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Plastic Money

Plastic Money

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Published by harjinder pal singh

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Published by: harjinder pal singh on Apr 21, 2009
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05/07/2013

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Plastic Money - An Introduction
 
Plastic money or polymer money, made out of plastic, is a new and easierway of paying for
goods
and services. Plastic money was introduced in the1950s and is now an essential form of ready money which reduces therisk of handling a huge amount of cash. It includes debit cards, ATMs,smart cards, etc. Credit cards, variants of plastic money, are used assubstitutes for currency. This book on plastic money is divided into twosections titled Concepts and Experiences. The former covers articles onthe the emergence of plastic money, different types of plastic cards andtheir growth in India and other related issues. Experiences discusses theexperiences of banks like Standard Chartered, Citibank, which deal withplastic money and their growth in the market.
Types of Plastic money 
Credit card debt
Credit cards are a boon - they give us so much financial freedom and help uskeep our options open. But they can also work as a double-edged sword. Creditcard debt can bring you to ruin - even as you lead an affluent lifestyle
How to reduce credit cards debt
Things that to you looked like a dream, maybe a car, a TV, a house etc, isnow only a swipe away. Credit cards are no longer a status symbol as it wasa few years back.
Handy Gift Cards
A convenient alternative to Gift Vouchers/Gift Certificates, the Gift Card canbe used more than once at various merchant establishments,
Replace your wallet with a smart Card
 
A smart card looks like a credit card but contains a microprocessor and memory. It ismost commonly used as a 'wallet'. It can be 'loaded' with the desired value.
Pay by credit card
Consumerism, with its mind-boggling array of clothes, white goods, foodand swanky cars, holds sway over India. With rising per capita income, theupwardly mobile middle class, not to mention the upper class, are bent uponimproving their life styles. The spending on entertainment, travel and whitegoods has gone up phenomenally. Courtesy the Credit Card.
Smart cards advantages over currency
Smart cards have many advantages over currency. Firstly, it takes away the choreof trudging to the bank to draw some cash. Moreover you will never have theproblem of receiving torn and soiled notes.
 
Get yourself a debit card
For those of you who would like to keep a tab on your impulsive spending, the nexttime you go shopping arm yourself with a debit card. Issued by any bank, the debitcard is different from the credit card.
Here comes the Petro Card.
A Petro Card is a credit card-size plastic card that allows you to pay for thefuel by a card.
Selecting the right credit card
A credit card is the order of the day. It is issued by a bank or financialinstitution. Credit cards are convenient and a good way to make your purchases.
ATMs and your Money
ATMs are convenient. They are located at convenient places. They offer youmoney on the spot. You don't have to see the face of that surly cashier.
How to reduce credit cards debt 
 
Things that to you looked like a dream, maybe a car, aTV, a house etc, is now only a swipe away. Credit cards areno longer a status symbol as it was a few years back.Everyone and we mean everyone can flash one around thesedays. This generation loves to live on credit. But…There is a big but. Are creditcards really as attractive as they seem? It is only when the bills build up and thecreditors flood you with mail, that you realise that you are caught in the biggestmoney trap of all. Exercise care when it comes to credit cards. Don't get caught in adebt trap and if you do, extricate yourself as fast as you can. And don't ever makethe mistake twice.How to reduce credit card debtYou just don't know how it happened. Without realising it your credit card has beenswiped too many times and now you are in serious debt. How do you reduce thedebt? Here is an easy plan that you can follow:
Pay a little more than the minimum payment that is due each month.By doingthis, more of your payment goes towards the principal balance and not just tointerest
Pay the same amount of money every month, disregarding the decliningminimum amount as stated on the monthly statement until that debt is paid
As one debt has been paid off, add the amount you used to pay on this debt tothe payment of the next debt. This way you will pay the same total amounttowards your debt until all your debts are paid
Make an appointment with your creditors and explain your situation to them.Ask them if it is possible to lower your interest rate or if they can help you witha plan to help you pay off your debt.
Always keep your bills safe. Verify the amount of money spent against your credit card statement. If there is any discrepancy, notify your credit cardcompany immediately. Keep a file for that purpose.Remember, it is always wise to keep track of your debts when it comes to theseplastic cards.

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