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Credit card has been capturing a good market in India. Especially the youngsters, who are crazy about the shopping, go for credit cards. But the fact is, when a person shops with a credit card, he usually doesn`t stop himself from spending until the credit limit has been reached. Now by keeping in the profit in mind, the banks offer good amount of credit limit. Anyway they have methods of recovery by law. So there not much risk in offering good amount of credit limit. But the credit holder gets the attitude that, the amount of credit limit is the amount of money available in his pocket. Unfortunately that`s not the case. The credit card holder doesn`t usually think that that the amount is being paid by the bank on his behalf and it has to be repaid, often with interest and annual fees.
Even the EMI option in the credit card makes the credit to be prolonged for long time. But for the banks, the time is money. They keep charging the interest and many other hidden charges on credit cards. Many times customer is paying the interest of 33 percent without his notice. For marketing and promotion sake, shopping malls declare the discounts. But when a customer buys those goods, by swiping the credit cards, it is the fact that the interest added there goes more than the amount of discount received. Even the banks and shopping malls came up with the tie ups to offer the discount on one side and to charge the huge interest on the other side.
Even the late payments imposed by the banks are quite high. That really burdens the pocket of the customer substantially. When the credit bill comes, it is really difficult to track as to why so many amounts have been charged and the bills keep continue to grow for longer periods. So the credit card holders should be using their cards very carefully and the card has to be used for shopping only when it is required most.
Credit card companies in India (and elsewhere), do not give you their card just for your convenience. They really make money out of you. Even though they have heavy expenses to run this business, the money they get from you and shopkeeper eventually results in big profits for them.
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Credit markets and credit cards have come to rule the world. People are starting to have increased purchasing power due to various factors. The salaries are increasing and till the time before the recession, jobs were plenty. The same scenario is sure to return again in a few months time.
Credit cards are the most simple and easy method of increasing the purchasing power of those who are earning a regular income. The credit card limit is the maximum amount to which a person can purchase. This limit varies from one company to another. Credit cards are beneficial both for the company offering the service and also for the individual using the credit card.
This article lists a few of the most important benefits of having and using a credit card.
1. Reduced risk due to lack of money:
There is a decreased risk of losing money when you have a credit card. You have to take care of just a card in the place of taking care of many coins and currency. Even if a card is lost, calling the company that issued the card can stop the transactions from any card. This is not the case with paper money as once the money is lost then it is lost forever.
2. Travel abroad:
Most of the credit cards can be used in different countries. This reduces the need for carrying huge amounts of cash when a person is traveling to another country on a business trip or on a vacation. There are no hassles in changing the money and people do not need to bother to think of the different currencies when they use credit cards.
3. Buying power:
To buy things you need just from your card even though you do not have the money at that point of time is a very great option that is provided by the credit card. A person may not have a lot of money in the bank, but there might be an urgent need to purchase something. Credit cards help in these situations. Even in situations where you need to help someone purchase some thing very urgently, credit cards are the answer. This is another advantage of using credit cards.
4. Emergencies:
With the credit cards being accepted as a source of payment in many hospitals, credit cards are a great source of strength for those who have suddenly become sick or ill. Hospital bills can be paid with credit card.
5. Offers:
There are many offers that are related to the use of credit cards. One of the most important and beneficial offer is the money back offer. When you purchase something, you get a percentage of the money you spent back in your account. This is a very great offer as you have paid very little to purchase something that is useful.
These are some of the most important advantages and benefits of using a credit card. People can try to balance the advantages with the disadvantages of using credit cards and then decide if they need a credit card. ...
Credit cards are always thought to be a very helpful asset. People are wonder struck by the fact that they are able to purchase many kinds of things without even having any money in their wallet. Credit cards have great purchasing power and this is truly an advantage. Is this advantage so great to mask the fact that people end up paying a lot more than they bargained for? This article provides a list of the disadvantages of using credit cards.
The various disadvantages of using credit cards are:
1. Very high interest rate:
The high interest rate on the credit is one of the most important disadvantages of using credit cards. There are various reasons for the interest rates charged being huge in spite of the fact that you never noticed that they were high before purchasing the credit card. The first reason is that the credit card rates that are usually advertised are all monthly rates and when it is calculated for one whole year, it works out to be a huge amount. This is the reason why people are usually asked to clear all their credit card debts. Some people even advise to break your fixed deposits to pay off the credit card dues, as the interest is so high.
2. Fraud:
Credit card fraud is on the rise around the world. Smart cards need to be devised that can try to prevent credit card fraud. Many people have lost thousands when their credit cards were stolen and used to purchase various things. It may be easy to trace the purchase, but by the time the trace is done, the fraudster is long gone and the trail is cold. Skimming is another method by which the data on the card is read on a skimmer that is in turn used to commit fraud.
