circular said Thursday.

It said banks can charge interest on loans taken against a credit card only after expiry of the bill repayment date.

Banks cannot charge interest from the date of transaction, said the central bank.

Bangladesh Bank also said that banks cannot provide any cash withdrawal facility of over 50 percent of allowable credit limit against the credit card even if it is in any other form.

It said banks can only charge delay fee for a single occasion on delayed payment of bills.

Also read: BB eases credit card restrictions for online use

The central bank said

Read More

Continue Reading

Credit Suisse, UBS Held Tie-Up Talks Backed by Both Chairmen: Bilanz | Investing News

ZURICH (Reuters) – The chairmen of UBS

and Credit Suisse

supported a merger of equals between Switzerland’s two largest banks during discussions earlier this year, Swiss magazine Bilanz reported on Wednesday, adding talks had since stagnated.

The details reported by finance periodical Bilanz suggest that a merger between Credit Suisse and UBS, which had been examined by staff working under UBS chairman Axel Weber in recent months, had been more seriously considered than previously known, receiving backing from both parties.

Both UBS and Credit Suisse declined comment.

Switzerland’s two biggest banks held tie-up negotiations in the first half of the year, Bilanz reported, citing two unnamed sources involved in the discussions.

Although kept secret, a merger had been considered seriously, one source told Bilanz, receiving the backing of both UBS Chairman Axel Weber and Credit Suisse Chairman Urs Rohner, who is due to retire from his post in 2021.

However,

Read More

Continue Reading

How to use an Uber Eats gift card to pay for orders on the app



You can add a gift card to your Uber Eats wallet and select it as your payment method during checkout. NurPhoto/Getty Images


© NurPhoto/Getty Images
You can add a gift card to your Uber Eats wallet and select it as your payment method during checkout. NurPhoto/Getty Images

  • You can use Uber Eats gift cards to pay balances on orders from restaurants and other food establishments that deliver via the Uber Eats platform.  
  • Gift cards are available in $25, $50, $100, and $200 denominations and can be delivered via email or text. 
  • You can add your gift card to your Uber Eats wallet and select it when paying for your order. 
  • Visit Business Insider’s Tech Reference library for more stories.

While millions of people in cities worldwide have used Uber to get around, another worthwhile venture from the ride-hailing company is Uber Eats. The food delivery service acts as the middleman between you and hundreds of local restaurants, ensuring your next meal makes it right to your door. 

Loading...

Load Error

While you

Read More

Continue Reading

BoA CEO: More Keep Credit Card Payments Current

Bank of America’s CEO said Thursday (Sept. 24) credit card delinquencies are “lower now than they were last year” as more people come off deferrals and consumers are starting to spend more.

However, while the broad-based economy has rebounded with 92 percent of Americans employed, he is concerned about the rest who are not.

“The unemployment rate is still over 8 percent and that’s not healthy for the American economy,” Brian Moynihan told CNBC on Thursday. “If this thing goes on longer, the question is: Will it become more permanent? Economists are concerned that the longer it goes on, your confidence breaks. The sharp snapback has to be prolonged.”

He called on Congress and the White House to provide a new stimulus package, noting the debate should come down to how fast lawmakers want the recovery to take place.

“People are suffering and

Read More

Continue Reading

BSP sets cap on credit card charges



a circuit board: BSP sets cap on credit card charges


© STAR/File
BSP sets cap on credit card charges

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is imposing a 24 percent cap on the annual interest rate on all credit card transactions starting Nov. 3 to ease the financial burden of consumers and small enterprises amid the COVID-19 pandemic.

In a virtual press briefing, BSP Governor Benjamin Diokno said the imposition of the ceiling on credit card charges has been approved by the Monetary Board to soften the blow of the pandemic.

“The interest rate cap on credit card receivables aims to ease the financial burden of consumers and micro, small and medium enterprises amid a difficult economic environment caused by the COVID-19 pandemic,” Diokno said.

The BSP chief said the policy also provides that interest rates or finance charges on the unpaid outstanding credit card balance of a cardholder should not exceed two percent per month.

The

Read More

Continue Reading

The best banks and credit unions for military members and families, Sep. 2020

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

The best banks and credit unions for military members and their families

We’ve provided an overview of our favorite banks and credit unions for military members and families here. Scroll down to read our breakdown of each institution’s pros and cons.

A good military bank should make it easy for you to access your money, loans, and investments from wherever you are in the world. It should also provide special incentives for military members and families, such as discounted loans or high interest rates on bank accounts.

Learn more about our top picks for banks and credit unions for military members and their families. Each one is federally insured to

Read More

Continue Reading

Load More