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1.0 INTRODUCTION TO CREDIT CARDS
A credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standards. Small card that authorizes the person named on it to charge goods or services to his or her account. It differs from a debit card, with which money is automatically deducted from the bank account of the cardholder to pay for the goods or services. Credit-card use originated in the U.S. in the 1920s; early credit cards were issued by various firms (e.g., oil companies and hotel chains) for use at their outlets only. The first universal credit card, accepted by a variety of establishments, was issued by Diners' Club in 1950. Charge cards such as American Express require cardholders to pay for all purchases at the end of the billing period (usually monthly). Bank cards such as MasterCard and Visa allow customers to pay only a portion of their bill; interest accrues on the unpaid balance. Credit-card companies get revenue from annual fees and interest paid by cardholders and from fees paid by participating merchants. A credit card allows consumers to purchase products or services without cash and to pay for them at a later date. To qualify for this type of credit, the consumer must open an account with a bank or company, which sponsors a card. They then receive a line of credit with a specified dollar amount. They can use the card to make purchases from participating merchants until they reach this credit limit. Every month the sponsor provides a bill, which tallies the card activity during the previous 30 days. Depending on the terms of the card, the customer may pay interest charges on the amount that they do not pay for on a monthly basis. Also, credit cards may be sponsored by large retailers (such as major clothing or department stores) or by banks or corporations (American
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Express). Credits cards are a relatively recent development. The VISA Company, for example, traces its history back to 1958 when the Bank of America began its BankAmericard program. In the mid-1960s, the Bank of America began to license banks in the United States the rights to issue its special BankAmericards. In 1977 the name Visa was adopted internationally to cover all these cards. VISA became the first credit card to be recognized worldwide. The banks and companies that sponsor credit cards profit in three ways. Primarily they make money from the interest payments charged on the unpaid balance, but they also can make money by charging an annual fee for the use of the card. The income from this fee, which is typically only $50 or $75 per customer per year, can be substantial considering that the larger companies have tens of millions of customers. In addition, the sponsors make money by charging merchants a small percentage of income for the service of the card. This arrangement is acceptable to the merchants because they can let their customers pay by credit card instead of requiring cash. The merchant makes arrangements to participate in a credit card program with a merchant bank, which in turn works with a card-issuing bank. The merchant bank determines what percentage of the total purchase value has to be paid by the merchant to the card-issuing bank. The amount varies depending on the volume and type of business, but in general it is between 1-2%. A percentage of that amount is kept by the merchant bank as a transaction-processing fee. For companies like American Express which sponsor cards, the processing fee may be significantly higher. Furthermore, sponsors may generate income by leasing credit card verification equipment to merchants (especially if the merchants can not afford to purchase the equipment themselves.) Finally, sponsors may profit by charging service fees for late payments.

1.1 History of Credit Cards

In 1730, Christopher Thompson, a furniture merchant, created the first advertisement for credit by offering furniture that could be paid off weekly. This introduced the idea that people who couldn’t afford to buy “big-ticket” items could make regular payments until the full cost of the items were paid.

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That idea was picked up and used, from the 18th century until the early part of the 20th century, by tallymen. Tallymen sold clothes that the purchasers could pay for in small weekly payments. They kept a tally (thus the name tallymen) of what people had bought on a wooden stick. One side of the stick was marked with notches to represent the amount of debt and the other side was a record of payments. During the rise of the British middle class, bankers introduced the idea of overdraft protection. This was one of the first forms of consumer credit because it was really a type of loan that kicked in automatically if an account didn’t have enough money in it to cover the checks written against it. The system of credit took a real turn in 1914, when Western Union, in the interest of good customer service, gave some of their more prominent customers a metal card to be used in deferring payments – interest free – on services used. This system became known as “Metal Money”. Then another company realized the value of making goodwill gestures to their customers. In 1924, General Petroleum Corporation issued the first metal money specifically for gasoline and automotive services. They offered this first to their employees, then to select customers and then, because the system seemed to work so well, to the general public. The Ford Motor Company played a large part in creating the consumer credit business. Just like Christopher Thompson back in 1730, Ford recognized that not all Americans had enough savings to buy a Model T. Even those who did have enough might not want to put their whole life-savings into just a car. So Small Loan Companies, or Finance Companies, began making their first car loans. In the late 1930’s, American Telephone and Telegraph (AT&T) introduced the “Bell System Credit Card.” Other industries followed suit – railroads and airlines introduced similar cards. The system of credit was fast growing in popularity. But then World War II came along and, with it, came the prohibition of all use of credit and charge cards. However, as soon as the War was over, business starting booming. Travel became more popular. People were also beginning to acquire more costly modern conveniences for their homes, like kitchen appliances and washing machines. These demands on the budget made the concept of credit more popular because people could buy things with credit cards that they couldn’t afford to buy

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with cash. So the demand for credit cards increased in ratio to the improvement in lifestyles. People wanted more – and they wanted it now! Charge cards evolved as lifestyles improved. After seeing these trends of increased travel and spending among those who held charge cards, banks became interested in credit cards and online banking. Since they were in the business of lending money, they saw the potential of gaining income by charging interest on credit cards. 1950 marked the real beginning of the credit card most of us are familiar with today. Diner’s Club, Inc. introduced the first credit card that could be used at a variety of stores and businesses. This card was established primarily for businessmen to use for travel and entertainment expenses. The Diner’s Club gave its cardholders up to 60 days to make payment in full. Merchants were eager to accept the card because they found that credit card customers usually spent more if they were able to “charge it”. The first bank to implement this system was the Franklin National Bank in New York. In 1951, after screening applicants, they issued the Charge-It card to those approved for credit. This card could be used by consumers at local retail establishments. It worked much like the credit card systems of today – the consumer made a purchase using the card; the retailer obtained authorization from Biggins Bank, and closed the sale. The Bank reimbursed the retailer and collected the debt from the consumer at a later date. Other banks saw the same potential. In 1958, the “Don’t leave home without it” card was introduced by American Express. But the first revolving-credit card was issued in the State of California by the Bank of America. The BankAmericard, marketed all across the state, was the first card to offer its cardholders payment options, where they could pay the debt in full or they could make monthly payments while the banks charged interest on the remaining balances. In 1965, Bank of America saw more potential for income and control so they issued licensing agreements to banks of all sizes across the nation. These agreements allowed the other banks to issue BankAmericards and to interchange transactions through issuing banks. Now everybody was getting in on the act! All these credit card systems – they needed some regulation

