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New Credit Card Rules Applicable From July 1-2022
The Reserve Bank of India (RBI) has extended certain conditions regarding credit card Rules and their limitations by three months in response to stakeholder requests. As a result, starting on October 1, 2022, these provisions will be in force. They were supposed to go into effect on July 1st, 2022.The requirement that credit card-issuing banks or institutions obtain the cardholder’s One Time Password (OTP)-based consent before activating credit cards if they haven’t done it themselves for more than 30 days from the date of issuance has been extended.The rule further stated that card issuers must cancel credit card accounts without charging the consumer any fees within seven working days of the date they asked for the customer’s approval to activate the card.The RBI announced in a notification released today that the provisions’ implementation has been delayed by three months in light of the Indian Banks’ Association’s (IBA) requests for a six-month extension on the amendments to the Master Directions for Regulating and Managing credit card rules.Another provision that has been extended states that card issuers must ensure the credit limit that has been approved and advised to the cardholder is never exceeded without the cardholder’s express permission.The provision further stated that there would not be capitalization of outstanding fees, levies, or taxes for charging or compounding of interest.The co-branding provisions, however, which restrict the role of co-branding businesses to marketing and distribution of credit or pre-paid cards, have not been extended.According to this provision, the co-branding partner will not have access to data on transactions made using the card, which will take effect on July 1, 2022.
More detailsPublished - Thu, 30 Jun 2022
Created by - Info Hynolig
Here is How you can earn upto 5 Lac per month
A smart earning starts with the best beginning. Join our initiative of ReferLoan Franchise and make a self-stand with more success on the bay!Refer Loan Pvt Ltd., Or in short say” Refer Loan,” is a digital platform that works as an intermediary between different Banks and NBFC for providing various services in the finance sector. As a leading fintech company, they are all about providing quick, affordable, and reliable financial services to their customers worldwide.ReferLoan is a huge fintech company with more than 175+ banks and NBFCs along with 345+ Financial Verticals.Get a Free ReferLoan Franchise and become your own boss – start your own business from today with ReferLoan Franchise because their products are for everyone and 1000s of people seek – Loan, Credit Card, Insurance, and Investments each day, so your business is not going to any wrong direction anytime soon. HIGHLY TRUSTEDRefer loan is a very highly trusted franchise. Since its inception in 2020, they have earned the trust and goodwill of over 1 million happy customers.SAFE & SECURERefer loan is very safe. Your data is completely safe with them. They Have built industry-best controls to keep your information, so you don’t have to worry about anything. ReferLoan has a sophisticated array of technology systems for protecting the confidentiality, integrity, and availability of its customer’s information assets. BenefitsYou would need a 100 sq ft office to get the franchise loan.With zero investment, you can get a loan for the franchise.You can earn up to 1 lac / 5 lac per month with the franchise.It is a pan-India service, I.e., it is available across the whole of India.You can get data, staff, HR, and Training support throughout the journey.Getting a franchise loan through ReferLoan is easy and safe. You can earn a good amount of money through franchises. Under the umbrella of ReferLoan, you will get full support and training to earn a lucrative amount of money through the franchise. Moreover, the best part is that you have the liberty of earning right from the comfort of your home. So, if you are keen on earning more benefits on the bay, jump on the journey with the ReferLoan franchise and head start with a more successful & steady growth ahead!
More detailsPublished - Thu, 30 Jun 2022
Created by - Info Hynolig
Today RBI Allows Mastercard to Onboard New Customers in India
On Thursday, the Reserve Bank of India (RBI) eased limitations put on Mastercard last year, allowing the global payment processor to onboard new clients for debit, credit, or prepaid cards in India after satisfactory compliance with data storage norms. The RBI placed limitations on Mastercard Asia /Pacific Pte. Ltd. on July 14, 2021, prohibiting it from onboarding new domestic users (debit, credit, or prepaid) to its card network until July 22, 2021. In addition, the Reserve Bank of India has slammed Mastercard Asia with a fine for failing to comply with the RBI circular on Payment System Data Storage dated April 6, 2018.After the RBI notified American Express and Diners Club International not to take on new domestic clients in April, Mastercard became the third company to be blocked on similar grounds.We appreciate the Reserve Bank of India’s (RBI) decision today, which allows us to continue onboarding new domestic clients (debit, credit, and prepaid) onto our card network in India immediately. Furthermore, we underline our commitment to serving the digital requirements of India, its people, and its businesses, as we have in our interaction with the RBI,” Mastercard said in response to the RBI’s latest order, quoted to the news agency PTI.Despite the progression of time and many possibilities, the entity (Mastercard) was deemed non-compliant with the directions on the storage of payment system data, according to the central bank’s earlier statement.
