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Credit Card issuers to cut down on benefits

Manpreet


Credit card holders will soon start feeling the heat of safe moves by Banks. Some of these are to lower down the reward programmes and schemes to better control the unsecured loans; few others have decided on omitting the facility of basic cash withdrawal and yet another option to be followed is lessen the amount of such withdrawal.


Among the ones to drop the cash limit to zero is the Barclays credit card branch, Barclaycard. The information was divulged via text messages. However, whether the change is for some of the holders or all is not clear. Though ICICI is expected to announce its take in coming weeks, HSBC has moved in the similar direction by dampening the credit limit by over 50% for some of the card holders.


Further, the rewards programmes too are to undergo revision. The declarations come in the wake of realization that massive job losses will lead to a prompt increase in the use of credit cards. This in turn, escalates the chances of credit card defaults. In attempts to curtail the exposure to unsecured loans, Banks are being pro-active in moves.
 
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