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So. But the name “America” caused some problems. Charge card issuing and processing became too large of a task for the banking industry to handle. with the improvement of electronic processing. In 1967. banks interested in issuing cards became members of either Bank Ameri card or Master Charge. was the increased speed of processing authorizations – one to two minutes. making the bankcard program available to even small financial institutions. By 1969. Credit cards today – an abounding industry There are five leaders in the credit card industry today: • • • • • Visa International MasterCard American Express Discover Diner’s Club 3 . Then in 1979. The advantage of this system. which accessed issuing bank cardholder information. most independent bank charge cards had been converted over to either Bank Americard or Master Charge cards. By the mid 1970s. As the bankcard industry grew. an association with the ability to exchange information on credit card transactions. electronic dial-up terminals and magnetic stripes on the back of credit cards allowed retailers to swipe the customer’s credit card through the dial-up terminal. Bank Ameri card became VISA. In 1979. In 1966. the credit card industry started exploring international waters. besides saving paper. four California banks had formed the Western States Bancard Association and introduced the MasterCharge program to compete with the Bank Americard Program. Their members shared card program costs. Master Charge followed suit and changed its name to MasterCard.The credit card industry was booming! But some kind of regulation became necessary. fourteen US banks had formed Interlink. in 1977. It also decreased credit card fraud.

) If only 65 million numbers are assigned out of a possible 10 trillion possibilities. Visa has been a leader in credit card innovation. this security measure does not help if someone obtains a real number and uses it fraudulently. 0000000002. Another security design feature involves the signature panel on the back of the card. Visa and MasterCard. The signature is intended to document the owner's handwriting so a forged signature on a receipt can be detected. 2 . American Express has 15. like Euro Card. 000000001. and its magnetic stripe. or from making up a phony number. The card's unique account number is the key piece of information needed to conduct a financial transaction and must be carefully protected. the panel is printed with a fingerprint design that is difficult to duplicate and that will come off when the original signature is erased. Diners Club 14. For example. its signature panel. companies rely on the laws of statistics for protection. only have about 65 million customers. To prevent someone from using a wrong account number. Mathematically.There are other check processing companies trying to penetrate the market. it is unlikely that anyone will be able to mistakenly use another account number. If an incorrect account number is mistakenly entered by a store clerk. (The largest companies. and so forth up to 999999999) which would be enough for all the customers of a given company. and MasterCard has 20. this design will disappear too leaving a white spot. Of course. To prevent criminals from erasing the back panel of a stolen card and putting on their own signature. nine digits would provide one billion unique account numbers (000000000. This has brought them the recognition as the world’s leading credit card association. with over one billion cards being issued. By using long account numbers they make it unlikely that a number can be faked. This statistical security gives companies confidence that someone is not making up a number when conducting business over the phone. If the signature is erased. These features involve the card's account number. the Visa card has 13 digits. but credit cards still account for over 90% of all ecommerce transactions. Design of credit card Credit cards are designed with complex security features to prevent the possibility of fraud. JCB and ATM companies. it will almost certainly not be accepted. and carrying over 50% of all credit card transactions conducted worldwide.

These are available in a variety of colors and are designed for use on plastic substrates. and finally the assembled sheet is cut into individual cards. dyes. This core material is laminated with thin layers of PVCA or clear plastic materials. Some manufacturers use special magnetic inks to print the magnetic stripe on the back of the card. employer. it is likely that the card's expiration date is one fact recorded on the strip because automatic teller machines (ATMs) will retain cards that have expired. The magnetic stripe on the back of the card is a third security feature. which is revealed upon erasure. some cards feature special features that make them hard to duplicate. then the core is the printed with appropriate information. These laminates will adhere to the core when applied with pressure and heat. A variety of inks or dyes are also used for printing credit cards. It is difficult to determine exactly what information is coded on the strip because for security reasons companies do not wish to discuss this. However. Finally. Raw Materials Cards are made of several layers of plastic laminated together. Additional special printing processes are involved for cards. phone number. The stripe is an area coated with particles of iron oxide that can be encoded with binary information. address. The core is commonly made from a plastic resin known as polyvinyl chloride acetate (PVCA). Some card manufacturers imprint the word VOID beneath this panel. and plasticizers to give it the proper appearance and consistency. which identifies the card as authentic. The Manufacturing Process. Plastic compounding and molding 3 . The manufacturing process consists of multiple steps: first the plastic core and laminate materials are compounded and cast into sheet form. This resin is mixed with opacifying materials. is recorded on the stripe because banks do not reissue cards when this type of information changes. such as complicated holograms. like VISA. It is unlikely that information like credit limit. which feature holograms. next the laminates are applied to the core. The inks are made by dispersing metal oxide particles in the appropriate solvents.which instantly indicates the card has been tampered with.

In this process. sheets of core stock are fed through a system of rollers. the core is ready to be laminated. Upon completion of the printing process. Lamination • Lamination helps protect the finish of the card and increases its strength. Printing • The plastic core of the card is printed with text and graphics. it goes through a series of three rollers stacked on top of each other that pull the sheet along. As the sheet exits the die. or hot wires. This is done using a variety of common silk screen processes. Upon cooling the films are stored on rolls until ready for use. The sheets may then pass through additional cooling units before being cut into separate sheets by saws. At the tacking station a pair of quartz infrared heat lamps warm the upper and lower plastic films. Rolls of laminate stock are located above and below the core stock. which optimizes a smooth bonding of the film to the 2 . one of the laminate films may also undergo subsequent operations where it is imprinted with magnetic ink. The blended components are transferred to an extrusion molding apparatus. These thinner films may be made with a slot cast die process in which a molten plastic film is spread on a casting roller. The roller determines the film's thickness and width. shears. The cut sheets enter a sheet stacker that stacks them into place and stores them for subsequent operations. These rolls feed the laminate into the vacuum shoes along with the core stock. The magnetic heads used to code and decode the iron oxide particles can only operate if the magnetic medium is close to the surface of the card. so the metal particles must be placed on top of the laminating layer. which forces the molten plastic through a small flat orifice known as a die. These rollers keep the sheet flat and maintain the proper thickness. The vacuum holds the three pieces of plastic together while they travel to a tacking station.• The plastic for the core sheet is made by melting and mixing polyvinyl chloride acetate with other additives. In addition. • The laminate films used to coat the core stock are made by a similar extrusion process. These lamps are backed with reflectors to focus the radiant energy onto a narrow area of the films. Alternately. the magnetic stripe may be added by a hot stamping method.

