Banking has evolved a long way from the days of the medieval money lenders counting coins on the bench to the present scenario, where it is hard to trace the trail of money from the beginning to the end. The trail starts right from the small saver leaving a few rupees in his local bank to the billions of rupee loans raised by a syndicate banks and financial institutions, capable of financing projects in any country in the world. Still, these banking majors are heavily dependent upon their retail home base of savers and borrowers. Most of the bankers began focusing on this retail market segment as global competition intensified in late seventies and early eighties. The debit card has emerged from the shadow of its older sibling, the credit card. Over the past decade, debit card has grown from accounting for 274 million transactions in 1990 to 8.15 billion transactions in 2002, to challenge the credit card as the preferred payment card. As it stands, the debit card industry is a multi-billion dollar engine that helps drive bank profits and point-of purchase consumer sales - but is also beginning to redefine traditional payment options in the business and government sectors, such as food stamps, benefits, and payroll. The debit card has arrived and is here to stay. And yet, though it remains poised for growth, the debit card has also reached a crossroads. A recent settlement has cost VISA and MasterCard approximately $3 billion, and has dramatically reduced the fees they can charge for signature-based debit purchases. The effects of the settlement reach into every layer of the industry - from rewards incentives, to marketing programs, to future fee arrangements, and future growth. Consumer preferences for PIN- or signature-based debit will certainly influence how things unfold, and whether either debit card option will suffer or bloom in the short, mid, or long term. Credit cards, one of the banking products that cater products to the needs of retail segment has seen its number grow in geometric progression in recent years. This growth


has been strongly supported by the development in the field of technology, without which this could not have been possible. The history of phenomenal growth in the credit cards segment traces way back to in 1950, the time when “Dinar Club” was established .The card provided select members with credit at 22 restaurants in New York and collected a commission for paying the bills promptly. The credit card industry got a further boost with the arrival of American express began selling their card as a prestige to hotels,restaurants,shops or airlines in America and slowly expanded the network across the world. The success of these two players attracted many other banks to join the credit card business. The entire breed of new players saw a fresh opportunity of granting unsecured loans at high interest rates to those credit cardholders who did not pay their bills on time. These banks were not so concerned with collecting commissions from shops but were thriving on high interest income from those who did not pay their bills on time. It’s not that only the card numbers have increased, but even the types of cards on offer have seen a surge. Today the domestic card industry is flooded with different types of cards ranging from gold, silver, global, co-branded credit cards, smart to secure ….the list is endless. Foreign banks have shouldered the major responsibility of increasing the card base and adding value-added services to the card products in the past. This is also evident from the fact that the market share of these foreign banks is estimated to be well over 70%. But the scenario has changed dramatically in the last of couple of years with the entry of State Bank of India (SBI), a domestic major in the banking sector. More and more nationalised banks and private sector banks like ICICI and HDFC Bank are aggressively launching credit card with value added features. Although at present the card market is mainly limited to India’s relatively bigger cities and tourist locations only, there is also a potential in smaller cities. Domestic banks, owing to their vast network and reach to smaller cities, can easily tap this potential. They would be better off, penetrating into smaller cities and bringing credit card to the masses rather than cannibalising other foreign banks’ existing cardholder base.


The efforts of these banks to increase the card base is going to be wholeheartedly supported by the residents of these smaller cities with their higher disposable income, changing lifestyle, increasing travel and the growth in the entertainment sector. Over the years, Indians have been averse to credit cards. This is primarily because they believed that spending through credit is a sure shot way of getting into the debt trap. Of course, movies highlighting the sad state of a borrower did not exactly help matters. And even the local kirana shops have the famous lines Aaj Nagad, Kal Udhari (cash today, credit tomorrow). But the situation is not actually that scary. And it is all about right timing. Credit cards can be a useful tool at the hands of savvy consumers who can effectively use the benefits offered by cards. It is important to know that credit card is a financial tool that needs to be used responsibly. While it ensures cash flow, it is not advisable for customers to borrow for a longer period of time. Use it effectively and take good advantage of the time line and clear your debts, without any additional costs. Plastic Money: the Currency of Modern India Indian consumers have never had it so good. The soiled notes are definitely out. Carrying cash is no more `a pain in the neck' as consumers are relying more on the `plastic card' which gives them money on credit. Plastic money basically means debit cards and credit cards which is having a magnetic stripe, logo, signature of the cardholder made of plastic. Credit Cards have finally arrived in India. The card industry which is growing at the rate of 20% per annum is flooded with cards ranging from gold, silver, global, smart to secure….the list is endless. From just two players in early 80s, the industry now houses over 10 major players vying for a major chunk of the card pie.


Stanchart follows way behind with 0. Standard Chartered Bank. SBI tops the list with 0.28 million which is expected to In a bid to tap the lower middle class segment. The credit card market in India. which started out in 1981.5 million cards so far. The global bigwigs have already established themselves as the `bankable brands' in the metros.8 million cards with almost 25-30 % growth in new cardholders. according to a survey conducted by MasterCard international in the Asia pacific region comprising of Korea. Among the nationalized banks. Between 1987 and 2000. The industry. has managed to grab over 8 per cent of the market share from the bigwigs like Citibank and Standard Chartered Bank. which is catering to over 3.28 million cards. Indonesia. The card will offer its members reward points on every international spend which can be redeemed for free fuel in India. Philippines and Thailand. Plastic money is getting popular. they are trying to tap the co-branded card market which has vast potential for growth. SBI is currently sharpening its marketing The bank is putting its best foot forward to compete with global card majors like Citibank and Standard Chartered Bank. is expected to double by the fiscal 2003. is on the verge of an unprecedented boom. The bank's credit card business has grown by 8 per cent over the last two years. SBI.Currently four major bishops are ruling the card empire---Citibank. while Hongkong Bank has 0. which is leading the card empire recently launched a co-branded credit card in partnership with Indian Oil Corporation. According to a study conducted by State Bank of India. the market has virtually grown to over 3. Malaysia. having issued 1. SBI's card issue so far is to the tune of 0.3 million credit card customers. followed by Bank of Baroda at 0. Citibank. in a bid to move to greener pastures. but the debit card seems to lend issuers and payment systems a cause for hope. Citibank is the dominant player. one of the late entrants in the card market.67 million. Eighty percent of those who participated in the survey were 5 . According to bank officials. However. HSBC and State Bank of India (SBI). ATM.22 million.debit cards are the flavour of the season The credit card business may have fallen short of expectations.8 million card users.

