Dr.IT.IMT
PROJECT REPORT ON
Concept of Plastic Money and Consumers Perception Towards itIN
PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE BACHELOR OF BUSINESS
ADMINISTRATION (PUNJAB TECHNICAL UNIVERSITY JALANDHAR)
DR IT Institute of Management And Technology, BANUR
2008-2011
PROJECTGUIDE:RACHANA BHATIA
SUBMITTED BY:RAJESH KUMAR
ROLL NO-80907320022 BBA 6TH SEM.Rajesh kumar 1
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ACKNOWLEDGEMENT
With the deep sense of gratitude, I feel obliged to Miss RACHANA
BHATIA my project guide for his guidance and help which he
willingly provided at every step of my project. I would like to
express my sincere thanks to god, without whom this project would
never have been completed and our Managing Director Mr. P.P. ARYA
who has been a constant source of inspiration. I am also indebted
to all the customers without whose cooperation the project would
not have been possible. Last but not least I am indebted to my
family for the moral support and well wishes
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INTRODUCTION OF PROJECT:-
PROJECT TITLE:-
Concept of Plastic Money and
Consumers Perception Towards it
PROCEDURE USED FOR CARRYING OUT THIS PROJECT:
This project was carried out by on the basis of questionnaire,to
know
Consumers Perception Towards plastic money.
TABLE OF CONTENTSRajesh kumar 3
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Chapter 1 1.1 History 1.2 Introduction Chapter-2 2.1 Objective
of the study 2.2 scope of Study Chapter- 3 3.1 Limitation Chapter 4
4.1Research Methodology Chapter 5 5.1DataAnalysis Chapter 6
6.1Findings 6.2 Conclusion 6.3 Recommendation ANNEXURE I -
REFERENCES ANNEXURE II - Questionnaires
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HISTORYIn the late 1990s, the plastic cards market in India,
comprising credit cards, smart cards, debit cards, charge cards,
stored value cards and others, picked up momentum like never
before, growing at an annual rate of 25%. Analysts attributed this
growth largely to the rapidly increasing user base of debit cards.
Though initially, there were only two players, (HDFC and Citibank),
the debit card market base grew considerably through 1999 and
reached the 3 million mark in March 2000. The usage figures
indicated a very healthy growth of the market in future, as seven
out of 10 cardholders were reportedly using their card regularly.
The annual spending through debit cards in India reached over Rs 5
billion.
The growth of debit cards was all the more impressive
considering the fact that credit cards, introduced in the country
in the early 1980s, had managed to reach the 10 million-user base
level only in 2000. Thus, the debit card user base had reached
one-third of the credit card user base in just around one-tenth of
the time. Also, smart cards introduced in the late 1990s, had
become very popular, especially in the financial services, banking,
healthcare, transport and telecommunication businesses. The demand
for co-branded cards during 2001 was a further indication of the
fact that the Indian market had finally realized the potential of
plastic money.
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ABOUT CREDIT CARDS & DEBIT CARDS The evolution of plastic
money dates back to the 1920s, when the first payment card was
introduced in the USA. Diners Club and American Express launched
the world's first plastic card in the USA, in 1950. The first
credit card was introduced by Diners Club in 1951. The global card
market is dominated by two US-based players, Visa and MasterCard.
Visa introduced its first credit card, BankAmericard in 1958, which
went on to become a great success acquiring universal merchant
acceptance. Visa's card base increased significantly through the
decades and reached the one billion mark in 2000. MasterCard
International was established in the 1970s. In the 1990s, having
covered a majority of US and European markets, Master Card and Visa
shifted their focus to the East, especially the Asia Pacific
region. By 2000, MasterCard and Visa had established their debit
cards as well in the Asia Pacific region. In 2000, Visa debit cards
reached the 48 million mark in the Asia Pacific region, while the
MasterCard debit card base touched the 37 million mark.
MasterCard's credit card base touched 80 million during the
period.
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INTRODUCTION
Plastic cards, or what is described as plastic money, happen to
be the bestknown method of payment in this day and age. Most of us
did not grasp how quickly that little piece of plastic took its
place in our lives. creditcards online will continue to be used for
the multiple advantages they offer us.
We realize all too well that online creditcards work as an
expedient payment option to pay for our many purchases. Imagine
stashing money in all your pockets as against merely a little
plastic rectangle.
