CHAPTER-1

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 couldnt afford to buy big-ticket items could make regular payments until the full cost of the items were paid.

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 didnt 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 1930s, 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 couldnt afford to buy

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. Diners 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 Diners 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 Dont 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

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

Credit cards today an abounding industry There are five leaders in the credit card industry today: Visa International MasterCard American Express Discover Diners Club
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There are other check processing companies trying to penetrate the market, like Euro Card, JCB and ATM companies, but credit cards still account for over 90% of all ecommerce transactions. Visa has been a leader in credit card innovation. This has brought them the recognition as the worlds leading credit card association, with over one billion cards being issued, and carrying over 50% of all credit card transactions conducted worldwide.

Design of credit card

Credit cards are designed with complex security features to prevent the possibility of fraud. These features involve the card's account number, its signature panel, and its magnetic stripe. The card's unique account number is the key piece of information needed to conduct a financial transaction and must be carefully protected. To prevent someone from using a wrong account number, or from making up a phony number, companies rely on the laws of statistics for protection. By using long account numbers they make it unlikely that a number can be faked. For example, the Visa card has 13 digits, American Express has 15, Diners Club 14, and MasterCard has 20. Mathematically, nine digits would provide one billion unique account numbers (000000000, 000000001, 0000000002, and so forth up to 999999999) which would be enough for all the customers of a given company. (The largest companies, Visa and MasterCard, only have about 65 million customers.) If only 65 million numbers are assigned out of a possible 10 trillion possibilities, 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, it will almost certainly not be accepted. This statistical security gives companies confidence that someone is not making up a number when conducting business over the phone. Of course, this security measure does not help if someone obtains a real number and uses it fraudulently. Another security design feature involves the signature panel on the back of the card. The signature is intended to document the owner's handwriting so a forged signature on a receipt can be detected. To prevent criminals from erasing the back panel of a stolen card and putting on their own signature, the panel is printed with a fingerprint design that is difficult to duplicate and that will come off when the original signature is erased. If the signature is erased, this design will disappear too leaving a white spot,
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which instantly indicates the card has been tampered with. Some card manufacturers imprint the word VOID beneath this panel, which is revealed upon erasure. The magnetic stripe on the back of the card is a third security feature. The stripe is an area coated with particles of iron oxide that can be encoded with binary information, which identifies the card as authentic. 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, 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. It is unlikely that information like credit limit, address, phone number, employer, is recorded on the stripe because banks do not reissue cards when this type of information changes. Finally, some cards feature special features that make them hard to duplicate, such as complicated holograms.

Raw Materials
Cards are made of several layers of plastic laminated together. The core is commonly made from a plastic resin known as polyvinyl chloride acetate (PVCA). This resin is mixed with opacifying materials, dyes, and plasticizers to give it the proper appearance and consistency. This core material is laminated with thin layers of PVCA or clear plastic materials. 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. These are available in a variety of colors and are designed for use on plastic substrates. Some manufacturers use special magnetic inks to print the magnetic stripe on the back of the card. The inks are made by dispersing metal oxide particles in the appropriate solvents. Additional special printing processes are involved for cards, like VISA, which feature holograms.

The Manufacturing Process.

The manufacturing process consists of multiple steps: first the plastic core and laminate materials are compounded and cast into sheet form; then the core is the printed with appropriate information; next the laminates are applied to the core; and finally the assembled sheet is cut into individual cards. Plastic compounding and molding

The plastic for the core sheet is made by melting and mixing polyvinyl chloride acetate with other additives. The blended components are transferred to an extrusion molding apparatus, which forces the molten plastic through a small flat orifice known as a die. As the sheet exits the die, it goes through a series of three rollers stacked on top of each other that pull the sheet along. These rollers keep the sheet flat and maintain the proper thickness. The sheets may then pass through additional cooling units before being cut into separate sheets by saws, shears, or hot wires. The cut sheets enter a sheet stacker that stacks them into place and stores them for subsequent operations.

The laminate films used to coat the core stock are made by a similar extrusion process. 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. Upon cooling the films are stored on rolls until ready for use.

Printing

The plastic core of the card is printed with text and graphics. This is done using a variety of common silk screen processes. In addition, one of the laminate films may also undergo subsequent operations where it is imprinted with magnetic ink. Alternately, the magnetic stripe may be added by a hot stamping method. 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. Upon completion of the printing process, the core is ready to be laminated.