50% owned one and 30% wish to own a card. Times Bank and HDFC Bank.000 points of sale.000 ATMs and more than 220. 6 . According to Jeff Portelli. the annual fee attached to these cards adds to the perception that consumers are asked to pay for their own money. The concept of debit cards has been a slow starter in India. Today.either the owners of a card or desired to own an ATM card. the card is available through Citibank. Debit cards are currently offered by only a handful of banks. In India. Besides. Maestro (MasterCard’s debit card offering) has grown from zero to 70 m cards in the Asia pacific region since its launch six years ago. However as the market get cracking. which has made availability low. Maestro is issued in 16 Asia Pacific markets and is accepted at over 35. these fears are expected to be alleviated in future.

So you needn't carry traveller's cheques or foreign exchange the next time you travel Debit Card can be used at any merchant location displaying the Visa or Mastercard logo or at any ATMs displaying the Visa/PLUS or Mastercard/Cirrus logo. The customer need to sign the transaction slip. the amount will be instantly debited to the account. Whenever to make payments. the customer may swipe or insert their card into the terminal. occasionally. All the purchases and cash withdrawals will be in the currency of the country are in.000 Shops. Besides that. Account will be automatically debited for the amount of the purchase and the transaction can be verified by entering the PIN. Department Stores. Depending on the store or merchant. Physically the card is an ISO 7810 card like a credit card. or from the remaining balance on a gift card. however. its functionality is more similar to writing a cheque as the funds are withdrawn directly from either the cardholder's bank account (often referred to as a check card). while account will be debited in rupees. Debit Card can be used to access the Account from over 5.It can also be used at over 4 million Visa Electron merchant locations and 7 .3 lakh Visa/PLUS ATMs and equally strong Mastercard/ Cirrus ATMs in over 140 countries worldwide.DEBIT CARDS A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Petrol Pumps and Restaurants and over 235 ATMs in India . The Debit Card gives the freedom to access the Savings or Current Account at merchant locations and ATMs. one can always use it at any of the bank ATMs as a normal ATM card. by signing a sales receipt As it is popularly known. There are around more than 5. or they may hand it to the merchant who will do so. Working of Debit Card The user has to present the card to merchant who will swipe it through the electronic terminal and enter the amount of purchase. it is an ATM card on the move. The transaction is authorized and processed and the customer verifies the transaction either by entering a PIN or.

Advantages of Debit Card • • • • Debit Card is often easier to get than a credit card. don't work or were misrepresented. No interest charges are to be paid by debit cardholders. Check approval or to show identification at store is not required. by filling an application form.000 at merchant locations.equally strong Mastercard outlets. Bank won't put money back into your account for items that are never delivered. a checkbook or traveler's checks. 10. It is necessary to have a savings or current account with the debit card issuer. if something goes wrong with the purchase. No need to carry cash. • More chances of lose or misuse of debit card than a credit card. and Rs. Debit cards are more readily accepted than checks.. This again is subject to the balance available in the account. Debit card processing fee for the merchant are generally lower than credit card fees. 15. especially at the time of traveling. The Debit card does have a daily limit which could be somewhere around Rs. The card company then couriers the card across around a week’s time. per-transaction costs or penalties— for dropping below the required minimum balance are charged by debit card holders. card companies protect from fraudulent usage at the loss. If Debit Card ever gets lost or stolen. • Bank fees—such as monthly service charges. Two types of debit cards: There are currently two ways that debit card transactions are processed: online debit (also known as PIN debit) and offline debit (also known as 8 . Once the amount is paid for purchase.000 at ATMs. • • Disadvantages of a debit card • • Enough money is required in bank account to have debit card.

you will be asked to sign a transaction slip as would be done with a credit card. Instead. even though in either case the user's bank account is debited and no credit is involved. ATM card is used by inserting the card into an automatic teller machine and enter a personal identification number. When using a check card no PIN is used. for security. Master Card and Amex. the funds are automatically taken from the account and customer is burdened with attempting to get the money back. 9 . The system checks the account for adequate funds before permitting any transaction. they look exactly like ATM cards. Check Cards These cards can be used to purchase products at any merchant that accepts VISA or MasterCard credit cards. When an improper charge occurs with a debit card. In India there are basically three types of cards namely Visa. Meanwhile. or transfer funds between accounts. BoB then issue these cards to the subscribers. he may experience cash flow problems and the legitimate checks could bounce. However. make deposits. Participating banks like ANZ Grindlays.signature debit). however. check cards cannot be used at automatic teller machines. Debit Card Problems can be worse than Credit Card Problems When an improper charge appears on the credit card it can not automatically out the money and simply need to work with the credit card issuer to have the charge removed from the bill. they are often referred to at point of sale as "debit" and "credit" respectively. In some countries including the United States and Australia. or PIN. Both Visa and Master Card have been popular in India and Amex a relatively new player in India as it issues its cards only through American Express ATM Cards These cards are typically used at automatic teller machines (ATMs) to withdraw cash. On the surface.

. Debit card can be used at any ATM in the world as long as the ATM displays one of the same system names or symbols that is on debit card. 10 . When obtaining funds at an ATM in a foreign country the funds dispersed will be in the currency of the country going to visit.Traveling with your Debit Cards The reverse side of the debit card will display the names or symbols of the various ATM systems that will accept the card.

Credit cards in India is gaining ground. as specified by the ISO 7810 standard. The concept of credit card was used in 1950 with the launch of charge cards in USA by Diners Club and American Express. which can be used more than once to borrow money or buy products and services on credit. which requires the balance to be paid in full each month. In the case of credit cards. retail stores and other businesses issue these. Credit card however became more popular with use of magnetic strip in 1970. Credit cards are financial instruments. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. at the cost of having interest charged. the issuer lends money to the consumer (or the user) to be paid to the merchant. a credit card allows the consumer to 'revolve' their balance. In contrast. Basically banks. Credit card in India became popular with the introduction of foreign banks in the country. Major Banks issuing Credit Card in India • • • • State Bank of India credit card (SBI credit card) Bank of Baroda credit card or (BoB credit card) ICICI credit card HDFC credit card 11 . It is also different from a charge card (though this name is sometimes used by the public to describe credit cards). A number of banks in India are encouraging people to use credit card. Most credit cards are the same shape and size.CREDIT CARDS A credit card is a system of payment named after the small plastic card issued to users of the system.