3. Buying beyond limit:
When you have purchasing power, you also need will power to prevent you from purchasing. If you have huge purchasing power, but low will power, then you will end up spending huge amounts. This can in turn cause your budget to be tossed aside. This is one of the reasons for many young people to be neck deep in debt. They purchase beyond their limits and then end up paying a lot of money as interest.
4. Internet fraud:
There are many utility and other payments that are done these days with the use of credit cards. The main disadvantage of this method of online payment by credit card is that unless the company is very good and has fail safe mechanisms, it is very easy for hackers to retrieve the information about your credit card and use them for their own benefit.
5. Due for payment:
Another important disadvantage of credit card usage is that the last date for payment of dues and interests is very important. If one is unable to pay on or before the day, then a huge amount is charged that can lead the person further into debt.
These are some of the most important disadvantages of using credit cards. A person who has a credit card should weigh the result of credit card use and lack of its use. Then the cheapest and most comfortable option should be taken. ...
After conducting a survey on the usage of ATM cards, the following are the findings of the study.
Profile of ATM Cardholders:
Mostly the ATM cardholders were Male. A major portion of ATM cardholders were in the age group of 20-29 years belonging to the salaried class and having a income range of Rs.5,000 to RS.10,000.
Influencing factors of ATM Cards :
Majority of the cardholders were influenced by the bank employees. Some of them were influenced by their friends, advertisements etc. They were using the card to avail the benefits of Convenience, Flexibility, Security, Prestige etc.
Benefits of ATM Cards :
The card holder need not carry and just take card with him during his travel or shopping. It is helpful in emergencies and even in holidays and non banking hours. There is no fear of over spending like credit cards. There is 24 hours helpline to card holders of certain cards.
Usage of ATM Cards:
Almost all the card holders are able to operate ATM Machines by themselves. They were using the cards to meet their family, educational and Medical expenses etc.
Majority of them were spending Rs.5,000 on their ATM card by using it more than four times in a month and taking two minutes time for each cash withdrawal.
They felt that the service rendered by the ATMs were good as they do not face any problems and are not having any complaints so far.
Conclusion:
In the banking sector, day-by-day the usage of the ATM cards has become wide spread and in every corner, the application more. It was found from the study conducted that most of the respondents prefer ATM cards because of many attributes associated with it.
The Indian card market is beginning to show streaks of competition with both Indian and Foreign banks in the card game. It is bound to brighten up and register an exponential growth in the coming years. India is poised to become the second biggest market in the world next only to U.S. The large middle class segment of our population, increasingly becoming consumerist, bordering on 20 crores should easily provide the base for such growth. Even if 5% of this population is going to resort to card usage, we see a number of 1crore. That is, there is potential for one crore cardholders in the country in the nearest future as compared to the paltry cardholder population of less than 8 lakhs.
As found from the study, card is being used by almost all the sections of the people. So, banks should concentrate on increasing the volume of the number of ATM Card holders by providing various user-friendly schemes. They have to concentrate more on promotional activities in order to create bank`s image in the minds of card holders and try to balance the quality and service to remain as market leader.
To conclude finally, ATM cardholders were satisfied with the usage of ATM cards. In the future, card is going to occupy the place of money. The ideal way is to go for the CARD. ...
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Did you guys check the latest 5x reward offer by HDFC Bank credit card. Its really great for people like me who do online shopping on a regular basis. I get 5 times the points compared to what i used to get earlier. I think its easily the best offer they have come up with. A great way to begin a new year :)
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This is to bring to the notice of your good office that I was issued SBI Credit Card No. 4317575649108751 received by me on 17 June, 09. I used this card only once on 19th June, 09 to make payment at GEE KAY SERVICES a petrol pump at Seelampur, Shahdra, Delhi -110053.
On 3rd July ,09, To my utter disbelief and shock I was informed by Mr. Nitin Puri on behalf of SBI credit card division that some heavy transactions to the tune of Rs 39,990./- on 2nd July,09 have been made through my credit card. My card has a total credit limit for Rs. 40,000.00 but these transactions made the total outstanding to Rs. 41,763.95. I told Mr. Nitin Puri to stop the payment immediately as the payment was still not authorized by the bank & as per bank statement the said transactions had been made online payments to Airtel, Vodafone, India idea & BSES (statement enclosed).
I had also faxed and sent the dispute form to the SBI on 3rd July, 09. I was given to understand that my credit card was used to make fraudulent online transactions.
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