More detailsPublished - Thu, 30 Jun 2022
Created by - Info Hynolig
Why Let Your Business Suffer? Aspire to inspire with our Loan
Business Loan: A business loan is an amount borrowed by the business people from the lenders to invest the borrowed amount. A company’s ability to grow is critical. In this competitive environment, a company cannot exist without increasing revenue and profit. Business Loans are obtained to be invested to boost revenue.A business loan can be secured or unsecured and can be obtained through a bank. Banks will require collateral for secured loans, which may be lost if repayments are not paid. The bank will most likely want to view the company’s books, balance sheet, and business strategy, as well as the credit histories of the partners. However, many small businesses are now turning to Alternative Finance Providers, particularly in the case of smaller organisationsUnsecured business loans are just like personal loans where no collateral is needed and therefore have more risk than secured business Loans. Since unsecured loans have more restrictions and are riskier, interest rates will be higher and other terms may be more difficult to meet.What are the types of business loans?Common types of business Loans are as followsTerm LoanStart-up LoanWorking Capital LoanLoans against property Cash advancement for merchantsOverdraft FacilityLoans under Govt SchemesTerm Loan: Term Loans are the short-term loans offered to the business by the lenders for capital expenditure and expansion. Generally, Term loans have a tenure of 1 to 7 years. The quantity of money available through this loan is mostly determined by the company’s credit history. The borrower must state the purpose of use when applying for a loan. The interest rates on these loans are generally low.Start-Up Loan: Start-up Loans are business loans that are meant for the newly formed business to invest in new business ventures. A start-up’s goal is to develop quickly as a result of providing a product or service that fills a market gap. They need funds to invest in these new ventures to create revenues and profits. The Govt of India is providing a lot of business loans to start-up companies to encourage them to invest in the business and create employment.Working Capital Loan: A Working Capital Loan is a sort of business loan that is used to cover your short-term financial obligations and operational requirements. It is not intended to fund your business expansion or asset purchase objectives. The short-term obligations could include everything from monthly overhead payments to day-to-day expenses, raw material purchases, and inventory management. These are just a few of a company’s short-term operational requirements. Business Enterprise’s short-term needs are met with the help of a Working Capital Loan, giving enterprises more time to plan and focus on their long-term objectives.This working capital loan can be used to cover cash shortages in the off-season or to meet customer demands during peak seasons. Working capital loans are frequently taken out by service providers, producers, distributors, merchants, and traders who deal in exports and imports.Loans Against Property: A loan against property is a loan that you take out in exchange for your business or residential property as collateral. It is a secured loan against the property. The amount of a prospective loan you will be granted is determined by the value of your property. Any asset, such as your land, other property, or a company location, can be used as collateral. As long as the bank does not receive payment, the asset stays as collateral with the bank. These types of business loans are also referred to as mortgage loans. The interest rates on a loan against property range from 8% to 25% per year. With LAP, you can borrow up to Rs.25 crore for a term of up to 20 years.Merchant Cash Advancement: Merchant cash advancement: A merchant cash advance agreement is a contract in which a lender promises to provide a cash advance in exchange for a percentage of the business’s future revenues. The lender gives you an upfront sum of cash that you repay using a percentage of your debit and credit card sales, plus a fee. This type of financing is designed for small businesses that need capital immediately and can be used to manage cash-flow shortages as well as cover a variety of short-term expenses.It is very difficult for small business owners in India to secure the necessary funds to maintain their business operations. Due to a lack of collateral, high-interest rates, and lengthy documentation, business owners and start-up companies are not able to get the traditional business loans, and therefore, they are looking for other alternative sources of funding. Cash advancement offers them the loan they can invest into their business ventures to create revenue & profits.Overdraft Facility: Business Overdraft facility is a line of credit provided by the bank to manage your business requirement. When the bank provides you with the business overdraft facility, you can draw more money from your current and savings account than the actual amount you have in your accounts. A business overdraft charges interest only on the amount you have overdrawn. It is not like the other business loan, which has fixed installments and interest.A business overdraft facility allows you more cash flexibility, which can help the business enterprise in dealing with short-term financial emergencies to help the business function smoothly.Loans under Govt.: As we all know that micro, small and medium enterprises are the heart of the Indian Economy. These sectors greatly contribute to the Indian Economy and contribute 30% to overall India’s GDP. Indian Govt. helps the sector to strengthen the economy and help create more employment by offering them loans.Following are some