The credit card may simply serve as a form of revolving credit. either to encourage balance transfers from cards of other issuers. or with separate credit limits applicable to the various balance segments. and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. or it may become a complicated financial instrument with multiple balance segments each at a different interest rate. issues the credit. many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet.• • • • • IDBI credit card ABN AMRO credit card Standard Chartered credit card HSBC credit card Citibank Credit Card How credit cards works A user is issued credit after an account has been approved by the credit provider. such as Chase. and the interest rate on a particular card may jump dramatically if the card 12 . Also. possibly with a single umbrella credit limit. the credit card user agrees to pay the card issuer. Often a general bank issues the credit. In the event that several interest rates apply to various balance segments. and is given a credit card. Usually this compartmentalization is the result of special incentive offers from the issuing bank. The cardholder indicates their consent to pay. with which the user will be able to make purchases from merchants accepting that credit card up to a pre-established credit limit. by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). but sometimes a captive bank created to issue a particular brand of credit card. known as a Card not present (CNP) transaction. or to encourage more spending on the part of the customer. payment allocation is generally at the discretion of the issuing bank. Interest rates can vary considerably from card to card. Wells Fargo or Bank of America. When a purchase is made.

but in general is the organization that the merchant deals with. this is no longer the case. etc. credit providers often offer incentives such as frequent flyer points. Independent sales organization: Resellers (to merchants) of the services of the acquiring bank. the consumer. • Transaction network: The system that implements the mechanics of the electronic transactions. gift certificates. and acquiring banks. As the rates and terms vary. Merchant account: This could refer to the acquiring bank or the independent sales organization. which can be considerable if there is a large outstanding balance Because of intense competition in the credit card industry. American Express and Discover were previously the only card-issuing banks for their respective brands. May be operated by an independent company. or even if the issuing bank decides to raise its revenue. and one company may operate multiple networks. services have been set up allowing users to calculate savings available by switching cards. Transaction processing networks include: 13 . but as of 2007. that set transaction terms for merchants. Credit Card association: An association of card-issuing banks such as Visa.user is late with a payment on that card or any other credit instrument. MasterCard. Card-issuing bank: The financial institution or other organization that issued the credit card to the cardholder. This bank bills the consumer for repayment and bears the risk that the card is used fraudulently. • • • • • Merchant: The individual or business accepting credit card payments for products or services sold to the cardholder Acquiring bank: The financial institution accepting payment for the products or services on behalf of the merchant. Discover. Parties involved: • • Cardholder: The owner of the card used to make a purchase. card-issuing banks. American Express. or cash back (typically up to 1 percent based on total purchases) to try to attract customers to their program.

NDC Atlanta. Paymentech. Benefits of Accepting Plastic • More Sales: Studies show that credit card customers spend 2 1/2 times more than customers who only carry cash. 3. Omaha. 2. Nova. More Expensive Merchandise: Credit cards entice customers to purchase more expensive merchandise than they had originally planned to buy. 14 . credit card customers buy whenever the need arises • Customer Loyalty: Research shows customers who spend more on credit tend to return to the same business again. Cash shoppers buy heavier on paydays and just before holidays. Nabanco. Concord EFSnet. It damages the credit rating if payments are late. • Steadier Sales: Credit smoothes out business peaks. if not paid on time. It has complicated terms and conditions. Disadvantages On the other hand. credit cards can 1. such as a line of credit or a personal loan. Vital. Impulse Buying: Credit cards give customers freedom to spend for previously unplanned purchases.Cardnet. Cost much more than other forms of credit. Allow to build up more debt than actually handled by customer. 4. • • • • Enhanced Advertising: Since customers are more likely to shop at businesses where they have credit card acceptance. they tend to look for and read those ads first. Competitive Weapon: Credit card customers are often less conscious of slight price differences and will seek out businesses that offer credit card payment options. and VisaNet.

At the time of using the card he is not declared not as a defaulter even if misses due date. However. • Smart card 15 . • Amex card Amex stands for American Express and is one of the well-known charge cards.DIFFERENT TYPES OF CREDIT CARDS • Charge card A charge card carries all the features of credit cards. after using a charge card you will have to pay off the entire amount billed. you are likely to be considered a defaulter and will usually have to pay up a steep late payment charge. If you fail to do so. This card has its own merchant establishment tie-ups and does not depend on the network of MasterCard or Visa.95 per cent late payment fees (this differs from one bank to another) is levied in the next billing statement. by the due date. A 2.

It would be a good idea to check whether a member establishment does accept the card or not in advance. • Global card Global cards allow you the flexibility and convenience of using a credit card rather than cash or travellers checks while travelling abroad for either business or personal reasons. your photo card can function as your identity card as well. for example bus fares and coffee.A smart card contains an electronic chip which is used to store cash. The exact amount of purchase is deducted from the smart card during payment and is collected by smart card reading machines. since this card is typically meant for high-income group categories. For instance. • Photo card In this photograph is imprinted on a card. Besides. This is most useful when you have to pay for small purchases. • Diners Club card Diners Club is a branded charge card. it may not be acceptable at many outlets. Doing this helps identify the user of the credit card and is therefore considered safer. Besides. No identification. 16 . and then you have what is known as a photo card. the card has its own merchant establishment tie-ups and does not depend on the network of MasterCard or Visa. in many cases. Currently this product is available only in very developed countries like the United States and is being used only sporadically in India. No change is given. signature or payment authorisation is required for using this card. as a cardholder you can set your own spending limit. However. There are a wide variety of special privileges offered to the Diners Club cardholder.

