...CREDIT CARD CONTENT Sl. No | | Page. No | 1 | INTRODUCTION | 1-3 | 2 | CREDIT CARD: WHAT ARE CREDIT CARD | 4-6 | 3 | ADVANTAGES OF CREDIT CARD | 7 | 4 | DISADVANTAGES OF CREDIT CARD | 8 | 5 | CREDIT CARD: PROS AND CON | 9-11 | 6 | HOW YOUR CREDIT CARD IS CHANGING | 11-13 | 7 | HOW TO GET OUT OF CREDIT CARD DEBT | 14 | 8 | CONCLUSION | 14-15 | Credit Cards: Introduction Are you thinking about making a purchase? Among the payment choices tucked away in a consumer's a wallet is the credit card. Its popularity since its debut in the late 1950s has skyrocketed. Many people enjoy the convenience and protections it offers, such as the ability to defer payments and keep records of purchases. However, credit cards can either help to improve your lifestyle by offering convenient payment and helping you build credit, or they can leave you with a pile a of debt - it all depends on how you use them. Problems can be avoided but understanding the terms of the credit card agreement, spending wisely and selecting the appropriate card. Here we take an in-depth look at credit cards and provide useful information about how you can use one to your best advantage. How Credit Cards Built A Plastic Empire :- Credit cards are nearing necessity status in modern life. If you want to rent a video, book tickets online, or place an advanced order for something...
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...“Comparative Analysis of Impulsive Buying Behaviour between Youth and Elderly Credit Card Consumers” A research report submitted in partial fulfilment for the degree of Master of Business Administration Submitted By Aditi Bhatt C 02 Anshul Chaudhary C 04 Rohit Kumar C 35 Rohit Nair C 36 Vinika Yadav C 53 Symbiosis Institute of Management Studies Symbiosis International University September 2014 ACKNOWLEDGEMENT We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this project. We are extremely thankful to Professor Dr Asha Nagendra, the Guide of this project. She has guided us on this research and correcting various documents and amending them with attention and care. She has taken pain to go through the project and make necessary correction as and when needed at each and every step. We express our thanks to the Director of Symbiosis Institute of Management Studies, Pune for extending its support. We would like to show our greatest appreciation for the support extended to us by the respondents, which was vital for the success of the project. We are also thankful to all the friends, faculties and the respondents whose enthusiastic participation has helped us in our research. TABLE OF CONTENTS Sr. No | Topic | Page...
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...essay on Credit Card A barometer of the maturity of an economy with a few exceptions is the stage of development reached by its payment systems. Cash in the form of notes and coins makes up just one form of payment system. The development in banking brought about a second phase in payment system, through paper instruments namely cheques and credit transfers. The requirement for greater flexibility and convenience and development of technology has given rise to electronic payments and this is where plastic cards have been provided with. During 1914, a number of oil companies in United States issued the first credit card to their customers for the purchase of gasoline, oil and accessories at the companies' stations. Thereafter, local departmental stores, air travel companies and railway companies also started issuing credit cards. In 1950, the Diners' Club Inc, was the first company to issue an all purpose card. The Franklin National Bank of New York was, in 1951, the first bank in the United States to adopt a credit card plan. Around 1958, the American Express Company and two large banks, the Bank of America and Chase Manhattan entered the credit card field. Some of these companies introduced their cards into United Kingdom, and in 1966 Barclays Bank was the first British Bank to introduce credit cards, known as 'Barclays Cards'. In 1972 "Access" cards were introduced by Lloyds Bank. Credit Cards by Indian Banks is a recent history. The Credit Card can be defined...
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...convenience in everyday life. For example, credit cards, in particular, give consumers the ability to purchase goods or services with little effort. Simply by making a phone call or opening a laptop, a product can be bought and even shipped to the front door just by entering those little raised numbers on the front of the card; just ask my friend Emily! She ordered an enormous new 70in. flat screen TV, without even needing to go into a store. The funny thing is she doesn’t watch or own a TV. Not only did the store allow somebody to fraudulently use her credit card but it also allowed the TV to be shipped to an unauthorized location. That’s the rub! Credit cards may seem great, and they are for certain things, however, there is an obvious security threat when owning one. The temptations for overspending and the high interest rates that credit card companies add create other issues that cause potential problems for consumers as well. First of all, fraud can be a cause for concern when debating whether or not to get a credit card. It is becoming easier for criminals to acquire card numbers without ever even meeting the person they stole it from, and as technology advances, they devise new and devious ways to beat the system. For example, criminals have created ways to steal card numbers with machines that Luchsinger 2 can read a card number just by standing behind a person in line at a coffee shop. There are also reports of stolen card numbers being sold on the internet....