Lamination

Lamination helps protect the finish of the card and increases its strength. In this process, sheets of core stock are fed through a system of rollers. Rolls of laminate stock are located above and below the core stock. These rolls feed the laminate into the vacuum shoes along with the core stock. The vacuum holds the three pieces of plastic together while they travel to a tacking station. At the tacking station a pair of quartz infrared heat lamps warm the upper and lower plastic films. These lamps are backed with reflectors to focus the radiant energy onto a narrow area of the films, which optimizes a smooth bonding of the film to the
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core stock. The laminate films are then fully bonded to the core stock by pressing with metal platens, which are heated to 266 F (130 C) and applied with a pressure of 166 psi/sq inch. This lamination process may take up to 3 minutes. Die cutting and embossing

After lamination has been completed, the finished assembly is cut and completed by die cutting methods. Each assembly yields a sheet, which is cut into 63 credit cards. This is achieved by first cutting the assembly longitudinally to form seven elongated sections. Each of the seven sections is then cut and trimmed to form nine credit cards. In subsequent operations, the card is embossed with account numbers. The finished cards are then prepared for shipping, usually by attaching the card to a paper letter with adhesive.

Quality Control
Key quality issues are associated with the compounding of plastic and color matching of the inks. The American National Standards Institute has a standard for plastic raw materials (ANSI specification x4.16-1973). As with any compounding procedure, ingredients must be properly weighed and mixed and blended under the appropriate temperature and sheer conditions. Similarly, the molding process must be monitored to avoid defects, which could cause the cards to crack or break. The final quality check is to make sure the correct numbers are stamped on the cards during the embossing process.

The Future
Future credit card manufacturing processes are likely to evolve in three key areas. First, continued improvements in plastic chemistry and molding technology are likely to allow cards to be made increasingly cheaper and easier. Second, breakthroughs in digital technology are likely to improve the way credit cards are kept secure with advanced magnetic coding. One recent advance is the use of a new generation of magnetic stripes which are harder to duplicate. This improvement combats the trend toward duplicating card information and copying it to phony cards. Perhaps even more importantly, new generations of credit cards will carry integrated computer chips, containing a variety of useful information. For instance, these future cards will be able to operate a frequent flyer program on the same card as a debit or credit account. Other services will allow users to
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participate in frequency or loyalty programs with merchants, including storing hotel reservation preferences. 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. Third, marketing initiatives resulting from these advances in card technology are likely to make credit cards even more pervasive in society. For example, American Express has just launched a new Blue card that is expected to reach new levels of worldwide acceptance.

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. Most of the banks have clear out the norms for giving the credit cards. I. A person who earns a salary of Rs. 60,000/_ per annum is eligible for a card. II. A reference from a banker and the employers of the applicant is insisted upon. III. He should have a savings current account in the bank. IV. His assets and liabilities on a particular date are reported to bank. V. A statement of annual or monthly income. VI. He is considered credit worthy upon to certain limit depending upon his income, assets and expenditure. The eligible customer is asked to fill in application form giving the details of account number , name , address , income , wealth status and a proof of his income/wealth etc. PARTICULARS DISPLAYED ON THE CREDIT CARDS Every credit card bears the following particulars: 1. NAME OF THE CUSTOMER: Every card displays the name of customer. It should be spelled correctly. In case, it does not, the customer can contact the customer service cell/helpline and get the necessary correction done. This facility is provided free of cost by the bank.

2. 16-DIGIT CARD NUMBER : A unique 16 digit number is allotted to every customer/ cardholder. 3. VALIDITY DATE : The card mentions the period through which it is valid. 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. After the card has to be renewed. 4. 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. 5. NAME OF THE ISSUING BANK: The card indicates on the top the name of the issuing bank. 6. SIGNATURE PANEL: The back of the card contains the signature panel. The customer must put his signature on the signature panel to prevent misuse by any other person. This identifies the card holder. 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. The card is valid is only if signed. 7. MAGNETIC STRIP: The black magnetic strip contains important information in encoded from and needs special handling. The card should not be kept in an area where there is a continuous magnetic field. It should not be left on the top the television. Set or near any electronic appliance. The card should be kept away from heat and direct sun light. 8. 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, benefit or service that may be offered by bank on the card. 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. 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.

