Pick Your Plastic Essay

Because of the Fair Credit Billing Act, individuals have more purchase protection using a credit card than with cash or a debit card (Williams, n.d.). Importance of this protection occurs when there are reasons to dispute charges such as when merchandise is not received, identity theft has occurred, or items are not charged correctly (Williams, n.d.). In addition, credit cards are invaluable in emergency situations from vehicle repairs to health issues (Williams, n.d.).

James D Scurlock’s “Maxed Out” focused on the revolving use of credit cards to charge now and pay later and the fact that once the credit card was maxed out another one was sent from the credit card companies and the whole process begins all over again. Scurlock’s essay made the reader aware of the downfalls and hardships that can occur when credit cards are constantly used for purchases compared to Kevin O’Donnell’s “Why Won’t Anyone give Me a Credit Card”.

The liberalization of the money related divisions in Asia has brought about the fast spread of charge card organizations and monetary organizations giving different sorts of purchaser credit. The charge card market in general world has extended radically that the guarantors of outside nations has presented cellular telephone Visas for the comfort of their customers.(Amin, 2008) This, combined with the passage of remote banks, has enormously expanded the quantity of credit cards accessible, and consequently such spending in Pakistan. Despite the fact that charge card was presented in Pakistan decades prior when Habib Bank, the biggest bank in Pakistan, dispatched its gold card, however individuals had scarcely think about this card in view of its extremely restricted issuance. Several years back, Master card was introduced by ABL (Allied Bank of Pakistan), but that also was not get good attention. In year 1994, VISA Card is introduced by Citibank, that give a better turning point to plastic money industry in Pakistan. The working of Citibank no doubt was amazing that open doors for new offerings for the people of our country as well as for financial industry

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

Many of our time rely on credit and debit cards when purchasing items. While the two seem identical to one another, failure to know the difference can result in an economic catastrophe on the card owner's part. Debit cards are used as a way to spend money that the consumer already has by withdrawing the purchase amount directly from their account. On the other hand, credit cards allow the card owner to borrow money from the bank, in which the card is issued, up to a certain amount in order to make a purchase which they will pay back to the bank at a later date.

Plastic money is in vogue in today's economy. Paying for what you buy through your credit card is fashionable and convenient. But credit cards are growingly becoming a matter of immense concern thanks to the problem of card debt. The problem of credit card debt arises when consumers buy something swapping their card but are unable to repay the money to the card company within the stipulated time period.

There are various advantages to a business setting up a secure payment system. The first advantage is that the business is likely to have an increase in profitability. Research has shown that the card payment systems whether by credit or debit cards increases the chances of a customer making multiple purchases. This can be advantageous to the physician as the patient can make multiple payments for future or past appointments at an instance. The other advantage of having a card payment system is that when one uses a card to make payment the payment is guaranteed unlike when you receive a personal check.

Credit cards and debit cards are both useful by people to provide them with money to spend. Even though they are very similar, both being a card with a 16 digit number, expiration date, and pin codes, they are both very different. Debit cards allow bank customers to spend money that they deposited in the bank with a card. Credit cards allow consumers to borrow money from the card issuer up to a certain limit in order to purchase items or withdrawal cash. While debit cards have little to no fees, unless overdraft if allowed, credit cards generally charge annual fees, overdraft fees, late payment fees, and plethora of other fees or penalties. In all, a debit card is better for you since its money from the customers bank and there is less fees than credit cards.

One of the first rules in using a card is to use credit instead of debit. What people don't know is that credit cards offer a higher consumer protection against fraud. What makes it better is that many of them come with zero-liability

Chase, like other banks, has sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the credit- debit - cards. This helps in making

Once payment in full was received, the consumer took the goods home. Thus, if the consumer did not have the money, they could not purchase the goods. However, during the boom of the late 1990s the number of households with a credit card was significantly higher. In 1998 the number reached 68% (Durkin, 2000). By the late 1990’s, any college kid with the hope of becoming an educated contributor to the workforce could get a credit card with at least a $1000 limit. Personally, my first credit card had a $1000 limit and did not require my parents to co-sign. I got it in 1996 as a freshman in college.

The development of debit cards, unlike credit cards has generally been country specific resulting in a number of different systems around the world, which were often mismatched. Since the mid-2000s, a number of initiatives have

With only one card to take care of, you do not have to worry over mountains of bills that will fill your mailbox at the end of each month. Easy management is an advantage because you do not have to keep track of your multiple plastic cards anymore. You can focus on the card where you have consolidated all your

There was a time in the history of banks when people eagerly fell into the spell cast by credit and debit cards. They started using these cards without paying any heed to ramifications of that particular use. Over the time it has become considerably clear to the people that credit cards aren't what they appear to be and there is some underlying cause to the apparently carefree solution to financial problems. However in the year 2012 still more than half of the American population owes $9000 to the credit card companies.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the