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...Venkateshwara FMSC 111 December 11, 2014 Final Paper Introduction Credit Card debt and college student debt are problems that must be addressed now. We are seeing to many people suffer from both since they are misinformed and not educated about either. I got my first credit card when I was 18 years old. My parents taught me to be careful with my card and if I wasn’t they would cut me off immediately. Unfortunately people are now getting credit cards earlier and parents are not teaching kids how to use credit cards correctly. According to a study, “50.9% of students had debt before college” (Jones 2005). This means over half of the people entering college already are in some type of debt. Students must be educated before college so we can alleviate the amount of students in debt. Graduating students are “leaving college with $20,402 in education and credit debt” (Robb and Sharpe 2009). This results in people trying to dig themselves out of debt for their whole life. The average student also has “4.25 cards in their name” (Davidson, 2004). This is part of the reason why students are accumulating so much debt since they don’t know how to properly manage credit cards. This is because students have a low degree of financial literacy. This means that students don’t know the true value of money and as a result spend more than they have. We can see this by the amount students are using their credit cards. Not only are students getting in debt, but it is also having social impacts...
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...The Credit Card Act President Obama signed the Credit Card Accountability, Responsibility, and Disclosure Act, or the Credit Card Act, on May 22, 2009. The objective of the act is to make credit card policy fairer and more transparent for the consumer to better understand the implications of credit card use. There are a number of young consumers who may have accessed a credit card either in effort to start building their credit, or because their parents got them a credit card, in which case the user does not fully realize the details of owning a credit card, and the implications in long-term financial planning. On average, by the end of 2009 the typical American consumer had around $5,400 in credit card debt (Sidel 1). Any adult user without a background in financing or any tendency to track credit card vendor activities could be susceptible to a wide range of credit card abuses, at least, until the Credit Card Act intended to reduce these issues. New requirements include the following. In §101(a) advance notice prior to a rate increase or any other major changes is necessary. This is important because a lot of people will sign up for a new credit card with zero APR for the first year, then the interest rate spikes up to 22.5 percent. Without being aware of at what point this interest change will occur, a consumer may not plan their payments to the credit card accordingly as they initially desired upon opening the card. With a warning, the consumer can budget better...
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...Proposing a solution to Credit Card Debt Credit cards have become a very familiar feature to our life style that it is difficult to imagine a world functioning without them. Credit cards are the most convenient type of payments. The craze of the credit card industry has affected everyone in the world. That could be why Credit card debt is the cause of over one million bankruptcies each year. The reason is that many people get a credit card without reading the fine print before signing for them. By the time annual fees are added on, along with spending needlessly, payments are missed; your balance has already reached its maximum limit. Also in some cases a Lack of knowledge is likely due to a lack of education about personal finances. Almost all students on college campuses report that they are likely to ask their parents questions about finances. However, 30 percent also say that their parents have not discussed such issues as setting financial goals or the importance of savings with them. Students also aren't learning about money in school. Although 62 percent of students reported that they had been offered a personal finance class, only a third of those offered a class actually took it (Norvilitis p 356). Although we all like to place the blame on the credit cards and the credit card companies we need to keep in mind that the real cause of our financial mess is us. It is usually a pattern of unneeded shopping...
