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03 November 2007

Knowing these 'Plastics' Better

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A credit card is a system of payment where it does not remove money from the user's account after every transaction. It is when the issuer lends money to the consumer (or the user). Credit cards allow the consumers to do balance transfers and as well as 'revolve' their balance, at the cost of having interest charged. Plastics, as many people would generally refer this card to, are the most convenient and easiest way to go around. It’s as a payment device and facilitate online banking has been intensified.

The rampant uses of credit card have substantial causes trouble for consumers as well. The downside occurs when making transaction one time too many or going over the maximum limit of the point-of-sale and consumer would have to pay higher rates including monthly service charge. Which would either get you more debt or would cause you trouble in your credit report.

The worldwide use of credit card have also paved the way of generating the industry of providing card industry which provides different incentives for consumers like rewards, gift certificates and cash back (typically up to 1 percent based on total purchases) to try to attract customers to their program. The credit cards with cash back provides consumer to avail extra money from merchant from purchases made. It is handy way to get cash without the trouble, and embarrassment, in withdrawing from automated teller machine.

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