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Credit Cards
Credit Card is a card which allows a person to purchase goods and services on borrowed money. It helps to purchase something without having to pay for it immediately, instead the company or organization, issuing the credit card, makes the payment on behalf of the customer but the customer is liable to pay the same to the issuer of the card within a definite period of time which may vary depending upon the credit card type and the issuing company. Thus, Credit Cards give financial flexibility to the consumers.
In the year 1956 California's Bank of America first introduced credit cards to the general mass. Some of the big vendors of credit cards are VISA, Mastercard and many more.
In order to avail credit card, a consumer is required to open an account with such a bank or company which is sponsoring the card.
Credit Card Company
Get a complete list of major credit card companies along with the facilities rendered by those companies:
Visa Card Company
Visa Credit Cards are generally offered by many banks, which is the ultimate result is standardized for the customers by the Visa International Service Association
Trading Card
These cards are basically offered for trading and collecting activities:
Credit Card Comparison
Know the credit card benefits given by banks and other financial institutions:
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Debit Card
A common instrument used in the financial transcation activities....
Corporate Credit Cards
Mainly used by business community and it helps consumers(specially corporates), for meeting their business expenditure....
UK Credit Cards
Find in details on Credit Card in UK..
Credit Card Fundamentals
Click to know more on fundamentals of owning a credit card.....
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HSBC Credit Card | Master Card | Credit Card Offer | Business Card
After this the company/bank sends a credit card to him with a denominated limit to it in monetary units. The customer is entitled to buy goods and services up to the specified credit card limit. The service provider sends monthly bill to the customer specifying the details of his purchase. The customer in-turn has to make the payment within a specified time period. If the customer doesn't pay full or part of the amount within time-limit then he has to pay monthly interest on the outstanding payment amount.
Generally, the interest rate charged by the credit card companies on the outstanding payable amount are higher than most of the popular loans. But they are exempted from paying the interest rates when the customer pays the full outstanding payable amount to the card issuer within a month.
Rate of interest on the credit cards vary from card to card. The rate generally increases with an increase in a customer's outstanding payable amount.
Severe competition has led the credit card issuing companies to offer variety of incentives to the consumers ranging from cash back to special incentives for frequent users to gift certificates.
There are many credit cards which offer credits at low or nil interest rates. But in such cases the time period of low interest rates are fixed (usually from 6 months to 1 year) and after which the rate hikes considerably.
Hence, Credit Cards have become a part and parcel of the modern life which gives financial flexibility to the consumers.
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