Uses of credit cards

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Personal finance experts spend a lot of energy trying to prevent us from using credit cards and with good reason. Many of us abuse them and end up in debt. But, contrary to popular belief, if you can use a credit card responsibly, you're actually much better off paying with credit than with debit. 1. Signup Bonuses The standard debit card offers zero rewards or very small rewards. Many credit cards, however, offer significant rewards when used responsibly. For example, applicants with good credit can get approved for credit cards that offer signup bonuses worth anywhere from $50 to $250 (and sometimes even more). Other cards offer up a large number of points that can be redeemed for rewards like gift cards or air travel. 2. Cash Back If you sign up for the right credit card, you can earn anywhere from 1-5% back on your purchases. 3. Investment Rewards Some cards, like the Fidelity Investment Rewards card, offer a higher rate of cash back; in exchange you must deposit your cash back directly into an investment account. 4. Frequent-Flyer Miles It seems like every airline these days has at least one credit card available. Cardholders rack up miles at a rate of one mile per dollar spent, or sometimes one mile per two dollars spent. The price of the plane ticket you ultimately end up redeeming your miles for will determine how valuable this credit card reward is, but many frequent flyer cards are made immensely more valuable by their mileage signup bonuses - these are often enough to put you 50-100% of the way toward a free flight within a month or two. 5. Points Many card rewards work on a point system where you earn up to five points per dollar spent. When you reach a certain point threshold, you can redeem your points for gift
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cards at some stores. You can also use the gift cards as gifts, making holiday and birthday shopping simpler and less expensive. 6. Safety Paying with a credit card makes it easier to avoid losses from fraud. When your debit card is used fraudulently, the money is missing from your account instantly. Legitimate payments for which you've scheduled online payments or mailed checks may bounce, triggering insufficient funds fees and making your creditors unhappy. Late payments can also lower your credit score. It can take a while for the fraudulent transactions to be reversed and the money restored to your account while the bank investigates. By contrast, when your credit card is used fraudulently, you aren't out any money - 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. 7. Grace Period When you make a debit card purchase; your money is gone instantly. When you make a credit card purchase, your money remains in your checking account until a couple of weeks later when you pay your credit card bill. Hanging on to your money for this extra time can be helpful in two ways. First, if you pay your credit card from a high-interest checking account and earn interest on your money during the grace period, the extra interest will eventually add up to a meaningful amount. Second, when you always pay with a credit card, you don't have to watch your bank account balance like crazy to make sure you stay in the black. 8. Insurance Most credit cards automatically come with a plethora of consumer protections that people don't even realize they have, such as rental car insurance, travel insurance and product warranties that may exceed the manufacturer's warranty.

9. Universal Acceptance

Certain purchases are difficult to make with a debit card. When you want to rent a car or stay in a hotel room, you'll almost certainly have an easier time if you have a credit card. 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. So if you want to pay for one of these items with a debit card, the company may insist on putting a hold of several hundred dollars on your account. Also, when you're traveling in a foreign country, merchants won't always accept your debit card as payment, even when it has a major bank logo on it. 10. Building Credit If you have no credit or are trying to improve your credit score, using a credit card responsibly will help your credit score because credit card companies will report your payment activity to the credit bureaus. Debit card use doesn't appear anywhere on your credit report, however, so it can't help you build or improve your credit.

Types of credit cards

One of the more recent additions to the credit card world is the low-interest credit card. If you live anywhere in the U.S., you've probably already received information regarding this type of card. These cards offer a significantly lower interest rate than some of the older ones that you may already have. Also, most of these cards are also balance-transfer cards. They offer you the option of transferring a balance from a higher interest rate card and, for a specified period of time, your transferred balance will be at either 0% interest or something quite low. This can end up saving you a fair amount of money, particularly if your hope is to pay it off. Since credit cards have gotten to be such a lucrative business, many corporations have jumped on the bandwagon. Even airlines now offer credit cards to customers that will come with a certain amount of frequent flyer miles attached to them, depending on your balance and purchases. If you do a fair amount of traveling, this can be a real bonus. Along these same lines, reward credit cards are growing in popularity. Competition is stiff and many card companies are now offering you many different reward or incentive options for using their card. Once you accumulate enough points, the rewards will pore in. These can be anything from travel insurance to small appliances and anything in
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between. If you use a card regularly, finding one that has a reward program can really pay off. Another form of credit card is the instant approval card. Again, many of these applications come in the mail, some even by e-mail. These cards offer you the opportunity to apply for a card and receive instant approval, meaning no wait time. Once you fill out the application, a quick background check will be done and you will have your approval almost immediately. Other cards can take up to two weeks to process and approve your application. Although you can get instant approval, this does not always mean you can get instant credit. Some companies will supply you with a temporary credit card number and allow you to begin making purchases immediately, while other will not due to an increase in credit card fraud potential. Since there are so many options when it comes to choosing a credit card, do a little research before you apply. Decide what type of card will best fit your needs and apply for that one. Don't go over board though, applying for too many cards will negatively affect your credit score. There are 12 major types of credit cards being provided by banks and financial institutions in India. 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
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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. Rewards credit cards available in India can be subdivided into six categories Points, Hotels and Travels, Retail, Auto and Fuel.