containing a variety of useful information. these future cards will be able to operate a frequent flyer program on the same card as a debit or credit account. which is cut into 63 credit cards. One recent advance is the use of a new generation of magnetic stripes which are harder to duplicate. the card is embossed with account numbers. First. usually by attaching the card to a paper letter with adhesive. ingredients must be properly weighed and mixed and blended under the appropriate temperature and sheer conditions. continued improvements in plastic chemistry and molding technology are likely to allow cards to be made increasingly cheaper and easier. the finished assembly is cut and completed by die cutting methods. Second. As with any compounding procedure. Other services will allow users to 3 . Die cutting and embossing • After lamination has been completed. which could cause the cards to crack or break.16-1973).core stock. The laminate films are then fully bonded to the core stock by pressing with metal platens. The Future Future credit card manufacturing processes are likely to evolve in three key areas. new generations of credit cards will carry integrated computer chips. which are heated to 266° F (130° C) and applied with a pressure of 166 psi/sq inch. Quality Control Key quality issues are associated with the compounding of plastic and color matching of the inks. the molding process must be monitored to avoid defects. Similarly. For instance. This improvement combats the trend toward duplicating card information and copying it to phony cards. breakthroughs in digital technology are likely to improve the way credit cards are kept secure with advanced magnetic coding. Each assembly yields a sheet. This is achieved by first cutting the assembly longitudinally to form seven elongated sections. The final quality check is to make sure the correct numbers are stamped on the cards during the embossing process. The finished cards are then prepared for shipping. This lamination process may take up to 3 minutes. The American National Standards Institute has a standard for plastic raw materials (ANSI specification x4. In subsequent operations. Perhaps even more importantly. Each of the seven sections is then cut and trimmed to form nine credit cards.

For example. including storing hotel reservation preferences. PARTICULARS DISPLAYED ON THE CREDIT CARDS Every credit card bears the following particulars: 1. V. This facility is provided free of cost by the bank. Financial institutions may develop partnerships with local mass transit systems so public transit could be paid for with these "smart" cards in various cities throughout the world. He should have a savings current account in the bank. A statement of annual or monthly income. marketing initiatives resulting from these advances in card technology are likely to make credit cards even more pervasive in society. the customer can contact the customer service cell/helpline and get the necessary correction done. it does not. A reference from a banker and the employers of the applicant is insisted upon. It should be spelled correctly.participate in frequency or loyalty programs with merchants. income . VI.000/_ per annum is eligible for a card. American Express has just launched a new Blue card that is expected to reach new levels of worldwide acceptance. wealth status and a proof of his income/wealth etc. WHO CAN BE A CREDIT CARD HOLDER The general criterion applied is a person spending capacity and not merely his income and his wealth. The other criterion is the worthiness of the client and his average monthly balance. He is considered credit worthy upon to certain limit depending upon his income. Third. address . Most of the banks have clear out the norms for giving the credit cards. A person who earns a salary of Rs. His assets and liabilities on a particular date are reported to bank. 60. The eligible customer is asked to fill in application form giving the details of account number . I. NAME OF THE CUSTOMER: Every card displays the name of customer. III. In case. 3 . II. assets and expenditure. IV. name .

VALIDITY DATE : The card mentions the period through which it is valid. Signature on the panel would imply that card holder has given his consent to abide by the terms and conditions governing the use of the credit card. 7. PIN (PERSONAL IDENTIFICATION NUMBER): Each card holder is issued a password or pin to enable use of the card for accessing his/her card account on the ATM and internet and also for availing any privilege. MAGNETIC STRIP: The black magnetic strip contains important information in encoded from and needs special handling. The card should be kept away from heat and direct sun light. 5. 6. 3. The card is usually valid from the it is received by the customer unto and including the last day of the month indicated on the card. The customer must put his signature on the signature panel to prevent misuse by any other person. This identifies the card holder. 4.2. The card holder shall be liable for all transactions made with the use of the pin whether with or without the knowledge of the cardholder. It should not be left on the top the television. benefit or service that may be offered by bank on the card. The card should not be kept in an area where there is a continuous magnetic field. 16-DIGIT CARD NUMBER : A unique 16 digit number is allotted to every customer/ cardholder. NAME OF THE ISSUING BANK: The card indicates on the top the name of the issuing bank. Uses of credit cards 2 . The card is valid is only if signed. The pin is communicated to the cardholder entirely at his/her risk who shall not disclose the pin to any person and shall take all possible care to avoid its discovery by any person. After the card has to be renewed. 8. Set or near any electronic appliance. SIGNATURE PANEL: The back of the card contains the signature panel. THE VISA HOLOGRAM AND THE VISA LOGO: The hologram and the logo ensure that all the establishments throughout the world displaying the visa logo will accept the card.

offer a higher rate of cash back. Points Many card rewards work on a point system where you earn up to five points per dollar spent. But. but many frequent flyer cards are made immensely more valuable by their mileage signup bonuses . 5. contrary to popular belief. Other cards offer up a large number of points that can be redeemed for rewards like gift cards or air travel. Many credit cards. you can earn anywhere from 1-5% back on your purchases. 1. Signup Bonuses The standard debit card offers zero rewards or very small rewards. 3.Personal finance experts spend a lot of energy trying to prevent us from using credit cards and with good reason. For example. Cash Back If you sign up for the right credit card. offer significant rewards when used responsibly. The price of the plane ticket you ultimately end up redeeming your miles for will determine how valuable this credit card reward is. Investment Rewards Some cards. 2. 4. Cardholders rack up miles at a rate of one mile per dollar spent. Many of us abuse them and end up in debt. if you can use a credit card responsibly. Frequent-Flyer Miles It seems like every airline these days has at least one credit card available. in exchange you must deposit your cash back directly into an investment account. you're actually much better off paying with credit than with debit. When you reach a certain point threshold.these are often enough to put you 50-100% of the way toward a free flight within a month or two. applicants with good credit can get approved for credit cards that offer signup bonuses worth anywhere from $50 to $250 (and sometimes even more). however. like the Fidelity Investment Rewards card. you can redeem your points for gift 3 . or sometimes one mile per two dollars spent.