of the business loans, Govt is offering to this sectorPradhan Mantri MUDRA Yojana (PMMYMSME Loan in 59 MinutesCredit Guarantee Fund Scheme for Micro and Small Enterprises (CGFMSE) National Small Industries Corporation (NSIC) …Credit Linked Capital Subsidy Scheme (CLCSS)What are the documents needed for the Business Loan?Following are the documents needed for the business loanAddress Proof (Voter ID, Passport or Driving License, Utility Bill)Identity Proof (Passport, Driving license, Election voter ID card)Last two years of income documents.Last six months’ bank statement.Proof of continuation (ITR, Trade License, Sales Tax Certificate)Recent PhotographFinancial statement of the business with the Valid income tax returns for the last two yearsGST certificate, Trade LicenceHow to apply for the Business Loan?Business Loan can be acquired in two waysOnline processOffline ProcessOnline Process: Following are the steps to be followed for applying for the business loanGo to the Lenders websiteUse apply now button on the pageSelect the desired LoanEnter all the information correctlyYou will be provided with the tracking ID.Check the application status using the tracking IDA Bank official will contact you to further formalitiesSubmit the formalities as soughtOnce the application is submitted, wait for the approvalLoan is approvedSign the Loan documentsOffline Loan application Process: Following are the steps to be followed for applying for the business loanYou can go to the bank’s branch where you want to get a personal loan. You must complete an application form and submit it together with all relevant documentation.Wait for the approvalThe loan is approved after the document verificationCheck the interest RatesSign the loan documentsHow can Referloan help you to get Business Loans?ReferLoan is a new financial technology company based in Noida with the goal of creating a digital platform for financial services and assisting loan applicants in securing low-interest loans. ReferLoan provides extensive coverage as well as a wide range of loan and investing options. ReferLoan is a loan and credit card marketplace that provides a wide range of lending and investing choices to retail clients.ReferLoan is the solution to your company’s loan needs. For any Business loan demands, contact Referloan right now, as it makes your life simpler and easier while also supporting you in receiving a low-interest loan.Referloan can assist you in obtaining any type of business loan you require. ReferLoan offers a staff of dedicated and knowledgeable experts who can assist businesses in obtaining the best loans possible to help them soar to new heights. Never let a lack of cash hold you back from pursuing your aspirations. Referloan can help you get all of the business loans you need.
More detailsPublished - Thu, 30 Jun 2022
Created by - Info Hynolig
What are the dos and don'ts in a credit Card?
The use of a credit card provides you with a sense of power and security. And, as the saying goes, "great power comes with great responsibility." Let's take a look at some of the dos and don'ts of using credit cards properly.DOsPay Your Bills On Time:It is critical that you make all of your credit card payments on time. Late payments can incur penalty costs, which will have an impact on your credit score. This will create problems in your future credit opportunities. Paying on time also allows you to enjoy your credit card purchases without incurring interest costs.Pay Your Complete Debt:If at all feasible, pay your entire bill. If not, make sure you pay more than the minimum owing. Aiming to pay off your credit card balance every month is a great way to prevent debt and interest payments.If necessary, contact your credit card company: If your bill is sent late, or if you forget the due date and missed a payment due to an emergency, notify them immediately and make the payment to prevent late fines. They might be able to help you come up with a reasonable payment plan.Maintain a Credit Card with a Low-Interest Rate:If you maintain a monthly balance, be sure your card has a low-interest rate. Learn about the impact of compound interest, which is the amount of interest levied on top of the purchase price and unpaid interest payments from prior months.Use Your Card Wisely:Only buy products that are high priority and those you can afford. When you don't want to carry cash, use this in an emergency. Before making "major" purchases, evaluate their worth by determining whether they are a desire or a need. When using credit cards, keep track of your expenditure and compare it to your budget.Choose Cards with Benefits That Are Right for You:Choose a credit card that is appropriate for your spending habits. Having a credit card with a fantastic air miles programme is only advantageous if you travel frequently for work or company, or take a lot of vacations each year. Compare credit card company offers and always get your reward points.Keep payment receipts and compare them to your bills or online account to avoid credit card fraud. This will safeguard you from credit card fraud. If you suspect fraud, contact your credit card provider right away to obtain protection.Always Read the Fine Print:Different credit card providers have different terms and conditions regarding interest rates, late penalties, yearly fees, grace periods, and default rates. Credit card firms profit when customers fail to pay. Read the fine print and be informed about the terms and conditions and cardholder agreements.Negotiate Your Annual Fee and Interest Rate:When you apply for a credit card, you can ask for a one- or two-year fee waiver. Lower interest rates can also be negotiated. Check the interest rate on your credit card on a regular basis to verify you're receiving a decent deal.Check Your Statements on a Regular Basis:Check your statements