You can pick one from many, each designed with a special purpose and person in mind. Let's find one which one suits you best.

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

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Gold Credit Cards: Our products trusted by many

Commercial Cards

Other Cards

With amazing benefits and features, 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 - HDFC Bank Solitaire Premium Credit Card offers a luxurious indulgence across wellness, shopping, travel and lifestyle. Offering multiple reward points on dining and apparel spends, a complimentary Taj Epicure Membership and much more, the Solitaire Premium Credit Card is completely power packed!

Solitaire Credit Card

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Exclusively designed for women, the HDFC Bank Solitaire Credit Card is packed with wellness, lifestyle and shopping benefits. And that's not all - it gives an opportunity to earn multiple reward points on all your dining and grocery spends.

Premium Travel Credit Cards Superia Credit Card

Travel with a card that gives you back more when you spend, each time. 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. So, be it a dinner with your family or your business associates, your card is all you need. Apply now to live the platinum lifestyle.

Titanium Edge Credit Card

Travelling and dining are never the same when you do it with the Titanium Edge Credit
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Card. A highly rewarding card with superior benefits and offers, it allows you to redeem your Reward Points against the outstanding balance on your 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. Come experience the world of many contended moments.

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's not a card. It's a status symbol.

World MasterCard

HDFC Bank presents India's First World MasterCard Credit Card - A very premium offering for the truly elite, a card with tailor-made premium privileges that complement a discerning lifestyle.

Platinum Plus Credit Card

India's only Platinum Credit Card with exclusive travel and preferential benefits - a recognition of those who have "arrived in life". Enjoy a world of exclusive privileges on your HDFC Bank Platinum Plus Credit Card.

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, 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, travel offers and accelerated two-tier rewards programme.

Gold Credit Cards: Our products trusted by many Gold Credit Card
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A card to match your premium lifestyle with features like special offers on air and train ticketing and rewards redemption against air miles.

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.

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, powered by Mastercard International.

Corporate Credit Card

It's Not just a card, It's a designation. HDFC Bank Corporate card comes with a unique 24x7 Expense management solution called SMART DATA ONLINE, powered by
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Mastercard International.

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, while keeping in mind your affluent lifestyle.

Business Gold Credit Card

Are you a Self-Employed person ? It makes perfect Business sense - Better Business with HDFC Bank International Business Gold card, which is designed to add value to your business, while keeping in mind the conveniences and lifestyle benefits for business owners and the self-employed community specifically.

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.

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. It eliminates the use of cheques and cash and speeds up the turnaround time of transactions.

Silver Credit Card

Choose our Internationally accepted Silver Credit Card and enter a world of privileges and savings.