Legitimate payments for which you've scheduled online payments or mailed checks may bounce. 6. the money is missing from your account instantly.cards at some stores. When your debit card is used fraudulently. You can also use the gift cards as gifts. triggering insufficient funds fees and making your creditors unhappy. It can take a while for the fraudulent transactions to be reversed and the money restored to your account while the bank investigates. Second. your money is gone instantly. First. making holiday and birthday shopping simpler and less expensive. you don't have to watch your bank account balance like crazy to make sure you stay in the black. Hanging on to your money for this extra time can be helpful in two ways. By contrast. Insurance Most credit cards automatically come with a plethora of consumer protections that people don't even realize they have. you aren't out any money . Grace Period When you make a debit card purchase. 9. Late payments can also lower your credit score. Universal Acceptance 3 . your money remains in your checking account until a couple of weeks later when you pay your credit card bill. when your credit card is used fraudulently.you just notify your credit card company of the fraud and don't pay for the transactions you didn't make while the credit card company resolves the matter. When you make a credit card purchase. if you pay your credit card from a high-interest checking account and earn interest on your money during the grace period. 7. the extra interest will eventually add up to a meaningful amount. travel insurance and product warranties that may exceed the manufacturer's warranty. 8. when you always pay with a credit card. Safety Paying with a credit card makes it easier to avoid losses from fraud. such as rental car insurance.

Types of credit cards One of the more recent additions to the credit card world is the low-interest credit card. the rewards will pore in.S. Also. Building Credit If you have no credit or are trying to improve your credit score. 10. Debit card use doesn't appear anywhere on your credit report. depending on your balance and purchases. If you do a fair amount of traveling. this can be a real bonus. many corporations have jumped on the bandwagon. This can end up saving you a fair amount of money. you've probably already received information regarding this type of card. even when it has a major bank logo on it. Along these same lines.. merchants won't always accept your debit card as payment. the company may insist on putting a hold of several hundred dollars on your account. If you live anywhere in the U. however. These cards offer a significantly lower interest rate than some of the older ones that you may already have. These can be anything from travel insurance to small appliances and anything in 4 . most of these cards are also balance-transfer cards. for a specified period of time. reward credit cards are growing in popularity. Rental car companies and hotels want customers to pay with credit cards because it can be easier to charge customers for any damage they cause to a room or a car this way.Certain purchases are difficult to make with a debit card. you'll almost certainly have an easier time if you have a credit card. Competition is stiff and many card companies are now offering you many different reward or incentive options for using their card. Since credit cards have gotten to be such a lucrative business. particularly if your hope is to pay it off. They offer you the option of transferring a balance from a higher interest rate card and. Even airlines now offer credit cards to customers that will come with a certain amount of frequent flyer miles attached to them. so it can't help you build or improve your credit. Also. your transferred balance will be at either 0% interest or something quite low. When you want to rent a car or stay in a hotel room. Once you accumulate enough points. when you're traveling in a foreign country. So if you want to pay for one of these items with a debit card. using a credit card responsibly will help your credit score because credit card companies will report your payment activity to the credit bureaus.

meaning no wait time. These cards provide a wide variety of financial benefits to holders. Major India Credit Card Types Following are various types of credit cards available in India: • • • Premium Credit Cards Cash Back Credit Cards Gold Credit Cards 5 . There are 12 major types of credit cards being provided by banks and financial institutions in India. finding one that has a reward program can really pay off. Another form of credit card is the instant approval card. Since there are so many options when it comes to choosing a credit card.between. many of these applications come in the mail. Although you can get instant approval. Other cards can take up to two weeks to process and approve your application. some even by e-mail. Again. Once you fill out the application. do a little research before you apply. If you use a card regularly. Some companies will supply you with a temporary credit card number and allow you to begin making purchases immediately. this does not always mean you can get instant credit. applying for too many cards will negatively affect your credit score. Don't go over board though. a quick background check will be done and you will have your approval almost immediately. These cards offer you the opportunity to apply for a card and receive instant approval. while other will not due to an increase in credit card fraud potential. Decide what type of card will best fit your needs and apply for that one.

each designed with a special purpose and person in mind. Rewards credit cards available in India can be subdivided into six categories – Points. Super Premium Cards Woman's Solitaire Credit Cards Premium Travel Credit Cards Premium Credit Cards: Access world-class privileges and benefits Titanium Card: A card to match your premium lifestyle 2 . You can pick one from many. Hotels and Travels.• • • • • • • • Airline Credit Cards Silver Credit Cards Business Credit Cards Balance Transfer Credit Cards Co-branded Credit Cards Low Interest Credit Cards Lifetime Free Credit Cards Rewards There are some additional credit cards that are available in India as well. Retail. Auto and Fuel. Let's find one which one suits you best.

a complimentary Taj Epicure Membership and much more. shopping. the Solitaire Premium Credit Card is completely power packed! Solitaire Credit Card 3 . travel and lifestyle. both these Infinia And Regalia cards have been designed keeping in mind your exclusive needs and demand Woman's Solitaire Credit Cards Solitaire Premium Credit Card Pamper yourself like never before . Offering multiple reward points on dining and apparel spends.HDFC Bank Solitaire Premium Credit Card offers a luxurious indulgence across wellness.Gold Credit Cards: Our products trusted by many Commercial Cards Other Cards With amazing benefits and features.

lifestyle and shopping benefits. So.Exclusively designed for women. be it a dinner with your family or your business associates. Apply now to live the platinum lifestyle. each time. your card is all you need. Premium Travel Credit Cards Superia Credit Card Travel with a card that gives you back more when you spend.it gives an opportunity to earn multiple reward points on all your dining and grocery spends. And that's not all . Enjoy benefits on travel and dining including Priority Pass memberships. superior Reward Points program and zero fuel surcharge at fuel stations across India. Platinum Edge Credit Card The Platinum Edge Credit Card is simply perfect who fly frequently and enjoy dining out. the HDFC Bank Solitaire Credit Card is packed with wellness. Titanium Edge Credit Card Travelling and dining are never the same when you do it with the Titanium Edge Credit 4 .