on a regular basis to verify the transactions and payments you've made. Check for fraudulent transactions and notify the credit card company if there are any.Limit the Number of Credit Cards:Keeping track of transactions and payments on several credit cards may be challenging. As a result, having only one or two credit cards is recommended.DON'TsDon't skimp on payments:As previously said, it is critical to make your credit card payments on time.Never use your credit card to obtain a cash advance: Withdrawing cash from a credit card will result in increased interest rates right now.Never Exceed Your Credit Limit:Always keep your credit limit within 30% of your credit limit. This will help you keep your balance low and your credit score high.Don't use your credit card rashly:Avoid using your credit card for impulsive purchases. This becomes a habit and eventually leads to debt.Don't Spend More Than You Can Afford: Remember that using a credit card is the same as taking out a loan. It must be paid back. Manage your credit limit and finances without "maxing out" your cards.Don't Use Your Credit Card for Everyday Purchases:Do not use your credit card to pay for goods such as food, clothing, and gasoline for your automobile.Never try to pay off debt with a new credit card: this will simply make your position worse rather than better.Never Give Out Your Credit Card Number:Never give out your personal information or credit card number since there are identity theft and phishing scams that ask for credit card information. In the event of any suspicious behaviour, contact the credit card company.Don't Get Special ServicesCredit card fraud protection and life insurance aren't required for customers; therefore, you shouldn't buy them from the firm.Using your credit card responsibly has several benefits and looks good on your credit report. It enables you to take control of your budget without having to worry about unneeded bills.
More detailsPublished - Thu, 22 Dec 2022
Created by - Info Hynolig
Recession is certain in 2023, but how much will it cost India?
In 2023, a global recession is projected. Discover what reasons contributed to it and how it would affect the Indian economy.We all know that the covid - 19 epidemic had a significant impact on the overall world’s economy. Even while the economy fought to recover, the Russia-Ukraine war emerged as yet another major blow. The combination of these two variables is anticipated to send the world economy into recession next year. And India is no exception.In 2023, there will be a significant decrease in output.If the epidemic had not occurred, global production would have increased by 23% since 2016. However, it is now expected to expand by just 17%. The global slowdown will keep real GDP below its pre-pandemic average and will cost the globe more than $17 trillion, or over 20% of global revenue.According to research by the United Nations Conference on Trade and Development (UNCTAD) research, Russia, Indonesia, India, the United Kingdom, and Germany are among the nations that may contribute the most to this global production loss.While India is anticipated to lose 7.8 percent of its output in 2023, the Eurozone is expected to lose 5.1 percent, China 5.7 percent, the United Kingdom 6.8 percent, and Russia 12.6 percent. Rising interest rates, currency weakness, rising governmental debt, and all of these factors, which have raised food and fuel costs, have created instability in global markets.Increasing interest rates to combat inflationAccording to a recent World Bank analysis, central banks throughout the world boosting interest rates to combat inflation may be a bad idea. Along with the recession, this is expected to cause a number of financial crises."Global economy is falling dramatically, and more nations are expected to enter recession." My grave fear is that these trends will continue, with severe long-term effects for people in emerging markets and developing economies," "said David Malpass, President of the World Bank Group.Escalating public debtThe International Monetary Fund (IMF) has predicted a recession for next year as well. The IMF's managing director, Kristalina Georgieva, stated earlier this week that global economic growth might be reduced by $4 trillion by 2026. She said that things are more likely to grow worse before they get better.While all areas are projected to be affected, emerging nations, many of which are on the verge of debt default, are receiving the most attention. Lower-income and lower-middle-income nations are paying more on public debt servicing. The nations with the largest share of revenue necessary to cover their national debt are Somalia, Sri Lanka, Angola, Gabon, and Laos.Currency depreciationDeveloping nations have spent over $379 billion of their reserves to cushion declining currencies, which is nearly twice the amount of new Special Drawing Rights (SDR) issued by the IMF. An SDR's value is determined by a basket of the world's five major currencies: the US dollar, euro, yuan, yen, and British pound.It is projected that industrialised nations' interest rate rises are disproportionately affecting the most disadvantaged. According to the UNCTAD, over 90 developing nations' currencies have weakened versus the dollar this year, with more than a third of them losing more than 10%.Food and gasoline are both expensive.Food and energy are two aspects that have a direct impact on the lives of ordinary people. Food and gasoline prices have risen dramatically in 2022. While the food price index reached a lifetime high of 125.7 in 2021, rising to 146.94 by September 2022, the Indian basket of crude oil prices averaged $102.14 per barrel between April and October 2022.The price of the Indian crude oil basket in 2021-22 was $79.18 per barrel, up from $44.82 per barrel the previous fiscal year.