Need for credit cards

There may be many people who suggest that you get a credit card, but before you do you should carefully decide whether or not you really need a credit card. The answer is that you can get by without a credit card. Although a credit card can be a useful tool, when used properly (paid in full every month), 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,Here are five common misconceptions about needing a credit card. 1. I Need a Credit Card to Build Credit You build credit by paying your bills on time. You can build enough credit to qualify for a home loan by paying your rent on time for several years. You destroy your credit when
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you do not pay your bills on time. The utility companies and other businesses can send you to a collection agency if you do not pay on time. You do not need a credit card to build your credit history. You may find it a little easier to do with a credit card, but you should be very careful as you try to do so. 2. 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. In fact you can do everything with a debit card that you can with a credit card, except spend money that you do not have. You should not be doing that anyway. Debit cards can be used anywhere a credit card can. This completely debunks the statement that you need one to rent a car. 3. I Need a Credit Card for Emergencies If you plan well you should set up an emergency fund for emergencies. Your emergency fund should have at least $1000.00 in it, but you should try to have three to six months of expenses saved up. This much money should be able to handle any emergency that comes your way. If you are stranded on the road and need to be towed you can use your debit card to pay for the tow, and your emergency fund to cover those expenses. 4. I Need a Credit Card to Save Money on My Purchases Many stores will offer discounts for having a store credit card. Stores do not offer cards to give you discounts; they offer cards because they realize that while most people intend to pay the card off every month, few actually do. They make more back on interest than they the discount they offer to you. 5. I Need a Credit Card to Earn Rewards This is a dangerous game to play. If you are responsible and pay off your balance in full each month, you may consider having a rewards credit card. You should make sure that you have a credit card with no annual fee. 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. This means that they make more money off the customers, then rewards they give out.
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CHAPTER 2

REVIEW OF LITERATURE
There have been an increasing number of research studies that examine whether credit cards brings positive spillover effects. Still this body of empirical research produces mixed results. On one hand, many studies find that there exist significant positive spillover effects from foreign direct investment. On the other hand, some find either no or statistically insignificant outcome from technology spillover.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. This article endeavors to explain the rates in the Turkish market using measures of nonprice competition. In this market, issuers compete monopolistically by differentiating their credit card products. 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. Thus, the features and service quality of banks are expected to affect credit card rates. 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. Sunayna Khurana and Satendra Pal Singh(2011) states that in todays busy world, nobody has the time to withdraw money from the bank account for shopping. Everybody is interested in carrying the plastic money (credit card and debit card) in their wallet for shopping as it gives convenience, safety, easiness and even style. In this cutthroat competition, banks have to work hard to gain market share and to meet the expectations of customers so that they can delight their customers. This study is carried out to identify customer preferences and expectations from cedit/debit card services. The main objective is to identify the factors that influence the choice of credit cards, customer satisfaction,
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and consumer behavior regarding the credit card in Tier-III cities. Primary data was collected from 200 respondents by the questionnaire method. Results show that the choice of credit card depends upon income, gender and profession of the respondent. Customer satisfaction depends upon income, frequency of usage in a month and amount of usage per month. Steven Semeraro (2009) states in his article contends that permitting surcharging would likely do more harm than good. Under well established economic principles, 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. 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, efficient credit card pricing requires that merchants pay more than the direct cost of service, and cardholders pay less. In such a two-sided market, shielding cardholders from merchant acceptance costs through rules prohibiting surcharging serves the pro-competitive purpose of facilitating efficient pricing.

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. It proposes measures aimed at bringing those who have no banking relationships into the system. Enabling more consumers to benefit from banking services, including credit cards, would provide a greater public service than battling a cross subsidy that may not exist.

Adam J. Levitin(2008) Merchants pay banks a fee on every credit card transaction. These credit card transactions cost American merchants an average of six times the total cost of cash transactions. The largest component of the fee merchants pay goes to finance rewards programs, which in turn generate more credit card transactions. Merchant restraints prohibit merchants from accepting certain credit cards selectively and from pricing goods and services
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according to cost of payment. These restraints thus prevent merchants from signaling to consumers the costs of different payment methods. This Article argues that merchant restraints distort competition within the credit card industry and among payment systems in general. Further, merchant restraints' economic justifications are unfounded, and they should be banned as antitrust violations.

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.

Arthur E. Wilmarth Jr.(2007) said that Current Consumer and Regulatory Issues," before the Subcommittee on Financial Institutions and Consumer Credit of the U.S. House of Representatives Committee on Financial Services. The testimony discussed the adverse effects on consumers resulting from (1) increased consolidation in the credit card industry, (2) rapid growth in credit card service fees and penalty charges, and (3) federal preemption of state consumer protection laws, including the impact of preemptive regulations issued by the Office of the Comptroller of the Currency ("OCC"), the federal regulator of national banks. The testimony also described the OCCs failure to provide adequate protections for consumers against abusive lending practices involving national banks. This testimony has been cited by a number of other scholars and policy analysts.To ensure that the testimony will remain publicly available, I am posting it on the Social Science Research Network. Claire D. Matthews(2005) stated that markets are competitive when consumers have a significant range of options, including with respect to price. Therefore the New Zealand credit card market might be considered competitive, although there is a high degree of similarity in banks' offerings. Previous United States studies have suggested that consumers fail to distinguish between different banks' credit card offerings, which
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contributes to the high profitability of their credit card businesses. This study looks at consumer awareness of the pricing of credit card services in New Zealand, and finds that it is very low, suggesting that the extent of actual effective competition in this market may be overstated.