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...Credit Card features | Card # 1 | Card #2 | Card #3 | APR(Fixed or Variable) | 0% APR for first 12 billing cycles then Variable APR between 14.99% - 22.99% Will Apply. | 15.99% Fixed APR | 0 % APR through 11/2015 billing period then Variable APR between 12.9% - 22.9% Will Apply. | Penalty APR and trigger event when it is charged? | Up to 29.99 % based on creditworthiness. This APR may be applied to a new transaction on your account if you make a late payment. | Up to 29.99%. This is triggered when: if you fail to make any Minimum Payment by the date and time due or make a payment to us that is returned unpaid. | 29.4% and the trigger event when it is charged is: if you make a late payment. | Annual Fee | $0 | $0 for 1st year then $95 | $0 | Late Fee | Up to $35 | Up to $15 if balance less than $100. Up to $25 if balance is between 100 but less than 250. Up to $35 if the balance is $250 or more. | Up to $35 | Over the Limit fee | Up to $25 | Up to $35 | None | Transaction Fees (balance transfers, cash advance, etc.) | Balance Transfers- 14.99 % to 22.99 % based on credit worthiness. Cash advance- 17.99% to 24.99 % based on credit Worthiness. | Balance transfer- 15.99 %. Cash advance- 19.24%. Overdraft advance- 19.24%. | Balance transfer- 0% through 11/2015 billing period. Then 12.9% to 22.9% based on credit worthiness. Cash advance- 24.9% based on credit worthiness. | Grace Period | Due date is at least 25 days after close of each billing cycle. | Due date is...
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...PERCEPTION TOWARDS IMPLICATION ON USAGE OF CREDIT CARD INTRODUCTION Credit card is one of an open account credit available to consumers. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. According to Zafar U. Ahmed (2010), credit cards were first issued in the USA in the early twentieth century. In Malaysia, the first card was introduced in the mid-1970s. Since then, they have become a major system for exchange of transactions (or payments) that stimulates household and personal spending even in many developing countries of the world. At the early on period, credit cards were only issued to professionals or successful business persons by card issuing companies. However, with the passage of time, eligibility criteria for obtaining credit cards have been changed because credit cards are now easily obtained by individuals regardless of their income or other measures of financial well being. Referring to Zafar U. Ahmed (2010), Loke (2007) reported that in Malaysia, owning a credit card was considered a symbol of prestige. However, the low requirements offered by Bank Negara Malaysia for someone eligibility to obtain credit card has made the number of credit card usage has been increasingly. As a result, it was...
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...Part 1 1. How old do you have to be to get a credit card? What requirements do you need, besides age, to obtain a credit card? You must be 18 years old and you must have some kind of income. Or, a parent who has a card account at the bank as well. Also, have the parent cosign the card and open a savings/checking account at the bank. 2. What are some benefits of using credit cards? Card offers protection from theft. You can buy goods/services when you need them even if you don't have the money at the time. They can be used for emergencies. 3. What are some consequences of using a credit card? Credit cards give the belief that you can actually afford things. If you miss your bill, your credit score gets damaged. 4. What is credit history? Your past with credit cards. How you handled them and how you payed your bills. 5. How does your credit history affect what credit cards you can get and your APR? If you don't pay your bills on time, your credit history will be worse and you will have less access to cards while your APR on those cards will be higher because the companies don't believe that they can trust you to pay. 6. How do you think people can get into credit card debt? A situation occurs such as a job loss or a medical emergency and credit card bills are not the family's main priority. 7. Do you feel that consumers are being protected? No, because credit card companies target the consumers that are in debt. They are the real people to make money...
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...Bank ltd as sales officer since 2011 in Credit card division at sylhet zone, Before this role I worked as a sales coordinator of credit card three years in Chittagong. As we all know that credit card plays vital role in modern economic position, any officer working credit cards sales need to be dynamic . Its need to know the attitude of customer as well as social status of the customer, As a sales officer I have to maintain monthly target assigned upon me as well as customer Service after issuing the credit card . I have to complete certain responsibility as a incharge of Sylhet division. 1. My team should be filled in between ten members. 2. Team members should be trained properly exp; product knowledge, customer face, market position. Target market. Competitor’s current position, KYC, application fill up. 3.Visit with fresh member to different office potential enough to credit card. 4. Monitor their daily works such as ensuring daily call report, customer feedback, and finding problem they face during visit and solve that problem. 5. Checking the application files sourced by team member meet the drawbacks to complete the file ex; asking customer for proper document, having any loan, knowing about credit limit. 6.Team members are given new company list , corporate list , payroll customer list etc weekly basis. 7. I report to my line manager through mail who office in Dhaka weekly. 8. I have to ensure credit card to customer within 7 working days. ...
