good bad and worst of credit cards

7/29/2019 good bad and worst of credit cards

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AN OVERVIEW OF THE

GOOD, THE BAD ANDTHE UGLY OF THE

WORLD OF CREDITCARDS.


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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 short-

term financing.

Interest usually begins one month after a purchase is made and

borrowing limits are pre-set according to the individual's credit rating.


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HISTORY

In 1887 EdwardBellamy in his

utopian novel

Looking

Backward

introduced the

concept of

credit card. He

used the word

credit cardeleven times.


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Visa, MasterCard and other similar

organizations both issue credit cardsthrough member banks and set and

maintain the rules for processing. They

are both run by board members whoare mostly high-level executives from

their member banking organizations.


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There are now countless variationson the basic concept of revolvingcredit for individuals (as issued bybanks financial institutions), includingorganization-branded credit cards,

corporate-user credit cards, storecards and so on.


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Business Credit Card.

Student Credit Card.

Cash Back Credit Card.

Low Interest Credit Card.

Airline Credit Card.


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Personal identification number (PIN).

Card not present transaction (CNP).Data from the card is obtained froma magnetic stripe or chip on the card


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Here are some benefits of using a creditcard:

Convenient Payment

Build Credit History

Track Your Spending


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Online Shopping

Merchants & Customers

Obviates need to carry cash


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Overspending

High Interest Rates and Increased Debt

Long Term Cost


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Debt Overload

Impact on Financial Goals

Credit Card Fraud


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Credit Card Theft

Application theft


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Account takeover

Personal Identity Theft


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Cloning or Skimming of Credit Cards

Carding


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Credit Score

Overspending

Long-term Cost

Debt Overload

Impact on Financial Goals


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Counter measures to combat credit card fraud

include the following.

By merchants: PAN truncation

Tokenization (data security) or Card Security Code.


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By card issuers: Fraud detection and prevention software

Fraud detection and response business processes

Multi-factor Authentication

Challenge questions

Security token device


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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


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1. Complaint against HDFC credit card recovery agents :

by Mr. Vibhor Arora


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2. Harassments against HDFC Credit Card

recovery agents : by Mrs. Anushka Jambhekar.


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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


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www.mtstcil.orgwww.citi.com

www.which.co.ukwww.ehow.comwww.consumercourt.in

www.kenyabankingsolutions.comwww.akosha.comwww.atozservices.infowww.stockmarkettipz.in


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Pearlene Jasavala (24)

Niharika Kulkarni (30)Khyati Nandu (38)

Sanaya Patel (40)

Krishma Sandesra (42)

Vatsal Shah (50)


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good bad and worst of credit cards

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