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Innovations in Credit Cards

Innovations in Credit Cards

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Published by Prof S P Garg
Useful for MBA students ,Faculty members ,and management professionals interested to know about credit cards and debit card systems and latest developments
Useful for MBA students ,Faculty members ,and management professionals interested to know about credit cards and debit card systems and latest developments

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Categories:Types, Business/Law
Published by: Prof S P Garg on Apr 23, 2010
Copyright:Attribution Non-commercial

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09/09/2010

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INTRODUCTION
y
Credit card is part of a system of payments named after the smallplastic card issued to users of the system. It is a card entitling its holderto buy goods and services based on the holder's promise to pay forthese goods and services.
y
Different from charge card (balance to be paid in full each month)
FEATURES:
y
O
ffer consumer an easy way to track expenses(personal expenditureand tracking work related expenses)
y
 Acceptable world wide & available with a large variety of credit limits-repayment arrangement and other perks
y
Debit card is a plastic card that provides alternative payment methodto cash when making purchases.
y
 Allow instant withdrawal of cash( ATM card & chequeguarantee card)
 
Historyofdebitcarddatesbackaround20yearsagowhichhighlightedtheintroductionofe-commerceandalternativemeansofpayment.
B
ackin1990,thecountofdebitcardsincirculationwasaround19million
Intheinitialyearsofthedebitcarderawitnessedsteepgrowthandbtheyear2006therewereasmanyas56milliondebitcards.
B
 yJanuary2007therewere22mcreditcardsinIndia

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