Plastic Money (Based on experience of people)

5889 Words Oct 8th, 2013 24 Pages
Introduction to Plastic money:-
The recent growth in the use of plastic money mainly credit and debit cards has been phenomenal. There are hundreds of millions of credit cards in circulation today; these little rectangular pieces of polymerized substance have become a way of life. India alone is home to millions of them. Initially positioned as a status symbol these plastic cards have caught on in a big way amongst the educated population of the country.
Spending pattern through plastic money will change drastically. Traveling, dining and jewellery are the top three purchases that Indians make through credit cards. Two years ago, it was jewellery and apparel purchases that formed the largest chunk of purchases through plastic money. Fuel
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Primary objectives
To know the perception of people towards plastic money.
Secondary objectives
1. To know the importance of plastic money in the daily life of consumers’ W.R.T credit and debit cards.
2. To study the benefits of debit card and credit cards.
3. To find out the market leader among the various banks/companies issuing credit and debit cards
4. To know the problems faced by respondents using plastic money.
5. To study the satisfaction level of consumers towards plastic money.
Needs & Importance of Plastic Money
Nowadays, a great majority of the population of many countries around the world have at least one credit card and in some households, as much as three or four. Almost everyone has a credit card from teenagers to employees to retirees. A credit card is actually a financial arrangement between the consumer and the issuer (bank) that allows the consumer to instantly borrow money from them with the explicit understanding that the loan will be repaid at a future date. Payment includes not just the principal but also includes interest charges should you elect to pay on installments on a specified date monthly. Credit cards provide holders with convenience allowing you to make purchases even if you do not have the money on hand at the time of purchase. It is also useful for emergency purchases during unforeseen circumstances. It is also very useful in keeping track of your expenditures since all credit card transactions