A very premium offering for the truly elite. 5 . Visa Signature Chip Credit Card The 'chip' in the Visa Signature Chip Credit Card is as much a feature as a security requirement for a Credit Card loaded with so many exclusive benefits. it allows you to redeem your Reward Points against the outstanding balance on your card.Card. Premium Credit Cards: Access world-class privileges and benefits Visa Signature Credit Card A card for the rarest of the rare A card with unique and exclusive privileges that complement your refinement and style. It's not a card. a card with tailor-made premium privileges that complement a discerning lifestyle. It's a status symbol. World MasterCard HDFC Bank presents India's First World MasterCard Credit Card . Come experience the world of many contended moments. A highly rewarding card with superior benefits and offers.

Platinum Plus Chip Credit Card India's only Platinum Credit Card with Chip Technology for enhanced security which makes all your Credit Card transactions more secure. Gold Credit Cards: Our products trusted by many Gold Credit Card 6 .a recognition of those who have "arrived in life". convenient and rewarding! Titanium Card: A card to match your premium lifestyle Titanium Credit Card Titanium Credit Card is quite simply the most exclusive Credit card you could ask for with benefits like zero surcharge on fuel. Enjoy a world of exclusive privileges on your HDFC Bank Platinum Plus Credit Card. travel offers and accelerated two-tier rewards programme.Platinum Plus Credit Card India's only Platinum Credit Card with exclusive travel and preferential benefits .

Corporate Credit Card It's Not just a card. HDFC Bank Corporate card comes with a unique 24x7 Expense management solution called SMART DATA ONLINE. Commercial Cards Corporate Platinum Credit Card It's Not just a card. It's a designation Experience the exclusivity of HDFC Bank Corporate Platinum Card which comes with a unique 24x7 Expense management solution called SMART DATA ONLINE. Woman's Gold Card Enjoy the benefits of the best premium card made specifically for women. Apply for HDFC Bank Woman's Gold credit card. It's a designation.A card to match your premium lifestyle with features like special offers on air and train ticketing and rewards redemption against air miles. powered by 7 . powered by Mastercard International.

while keeping in mind your affluent lifestyle. Business Gold Credit Card Are you a Self-Employed person ? It makes perfect Business sense . 8 . while keeping in mind the conveniences and lifestyle benefits for business owners and the self-employed community specifically. Business Platinum Credit Card It makes Perfect Business Sense -The HDFC Bank Business Platinum Card is a premium card for Self Employed professionals that helps you SAVE on your Business expenses.Mastercard International. which is designed to add value to your business.Better Business with HDFC Bank International Business Gold card. Purchase Card The HDFC Bank Purchase Card is a credit card solution given to corporates by HDFC Bank to facilitate quick payments for business expenses for corporates and their employees. It helps the corporate manage business expenses and makes purchase transactions smoother by eliminating the hassles of cash and cheque payments.

1. it can be a bigger liability than an asset. You may want to choose to close your credit cards if you have more than one. The answer is that you can get by without a credit card.Distributor Card The Distributor card is a credit card given by HDFC Bank to corporates to give to specific distributors to facilitate easy and convenient payments to the corporate. You destroy your credit when 9 . It eliminates the use of cheques and cash and speeds up the turnaround time of transactions. I Need a Credit Card to Build Credit You build credit by paying your bills on time. Need for credit cards There may be many people who suggest that you get a credit card. You can build enough credit to qualify for a home loan by paying your rent on time for several years.Here are five common misconceptions about needing a credit card. Although a credit card can be a useful tool. when used properly (paid in full every month). Silver Credit Card Choose our Internationally accepted Silver Credit Card and enter a world of privileges and savings. but before you do you should carefully decide whether or not you really need a credit card.

then rewards they give out.00 in it. This means that they make more money off the customers. 10 . but you should try to have three to six months of expenses saved up. You should make sure that you have a credit card with no annual fee. and your emergency fund to cover those expenses.you do not pay your bills on time. This much money should be able to handle any emergency that comes your way. Debit cards can be used anywhere a credit card can. In fact you can do everything with a debit card that you can with a credit card. If you are stranded on the road and need to be towed you can use your debit card to pay for the tow. Your emergency fund should have at least $1000. If you are responsible and pay off your balance in full each month. you may consider having a rewards credit card. You do not need a credit card to build your credit history. I Need a Credit Card to Shop Online or Rent a Car Since debit cards have been introduced you no longer need a credit card to do these things. they offer cards because they realize that while most people intend to pay the card off every month. Stores do not offer cards to give you discounts. They make more back on interest than they the discount they offer to you. I Need a Credit Card to Save Money on My Purchases Many stores will offer discounts for having a store credit card. few actually do. except spend money that you do not have. You should not be doing that anyway. 2. I Need a Credit Card to Earn Rewards This is a dangerous game to play. 4. Additionally it is important to remember that the credit card offers its rewards. because the company realizes that most people are not going to pay off their credit cards in full each month. The utility companies and other businesses can send you to a collection agency if you do not pay on time. 3. 5. You may find it a little easier to do with a credit card. This completely debunks the statement that you need one to rent a car. but you should be very careful as you try to do so. I Need a Credit Card for Emergencies If you plan well you should set up an emergency fund for emergencies.

CHAPTER 2 3 .

On the other hand. The fact that consumers perceive credit cards and all other banking services as a bundle allows banks to also employ bank level characteristics to differentiate their credit cards. customer satisfaction. Panel data estimations also control for various costs associated with credit card lending. The results show that nonprice competition variables have significant and robust effects on credit card rates. some find either no or statistically insignificant outcome from technology spillover. 4 . This study is carried out to identify customer preferences and expectations from cedit/debit card services. safety.REVIEW OF LITERATURE There have been an increasing number of research studies that examine whether credit cards brings positive spillover effects. easiness and even style. nobody has the time to withdraw money from the bank account for shopping. Sunayna Khurana and Satendra Pal Singh(2011) states that in today’s busy world. Still this body of empirical research produces mixed results.Examples of studies reporting positive spillover effects include earlier studies by Levent Yildiran(2011)attempts to explain high and sticky credit card rates have given rise to a vast literature on credit card markets. In this cutthroat competition. On one hand. The main objective is to identify the factors that influence the choice of credit cards. banks have to work hard to gain market share and to meet the expectations of customers so that they can delight their customers. Thus. many studies find that there exist significant positive spillover effects from foreign direct investment. the features and service quality of banks are expected to affect credit card rates. issuers compete monopolistically by differentiating their credit card products. Everybody is interested in carrying the plastic money (credit card and debit card) in their wallet for shopping as it gives convenience. In this market. This article endeavors to explain the rates in the Turkish market using measures of nonprice competition.

