💳 Banks Are Mad You Pay On Time
Published by OOPSONLINE.IN · Source: The Economic Times · 1 min read · · Updated
💀 OOPS SAYS
Credit card companies are absolutely devastated that you're paying your bills on time, so now they have to resort to begging you to split your weekly grocery haul into twelve easy payments.
What actually happened
With a smaller share of customers carrying balances month to month, interest-bearing receivables are growing more slowly than transaction volumes, pushing issuers to convert purchases into EMIs, deepen personal loan-on-card offerings and extract more fee income from a business that is increasingly being used as a payment product rather than a borrowing product.
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