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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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