And we have blocked the cards of users, who were using this loophole in the system to their advantage," said Vijay Shekhar Sharma, CEO, Paytm to TOI over phone.
"It was so uncanny, when we realised bank executives were doing this with the help of their friends and family .
But it takes a member of the banking fraternity to figure out that you can make an interest on Rs 10,000 swiped off your credit card," said Sharma.The hype tells of how it will increase their business.The purpose of these emails is to collect credit card and debit card numbers. If you have questions about your credit card, consult your credit card agreement.Most credit card companies today are based in states that do not impose such limits, and under federal law are able to charge substantially more, even to consumers who reside outside states with high or no interest caps.Problem arose when Paytm launched a platform for small merchants at 0% fee in November."Since millions of merchants accept Paytm at shops and prefer to move money to their bank accounts --to democratise payments, we made transfer to bank fee at 0%. Paytm on Wednesday said it has blocked credit cards of public and private banks after it realised that financially savvy merchants and bank staff were exploiting their discounts to rotate cash for free credit and loyalty points.Paytm in a lengthy blog post described how users started funding their Paytm wallet with their credit cards and transferring it to their bank accounts for free.Consumers should also be aware that many credit card companies regularly monitor their overall creditworthiness.This means they can raise your interest rate if you are delinquent in paying a debt unrelated to your card, such as an auto loan or mortgage.In the 1970s, Irish women could not own their own home or even go to a pub. Nevertheless, marital rape is still often treated differently to other forms of rape in some states even today. This was marked with the amazing victory by Britain’s Nicola Adams. They could not sit on a jury or refuse to have sex with their husbands. Until the Equal Credit Opportunity Act in 1974, women were not able to apply for credit. Credit cards were designed originally to be a one on one purchase, with physical merchandise.