Essay On Credit Card

INTRODUCTION

Financial Service industry constitutes one of the world’s fastest growing industries and the pivot of the modern economy. It largely depends on the quality and variety of services rendered by financial intermediaries such as banking and non-banking institutions. With the advent of liberalisation, denationalization and globalisation as a part of economic reforms and the evolution of information technology has generated the wind of change in the nature and mode of banking industry all over the world (Barker 1992) which has created major influences on Indian banking industry too. The conventional branch based banking is rapidly giving way to multi-delivery channels which helps to reach out to customers in any part of the world. Now,

Bellamy used the term credit card eleven times in this novel, although this referred to a card for expenditure a citizen's dividend from the government, rather than borrowing. Carrying a large amount of cash can be clumsy, dangerous and sometimes, one may run short of it, just when it is needed most. A credit card is the smart resolution to these difficulties. It is a safe and convenient alternative for cash. Most people associate a credit card with prestige and the customers take the obligation of being responsible to be extended credit. According to Encyclopaedia Britannica, “the use of credit cards originated in the United States during the 1920s, when individual firms, such as oil companies and hotel chains, began issuing them to customers”. However, references to credit cards have been made as far back as 1890 in Europe. Early credit cards involved sales directly between the merchant offering the credit and credit card, and that merchant's customer. Around 1938, companies started to accept each other's cards. From modest beginnings in the 1950s as a suitable way for the comparatively well-to-do to settle restaurant and store purchases without carrying cash, credit cards have develop an integral monetary product held by households in all financial