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20-12-2017, 09:16 PM

Opinion and suggestion of plastic money Wikipedia

jaseela123d · 21-12-2017, 10:21 AM

Plastic Money is one of the most evolved forms of financial products. The term "plastic money" is used predominantly in reference to hard plastic cards that we use instead of cash. Today, transactions made with plastic cards are worth billions of dollars. And the recent demonetization experiment has certainly given more impetus to cashless transactions.

Types of plastic money

Credit cards

Credit cards are the financial product for short-term personal loans. It is the most popular form of plastic money. Although credit cards have evolved over the years, the basic concepts remain the same. You receive a plastic card (or in some premium versions a metal card) that is linked to a credit card account. You can withdraw (buy or withdraw cash) as well as your credit limit that is set based on your payment capabilities (income, other form of credits, etc.). You will be granted a certain number of days without interest during which you can pay all or part of what you have charged on your card.

Charge cards

Charge cards are very similar to credit cards. In fact, credit cards evolved only from credit cards. While most credit cards allow you to carry your balance from one billing cycle to the next, you can not do that with a credit card. A credit card does not offer you a line of credit, like credit cards, that is, you can not renew the balance as you do with credit cards. Then, this means that you will have to pay the full balance at the end of each month. If payments are not made on time, then a fine is applied. In general, the penalty or delinquency rate stays higher for credit cards to request punctual payments. Another difference is that credit cards do not usually have fixed spending limits. But this does not mean that you have an unlimited spending limit. On the other hand, your charges (that is, your purchases in commercial establishments) are approved based on your pattern of expenses, finances, credit history and account history, so it is flexible and will undoubtedly be higher if you guarantee timely payment of the outstanding balance. You may have found the term "Spending Limit without Presets (NPSL)". It simply means that your spending limit will be flexible and can be changed monthly based on the factors mentioned above.

Debit cards

Debit cards, in India, are the most widely used form of plastic money. The number of debit cards issued is much higher than the number of credit cards, however, debit cards arrived a decade later than credit cards. Debit cards are always linked to the bank account of the customer who owns it. Whenever you use your debit card, an equivalent amount will be deducted from your bank account. It is an ideal substitute for cash. Your cash is conveniently stored in a bank account that generates interest (no matter how low) and you can still access it anywhere, anytime you want (well, as long as your debit card is accepted). In India, debit cards are synonymous with an ATM card, although later it only allows the withdrawal of cash from the ATM. But debit cards, while they can be used for instant withdrawal of cash, of course, their purpose goes further. You can also use it for payments, money transfers (card to card) and to verify the balance.

Prepaid cards

Prepaid cards are rapidly gaining popularity in India. This form of plastic money has only recently attracted the attention of consumers. A prepaid card is like a credit or debit card in the way of the road. But it only looks similar, since the operation of a prepaid card is very different from the two. First of all, a prepaid card can not be used as a credit card, since it must be preloaded with money and only the amount charged can be spent. It is different from a debit card, since it is not linked to any bank account and, therefore, overdraft facilities are not available with these cards. The prepaid card differs according to usability, load capacity and acceptability. With respect to usability, prepaid cards range from serving as an alternative checking account to a means to access mass transit.

Store Cards

A store card is similar to a credit card, but you can only use it in the store or in the group of stores that issue the card. Like a credit card, you can use it to buy and buy things on credit that you can pay later. And like a credit card, you will be charged interest if you do not pay in full and on time. And keep in mind that the interest rate on store cards is quite high. What attracts consumers to the store's cards are the discounts and vouchers that are granted, as well as other benefits, such as free home delivery.

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