Additionally, at present going around with a large quantity of
cash on you is not a wise choice in terms of safety. The safety
issue assumes even greater significance when you are visiting
someplace far. Money is easy to spot and pick-pockets and thieves
are able to use nicked money equally easily because these funds are
not traceable. online creditcard dealings however, are detectable
and carry an audit trail
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as well.
Most times, people find using online creditcard their way out of
an otherwise hopeless situation. Several people found themselves
purchasing airline tickets on-line, reserving a hotel room, or
renting a car. Then again, there are timesRajesh kumar 8
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when you require some more ready money at once. In these kinds
of emergency situations, you can switch to using credit by using
your creditcards online. Generally, credit card online give a
maximum of fifty days of interest free use of your credit.
Likewise, some merchants state, in their product promotion, that
you have the ability to get yourself a high-priced article ( e.g.
USD 6,000) today and pay for it in a particular number of even
installments. Accordingly, you can handle your finances efficiently
so as to remit your periodic payments and do so without any
additional charges for interest. A lot of individuals look at your
credit report (which lists your credit history and is created and
updated using information from banks, merchants and other
creditors) to evaluate you, consequently it`s crucial that your
credit report is as good as possible. Potential employers,
insurance establishments, mortgage organizations, and several other
institutions will attempt to get an idea of your character by going
through this factual data. Possessing a creditcards online and
availing of it wisely will help create a positive credit
history.
There`s no need to get anxious over whether you`ve adequate
money on your person or whether you don`t. Nor do you need to use
up large chunks of your time waiting in lengthy queues in a bank
branch, or spend time drawing money from an automatic teller
machine when instead you can always take your credit card wherever
you go, and that takes care of all your financial needs.
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Several online creditcard have travel insurance (that is,
insurance to cover problems associated with traveling) built into
them as an inherent function. Consequently, if you are among those
that are often on the move, this feature might be a tangible plus
point. Even so, you must make sure to confirm if this travel
insurance provides adequate coverage for you. In addition,
carefully go over the terms and conditions that come with such
insurance. Misplaced baggage is something which is almost always
taken care of with such insurance.
You may treat your online creditcards as an additional supplier
of money when abroad - and this whenever you don`t wish to avail of
your prepaid visa mastercard as your first source of funds, in
order to avoid paying commission on out-of-country transactions.
Therefore, when you find yourself strapped for moneyRajesh kumar
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or travelers` checks you can bank on your charge cards as a
fallback option. With such a plethora of useful features when
you`re under financial stress, it is a convenience that you cannot
(rather mustn`t) avoid. Indeed, online credit card is really an
essential commodity in today`s global environment.
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TYPESCredit card debt
Credit cards are a boon - they give us so much financial freedom
and help us keep our options open. But they can also work as a
double-edged sword. Credit card debt can bring you to ruin - even
as you lead an affluent lifestyle. Rolling credit - if you get
entangled in it - it can pull you down under. If you're already
caught in the mesh - get out of it as soon as possible - even if
you have to deny yourself every single luxury for the next few
months. If you're on the verge of getting into a credit card debt
trap - avoid it at all costs. Keep an account of all your bills. Do
they tally with the statement
o
send by the credit card company? You'll be amazed at how many
indiscretions and mistakes can take place at this level. Always
check and double-check your statement.
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Take a good look at your bills. Where is it that you're
overspending?
What are the items you would have resisted from buying if you
would have had to pay cash? Give it serious thought - should you be
indulging in them when you can't afford them?o
Resorting to pay the minimum amount due is okay at a time of
need -
but certainly not something to be done regularly. The interest
you will need to be pay is exorbitant - and by the time you're done
settling your debt you would have paid twenty to twenty five times
more than if you had paid cash in the first place.o
Inculcate a financial discipline. Make a budget, and stick to
it. Keep a
watch over your bank account. What is the income as compared to
the outgoing money? Be your own accountant - and be a good
one.o
Why not stop impulsive buying? Unless you have an
accommodating
bank balance - you're really throwing away your precious money
on things you don't really want or need. Resist from online
shopping - it has a tendency to rob you of control over your
impulses or your money. Credit card - credit yourself with sense -
and use them to your advantage.
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Handy Gift Cards
A convenient alternative to Gift Vouchers/Gift Certificates, the
Gift Card can be used more than once at various merchant
establishments, which means the recipient can shop at various
outlets until the specified rupee amount has been spent. The Gift
Card can be used more than once. The person you are gifting
o
it to can keep making purchases till the specified value on the
card has been spent.o o
The card is available to idbi bank and non-idbi bank customers.