Under well established economic principles. gender and profession of the respondent. Enabling more consumers to benefit from banking services. Merchant restraints prohibit merchants from accepting certain credit cards selectively and from pricing goods and services 3 .and consumer behavior regarding the credit card in Tier-III cities. Adam J. These credit card transactions cost American merchants an average of six times the total cost of cash transactions. In such a two-sided market. Just as newspapers efficiently charge readers much less than the cost of producing and delivering the morning paper. and advertisers pay much more than the cost of placing an advertisement. Results show that the choice of credit card depends upon income. which in turn generate more credit card transactions. Customer satisfaction depends upon income. Thomas Jefferson(2009) in this Article evaluates the impact of any potential subsidy favoring credit card use within an economy that is rife with similar ones. including credit cards. shielding cardholders from merchant acceptance costs through rules prohibiting surcharging serves the pro-competitive purpose of facilitating efficient pricing. charging merchants more than necessary to cover the cost of providing card-acceptance services can actually enable consumers to internalize all of the benefits (those flowing to both consumers and merchants) of card use. Levitin(2008) Merchants pay banks a fee on every credit card transaction. would provide a greater public service than battling a cross subsidy that may not exist. It proposes measures aimed at bringing those who have no banking relationships into the system. frequency of usage in a month and amount of usage per month. and cardholders pay less. efficient credit card pricing requires that merchants pay more than the direct cost of service. Steven Semeraro (2009) states in his article contends that permitting surcharging would likely do more harm than good. The largest component of the fee merchants pay goes to finance rewards programs. Primary data was collected from 200 respondents by the questionnaire method.

I am posting it on the Social Science Research Network. The testimony discussed the adverse effects on consumers resulting from (1) increased consolidation in the credit card industry.S. although there is a high degree of similarity in banks' offerings. House of Representatives Committee on Financial Services.according to cost of payment." before the Subcommittee on Financial Institutions and Consumer Credit of the U. This testimony has been cited by a number of other scholars and policy analysts. Wilko Bolt(2008) said that the recent theoretical literature on payment cards (focusing on debit and credit cards) and studies this research's possible implications for the current public policy debate over payment card networks and the pricing of their services for both consumers and merchants.To ensure that the testimony will remain publicly available. Therefore the New Zealand credit card market might be considered competitive.(2007) said that Current Consumer and Regulatory Issues. merchant restraints' economic justifications are unfounded. including with respect to price. and (3) federal preemption of state consumer protection laws. Arthur E. Previous United States studies have suggested that consumers fail to distinguish between different banks' credit card offerings. which 4 . the federal regulator of national banks. including the impact of preemptive regulations issued by the Office of the Comptroller of the Currency ("OCC"). and they should be banned as antitrust violations. This Article argues that merchant restraints distort competition within the credit card industry and among payment systems in general. These restraints thus prevent merchants from signaling to consumers the costs of different payment methods. Claire D. Wilmarth Jr. Matthews(2005) stated that markets are competitive when consumers have a significant range of options. (2) rapid growth in credit card service fees and penalty charges. Further. The testimony also described the OCC’s failure to provide adequate protections for consumers against abusive lending practices involving national banks.

This study looks at consumer awareness of the pricing of credit card services in New Zealand. The Office of Fair Trading. In the U. Ordinarily. section 75 allows a UK credit card holder to sue either the credit card issuer or the supplier of goods or services for a purchase gone wrong in a transaction concluded within the UK. suggesting that the extent of actual effective competition in this market may be overstated. some credit card companies have recently introduced photo-credit cards and the government is currently considering the introduction of a new driving licence including the bearer's photograph. it remains to be seen how the Court of Appeal will resolve the controversial debate on the scope of section 75. and some prominent academic writers in commercial law have long held the view that section 75 should apply to overseas transactions as well. and finds that it is very low. The High Court in a case brought by the Office of Fair Trading ruled in favour of credit card issuers. This article casts doubt to the correctness of this ruling and highlights the conflict of this decision with article 11 of the European Council Directive on Consumer Credit. a body that regulates consumer credit business in the UK. Graham Pike(1999) stated that the identity cards often include a photograph of the bearer in an attempt to prevent fraudulent use or personation. As the Office of Fair Trading has indicated an intention to appeal against the decision.contributes to the high profitability of their credit card businesses. However. It has been a matter of debate whether section 75 applies to transactions concluded outside the UK. Jonathan Mukwiri(2004) said that the effect of a recent decision in Office of Fair Trading v Lloyds TSB Bank plc [2004] on the controversial application of section 75 of the Consumer Credit Act 1974 in relation to overseas transactions. With the ruling seemingly misconceived. as the Act itself is unclear. the debate on application of section 75 seems far from being ended.K. the widely held belief that the inclusion of photographs will 4 . holding that it is unlikely that the UK Parliament had intended to place creditors in a position where they would have been exposed to connected lender liability for overseas transactions. Banks and other credit card issuers have argued to the contrary.

© 1997 by John Wiley & Sons. 4 .reduce or prevent fraudulent use has never been tested. performance is poor. It is concluded that the introduction of photographs on credit cards would have little effect on the detection of fraud at the point of sale. Ltd. The results demonstrate that the task of matching the photograph to the shopper is much more difficult than might be expected. and that even under optimized conditions. This paper describes a field study designed to examine the utility of photo-credit cards by assessing the accuracy with which supermarket cashiers could identify whether the photographs on credit cards depicted the person tendering them.

CHAPTER-3 2 .

