PLASTIC MONEY:
Credit Card and Debit Card
Credit Card : Credit card in India is gaining ground. A number of banks in India are encouraging people to use credit card. The concept of credit card was used in 1950 with the launch of charge cards in USA by Diners Club and American Express. Credit card however became more popular with use of mag¬netic strip in 1970.
Credit card in India became popular with the in¬troduction of foreign banks in the country.
Credit cards are financial instruments, which can be used more than once to borrow money or buy prod¬ucts and services on credit. Basically banks, retail stores and other businesses issue these.
Major Banks issuing Credit Card in India:
• State Bank of India Credit Card (Sm credit card)
• Bank of Baroda Credit Card or BoB credit card
• ICICI Credit Card
• HDFC Credit Card
• IDBI Credit Card
• ABN AMRO Credit Card
• Standard Chartered Credit Card
• HSBC Credit Card
• Citibank Credit Card
Precautions taken after receiving credit card To Avoid :
• Bending the Card.
• Exposure to electronic devices and gadgets.
• Direct exposure to sunlight.
• Be cautious about disclosing your account num¬ber over the phone unless you know you're dealing with a reputable company.
• Never put your account number on the outside of an envelope or on a postcard.
• Draw a line through blank spaces on charge or debit slips above the total so the amount cannot be changed.
• Don't sign a blank charge or debit slip.
• Tear up carbons and save your receipts to check against your monthly statements.
• Cut up old cards - cutting through the account number - before disposing of them.
• Open monthly statements promptly and com¬pare them with your receipts. Report mistakes or dis¬crepancies as soon as possible 'to the special address list~d on your statement for inquiries. Under the FCBA (credit cards) and the EFTA (ATM or debit cards), the card issuer must investigate errors reported to them within 60 days of the date of your statement was mailed to you.
• Keep a record - in a safe place separate from your cards - of your account numbers, expiration dates, and the telephone numbers of each card issuer so you can report a loss quickly.
• Carry only those cards that you anticipate you'll need.
To Do:
• Please sign on the signature panel on the re¬verse of the Card immediately with a non-erasable ball-point pen (preferably in black ink). This will en¬sure that the benefits of membership are yours and yours alone.
• Keep the Card in a prominent place in your wallet. You will notice if it is missing.