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. 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. It has been a matter of debate whether section 75 applies to transactions concluded outside the UK, as the Act itself is unclear. The Office of Fair Trading, a body that regulates consumer credit business in the UK, and some prominent academic writers in commercial law have long held the view that section 75 should apply to overseas transactions as well. Banks and other credit card issuers have argued to the contrary. The High Court in a case brought by the Office of Fair Trading ruled in favour of credit card issuers, 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. 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. With the ruling seemingly misconceived, the debate on application of section 75 seems far from being ended. As the Office of Fair Trading has indicated an intention to appeal against the decision, it remains to be seen how the Court of Appeal will resolve the controversial debate on the scope of section 75.

Graham Pike(1999) stated that the identity cards often include a photograph of the bearer in an attempt to prevent fraudulent use or personation. In the U.K. 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. However, the widely held belief that the inclusion of photographs will
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reduce or prevent fraudulent use has never been tested. 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. 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, 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. 1997 by John Wiley & Sons, Ltd.

CHAPTER-3

NEED, SCOPE AND OBJECTIVES OF THE STUDY

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, so here also need arise to in detail the functioning of credit cards and risk minimization with full security. 3.2 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.e. on the topic premium on credit cards by various banks. The study contains various aspects of credit cards. 3.3 OBJECTIVES OF THE STUDY To identify the factors that motivate consumers to purchase credit cards in Jalandhar city.

To make people more aware about proper usage of credit cards.

To identify the best service provider of credit cards using various measures and techniques.

To know in detail about working and functioning of credit cards and also there impact on the society.

CHAPTER-4

RESEARCH METHODOLOGY

Research Methodology was a way to systematically solve the research problem. The Research Methodology included the various methods and techniques for conducting a Research. Marketing Research was the systematic design, collection, analysis and reporting of data and finding relevant solution to a specific marketing situation or problem. D. Slesinger and M.Stephenson in the encylopedia of Social Sciences define Research as the manipulation of things, concepts or symbols for the purpose of generalizing to extend, correct or verify knowledge, whether that knowledge aids in construction of theory or in the practice of an art. Research was, thus, an original contribution to the existing stock of knowledge making for its advancement. The purpose of Research was to discover answers to the Questions through the application of scientific procedures. The project had a specified framework for collecting data in an effective manner. Such framework is called Research Design. The research process consists of following steps: 4.1 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. The research problem having been formulated in clear-cut term helps the researcher to prepare a research design. The preparation of such a design facilitates in conducting it in an efficient manner as possible. It is a blue print for the fulfillment of objectives and answering questions.

Conclusion Oriented Research:-Research designed to assist the decision maker in the situation. In other words it was a research where various views about the research had been given.

Descriptive Research:-A type of conclusive research which had as its major objective the description of something-usually market characteristics or functions. In other words descriptive research was a research where in researcher has no control over variable. He just presented the picture which had already been studied. Descriptive research has been used in this research.
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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. The sampling design helps in decision making in the following areas:4.2.1 Sample Universe-Sample universe refers from where the questionnaires were to be filled. The sample universe regarding the foreign direct investment in Indian retails. 4.2.2 Sample Unit- Sampling unit was the entire retail stores in allover the India. 4.2.3 Sample Size- Sample size was the number of elements to be included in a study. Keeping in mind all the constraints 50 respondents was selected. 4.2.4 Sampling Technique- The sampling techniques used was convenient sampling. 4.3 DATA COLLECTION AND ANALYSIS 4.3.1 Methods of Data Collection- Research work was conclusion oriented and descriptive in nature. Information had been collected from both Primary and Secondary data.

Primary Sources- Primary data collected was fresh and for the first time and thus happen to be original in character. Primary data had been collected by conducting surveys through questionnaire, which include both open- ended and close-ended questions and personal and telephonic interview.

Secondary Sources- Secondary data were those which have already been collected by someone else which already had been passed through the statistical process. Secondary data had been collected through websites and journals.