To make people more aware about proper usage of credit cards. SCOPE AND OBJECTIVES OF THE STUDY 3. 3.1 NEED OF THE STUDY There is an essential need to study about the premium credit cards as the peoples are not much aware about the exact and proper use of credit cards and being exploited also by various banks and retailors also. The credit cards are the easy source of transmitting money but are risky also. To identify the best service provider of credit cards using various measures and techniques. 3.NEED.e.3 OBJECTIVES OF THE STUDY To identify the factors that motivate consumers to purchase credit cards in Jalandhar city. 3 . To know in detail about working and functioning of credit cards and also there impact on the society. on the topic premium on credit cards by various banks. so here also need arise to in detail the functioning of credit cards and risk minimization with full security.2 SCOPE OF THE STUDY The scope of this study is that it is being studied for Jalandhar citi only as this type of study has never been done i. The study contains various aspects of credit cards.

CHAPTER-4 RESEARCH METHODOLOGY 4 .

It is a blue print for the fulfillment of objectives and answering questions. The purpose of Research was to discover answers to the Questions through the application of scientific procedures. The Research Methodology included the various methods and techniques for conducting a Research. • Conclusion Oriented Research:-Research designed to assist the decision maker in the situation. Slesinger and M. whether that knowledge aids in construction of theory or in the practice of an art”. Research was.Stephenson in the encylopedia of Social Sciences define Research as “the manipulation of things. The project had a specified framework for collecting data in an effective manner. correct or verify knowledge. collection. D.Research Methodology was a way to systematically solve the research problem. Such framework is called “Research Design”. analysis and reporting of data and finding relevant solution to a specific marketing situation or problem”. 3 . thus. He just presented the picture which had already been studied. “Marketing Research was the systematic design. In other words it was a research where various views about the research had been given. In other words descriptive research was a research where in researcher has no control over variable. The research problem having been formulated in clear-cut term helps the researcher to prepare a research design. The research process consists of following steps: 4. an original contribution to the existing stock of knowledge making for its advancement. concepts or symbols for the purpose of generalizing to extend.1 RESEARCH DESIGN Research Design is an arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy on procedure. • Descriptive Research:-A type of conclusive research which had as its major objective the description of something-usually market characteristics or functions. The preparation of such a design facilitates in conducting it in an efficient manner as possible. Descriptive research has been used in this research.

The sampling design helps in decision making in the following areas:4. which include both open. Information had been collected from both Primary and Secondary data.4 Sampling Technique.2. Keeping in mind all the constraints 50 respondents was selected. 4.2. • Primary Sources.2.The sampling techniques used was convenient sampling.Research work was conclusion oriented and descriptive in nature. 4.ended and close-ended questions and personal and telephonic interview.Sample size was the number of elements to be included in a study.1 Methods of Data Collection.1 Sample Universe-Sample universe refers from where the questionnaires were to be filled.Primary data collected was fresh and for the first time and thus happen to be original in character. 4. following tools were used.2. 2 . 4. The sample universe regarding the foreign direct investment in Indian retails.3. Secondary data had been collected through websites and journals. • Secondary Sources.4.3 DATA COLLECTION AND ANALYSIS 4.2 SAMPLING DESIGN Sampling can be defined as the section of some part of an aggregate or totality on the basis of which judgment or an inference about aggregate or totality was made.3 Sample Size.Sampling unit was the entire retail stores in allover the India.2 Tools of Presentation and Analysis:To analyze the data obtained with the help of questionnaire. 4.Secondary data were those which have already been collected by someone else which already had been passed through the statistical process. Primary data had been collected by conducting surveys through questionnaire.2 Sample Unit.3.

2 . • • Tables: This was a tool used to present the data in tabular form. ➢ Existence of Biases: Though every care has been taken to eliminate such biases. ➢ Results may be Inaccurate: This study is based on the assumption that perceptions are true and factual although at times that may not be the case.4 LIMITATIONS OF THE STUDY Although the sincere efforts have been done to collect authentic and relevant information. the study may had the following limitations: ➢ Public Unawareness: People were not aware about the Foreign Direct Investment and about current changes in Government regulations towards FDI. Bar Graphs and Pie Charts: These tools were used for presentation. but considering the human factor the possibility of small bias having come up cannot be ruled out altogether. even agitated and not disclosing. 4. Percentage. ➢ Hard Enough to Fetch Information: People were not always open and forthcoming with their views.• Weighted Average Score: This tool was used to calculate highest and lowest rank.

CHAPTER-5 2 .

Table 5.e.2: Which bank credit card is mostly preferred 2 .e. Which Bank Credit card you use. of Respondents Percentage of Respondents Analysis and Interpretation: Itwas found that majority of the respondents i.60% were male. Statement 1. Tables and graphs had been used for illustrations of findings of the research.DATA ANALYSIS AND INTERPRETATION The data had been processed and analyzed by tabulation interpretation so that findings can be communicated and can be easily understood.40% were between the age group of 3645 and majority of the respondents i. The findings were presented in the best possible way. Demographic Profile of Respondents: Table 5(a): Demographic Profile Demographic Factors Age ( in years) 18-25 26-35 36-45 Above 45 Total Gender Male Female Total 36 14 50 72 28 100 12 25 5 8 50 24 50 10 16 100 No.

Statement 2: Durability of using Credit Cards.e. Table 5. 32% and 24% of Axis Bank and 22% of HDFC Bank .BANK OPTIONS Axis Bank SBI ICICI HDFC Any Other TOTAL Percentage of Respondents 24% 32% 20% 22% 2% 100 Figure 5.3: Durability of using Credit Cards Options Less than 6 months 1to 2 years 2 to 4 years not using Total Percentage of Respondents 26 14 5 5 100 Figure 5.2: Which bank credit card is mostly preferred INTERPRETATION: From the above study it can be conclude that majority of respondents are using credit card of SBI bank i.3: Durability of using Credit Cards 2 .

Statement 3: How often do you use Credit card services in a day.INTERPRETATION: From the above study it can be conclude that most of the respondents are using credit card from last 6 Months and 28% from last 1-2 Years and 10% from 2-4 years. Table 5. 2 .4: Frequency of Using Credit Card in a Day INTERPRETATION: From the above analysis data it can be seen from the sample size of 50 respondents 64% of people uses Credit Card in day for 1-3 times and 36% of people uses for 4-6 times in a day.4: Frequency of Using Credit Card in a Day Option 1-3 4-6 More than 6 Total Percentage of Respondents 32% 18% 0% 100 Figure 5. Statement 4: In which bank you are operating your current account.

