Credit Card
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To,TransUnion CIBIL Limited[Formerly known as Credit Information Bureau (India) Limited]One Indiabulls building ,Unit No 1901 – 1905,19th Floor, Tower 2A-2B, Jupiter Mill compound,Senapati Bapat Marg, Lower Parel, Mumbai 400 013
Sub: Grant of Consent
Dear Sirs,
In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:
- The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.
- I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.
- I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.
- I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.
- I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company
- I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .
- I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.
- By submitting this registration form, I understand that I am providing express written instructions for Wishfin to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Wishfin account. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy.
- I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
- I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.
- I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.
Yours faithfully,
Name :____________________________Address : ____________________________Date : ____________________________
Are you tempted by credit card cashback offers? I am sure you must be. A credit card cashback can basically be defined as a small monetary benefit which the bank provides to the cardholder as a gift for using the credit card. It is part of the promotional schemes by the banks where you receive a certain percent of your net expenditure as a rebate, which is credited to your account. The cashback is valid on most of the purchases which are made by a credit card.The entire promise of earning cashback when you use your credit card is so intriguing, right? But did you ever give a thought to ‘Why Credit Cards offer Cashback? There are certain reasons to it. So let’s explore them together.
To lock up new customers
One of the basic reasons behind banks giving so many cashbacks on credit cards is to attract potential and new customers who wish to avail the services of a credit card. Credit card issuers simply want to catch the attention of potential customers who are looking for a credit card which gives them various benefits. And what better than a cashback? Most of the cashbacks are offered during the festive season when buying is at its peak. The idea is to appeal to a certain demographic group who have peculiar spending habits and target them accordingly with such offers.
To encourage existing customers to spend more
Don’t you get thrilled when you are given exciting offers? The bank cashes upon this and gives you cashback of a certain amount when you make a transaction.The simple motto is to encourage you to use your credit card rather than cash to make payments. The bank wants to put a fullstop to your use of cash, debit cards or cheques for making purchases. When you start using your credit card more and more the bank offers you cashback to keep you satisfied. The more you spend happier is the bank. You need to keep in mind that if you pay the card balance fully and without any delay you will get good benefits of the cashback offer.
Now you must be wondering why will the bank offer you cashback even when you are not paying any kind of late or interest fees? WishFin will tell you why. When you pay through your credit card, the merchant generally pays some percent of the transaction amount as commission to your bank. The bank shares a fraction of this commission to you as cashback.
To gain revenue from interest
The objective of offering cashback is to entice the customer to make purchases with his credit card which normally he wouldn’t make. Now since the customer is lured by cashback offers he will end up spending more. But just in case he is unable to return the due amount on time, he will end up paying huge interest charges. This acts a good source of revenue for the banks. By giving you cashback the bank is betting that you are going to use a credit card to buy something which you can’t afford to repay by month end. This simply means you have a large balance which will carry forward and you have to pay a hefty interest amount.
Read to know about- World without Credit Cards?
To tackle cut-throat competition
In today’s world where competition is at its peak and competitors are ready to kick you out of business, offering cashbacks on credit cards has proved to be a major mover advantage. Darwin’s theory of survival of the fittest completely fits the bill here. Banks offer you cashback to remain ahead of every competition available. As a matter of fact, there are some peculiar purchases for which you are dependent entirely on your credit card. The banks draw their profits from such purchases only. You either have to be innovative or kiss goodbye to the business. This is what some banks did by offering cashback on iPhone 5S when iPhone 6 was about to be launched in the market.
These are the four main reasons why credit cards offer cashback. So in case you are insatiably curious and want to know about the best cashback credit cards in India, you can read it on WishFin. It is going to be worth your read.
Read to Know- Reasons to get a Credit Card?
