palastic money
INTRODUCTION
Nothing has come to represent cash the way plastic cards have. The idea of using a card to make purchases was first drawn by EDWARD BELLEMY in 1887.The US was the first country to launch it in the early 1990s .It was Diners Club International ,the first independent credit card company in the world and the American Express which have changed the way cards were used. They developed it into tangible business phenomenon. In India, the concept of plastic money caught on in the late1980s only after private sector banking came into practice.
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Debit card
Debit cards are upgraded atm cards branded with Visa, Mastercard,or other familiar credit cards company logo. They look exactly like credit cards except directly tap your checking account every time when you make a purchase or withdrawl. They are easier, more convenient ,less burdensome and offer greater access to your money than do checks ,ATMs, or credit cards. They are descendents of ATM cards that came in early 1980.
Debit cards can be used almost everywhere –retail stores, gasoline stores, restaurants etc in the either of the following ways:
Today banks are pushing hard to replace the ATM card with a debit card without asking customers if they want one. There are more customers with debit card readers than PIN based readers. Banks also make more money through off line debit cards in percentage fees or discount from the merchants.
CREDIT CARDS
A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services.The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Credit accounts are a pre-approved line of unsecured credit offered to the holder.
STEPS FOLLOWED IN CREDIT CARD
Nothing has come to represent cash the way plastic cards have. The idea of using a card to make purchases was first drawn by EDWARD BELLEMY in 1887.The US was the first country to launch it in the early 1990s .It was Diners Club International ,the first independent credit card company in the world and the American Express which have changed the way cards were used. They developed it into tangible business phenomenon. In India, the concept of plastic money caught on in the late1980s only after private sector banking came into practice.
•
Debit card
Debit cards are upgraded atm cards branded with Visa, Mastercard,or other familiar credit cards company logo. They look exactly like credit cards except directly tap your checking account every time when you make a purchase or withdrawl. They are easier, more convenient ,less burdensome and offer greater access to your money than do checks ,ATMs, or credit cards. They are descendents of ATM cards that came in early 1980.
Debit cards can be used almost everywhere –retail stores, gasoline stores, restaurants etc in the either of the following ways:
Today banks are pushing hard to replace the ATM card with a debit card without asking customers if they want one. There are more customers with debit card readers than PIN based readers. Banks also make more money through off line debit cards in percentage fees or discount from the merchants.
CREDIT CARDS
A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services.The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. Credit accounts are a pre-approved line of unsecured credit offered to the holder.
STEPS FOLLOWED IN CREDIT CARD