INTERPRATATION: From the above. it was clear that it all totally depends upon the taste and preference of the consumer that which bank account service they wants o avail.5: reasons behind selecting the bank 2 . Statement 5: Why has you chosen this bank. Table 5.This depends upon the use . It also depends upon the services of the various banks to the various customers. preference and perception of the consumer that what type account a user want to operate.

5: reasons behind selecting the bank INTERPRETATION: From the above study it can be conclude that majority of respondents uses credit card services of the bank because of Less Interest and 30% due to good goodwill and Brand Name. Table 5.6 : Level of Satisfaction 2 .Reasons Past Relations Brand Name Near to Home/Office Less Interest on Credit Total Percentage of Respondents 10% 30% 10% 50% 100% Figure 5. Statement 6: Level of satisfaction with the services providing by your bank.6 : Level of Satisfaction Options Very satisfied Satisfied Neutral Very dissatisfied Total Percentage of Respondents 32% 40% 20% 8% 100% Figure 5.

7: Level of Customers Who Wants Changes in Credit or Bank Services Options Yes No Total Percentage of Respondents 74% 26% 100% Figure 5. Statement 7: Do you want any change in Bank’s Services/ credit card services.INTERPRETATION: From the above study it is clear that most of respondents are satisfied with the credit services of the bank or 8% are not and 20% are neutral. Table 5.74% of respondents says Yes and 26% of sample size says No. Statement 8: How would you rate the services of Banks.7: Level of Customers Who Wants Changes in Credit or Bank Services INTERPRETATION: From the above analysis it can be clear that majority of customers wants changes in credit as well banking services. 2 .

so from this analysis it is clear that now days banks are proving good services and mostly adopted by customers. Statement 9: Are you satisfied with the relationship maintained by the bank.8: ratings towards banks services or credit card services by customer Options Good Fair Poor Very Poor Total Percentage of Respondents 40% 36% 20% 4% 100% Figure 5.8: Ratings towards Banks Services or Credit Card Services by Customer \INTERPRETATION: From the analyzed data it can be clear that majority of people says that services of credit card and banking are good and 20% of people says poor.Table 5.9: satisfaction Level with the Relationship Maintained by The Bank Options Yes No Total 2 Percentage of Respondents 68% 32% 100% . Table 5.

.Figure 5. 3 .9: satisfaction Level with the Relationship Maintained by The Bank INTERPRATATION: From the above study it is clear that from the sample size majority of respondents says that Yes. relationship is maintained by Banks and 32% says No.

it is clear that about majority of the respondents are agree that credit cards in Indian economy are beneficial for Indian retail economy and it will contribute to the Gross Domestic Product (GDP) of India. The research was conducted on different people relating to different users to know their perspective behavior or perception regarding the usage of credit cards and their services and after conducting the survey. the various findings of the research are mentioned below: ➢ It was found that majority of the respondents are aware regarding the functioning of credit cards in India ➢ All the respondents have the opinion that government should allow the maximum usage of credit cards.CHAPTER-6 FINDINGS OF THE STUDY The findings were presented in the best possible way. it is clear that about majority of the respondents are agree to the maximum usage and availability of credit cards. 4 . ➢ In conducting survey. ➢ During survey it is clear that majority of the respondents were agree that credit cards fastens the flow of cash in the economy ➢ In conducting survey.

.as one need not to carry money bags along with while doing shoping or some other wealthy work. 2 . it was clear that about most of the respondents strongly agree that credit cards In India will affect the overall growth of the economy indirectly.➢ During conducting survey. ➢ The availability of credit cards has made life more smooth.

CHAPTER-7 2 .

2 . the credit card comes with a credit limit. the lender company issues the credit card to him. he pays the vendor through the card which is actually reimbursed to the vendor through the bank or the lender company. the bank can lawfully charge him/her with an interest fee on the unpaid amount. After receiving the needful information about the applicant. Various banks and private financial organizations have now started providing credit card facility to their clients to offer them better and simpler financial solutions to their problems. the bank or the financial institution has a look at his/her credit rating along side verifying his/her credit history. A credit card generally works by giving its holder an immediate authority to purchase services and goods such as travel and hotel reservations as well as shopping for merchandise in and outside your own country. by paying it back through regular monthly payments. And finally. the cardholder All then repays the bank for the entire credit amount that he has used. we are associated with a wide variety of reputed credit card companies holding global recognition and credibility. be it something casual like shopping or something severe like an emergency situation. In case the cardholder fails to payback the entire balance. Now if the credit card holder goes shopping with his credit card. Before issuing a credit card to an individual. making it much easier for you to apply for and receive a credit card without having to search them up individually. At TheLoanBazaar. a predetermined amount of money which its lender is offering as credit to a credit card holder to spend wherever he wants to.com.CONCLUSION AND RECOMMENDATIONS OF THE STUDY 7. You can choose from an array of credit card companies and types of credit cards that they offer. A credit card is basically a plastic card with a magnetic strip invented with the intention to simplify the complicated banking process for an individual in case he/she is short of cash.1 CONCLUSION Everyone carries a credit card these days.

it is the primary cardholder who is accountable for paying back all the transactions made through his or her account. Both secured and unsecured types of credit cards are issued by the various lender companies and it is your choice on which one you want to opt for. That is why it is always better to have a good credit rating because the better your credit history. the easier it is for any individual to apply for and receive a credit card. Every banking and other financial institution has its own company policies and conditions regarding the credit limit as well as the time allowed to pay it back. It is a loan that we take from the bank or the lender company. Whatever be the case. However. In such cases.This exactly why a thorough credit rating check is done by the lender company for the potential cardholder. There are very high chances of a credit card being stolen to be later used illegally by the thief. Many credit card programs these days also include insurance coverage to secure the card holder in cases like theft or fraud. but in case the card is insured and the matter immediately reported to the lender company. Sometimes. While some might give more weight age to an applicant’s credit rating. the actual credit card holder would not be held accountable for the illicit charges. A very poor credit history might force you to opt for a secured credit card. it also depends on your credit rating. This facility provides us to buy first later. but paying it back later is a must or you may never come to know when you get trapped in the vicious circle of credit card debts. 2 . what needs to be remembered always is that credit card is not our money till the time we do not repay it back. eventually. others might not be so stringent in those matters. Such a measure guarantees them as a lender that an individual with a good credit rating is likely to return back the credited amount. a credit card holder can him/herself authorize any other person to use his card for purchase of any goods or services willingly.

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