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...Topic : CREDIT CARD FRAUDS Problem Statement : Analyse the effect of credit card frauds in today’s era of globalization Hyphothesis : Credit card fraud could damage the economy in the long run Research questions : 1)What are the different types of frauds 2)How fraudsters attempt to take advantage of loopholes 3)What are the impact of credit card fraud on card holders, merchants, issuers INTRODUCTION As for in today’s business environment, Credit Card Fraud has became one of the biggest threats to business establishments t. However, to fight the fraud effectively, it is important to first understand the mechanisms of executing a fraud. Credit card fraudsters employ a large number of techniques to commit fraud. In simple terms, Credit Card Fraud is defined as: When an individual uses another individuals’ credit card for personal reasons while the owner of the card and the card issuer are not aware of the fact that the card is being used. Further, the individual using the card has no connection with the cardholder or issuer, and has no intention of either contacting the owner of the card or making repayments for the purchases made. Credit card frauds are committed in the following ways: * An act of criminal deception (mislead with intent) by use of unauthorized account and/or personal information * Illegal or unauthorized use of account for personal gain * Misrepresentation of account information to obtain goods and/or services...
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...Credit card fraud General purpose-to inform the audience Specific purpose -to inform my audience about credit card fraud Thesis – I will be discussing the ways, its prevention and how to go about when hit by credit card fraud. Introduction: I believe most of us make use of credit card often but just in case this is what a credit card looks like (show a physical example of credits card). There has been major cases of credit card fraud in the past years (give statistics/facts). Today I am going to inform you about the ways credit card fraud occurs, how to prevent this and what to do if you get hit by this. I would be informing you about two different ways credit card fraud occurs Body A. Ways credit card fraud occurs -skimming -phishing It’s really easy to fall victim of this tricks. How do you prevent this? B. How to prevent credit card fraud * Protecting of personal information * Installation of firewall on computers * Regular checking of financial statements What if everything is done right and still get hit by this fraud. How do you go about this? C. Solutions to those who suspect are victims of credit card fraud -inform all financial institutions ASAP - inform all three credit agencies. As you can see, you can always recover your loss using this steps Conclusion Having explained the form in which credit card fraud occur, its prevention and solution .the rate at which this trend continues is rapid. To find more about...
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...truth about credit card reward schemes | GulfNews.com February 21 2013 | Last updated 2 minutes ago gulfnews.com Business | Your Money The bitter sweet truth about credit card reward schemes If you are the type of person who can pay off your credit card in full each month, exploit the advantages. If you are not, stay well away as nothing compares to the pain of unpaid debt By Cleofe Maceda, Senior Reporter Published: 00:00 January 21, 2012 loading Close [x] gulfnews.com/business/your-money/the-bitter-sweet-truth-about-credit-card-reward-schemes-1.968638 1/11 2/21/13 The bitter sweet truth about credit card reward schemes | GulfNews.com Image Credit: Supplied Perhaps the biggest allure of credit cards is the ability to spend without having to carry cash. But for some people, part of the appeal is the belief that frequent card use can bring a host of incredible rewards. In rewards schemes, the cardholder earns a fraction of the amount spent in the form of cash, vouchers and gifts. Free tickets to a dream destination, weekend stays at a luxury resort, dining and retail discounts are just a few of the freebies up for grabs. Because the offers often look too tempting to resist, cardholders are increasingly pursuing air miles and points to supplement their expenses. Consequently, as consumers swipe more, spending and debt levels also rise. A Federal Reserve Bank of Chicago paper published in December 2010 tackled the impact of credit card rewards on...
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...The Secret History of the Credit Card 1. What is the main purpose of a usury law? Be specific. The purpose of usury laws was to regulate the maximum interest rates of loans. This law was created to protect borrowers from excessively high interest rates. It insured that lenders could not put the borrower in a situation where they were not able to fully pay off their debt. However, as said on investopedia.com, “In the United States, individual states are responsible for setting their own usury laws.” 2. Why did South Dakota decide to eliminate its cap on interest rates? South Dakota use to have very strict laws on the amount a lender could charge a borrower. Interest rate charges were highly regulated and because of this banks did not want to loan out any money. For example, an illustration from the article said “you could charge 9 percent, but money cost 11 percent”, so they would not issue a loan. This lead to South Dakota removing there cap on interest rates (usury laws). 3. Why were the usury laws strangling the banking industry? Be specific. Usury Laws were causing banks to be broke. As stated in the frontline video, “If you are lending money at 12 percent and paying 20 percent, you don't have to be Einstein to realize you're out of business.” Banks were losing billions in the credit card business. The rate of inflation surpassed the amount of interest banks were allowed to charge credit card borrowers. The usury laws were literally strangling the banking...
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