The Rupee denominated Gift Card can be purchased over the
counter
for a minimum limit of Rs.500/- or a maximum limit of Rs.
20,000/o
The Gift Card is valid for a period of one year from the date of
issue.
Perfect for birthdays, graduations, anniversaries, holidays,
employee rewards, customer appreciation and more, the gift card is
a practical and convenient solution to gift giving, eliminating the
chances of giving an unwanted gift.
There have been many occasions when we have received gifts that
are not really suitable for our taste or lifestyle. There surely
have been occasions when we have aRajesh kumar 14
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hard time picking the perfect gift. This is where this unique
gifting concept will come in handy. One of the most desirable
benefits for the customers is convenience and quick availability at
any idbi bank branch. With the tie-up with VISA International, the
Gift Card can used to make purchases at over 50,000 establishments
in India.
This is good news for the festive season. Mr.Vijay of Customer
Support of one of the chennai Branches says that this unique and
convenient concept of a pre-paid card that has 'Visa power' will
enable the receiver to get what they like, when they like. The
process is simple. Pay at an IDBI counter and get the card on
demand. Minimum value would be Rs.500/- and maximum Rs.20,000/-
.
So what do you think, readers? Convenience goes plastic and
elastic to suit the world of today.
Good or bad? Have your say too. Right here in the space
below.
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Petro Card
A Petro Card is a credit card-size plastic card that allows you
to pay for fuel with a card. The Petro Card is a variation of the
Smart Card. It has an embedded microprocessor chip, which keeps
track of the money you load on your card and the balance available
on the card.
How it works?
You can get your Petro Card after you enrol into the PetroBonus
programme of a company selling petrol and other fuel. To initialise
this card, you have to first take it to a participating PetroBonus
dealer. You will pay a sum of money to the dealer who will issue
you a Petro Card. Then the card will be placed on a 'reader'. You
have to enter the pin code given and lo and behold! Loaded onto the
card will be the sum of money that you want.
Once the card is loaded, you can use it to buy petrol, diesel,
lubricants or any other product or service available at the pump.
Usually the initial loading has to be for a minimum amount of
Rs.500 and in multiples of Rs.100 thereof. You will also be given a
receipt for the amount loaded.
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AGE OF PLASTIC MONEY
Banking has evolved a long way from the days of the medieval
moneylenders counting coins on the bench to the present scenario,
where it is hard to trace the trail of money from the beginning to
the end. The trail starts right from the small saver leaving a few
rupees in his local bank to the billions of rupee loans raised by a
syndicate banks and financial institutions, capable of financing
projects in any country in the world. Still, these banking majors
are heavily dependent upon their retail home base of savers and
borrowers. Most of the bankers began focusing on this retail market
segment as global competition intensified in late seventies and
early eighties.
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Credit cards, one of the banking products that cater to the
needs of retail segment has seen its number grow in geometric
progression in recent years. This growth has been strongly
supported by the development in the field of technology, without
which this could not have been possible. The history of phenomenal
growth in the credit card segment traces way back to in 1950, the
time when Diners Club was established. The card provided select
members with credit at 22 restaurants in New York and collected a
commission for paying the bills promptly. The credit card industry
got a further boost with the arrival of American Express in the
arena in 1958. American Express began selling their card as a
prestige to hotels, restaurants, shops or airlines in America and
slowly expanded the network across the world. The success of these
two players attracted many other banks to join the credit card
business. The entire breed of new players saw a fresh opportunity
of granting unsecured loans at high interest rates to those credit
cardholders who did not payRajesh kumar 18
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their bills on time. These banks were not so concerned with
collecting commissions from shops but were thriving on high
interest income from those who did not pay their bills on time.
Starting from Diners Club, some 50 years ago, the card industry has
been growing with a rapid pace world over and so has been the
growth in the domestic card industry. With only two players in
domestic card industry, HSBC and Citibank in the early 80s, the
number swelled to over 25 in the year 2001. Credit cards in India,
made their debut in 1981, and are on the verge of an unprecedented
boom. Between 1987 and 2001, the market has virtually grown to over
4 million cards with over 25-30% of compounded annual growth in new
cardholders base. Its not that only the card numbers have
increased, but even the types of cards on offer have seen a surge.
