PLASTIC MONEY

WHAT IS A PLASTIC
MONEY?
• The plastic money generally
a credit or debit card with a
magnetic strip many people
carry in their wallets or
purses is the end result of a
complex banking process.

• Holders of a valid card have

the authorization to
purchase goods and services
up to a predetermined
amount, called a credit limit.
BIRTH OF PLASTIC MONEY
• It all began in
the year 1951.

• New York
based bank
called Franklin
National Bank
started
providing cards
(Plastic
Money).
Types of plastic Money

• Credit card

• Debit card

• Charge card
FEATURE OF PLASTIC MONEY
• A plastic money is a card or
mechanism which enables to
purchase goods, travel and dine in a
hotel without making immediate
payments.
• services at over 20 Million locations
around the world.
• The holders can also use the cards
to credit from banks.
 WHO CAN BE A (Credit/debit) CARD HOLDER

A person who earns a salary of

Rs. 60,000/_ per annum is
eligible for a card.
 He should have a savings
current account in the
bank.
 His assets and liabilities on
a particular date are
reported to bank.
 A statement of annual or
monthly income.
 He is considered credit
worthy upon to certain limit
depending upon his income,
assets and expenditure.
Plastic Money Used In
India
• Cash Cards - A card that will allow you to withdraw
money directly from your bank via an Authorized
Teller Machine (ATM) but it will not allow the holder
to purchase anything directly with it.

• Credit Cards-A credit card will allow the user to

purchase goods and services directly, although
the card holder can avoid any interest charges by
paying the balance off in full each month.

• Debit Cards - This type of card will directly debit

money from your bank account, and can directly
be used to purchase goods and services.

• Master Card-MasterCard is a product of

MasterCard International and along with VISA are
distributed by financial institutions around the
world. MasterCard and Visa are global non-profit
organizations dedicated to promote the growth of
• VISA Card - VISA cards is a product of VISA USA and along with
MasterCard is distributed by financial institutions around the world. A
VISA cardholder borrows money against a credit line and repays the
money with interest if the balance is carried over from month to month
in a revolving line of credit. Nearly 600 million cards carry one of the
VISA brands and more than 14 million locations accept VISA cards.

• Diners Club International - Diners Club is the world's No. 1 Charge

Card. Diners Club cardholders reside all over the world and the Diners
Card is a alltime favourite for corporates. There are more than 8
million Diners Club cardholders. They are affluent and are frequent
travelers in premier businesses and institutions, including Fortune 500
companies and leading global corporations.

• JCB Cards - The JCB Card has a merchant network of 10.93 million in
approximately 189 countries. It is supported by over 320 financial
institutions worldwide and serves more than 48 million cardholders in
eighteen countries world wide. The JCB philosophy of "identify the
customer's needs and please the customer with Service from the
Heart" is paying rich dividends as their customers spend US$43 billion
annually on their JCB cards.

 
•
Plastic Money Used In
Credit Card - A credit card from banks, finance
companies and larger supermarket and store
chains. You can spend up to your credit limit. If

England
you pay off the total amount by the due date, you
will not be charged interest. If you don't pay it off,
you may be charged interest on the amount
outstanding. Credit cards can be used to buy goods
anywhere, including over the phone, online or by
post.

• Store Card - Many shops have their own types of

credit accounts known as store cards. There are two
main types of account.

-monthly account where interest will be charged

if the amount is not paid
off in full at the end of the month (like a credit
card)

-budget account where you pay a regular

amount each month to cover the
cost of goods bought throughout the year (like a
• Charge Card - A charge card carries all the
features of credit cards. However, after using a
charge card you will have to pay off the entire
amount billed, by the due date. If you fail to do so,
you are likely to be considered a defaulter and will
usually have to pay up a steep late payment
charge.

• Amex card - Amex stands for American Express

and is one of the well-known charge cards. This
card has its own merchant establishment tie-ups
and does not depend on the network of
MasterCard or Visa.

• Diners Club Card – Diners Club is a branded

charge card. There are a wide variety of special
privileges offered to the Diners Club cardholder.
For instance, as a cardholder you can set your own
spending limit. Besides, the card has its own
merchant establishment tie-ups and does not
depend on the network of MasterCard or Visa.

• Affinity Card - The card issuer ties up with popular

Charge Cards - Charge cards are different from
credit cards because you have to pay off the
amount you borrow in full at the end of the
agreed period, usually each month. Interest is not
charged on the amount you borrow but you may
have to pay an annual fee for the card.

Solo Card - Solo was launched on 1st July 1997

the Switch Card Scheme. Like Maestro, Solo is a
fully electronic debit card and is just as
convenient to use to pay for everyday goods and
services.

Maestro Card - Maestro is the debit card from

MasterCard. It provides PIN-based, direct cash
access from your bank account at home as well as
abroad. It's truly a comforting thought - access to
Maestro Pay Pass Card - Maestro PayPass is a
your money in a wide number of place across the
new "contactless" way to pay. It's the convenient
UK for day to day purchases. Maestro allows you
way to pay without being limited to the change
to pay with the highest level of convenience and
in your pocket.A simple tap of your card is all it
security, and is backed by MasterCard
takes to pay at the checkout for items under
International.
£10.Maestro PayPass is ideal when speed and
convenience are essential. From coffee shops,
cinemas and fast food restaurants to unattended
 India England

Credit card Credit card

Debit card Debit card

Charge card Charge card

Jcb card Jcb card

Affinity card Affinity card

Visa card Store card

Master card Barclay card

Maestro card

American express card