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The Concept and Origins of Credit Cards

The Concept:

Credit card services were initially introduced and polarized in the UK in early 1950. However, banks and other financial institutions started to develop and issue credit cards in India in masses since 1970. Credit Cards can be seen a way of flexibility and the opportunity to have infinite purchasing capacity. In technical jargon, a credit card can be defined as a card whose holder has been granted a revolving credit line. The card enables the holder to make purchases and/or cash advances up to a pre-arranged limit. It is a card issued by a bank that allows the holder to buy goods and services and pay for them later. If, on the due date, the holder does not pay the balance, the bank charges interest on the unpaid balance.

Credit Card services in India:

Changing lifestyles and attitudes have made it a must for banks and financial houses to grant credit cards. You can either have a credit card from the bank where you have an account or, a promotional credit card. This latter type of credit card is a way of inciting you to use the banking services of this particular bank. You can apply for a credit card online in India. It is a simple process. Once you have decided to avail of this facility, you merely need to visit that particular website. You then apply for the credit card online by filling out the form. You need to fill in about your account details - maximum credit you expect monthly. The bank will also look at your current and past credit scores. Applying for a credit card online in India is flexible and convenient. It is the new and modern method of purchasing products as you now no longer have to pay in cash. You can now pay in plastic i.e. with your credit card. Applying for a credit card online can also be quite confusing. Indian banks offer a great variety of credit card services. Here also you are faced with two options - you can choose a select credit card with your desired facility or, you can opt for a premium credit card with all benefits and then choose your benefits monthly by paying for them.

Online credit card services:

Photo Card facility: You have the option of having your photograph and signature digitally imprinted on the front of the Card. This provides you extra security at any of the merchant establishments. In fact, it can be used as a proof of identification

Free credit card to family members: This feature allows you to apply for the issuance of a joint credit card for your entire family. You also have the option of getting free credit cards issued at express speed for your parents, spouse, children and siblings.

Emergency Assistance services:

Online credit card services also provide you with special emergency services such as buying on your credit card even when it is reported missing. In addition to theft, emergency services also include those of:

» Requesting for an emergency card replacement
» Emergency cash advance
» Miscellaneous enquiries.

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