Today the domestic card industry is flooded with different types of
cards ranging from gold, silver, global, co-branded credit cards,
smart to secure, .the list is endless. Foreign banks have
shouldered the major responsibility of increasing the card base and
adding value-added services to the card products in the past. This
is also evident from the fact that the market share of these
foreign banks is estimated to be well over 70%. But the scenario
has changed dramatically in the last of couple of years with the
entry of State Bank of India (SBI), a domestic major in the banking
sector. More and more nationalised banks and private sector banks
like ICICI and HDFC Bank are aggressively launching credit card
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There is immense growth potential in the domestic card industry.
A glance at the Indian population reveals that Indias middle/upper
middle class (target segment) represents a population of over 10 m.
There are only 2 to 3 m cardholders, each possessing an average of
2 cards. This is a very low figure given Indias huge middle to
upper class population. There is no doubt that the domestic card
industry has to yet to mature and offers significant long-term
growth potential. Given the lack of maturity of the domestic card
industry, its growth will depend upon building core retail
business, with more sophisticated products. In the expansion of
domestic credit card market, the existing foreign players, SBI,
other nationalised banks and the new domestic private sector banks
are expected to play important role with complementary
strategies.
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Foreign banks with the advantage of technology and industry
experience are expected to concentrate on increasing card spending
and customer loyalty in the major cities. SBI, on the other hand is
expected to capitalize its superior distribution network to expand
card acceptance in the smaller towns. The new private sector banks
would have the opportunity to capture significant market share by
combining the strengths of foreign banks and nationalised bank like
SBI. Although at present the card market is mainly limited to
Indias relatively bigger cities and tourist locations only, there
is also a potential in smaller cities. Domestic banks, owing to
their vast network and reach to smaller cities, can easily tap this
potential. They would be better off, penetrating into smaller
cities and bringing credit card to the masses rather than
cannibalising other foreign banks existing cardholder base.
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The efforts of these banks to increase the card base is going to
be wholeheartedly supported by the residents of these smaller
cities with their higher disposable income, changing lifestyle,
increasing travel and the growth in the entertainment sector.
PASSION FOR PLASTIC MONEY ON THE RISE, SHOWS STUDYWhen was the
last time you used hard cash in a shopping mall or a grocery store?
If you have tickled your grey cells enough, let me prove Indias
renewed passion for the plastic.
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Todays consumers have moved away from using cards only for big
ticket purchases such as travel and entertainment. They are now
shifting daily expenditure such as groceries and other types of
household spending from cash to electronic payments. A study by
Visa International and National Council of Applied Economic
Research (NCAER) reveals segments such as handicrafts (56%),
consumer durables (54%), telecom (53%), departmental stores (52%),
petrol (52%), jewellery (49%) and supermarkets (49%) have shown
highest year on year growth in card usage. Indias bank card
business has entered a period of rapid development with a
compounded annualised growth rate (CAGR) of 55% to an estimated 44
million credit and debit cards in 2004. Debit and credit card
volumes also increased from $23 billion in 2004. However, 80% of
card volumes from ATM cash withdrawals, predominantly with debit
cards, said the study.
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Debit cards are still largely used for cash withdrawals at ATMs.
This is a natural consequence of an astronomical growth in ATMs to
14,000 across the country by December 2004, against 1,100 ATMs in
select pockets of metros, three years ago. Given the cost savings
for banks from debit card transactions, increase in merchant
acceptance locations and greater consumer familiarity, it is
expected that most ATM cards would be converted to debit cards with
added functionality for point-ofsale usage over the next two years.
Electronic payments can help reduce the size of the informal
economy. When cash remains outside the banking system, the
possibilities of supplying productive capital to the economy are
diminished. Bringing cash into the banking system produces an equal
increase in bank reserves, enabling banks to facilitate more
consumer and commercial loans, thereby stimulating business growth
and consumption. Governments can utilise electronic payments as a
channel to modernising and boosting efficiencies in their
respective economies. Electronic payments can be used to minimise
leakage of government funds, which could otherwise be utilised to
maximise returns through effective resource allocation within the
economy.
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Even if it is 10% of the total government expenditure, it
amounts to Rs 47,425.5 crore, in 2002-03, which may be saved
through electronic payments. The introduction of a payment
mechanism and electronic payment system into government
expenditure, for procurement and purchasing as well as for
activities like tax collection and other administrative processes
may facilitate more effective use of public funds. However, the
total spend in India on a payment card is still less than 1% of the
countrys percentile. This indicates that the growth potential of
the payment card industry is enormous. Around 30 million people are
eligible for creditcards and 150 million people are eligible for
debit cards.