The company is based in San Francisco.• Co-branded card Co-branded cards are credit cards issued by card companies that have tied up with a popular brand for the purpose of offering certain exclusive benefits to the consumer. . commonly called VISA.000 financial institutions that issue and market Visa products including credit and debit cards.  Visa card: Visa. USA. a certain percentage is contributed to the organisation /institution by the card issue • MasterCard and Visa MasterCard and Visa are global non-profit organisations dedicated to promote the growth of the card business across the world. • Affinity card The card issuer ties up with popular organisations/ institutions which are often non-profit organisations (Citi-WWF card or the Stanchart-Cricket cards) to offer an affinity card. Inc. The name change occurred in the fall of 2007 as a part of Visa’s restructuring and IPO plan. When the card is used. The company was originally named Visa International Service Association. Operations Visa offers through its issuing members the following types of cards: • • • Debit cards (pay from a checking / savings account) Credit cards (pay monthly payments with interest) Prepaid cards (pay from a cash account that has no check writing privileges) 17 . They have built a vast network of merchant establishments so that customers world-wide may use their respective credit cards to make various purchases.. is an economic joint venture of 21. California.

with a Visa card that has the PLUS or Interlink logo on the back of the card. The cardholder's signature is generally used for identification. which facilitate the "debit" protocol used with debit cards and prepaid cards. depending upon the type of card marketed. Holders of any Visa card may use the credit protocol even if the card is marketed as a debit card or prepaid card (basically since it has the Visa logo on the front of the card) MasterCard: MasterCard Worldwide is a multinational corporation based in Purchase. its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" 18 . and they originally had the meanings (and still do to many people) that with credit the cardholder pays later for the purchase." The names of the two protocols use the arbitrary "debit" and "credit" from accounting meaning left and right. The money is deducted from the attached checking account or prepaid account (which is similar with no paper checkwriting capability). USA. the end result is standardized for consumers by the Visa International Association. New York. Throughout the world. debit Even though the service is offered by thousands of banks. A PIN (personal identification number. The debit protocol involves using the card at a point of sale terminal (POS) or automated teller machine where the PLUS or Interlink logo is shown. often together with the cardholder's civic registration number or ID card/passport. Visa card Credit vs. and with debit the cardholder pays immediately. The credit protocol involves using the card at a POS or a banking center where the Visa logo is shown. Two protocols are used.Visa operates the PLUS ATM network and the Interlink EFTPOS network. often called "credit" and "debit. known by its acronym) is used to identify the cardholder.

As a significant link between monetary institutions plus millions of businesses.000 member financial institutions worldwide. The mastercard com modernized and smart approach to dealing out enables competent trade on a global level. Serving nearly 25. The company does not issue credit or its namesake cards. Cardholders in the region made more than 667 million purchase transactions in the first quarter of 2007 and could use their MasterCard cards at 25.1 million acceptance locations worldwide. provides the transaction authorization network. Debit mastercard plus credit mastercard moves forward trade worldwide by increasing extra secure. It was originally created by United California Bank (later First Interstate Bank.000+ financial institutions that issue its card.brand debit and credit cards to make purchases. The company provides services in more than 210 countries and territories. and consistency. over 187 million MasterCard cards (excluding Maestro® and Cirrus) had been issued by MasterCard customer financial institutions across APMEA. MasterCard assists banks along with merchants raise by enabling fast acceptance of new ways to disburse and offering modified solutions that bring importance in the course of technology 19 . MasterCard Worldwide has been a publicly traded company since 2006. MasterCard also operates the Cirrus ATM network. Wells Fargo. rather. Prior to its initial public offering. and collects fees from members. it markets the MasterCard (credit and debit cards) and Maestro (debit cards) brands. MasterCard is the #2 payment system in the US. subsequently merged into Wells Fargo Bank). mastercard card provide services in further than 210 countries along with territories. combination. cardholders and traders globally. which presents unmatched speed. MasterCard Worldwide was a membership organization owned by the 25. establishes guidelines for use.As at 31 March 2007. lone of the biggest VPNs in the globe. Crocker National Bank (also subsequent . its cards are accepted at more than 23 million locations around the globe. suitable and satisfying payment results. and structuring fiscal connections that speed up business. dealing out billions of expenses flawlessly transversely the globe. It is found on a supple network.

you "pay later." then enter 20 . At check-out. select a "credit" or "debit" button on the reader. The money in bank account limits how much the customer can spend. if the customer is not careful in watching the daily account balance. However. The credit card company sets the total amount that can charge based on your credit history. This can result in hefty overdraft fees. income. it works more like cash or a personal check. To help educate consumers on financial management." With a credit card.” pay now. Some cards are dual-purpose credit/debit cards. Using a credit card is somewhat like taking out a loan from a bank or other financial institution. speeding up the dislocation of cash as well as checks. but as well to helping the benefits of electronic payments. he can over withdraw the account.As it seems to the prospect." In case of debit card the amount is automatically subtracted from checking or saving account." Debit means "subtract. If you select "debit. Before swiping the card through the reader. If he pays back less than the full amount owe each month. and going forward trade transversely the world. the card reader electronically contacts the bank and subtracts the amount from the account. MasterCard are dedicated not just to ongoing to distribute value to its clients and further stakeholders. he is to pay interest on the amount not paid back. debts and ability to pay. credit cards are used in stores for purchases. Customer have to pay back the credit used each month. MasterCard launched free tools that are designed to be easily understandable for consumers in order to help them manage personal finances DIFFERENCE BETWEEN A DEBIT CARD AND A CREDIT CARD A debit card looks like a credit card. Some systems will allow to use the debit card even when don't have enough money in the account to cover the purchase.

your Personal Identification Number (PIN). These benefits range from life time free cards. anywhere in the world. the ICICI Bank Debit Card is the most convenient accessory." the credit receipt is given to sign and credit charges will appear on the next charge account bill. Various Products • • • • • The ICICI Bank Private Banking Debit Card The ICICI Bank Gold Debit Card The ICICI Bank HPCL Debit Card The ICICI Bank Ncash Silver Card The ICICI Bank Ncash Debit Card CREDIT CARDS ICICI Bank Credit Cards give you the facility of cash. Only more comfort and convenience in the debit cards provided by ICICI. No more fear of overspending. No more searching for the nearest ATM. If select "credit. ICICI DEBIT CARDS Combining the wide acceptability of a credit card and the thoughtful prudence of an ATM card. convenience and a range of benefits. Insurance 21 .

global emergency assistance service.benefits. discounts. TYPES OF CARDS • • • • • • Premium Cards Classic Cards Value for Money Cards Co Branded Cards Affinity Cards EMI Card HDFC DEBIT CARD HDFC BANK Debit Cards give you complete and instant access to the money in accounts without the risk or hassle of carrying cash. utility payments. TYPES OF CREDIT CARDS OF HDFC BANK • CLASSIC CARDS 22 . travel discounts and much more. TYPES OF DEBIT CARDS  Easy Shop International Debit Card  Easy Shop International Gold Debit Card  Easy Shop International Business Debit Card  Easy Shop Woman's Advantage Debit Card  Kisan card CREDIT CARD: HDFC bank credit card provide a facility of easy availability of cash and convenience to the cardholder.