4.3.2 Tools of Presentation and Analysis:To analyze the data obtained with the help of questionnaire, following tools were used.
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Weighted Average Score: This tool was used to calculate highest and lowest rank.

Tables: This was a tool used to present the data in tabular form. Percentage, Bar Graphs and Pie Charts: These tools were used for presentation.

4.4 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. Hard Enough to Fetch Information: People were not always open and forthcoming with their views, even agitated and not disclosing. 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. Existence of Biases: Though every care has been taken to eliminate such biases, but considering the human factor the possibility of small bias having come up cannot be ruled out altogether.

CHAPTER-5

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. The findings were presented in the best possible way. Tables and graphs had been used for illustrations of findings of the research. 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. of Respondents Percentage of Respondents

Analysis and Interpretation: Itwas found that majority of the respondents i.e.40% were between the age group of 3645 and majority of the respondents i.e.60% were male.

Statement 1. Which Bank Credit card you use. Table 5.2: Which bank credit card is mostly preferred
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BANK OPTIONS Axis Bank SBI ICICI HDFC Any Other TOTAL

Percentage of Respondents 24% 32% 20% 22% 2% 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.e. 32% and 24% of Axis Bank and 22% of HDFC Bank .

Statement 2: Durability of using Credit Cards. Table 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 5.3: Durability of using Credit Cards 2

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.

Statement 3: How often do you use Credit card services in a day. Table 5.4: 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 5.4: 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.

Statement 4: In which bank you are operating your current account.

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This depends upon the use , preference and perception of the consumer that what type account a user want to operate. It also depends upon the services of the various banks to the various customers.

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.

Statement 5: Why has you chosen this bank. Table 5.5: reasons behind selecting the bank
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Reasons Past Relations Brand Name Near to Home/Office Less Interest on Credit Total

Percentage of Respondents 10% 30% 10% 50% 100%

Figure 5.5: 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. Statement 6: Level of satisfaction with the services providing by your bank.
Table 5.6 : Level of Satisfaction Options Very satisfied Satisfied Neutral Very dissatisfied Total Percentage of Respondents 32% 40% 20% 8% 100%

Figure 5.6 : Level of Satisfaction

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.

Statement 7: Do you want any change in Banks Services/ credit card services. Table 5.7: Level of Customers Who Wants Changes in Credit or Bank Services Options Yes No Total Percentage of Respondents 74% 26% 100%

Figure 5.7: 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.74% of respondents says Yes and 26% of sample size says No.

Statement 8: How would you rate the services of Banks. 2

Table 5.8: 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. 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. Table 5.9: satisfaction Level with the Relationship Maintained by The Bank Options Yes No Total
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Percentage of Respondents 68% 32% 100%

Figure 5.9: 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.

CHAPTER-6

FINDINGS OF THE STUDY

The findings were presented in the best possible way. 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.

In conducting survey, 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.
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, it is clear that about majority of the respondents are agree to

the maximum usage and availability of credit cards.

 During conducting survey, 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. The availability of credit cards has made life more smooth,as one need not to carry money bags along with while doing shoping or some other wealthy work. .

CHAPTER-7

CONCLUSION AND RECOMMENDATIONS OF THE STUDY 7.1 CONCLUSION

Everyone carries a credit card these days. 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, be it something casual like shopping or something severe like an emergency situation. 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. At TheLoanBazaar.com, we are associated with a wide variety of reputed credit card companies holding global recognition and credibility. You can choose from an array of credit card companies and types of credit cards that they offer, making it much easier for you to apply for and receive a credit card without having to search them up individually. 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. the credit card comes with a credit limit, a predetermined amount of money which its lender is offering as credit to a credit card holder to spend wherever he wants to. Before issuing a credit card to an individual, the bank or the financial institution has a look at his/her credit rating along side verifying his/her credit history. After receiving the needful information about the applicant, the lender company issues the credit card to him. Now if the credit card holder goes shopping with his credit card, he pays the vendor through the card which is actually reimbursed to the vendor through the bank or the lender company. And finally, the cardholder All then repays the bank for the entire credit amount that he has used, by paying it back through regular monthly payments. In case the cardholder fails to payback the entire balance, the bank can lawfully charge him/her with an interest fee on the unpaid amount.

