Different types of Plastic money

1. Credit Cards: A credit Card is a plastic card bearing an account number assigned to a cardholder with a credit limit that can be used to purchased goods and services and to obtain cash disbursement on credit.

plastic money

2. Debit Cards: Debit Cards are substitutes for cash or cheque payments much the same way that credit cards are.

3. Charge Cards: A charge card is means of obtaining a very short-term loan for a purchase. It is similar to a credit card,except that the contract with the card issuer requires that the cardholder must each month pay charges made to it in full there is no minimum payment other than the full balance. Since there is no loan, there is no official interest. A partial payment results in a severe late free and the possible restriction of future transactions and risk of potential cancellation of the card.

4. Amex Card: International visa and master cards are commonly used by the travellers to bear their expenses on their trips. Believe it or not,most of travellers finance their trip with their business credit cards. One of the major reasons because of which this practice has become common among the travellers is currency. It becomes difficult for the travellers to go to currency exchange bureaus and exchange their currencies at very low rates. Therefore,when American Express was founded in 1850,its growth was very rapid because of the demand of international travellers for American Express cards.

5. MasterCard World Wide: MasterCard World wide is a multinational corporation based in purchase, New York, U.S. Throughout the world,its principal business is to process payments between the banks of merchants and the banks of purchases that use its “MasterCard” brand debit and credit cards to make purchases. MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, MasterCard Worldwide was a membership organization owned by the 25000 financial institutions that issue its card.

6. Master Card: A smart card is a plastic card embedded with a computer chip that stores and transacts data between users. This data is associated with either value of information or both and is stored and processed within the card’s chip,either a memory or microprocessor. The card data is transacted via a reader that is part of a computing system.