Silver Credit Card Value plus Credit Card Health Plus Credit Card Gold Credit Card Titanium Credit Card Platinum Plus Credit Card Visa Signature Credit Card


 Cunningham Julie (Nov 98), Kansas state university in the study “College Student Using The Credit Card” stated that there is a need to determine whether college students are responsible with their credit cards. This study was concerned with the problem faced by the credit cardholders. Consumer perception regarding credit cards and debit cards is very much different as it is precisely in a defined sector. Role of online commerce or payment over the internet .it future prospects of credit card and debit card in India. It also includes consumer preference among debit card and credit card, consumer satisfaction level in case of both cards.  Loebecke S .Elliot (Jan 98) in his article “Smart Card Based Electronic Commerce: Characteristics And Roles” stated that the origin of smart cards began when consumer requirements for convenience and security out spaced the capabilities of magnetic stripe cards. Providing increased data storage and added security, smart cards were introduced in Europe in the early 1970’s as stored value cards for payphones. These early smart cards were disposable and were an effective means to reduce losses. Today's advanced contact less and dual-interface


smart card technologies - together with emerging digital signature laws and the development of biometric techniques - can bring a range of services to life on a single piece of silicon.  Swift, Kevin (May 1998) in his article “Credit Card And Debit Cards: What New? Where To?” stated that trends have changed and forces have impact on the card issuer, and forecasting its future and the resulting impact on the card economy through the year 2002.The report takes a different viewpoint from many studies of the industry which examined trends from the issuers viewpoint. This study takes those trends as the end –point, and looks at the forces that will impact the card issuers. It offers insight into the combination of industry, economic, demographic, and technological changes that will have an effect on credit and debit card products, and how together they will reshape the industry landscape and result in a credit/debit card industry that will look far different in the year 2002 that it does today. The convergence of the internet and various consumer and other electronic technologies in combination with a desire on the part of companies in a number of industries to forge new alliances and offer enhanced services has established a role for electronic cash.  Hayashi, Fumiko and Weiner Stuart E. (sept 2005) in their article “Competition and Credit and Debit Card Interchange Fees” stated that there is a bridge between the theoretical and empirical literatures on interchange fees. Credit and debit card industries are examples of two-sided markets. The distinguishing Feature of twosided markets is they contain two sets of end users, each of whom needs the other in order for the market to operate. In the case of credit and debit cards, the two end-user groups are cardholders and merchants. Payment card systems take one of two principal forms. They may be three-party systems: Cardholders, merchants, and a single financial institution that offers proprietary network services, for example, American Express. Alternatively, they may be four-party systems: cardholders, merchants, card-issuing banks, and merchant acquiring banks, using the services of a multi-party network such as MasterCard, Visa, or a domestic debit card


Robert in this article “An Introduction to the Economics of Payment Card Networks” stated that how payment cards work and explains how the market for consumer payment methods differs from most other markets economists study. MasterCard must also accept the comparable brand of debit card. and Pulse. credit card networks have come under scrutiny from regulators and antitrust authorities around the world. 26 . He focused on general-purpose credit cards. NYCE. several theoretical models have been constructed to study the implications of several business practices of credit card networks  Hunt.7 transaction. for example Star. a signature debit transaction does not immediately remove funds from the cardholder’s account.  Chakravorti .Sujit (June 2003) in his article “ Theory of Credit Card Networks: A Survey of the Literature” stated that Credit cards provide benefits to consumers and merchants not provided by other payment instruments as evidenced by their explosive growth in the number and value of transactions over the last 20 years. why. and debit cards. The transaction itself is routed through an electronic funds transfer (EFT) network. such as Visa or MasterCard. the interchange fee is an instrument that networks can use to achieve a desired Balance of cardholder. Focusing on interrelated bilateral transactions. or bankcards when they are used at ATMs Debit cards allow customers to pay for goods and services at the point of sale by authorizing a withdrawal from their checking or savings account. it typically takes a day or two for the transaction to clear. oil company cards. Funds are then immediately withdrawn from the associated bank Recently. Most ATM cards can be used at the point of sale as debit cards. and how the rules of antitrust law – which regulate how firms may exercise market power – should be applied to this industry. We do not discuss department store cards. Such transactions are called PIN debit transactions because the cardholder must enter a four-digit personal identification number (PIN) to authorize the transaction. These differences have implications for when. In four-party systems.

 Chartered financial analyst in the article “Credit Card Crisis In South Korea” stated that in the aftermath of the economic crisis of 97-98 South Korea has undertaken several measures to deal with prudential problem relating to credit card companies have to focus on the security and ethical issues related to credit cards. Credit cardholders have the fear of loosing the card and the card is being misused by other person. Banks and credit card companies started issuing credit cards without properly assessing the credit capacity of the customer.  Chartered financial analyst (Nov 2007) in the article “Ethical Issues And Challenges” stated that the credit card company has to take into consideration the challenges which are their in the markets. the Korean policy makers came up with some revolutionary changes in the policy and law that stepped up the usage of credit cards. The South Korean credit industry and the economy suffered a painful blow in was a major credit card fiasco throughout the country with thousands of citizens committing suicide to avoid the burden of debt & fear of bankruptcy. This study attempts to find out why the credit cards have been a disaster in South Korea in 1999. The credit card is stolen or lost and being misused . 27 .

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NEED AND SCOPE OF THE STUDY Need of the study It is rightly said the plastic money is need of hour. Need of the study is to get to know about the comparative analysis of plastic money. Reputation boosting. That’s why study is focused on consumer perception regarding the plastic money. Utility payments will soon be made 29 . Openness to negotiations. Bankers and analysts see tremendous scope for growth in debit cards. Corporate might. There are many ethical issues and challenges in the market of plastic money which is required to be studied. It will soon be substituting cheques. But after considering the review of literature it is seen the whole payment process of processing these cards is not safe and customer are facing many problems relating to plastic money. The float. Scope of study: the following are the areas covered by plastic money: ATM cards are slowly being transformed into value-added debit cards. People are using these cards on a vast scale. This study is concerned with the Seven perks of plastic money Convenience. Budgeting technology. "There is tremendous potential for debit cards. Cops and robbers.

either at the ATMs or at the counters.through debit cards. accessible credit. To study the satisfaction level of consumers towards plastic money. 30 . Secondary objectives • • • • • To know the importance of plastic money in the daily life of consumers’ w.t credit and debit cards. They declined to say how many companies have been notified. OBJECTIVES OF STUDY Primary objectives • To know the perception of people towards plastic money. Credit cards As well as convenient.r. To find out the market leader among the various banks/ companies issuing credit and debit cards To know the problems faced by respondents using plastic money. credit cards offer consumers an easy way to track expenses. which is necessary for both monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. Visa and MasterCard both confirmed yesterday that they had been notified of the breach and had in turn notified several banks and credit card companies of the potential data compromise. The debit card can be used to withdraw cash from ATMs of other banks depending on whether the debit card-maker has a Visa or a Maestro tie-up. To study the benefits of debit card and credit cards.