This exactly why a thorough credit rating check is done by the lender company for the potential cardholder. Such a measure guarantees them as a lender that an individual with a good credit rating is likely to return back the credited amount. 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. Many credit card programs these days also include insurance coverage to secure the card holder in cases like theft or fraud. There are very high chances of a credit card being stolen to be later used illegally by the thief, but in case the card is insured and the matter immediately reported to the lender company, the actual credit card holder would not be held accountable for the illicit charges. However, a credit card holder can him/herself authorize any other person to use his card for purchase of any goods or services willingly. In such cases, it is the primary cardholder who is accountable for paying back all the transactions made through his or her account, eventually. 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. While some might give more weight age to an applicants credit rating, others might not be so stringent in those matters. 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. Sometimes, it also depends on your credit rating. A very poor credit history might force you to opt for a secured credit card. Whatever be the case, what needs to be remembered always is that credit card is not our money till the time we do not repay it back. It is a loan that we take from the bank or the lender company. 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.

CHAPTER-8

REFERENCES

http://en.wikipedia.org/wiki/Retailing_in_India 1. http://business.mapsofindia.com/india-retail-industry Akin, G. Gulsun, Aysan, Ahmet Faruk, Kara, Gazi Ishak and Yildiran, Levent, Nonprice Competition in the Turkish Credit Card Market (October 2011). Contemporary Economic Policy, Vol. 29, Issue 4, pp. 593-604, 2011. Available at SSRN: http://ssrn.com/abstract=1931329 or doi:10.1111/j.1465-7287.2010.00233.x.

2. Amin, Hanudin, Factors Affecting the Intentions of Customers in Malaysia to Use

Mobile Phone Credit Cards (June 14, 2008). Management Research News, Vol 31, No. 7, p. 493, 2008. Available at SSRN: http://ssrn.com/abstract=1864709

3. Bolt, Wilko and Chakravorti, Sujit, Economics of Payment Cards: A Status Report (November 7, 2008). Economic Perspectives, Vol. 32, No. 4, 2008. Available at SSRN: http://ssrn.com/abstract=1297291.

4. Chandran, Christine, Matthews, Claire D. and Tripe, David W.L., Competition in the

New Zealand Credit Card Market from the Consumer Perspective. Available at SSRN: http://ssrn.com/abstract=964822

5. Mukwiri, Jonathan, Section 75 and Credit Cards: Misconceived Interpretation?.

Journal of Financial Regulation & Compliance, Forthcoming. Available at SSRN: http://ssrn.com/abstract=746747

6. Khurana, Sunayna and Singh, Satendra Pal, An Analytical Study of Customers Preferences and Satisfaction in Credit Card Industry (March 23, 2011). The IUP Journal of Bank Management, Vol. X, No. 1, pp. 71-87, February 2011. Available at SSRN: http://ssrn.com/abstract=1793020.

7. Levitin, Adam J., Priceless? The Economic Costs of Credit Card Merchant Restraints (June 30, 2008). UCLA Law Review, Vol. 55, p. 1321, 2008; Georgetown Law and Economics Research Paper No. 973974; Georgetown Public Law Research Paper No. 973974. Available at SSRN: http://ssrn.com/abstract=1017894
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8. Semeraro, Steven, The Antitrust Economics (and Law) of Surcharging Credit Card Transactions (September 9, 2008). Stanford Journal of Law, Business, and Finance, Vol. 14, No. 2, p. 343, 2009; Thomas Jefferson School of Law Research Paper No. 1265869. Available at SSRN: http://ssrn.com/abstract=1265869.

9. Semeraro, Steven, The Reverse-Robin-Hood-Cross-Subsidy Hypothesis: Do Credit

Card Systems Effectively Tax the Poor and Reward the Rich?. Rutgers Law Journal, Vol. 40, No. 2, 2009; TJSL Legal Studies Research Paper No.1265871. Available at SSRN: http://ssrn.com/abstract=1265871

10. Wilmarth, Arthur E., Written Testimony on the Credit Card Industry Before the

Subcommittee on Financial Institutions and Consumer Credit of the House Committee on Financial Services, April 26, 2007 (April 26, 2007). GWU Legal Studies Research Paper No. 517; GWU Law School Public Law Research Paper No. 517. Available at SSRN: http://ssrn.com/abstract=1729840 or doi:10.2139/ssrn.1729840

http://www.eximbank.com http://www.imf.org http://www.rbi.org http://www.worldbank.org http://www.wto.org http://www.ifc.org

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