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PLASTIC MONEY USE GAINS PACE IN INDIAThe plastic money market in
India witnessed a quantum growth in the last one year. India has
outperfomed most other markets in the Asia Pacific region with both
retail sales volumes and card sales volume growing by over 60% in
the last one year, according to Visa International .
For the 12 months ended June 05, the retail sales volume of Visa
in India rose 66% to $3.8 bn. Retail sales volume refer to spends
by card holders, both debit and credit cards at point of sales or
merchants.
This would mean that more customers have started using their
debit and credit for purchasing goods and for other transactions.
According to the company, it has a 70% share of the retail sales
volume through cards in the country.
Also, the card sales volume (CSV), which includes cash
withdrawals at ATMs, hasRajesh kumar 26
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seen a growth of 76% to $23.8 bn. CSV would include retail sales
volumes and cash withdrawals from ATMs. Most of the banks in India
have converted their ATM cards to debit cards. The total number of
Visa cards issued in the country saw a growth of 42% to 30 mn, of
which Visa credit cards grew 38% to 9 mn. The total number of Visa
debit cards grew 45% to 21m.
The total number of credit cards in the country is estimated to
be over 15m cards. The company has seen a 77% compounded annual
growth rate in cards in the last four years and a 50% growth in the
retail sales volumes.
India has a higher number of Visa issued cards than in some of
the other South-East Asian countries like Thailand, Indonesia,
Malaysia and Singapore. Compared to 30.18 mn cards in India,
Thailand, which is the second largest market for Visa, has 16.4 mn
cards. However, in card sales volumes, Thailand is a bigger market
than India at $26.07 bn as against $23.81bn. The other markets,
however, have lower card sales volumes than India.
BEST OUT OF YOUR PLASTIC MONEYRajesh kumar 27
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For most of us, Credit Card means "Plastic Money" which is not
only very convenient to carry, can be used in millions of
establishments and Banks across the Globe with great ease for
purchasing stuff or withdrawing cash at ATMs.
All Credit Cards carry almost similar features and are governed
by the identical terms and conditions for their use by the credit
card holder. In order to survive in the competetion, many
incentives and exclusive features like Rewards and Bonus Points on
purchases, Insurance Coverage, Waiver of joining fee,Offer of free
additional cards etc. are also announced by many Banks from time to
time. Everything seems good for the Credit Card user on the face of
it. However, all is not good as it appears to be. Many of us are
not aware of many such things aboutRajesh kumar 28
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these Credit Cards which are not so good. Some of these facts
are: *Most Credit cards charge an interest @2.95% p.m. which works
out to around 35% p.a. on the total outstanding of the credit card
if the total payment is not made by the due date. *Even if you pay
the "Minimum Amount "by the due date, you will be charged the
interest on the entire outstanding amount. *Service Tax as
applicable will also be charged on the interest charge which will
make the effective rate of interest on your credit card around 38%
per annum. *Even if your payment is delayed for a single day, you
will be charged a hefty late fee. Even if you have opted to pay the
minimum amount, the late fee will be calculated on the total amount
outstanding in case it is delayed. It may also happen sometime that
as a "Minimum Amount" you have paid an small amount say Rs.200/-
and it is delayed. You may be charged a late fee of Rs.200/- on
delaying the payment of Rs.200/- by a single day. *Rewards or Bonus
Points accumulated on your Credit Card need to be redeemed within a
specified time limit say within 2 years and these get lapsed
thereafter . In order to get best out of your Credit Card, what one
should do is to follow the few simple steps which are given below:
1.In case you really do not need it, do not hold any credit card.
2.In case you think you should hold a credit card, then make sure
that you hold more than one Credit Card of different issuing banks.
3.Always try to make the full payment of your total outstanding or
get it converted to EMIs for which all banks charge a concessional
rate of interest around 18% p.a. 4.