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formulating the hypothesis or suggestions solutions .collecting data and evaluating the data and at last carefully testing the conclusions to determine whether they fit he formulated hypothesis or not. It is the careful investigation and enquiry in a systematic manner in order to find solution to find problems in research.RESEARCH METHODOLOGY Research methodology deals with the method of study i. how the study can be carried out and what techniques can be used.e. 32 . it consists of defining and redefining the problems. The different research designs available are: • Exploratory research: it generally emphasis on discovery of ideas and insights. A research design is the arrangement of conditions for collections and analysis of data in a manner that aims of data in manner that aims to combine relevant the research purpose with economy in procedure. It’s more qualitative rather than quantitive. RESEARCH DESIGN: Research design states the conceptual structure within which research is to be conducted.

This study will be having an exploratory research which is based on discovery of ideas and insights. which are given to respondents who are the regular users of plastic money. market leader among various companies issuing credit and debit cards. Large samples gives more reliable results than the small samples. So the sample size of 100 respondents was taken into consideration in case of research work. increasing relevance of plastic money among consumers. METHODS OF DATA COLLECTION: PRIMARY DATA: Primary data is that data which is collected for the first time and thus happens to be original in character. Sampling technique: the technique used for my study is convenient sampling that consists of questionnaire. In this sample all those who are using debit cards and credit cards. which includes both debit and credit card holders. Sampling unit: sampling unit implies that who are the respondents. Sample size: this refers to the number of respondents to be selected from the universe to constitute a sample. primary data will be collected from direct source of information like customers with the help of questionnaire survey and personal interview. SECONDARY DATA: 33 . SAMPLING PLAN:Universe: the universe consists of all people who are using plastic money for different purposes.• Descriptive research: it is concerned with determining the frequency with which something occurs or extent relationship between two variables. Various questions regarding the purposes of plastic money and the various procedures for obtaining credit cards. In the study.  Questionnaire: The second tool used for study is questionnaire. the necessity of credit cards.

Formula for calculating weighted average is ∑WiXi/Wi.  Weighted Average: Weighted average method is also used to analyze the comparison between plastic money.  The accuracy of the result is also limited to the reliability of methods of investigation.  Pie chart and percentage: Pie charts and percentage are also used as a tool for analysis.  Websites  Magazines  Articles And Newspapers  Books TOOLS OF ANALYSIS:  Diagrams and Tables: Various graphs and tables are used to describe the performance of different credit cards and debit cards. LIMITATIONS The limitations of a study are:  The result are based on primary data. Weighted average means finding out the average by assigning the weights to different factors. 34 . measurement and analysis of data.  The present study is based on the data from jalandhar city only and thus might not be true for all other areas.  The data collected may or may not be accurate because of the biasness from respondent side.Secondary data are those which have already been collected by some one.  There was lack of time. For this study there will be following secondary data.

so its very difficult to decide which bank has upper edge in plastic money. Findings are not justified because each market player have their unique characteristics of debit cards and credit cards. 35 .

Respondents were asked whether they use plastic money or not . 5.The results are as follows: Table no.DATA ANALYSIS AND INTERPRETATION 1: To know about respondents who are using the plastic money. of respondents 100 0 %age of respondents 100% Options Yes No 36 .1 Use of plastic money by the respondents. No.

1 Use of plastic money by the respondents.Figure 5. of respondents 58 28 14 % age of respondents 58% 28% 14% 14% Both Figure 5.2 Card possessed by respondents Credit card 38% 37 Debit card 48% Debit card Credit card Both . 2: Card possessed by respondents. Respondents were asked to explain that which card they possess and the results are as follows: Table 5.2 Card possessed by respondents Options Debit card Credit card Both No. Yes 100% Interpretation: From the above figure it can be interpreted that 100 respondents who are taken for the study are using plastic money and hence it can be said that majority respondents now a days are using plastic money.

3.3 No. of debit cards of different companies owned by respondent Options 1 2 3 None No. Some people have both debit card and credit card 3: Debit cards of different companies/banks owned by respondents. of respondents 56 26 12 6 %age of respondents 56% 26% 12% 6% Figure 5. of debit cards of different companies owned by respondent 38 . of debit card owned by them and the results are as follows: Table 5. but still people have applied for their credit card also.Interpretation: From the above data collected we can interpret that that people mostly have debit card. as credit card is little expensive than debit card so people mostly prefer debit card.No. Respondents were asked to explain that how many no.

4: No.12% 6% 1 2 3 26% 56% None Interpretation: The above chart reveal that mostly people have one debit card. of credit cards of different companies owned 39 . of respondents 46 22 10 22 %age of respondents 46% 22% 10% 22% Figure5.its clear that people are satisfied with their debit card. of credit card owned by them and the results are as follows: Table 5. about 26% of the respondent are using two debit cards from different companies.4 No. of credit cards of different companies/banks owned by respondents.4 No. of credit cards of different companies owned Options 1 2 3 None No. Respondents were asked to explain that how many no.

But still people have knowledge about these cards. Respondents were asked to explain which company/bank card owned by them. The result are as follows: Table 5. and 22% have don’t own credit card. of respondents 22 28 12 6 22 10 %age of respondents 22% 28% 12 % 6% 22% 10% 40 .None 22% 1 46% 1 2 3 3 10% 2 22% None Interpretation: From the above information it can be interpreted that 46% of the respondent have one credit card from different companies.5: Companies /bank card most preferred Options HDFC Bank ICICI Bank IDBI Bank CBOP Any other (PNB) (SBI) No. 5: Companies /bank card owned by the respondents.

6: Time period of using the debit card/credit card/both.5 Companies /bank card most preferred 10% 22% 22% 6% 12% 28% HDFC Bank ICICI Bank IDBI Bank CBOP PNB SBI Interpretation: From the above data it’s clear that people mostly prefer ICICI bank to get the plastic money.6 Time period of using the card 41 . The result are as follows: Table 5. of respondents 22 26 34 18 % age of respondents 22% 26% 34% 18% Figure 5.people usually like to have credit card with whom they have account. after that respondent prefer PNB and HDFC bank.6: Time period of using the card Options Less than 1 yr Between 1yr-3yr Between 3yr-5yr More than 5 yr No.Figure 5. Respondents were asked to explain the time period for which they are using them.

