GENERAL CREDIT CARD - 15 Mints Seminar Notes

 GENERAL CREDIT CARD - 15 Mints Seminar Notes

The credit card term is used for a small magnetic strip or chip based plastic card issued by the bank or finance organisation. The card holders can used their financial need and purchase the goods on credit.

General credit card will be normally 5 years valid depends on the banking sector. The credit limits will determined by lenders based on the several factors including your credit rating, personal income and loan repayment history.

PURPOUSE:

• General Credit Card is the loan scheme for you provides hassle free credit to customers from reward & semi urban centres based on their cash flow without insistence on security.
  
• This is objective is to increase the flow of credit to individuals for entrepreneurial activity in non form sector to G. C. C .
  

EVOLUTIONS:

• In 1958 bank of America launched the Bank Americard . 
• In 1985 the central Bank of india along with Vysya  bank and United Bank of India introduced the Central credit card.
  

TYPES:

There are 3 types of credit card accounts.

• Bank issued CC (Such as Visa & MasterCard)
  
• Store / Priority Card ( Such as bay &Sears)
  
• Travel & Entertainment card also called as Charge Cards (Such as American Express Dinners club )
  

ELIGIBILITY:

• The applicant should be minimum of 18 years old.
  
• On an average income requirements is Rs. 1,44,000 per annum salaried persons and self employed.
  
• The normally credit limits will be 2.5 to 3 times of monthly gross salary.
  

ADVANTAGE:

• Globally accepted mode of payment.
• Turn repayment in to EMIs
• Interest free repayment
• Rewards & cash back offer
• Credit Score
• Secure Payment.

DISADVANTAGES:

• Minimum due trap 
• Hidden cost 
• Easy to overuse 
• High interest rate 
• Credit card fraud.

Presented by

Kalyani

Banking Student

Magme Medal, Hosur