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sunandaC October 19th, 2010 01:49 PM

PRODUCT DIFFERENTIATION OF CREDIT CARDS
 
THE VARIOUS TYPES OF CREDIT CARDS ARE AS FOLLOWS.

 CREDIT CARD - Although this has increasingly become generic term for any financial transaction, a credit card, offer an option of revolving credit. This means that the customer does not have to settle his account at the end of the month. Instead, the customer opts to make partial payments every month subject to a minimum account.


 CHARGE CARD- Here, the customer pays his/her bill at the end of each month. This card is mainly used for travel, and entertainment needs and for official and personal expense charges are approved, based on initial financial data provided at the time of the application and the spending and the payment patterns over a period of time.

 CORPORATE CARD- This card is issued to the company employees yo use for various expenses usually, the company takes the responsibility for the payments against this card and hence it is given to a selected level of employees in an organization.


 DEBIT CARD- Here, every time the card holder makes the payment, the funds
gets automatically deducted from their personal bank account.



 PRE-PAID CARD- This card is pre programmed to a set value and the consumer can continue to use it still its stored value is spent. This concept is likely to gain popularity in India after credit card concept is accepted by the general population.


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