Options Shopping Withdrawal of money Hotel & restaurant Petrol filling Any other(like going for movies etc) No. plastic money become a trend from the last few years. 7: Purpose for using the card.More than 5yr 18% Less than 1yr 22% Between 3yr-5yr 34% Between 1yr-3yr 26% Less than 1yr Between 1yr-3yr Between 3yr-5yr More than 5yr Interpretation: The above data reveals that mostly people are using plastic money from last 3 to 5 yrs and rest are using it for less than one yr. The results are as follows: Table 5. Respondents were asked to explain the purpose of using the card. respondents 36 24 20 14 4 of %age of respondents 36% 24% 20% 14% 4% 42 .7: Purpose for using the card.

and then for withdrawal of cash.7 Purpose for using the card.8 Card which is more beneficial 43 . of respondents 36 34 30 % age of respondents 36% 34% 30% Figure5.Figure 5. Respondents were asked to explain which card is more beneficial according to them. 4% 14% 36% Shopping Withdrawl of money Hotel &restaurant Petrol filling Any other purpose 20% 24% Interpretation: It is clear that mostly people use the card for the shopping purpose.8: Card which is more beneficial. 20%use it for going for hotel and restaurants. Options Debit card Credit card Both No. 8: Card which is more beneficial. So the plastic money is used by the respondent everywhere. The result are as follows: Table 5.

0f Nor disagree No. The result are as follows: Table 5.30% 36% Debit card Credit card Both 34% Interpretation: From the above table it is clear people mostly prefer debit card but credit cards are not far behind.9: Benefits provided by debit card Wi Options (Xi) 1 Strongly 2 Disagree 3 Neither agree 4 Agree 5 Strongly Weighted Disagree (No. 9: Benefits provided by debit card Respondents were asked to rank the benefits provided by debit card on a scale. of (No. of respondents No. about 34% of the respondents feel that credit card is more beneficial than debit card and some feel that both are beneficial. of agree average respondents (No. of ) respondent respond respondents) s 44 .

4 14.16 12 8 10 12 2 - 44 36 32 44 25 26.4 Figure 5.4 19.9 Benefits provided by debit card 45 .ents ) Security Free from fraud No interest charges Anytime access Easy to carry 40 42 30 36 32 22 2 4 12 12 28 10 10 20 14.

30 25 20 weighted avg 15 10 5 0 s ec urity no of res pondents (weighted 14.4 19. 46 .16 25 14.4 no interes t any tim e c harges ac c es s 19.4 average) free from fraud 14.4 eas y to c arry 26. After calculating the weighted average it is clear that mostly respondents believed that it is easy to carry but they are highly dissatisfied with security and frauds 10: Benefits provided by credit cards.16 25 26.4 Interpretation: From the above collected data it is clear that respondents are highly dissatisfied with the security matters relating to debit card.4 14.

of responden ts) 3 Neither agree Nor disagree (no. of respondents) (no.4 2 disagree (no.10: Benefits provided by credit cards Wi Options 1 (Xi) Strongly disagree (no. of respondents ) Weighted average Figure 5. The result is as follows: Table 5. of responden ts) 4 agree 5 Strongly agree (no.10 Benefits provided by credit cards 47 .Respondents were asked to rank the benefits provided by credit card on a scale. of responden ts) Easy carry Convenient pay Overdraft facility Prestige holder to to 2 14 10 4 24 8 4 2 42 36 44 52 22 36 27 22 25 to 8 12 36 44 26.

After calculating weighted average it is clear that convenient to pay is the most preferred benefit among respondents. Problems faced in processing the card 48 .4 convienent to pay 27 overdraft facility 22 prestige to holder 25 no of respondents(weighted average) Interpretation: from the above study it can be seen that respondents agreed that credit card is easy to carry and it give prestige to the holder. 11.4 27 22 25 easy to carry 26.30 25 weighted avg 20 15 10 5 0 26.

of respondents ) 4 agree 5 Strongly agree (no.11: Problems faced in processing the card Wi Options (Xi) 1 Strongly disagree (no. of respondents ) 3 Neither agree Nor disagree (no. of respondents ) Feeling of insecurity Fear of loosing card Unnecessary formalities High fee charged by bank 8 8 8 10 12 6 4 36 36 32 46 40 54 25 22 28 10 12 2 38 38 25 2 disagree (no.11 Problems faced in processing the card 49 . The result are as follows: Table 5. of responden ts) Weighte d Average Figure 5.Respondents were asked to rank the problems provided by card. of respondents) (no.

30 28 25 25 22 Weighted avg 25 20 15 10 5 0 Feeling of Fear of loosingUnneceesary High fee Insecurity the card Formalities Charged by bank No of respondents (weighted average) 25 25 22 28 Interpretation: From the graph it is clear that that the cardholders have the problem in processing the card . 50 .According the weighted average the problem which is faced by most of the respondents is the high annual fee charged by the banks. Future prospects of plastic money. 12. They also face the problem of loosing the card and being misused by some other person.

of respondents 56 32 4 6 2 %age of respondents 56% 32% 4% 6% 2% 2% Declining Interpretation: It is clear from the graph mostly people believe that the future of plastic money is at boom.12: Future prospects of plastic money.Respondents were asked to explain to future prospects of plastic money.12 future prospects of plastic money No of respondents 60 50 40 32% 30 20 10 0 Rapid growth Steady growth Stagnant Can’t predict 4% 6% 56% No. The results are as follows: Table 5.6% can’t predict anything. Options Rapid Growth Steady Growth Stagnant Can’t Predict Declining Figure 5. 56% believe that their will be steady growth and 32% are of the view of steady growth. 51 .

FINDINGS Following are the findings that are drawn from the study: 52 .