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CLASSIC CARDS: OUR PRODUCTS TRUSTED BY MANY Silver Credit Card
Choose our Internationally accepted Silver Credit Card and enter a
world of privileges and savings. SPECIAL BENEFIT CARDS: FOR THOSE
WITH SPECIAL NEEDS Value Plus Credit Card A true value card that
enables you to avail 5% cash back on all your purchases. Health
Plus Credit Card Cashless Mediclaim, discounts at participating
hospitals, extra protection for your family. You can rest assured
with the Health Plus Credit Card. PREMIUM CARDS: MUCH MORE THAN
JUST SNOB VALUE Gold Credit Card A card to match your lifestyle
with features like International Business Travellers' Club (IBTC)
membership, special offers on air tickets and rewards redemption
for air miles.
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Titanium Credit Card Limited Edition card with 24X7 concierge
services, zero surcharge on fuel and accelerated two-tier rewards
programme. 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. 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
Mastercard International.
FEATURES : A Credit Card combined with all the conveniences
offered by a bank. A power packed Credit card with a host of
unmatched features that provides your family with true Value and
savings. A Credit Card that takes care of your financial health as
well as your family's health & fitness. A Credit Card which
introduces you to a whole new life of privileges. A special Gold
card exclusively for Women with all the powerful benefits of HDFC
Bank Gold Credit card, and much more.
BENEFITS : Reward points. Cash Back Of Cashless Up to 5%.
Mediclaim. Special offers on air and train tickets purchase. 5%
cash back on Grocery/supermarket spends, leading department stores
and 31
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acceptance. Children's Future Secured. House hold Insurance.
Discounts at hospitals*. Discounts on hotel tariff. Discounts on
hotel tariff.
Extra Redemption Accelerated reward protection for of points.
family. accumulated reward points against airmiles, gifts, GVs
etc.
Cash Advance. Cash Advance.
Interest free credit period.
Redemption of accumulated reward points against airmiles, gifts,
GVs etc. Interest free credit period.
Accidental Death cover Interest rates applicable on Revolving
credit: 2.95% per month & 35.4% annually 2.95% per month &
35.4% annually 2.95% per month & 35.4% annually 2.95% per month
& 35.4% annually
2.95% per month & 35.4% annually
Keeping with its long tradition of sound banking and
innovativeness, PNB has entered the card business. At a time when
new payment systems are becoming
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popular in the country, PNB has joined the ranks of banks that
are offering cardbased banking solutions. PNB International Credit
Card is available in two variants, viz. Gold Card and Classic Card.
Our Credit card has much more than just credit facilities. PNB
INTERNATIONAL CREDIT CARD Punjab National Bank is happy to launch
its co-branded international credit card with Hongkong &
Shangai Banking Corporation Ltd. (HSBCL), one of the world's
leading financial instititutions. PNB International Credit Card is
an unique and a world-class payment proposition. It is set to bring
about a revolution in retail banking and offers value to customers.
The PNB Credit Card will be issued in two variants Gold and Classic
Card (MasterCard/ Visa). The credit Card is being offerred to
resident Indian Nationals who have either their residence or office
in any of the undernoted 23 cities, in India: Mumbai Ahmedabad New
Delhi Gurgaon Calcutta Chennai Jaipur FaridabadRajesh kumar
Thiruvanthapuram Bangalore Vishakhapatnam Chandigarh Ludhiana
Amritsar Coimbatore Indore(Recently
Hyderabad Pune Kochi/Cochin Jalandhar Ghaziabad NOIDA
Vadodara/Baroda
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launched) Product features of PNB International Credit Card:
Acceptance at over 22 million establishments. Worldwide ATM access
for credit card accountholders at over 6,00,000 ATMs. Free credit
period of up to 48 days. At new reduced fee rates, one can have the
PNB International Card for Rs. 350/- only. For details one can
contact any PNB branch in the 22 cities where the card can be
obtained. Rewards programme earn points that can be redeemed
against renewal fees, gift vouchers etc. Free remittance at PNB
branches for remittances from cardholders savings bank account up
to Rs. 10,000/- once a month 2.5% discount on basic domestic air
fares and 3.5% on international air tickets with specified travel
agents. No surcharge on purchase of petrol ranging Rs 400/- to
2500/- pm from any petrol pump having EDC terminal accpeting
accepting credit card.
Rajesh kumar
34
DR.IT.IMT.
Insurance Benefits Classic Card Rs.15 lacs Rs.1.5 lacs Rs.20,000
Rs.30,000 USD 600 Gold Card Rs.40 lacs Rs.4 lacs Rs.40,000
Rs.50,000 USD 1,200 USD 300 USD 500 USD 250(>12 hours
