AN OVERVIEW OF THE GOOD, THE BAD AND THE UGLY OF THE WORLD OF CREDIT CARDS.

A small plastic card issued to users as a system of payment. Allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for shortterm financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating.

HISTORY
In 1887 Edward Bellamy in his utopian novel Looking Backward introduced the concept of credit card. He used the word credit card eleven times.

Visa, MasterCard and other similar organizations both issue credit cards through member banks and set and maintain the rules for processing. They are both run by board members who are mostly high-level executives from their member banking organizations.

There are now countless variations on the basic concept of revolving credit for individuals (as issued by banks financial institutions), including organization-branded credit cards, corporate-user credit cards, store cards and so on.

Business Credit Card.

Student Credit Card. Cash Back Credit Card. Low Interest Credit Card. Airline Credit Card.

Personal identification number (PIN). Card not present transaction (CNP). Data from the card is obtained from a magnetic stripe or chip on the card

Here are some benefits of using a credit card:

Convenient Payment

Build Credit History Track Your Spending

 Online Shopping

Merchants & Customers

Obviates need to carry cash

 Overspending High Interest Rates and Increased Debt Long Term Cost

Debt Overload

Impact on Financial Goals

Credit Card Fraud

Credit Card Theft Application theft

Account takeover
Personal Identity Theft

Cloning or Skimming of Credit Cards

Carding

Credit Score Overspending Long-term Cost

Debt Overload
Impact on Financial Goals

Counter measures to combat credit card fraud include the following.

By merchants:
PAN truncation Tokenization (data security) or Card Security Code.

By card issuers:
Fraud detection and prevention software Fraud detection and response business processes Multi-factor Authentication Challenge questions Security token device

By Governmental and Regulatory Bodies:

Enacting consumer protection laws related to card fraud

Performing regular examinations and risk assessments of credit card issuers Publishing standards, guidance, and guidelines for protecting cardholder information and monitoring for fraudulent activity

1. Complaint against HDFC credit card recovery agents :

by Mr. Vibhor Arora

2. Harassments against HDFC Credit Card recovery agents : by Mrs. Anushka Jambhekar.

 Consumer Credit Act 1974

CCA section 75 problems

Chargeback on credit and debit cards How to complain Section 75 sample letters APR increase sample letters

Credit cards can make life easier and be a great tool, but if they aren't used wisely they can become a huge financial burden. If you do decide to use credit cards, remember the simple rules

Keep track of all your purchases. Don't spend outside your budget. Pay off your balance on all of your credit cards at the end of each month. Don't loan your credit or give out your credit card information to anyone

www.mtstcil.org www.citi.com www.which.co.uk www.ehow.com www.consumercourt.in www.kenyabankingsolutions.com www.akosha.com www.atozservices.info www.stockmarkettipz.in

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