 Plastic money has a rapid growth in the coming years. Companies are going really hard to increase the sale of credit cars. Respondent taken for this study are those who are using the plastic money in their daily life.  Credit card provide prestige to holders having the tie up with the famous card companies it provides the sense of pride.plastic money is mostly preferred at the time of shopping. 53 .  42% respondents are dissatisfied that debit card is free from fraud.  Cardholders have to fulfill the unnecessary formalities while obtaining the card. Only 46% of the respondents have credit card.  Respondents mostly prefer the plastic money of ICICI bank and PNB.  Debit card is more beneficial according to 36% respondents. Anytime you can withdraw your money.  Debit card don’t provide security to the cardholders.  Mostly people agreed that debit card provide the facility of anytime access.  Credit card is convenient way to pay agreed by most of the respondents.  34% using the cards for the last 3 years and the trend of plastic money have emerged from the last few years.  62% of the respondents believe that plastic money is the currency of modern India.  56% of respondents own one debit card and 26%owns two debit cards.  The growth credit card in India is still very slow.  According to weighted average method the respondents highly satisfied that the debit card is easy to carry and credit card provide convenience to pay.  Mostly people use the cards for shopping and withdrawl of money .  People have less craze for credit card.  38% cardholder agreed that the plastic money holders have to tackle with the problem of insecurity.


The status symbol aspect of owning and using cards. Security relating to card should be first priority for each bank/company. dining and jewellery are the top three purchases that Indians make through credit cards. Fuel accounts for a very small portion of credit card purchases as these are largely paid through debit cards.In the last two years. According to projections for the 2003-2008 period. the number of financial cards in circulation will register a compounded annual growth rate of nearly 51 per cent so the satisfaction of consumers has also increased. played its part in bringing about such robust growth over the space of a single year. but were also more than willing to use their cards to settle dues. Travelling. it was jewellery and apparel purchases that formed the largest chunk of purchases through plastic money. too. RECOMMENDATIONS 55 . Two years ago. Consumers are preferring these cards mostly for shopping online E-commerce has given a better way to use the plastic money. Consumers were not only more open to the possibility of owning a financial card. spending pattern through plastic money has changed drastically. There are many ethical issues and challenges for plastic money issuing banks/companies. in particular. At last it is concluded that plastic money has a very bright future in the coming years because of the increasing trend of e-commerce. Debit cards. proved immensely popular.

 The interest charges on credit cards should be reduced so that people are encouraged to use it in regular routine  More facility should be provided to the cardholder in order to satisfy them completely. Companies should provide security to the cardholders. magazines and hoarding to have maximum reach because the respondents perceive these as important promotional tools.  There should be more sales executives to reinforce new customers.  More outlets should be provided where the cards can be easily accepted. 56 .  The unnecessary formalities should be reduced in order to obtain the plastic money.  Advertisements should be given through TVs.  Companies should reduce the amount of the annual fee charged on the cards. Various offers and discounts should be provided on the plastic money so that all the users feel satisfied with their card choice.  The whole procedure of obtaining the plastic money needs to be authentic.

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com/pfsuser/cards/creditcard/cc_home.htm  http://www. • ARTICLES  Cunningham Julie.Sujit .gov/boarddocs/speeches/2001/20011205/default. article “Smart Card Based Electronic Commerce Characteristics And Roles” Jan’ 98  Swift.BIBLIOGRAPHY  Kothari C.S Elliot.Nov 2007 • WEBSITES AndSettlementSystems/retail. Financial Services.  E.May’ 1998  Hayashi fumiko and weiner Stuart Kevin. Kansas State University .gordan and Natrajan. .article “Competition And Credit And Debit Card Interchange Fees” .R. .au/PaymentsSystem/Publications/BISCommitteeOnPayment 58 . Mumbai.article “An Introduction To The Economics Of Payment Card Networks”  Chartered financial analyst . New Delhi.federalreserve.article “Ethical Issues And Challenges” .article “Theory Of Credit Card Networks: A Survey Of Literature “June 03 2003  Hunt Robert .article “Credit Card Crisis In South Korea” 2003  Chartered financial analyst . article “Credit Card and Debit Cards: What New? Where To?” .rba. 5th edition.pdf  http://www. “Research Methodology: Research and Techniques”.htm  http://www. Vishwa Prakshan. 4th edition.Sept’2005  Chakravorti . Himalaya Publishing House.article “College Student Using The Credit Card” Nov’ 98  Loebecke.

com/cgi-bin/webscr? cmd=xpt/cps/account/VDCFrequentlyAskedQuestions-outside  untsAndBankingProducts/DG_10035158  59 . http://www.

I want your cooperation to fill this questionnaire related to my project.V College Chandigarh and topic of my project report is “Comparative Study of Plastic Money with special Reference to Debit Cards and Credit Cards”. of credit cards of different companies owned by you? (i) 1 60 .How many no.Which card do you have? (i) Debit card (ii) Credit card (iii) Both Q3.Do you use plastic money? (i) (ii) yes No Q2.QUESTIONNAIRE Dear sir/madam I am the student of PGDMM in D. Q1.A. of debit cards of different companies owned by you? (i) (ii) (iii) (iv) 1 2 3 None Q4 How many no.

(ii) (i) (ii) 2 3 None Q5: Which companies /bank card do you have? (i) HDFC Bank (ii) ICICI Bank (iii) IDBI Bank (iii) Centurion Bank If yes. (v) Any Other Q6: Since how long you have been using debit card/credit card/both? (i) Less than 1 yr (ii) Between 1yr-3yr (iii) Between 3yr-5yr (iv) More than 5 yr Q7: Normally for what purpose do you use cards? Rank according to your preference (i) (ii) shopping withdrawal of money (iii) Petrol filling (iv) Hotel & Restaurants (v) Any other (going to theater etc) Q8: Which card according to you is more beneficial? (i) Debit Card (ii) Credit Card (iv) Both Q9: What are the benefits provided by debit cards? Strongly disagree neither agree agree strongly 61 . specify……………….

Disagree (i) Security (ii) Free From Fraud (iii) No Interest Charges (iv) Anytime Access (v) easy to carry nor disagree agree Q10: What are the benefits provided by credit cards? Strongly disagree neither agree Disagree nor disagree (i) Easy To Carry (ii) Convenient to Pay (iii) Overdraft Facility (iv) Prestige to Holder Q11: What are the problems you are facing in processing the card? disagree agree feeling of insecurity Strongly disagree neither agree agree strongly nor disagree agree strongly agree (i) (ii) fear of loosing the card (iii) Unnecessary formalities (iv) High fee collected by banks Q12::What are the future prospects of plastic money? (i) (ii) (iii) (iv) (v) Rapid Growth Steady Growth Stagnant Can’t Predict Declining Personal information: Name: 62 .

Address: Occupation: 63 .

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