More detailsPublished - Sat, 24 Dec 2022
Created by - Info Hynolig
Top 5 Reasons to study finance in 2023
Top 5 Reasons to study finance in 2023Finance degrees are a good alternative for people who want to learn about how the global economy works and the secrets of money, investments, and financial freedom.Despite being one of the world's oldest sciences, finance remains one of the most popular academic areas because we make financial decisions every day, big or small.That being considered, would a finance degree be valuable in 2023? If so, why should you focus on finance?Students must be thoroughly informed about funding possibilities such as education loans, career selection based on financial abilities, financial independence, and so on. Students are prepared for anything when it comes to making sound financial decisions, whether they are starting secondary school or looking for a job.Finance occupations are well-paying and in high demand.Everyone in today's society and economy relies on financial tactics and concepts. From small start-ups to major enterprises, from tiny stores to multinational supermarket chains, from law firms to insurance companies, all require finance expertise and are prepared to pay a high salary for expertise in this discipline.In India, financial analysts' salaries are 76% higher than the national average. The highest remuneration packages offered by companies to these specialists can occasionally exceed INR 16 lacs per year.Financial knowledge is necessary for a prosperous life.Let's face it: Knowledge is power, and the more financial knowledge you have, the better in a capitalist environment. In theory, at least.Because it is one thing to grasp finance, money, and investing. However, utilising this information, taking risks, and being prepared to make errors, lose money, and start over are what separate success from failure in personal finance.As a finance student, you will study a variety of courses and ideas that will assist you in:Recognise that money has a way of making every decision emotionally charged.Understand the distinction between assets (which put money in your pocket) and liabilities (which take money out of your pocket) (which take money out of your pocket)Learn how to save money and set aside funds for emergencies, children's education, travel, retirement, and so on.Discover how to invest and where to invest.By studying and using these financial ideas in your life, you will find it much simpler to keep track of your money, cut needless spending, and gradually move towards financial independence – a goal that very few people can afford to achieve.Finance teaches you the distinction between cost and value."Price is what you pay; value is what you get," says Warren Buffett, and it teaches us an essential lesson: just because something is on sale or reduced doesn't mean it's worth the asking price.This is one of the methods employed by numerous retail establishments because it is effective. People are more inclined to purchase something if they believe they will save money by doing so, even if the so-called "discounted price" isn't worth it.Allowing ourselves to be a little philosophical, we may see how this lesson, like most financial rules, pertains to life in general. Just because something is simple to execute or does not come at a high cost does not imply that it is worthwhile. Simultaneously, minor risks may have far-reaching consequences.Finance is far from mundane.Nobody could have predicted how quickly the financial industry would grow, evolve, and change a decade ago.The newest trend, for example, is financial technology, or fintech. Cryptocurrencies were all the rage a few years ago. Despite their early fanfare and popularity, they are still utilized and supported by a large number of individuals.Whatever the next financial innovation is, whether it is a universal basic income, a global digital currency, or something else new, one thing is certain: learning and working in finance will not bore you. It is one of the sectors of our society whose expansion is inextricably linked to the creation of new technology, which implies that advancements are unavoidable.Online finance courses make it easy to learn."I’m currently working a full time job, how I can able to study finance in between. "What should I do?"In this situation, you should look into online finance courses. You may study them at your own pace without interfering with your job or personal life. It's also a terrific method to save money on things like travel, relocating, buying books, and so on.An online course in finance may be the best of both worlds if you have a dependable device (computer, laptop, tablet, or even smartphone) and a solid internet connection. The primary advantages are as follows:Study whenever you choose to with expert trainers.Reduced prices: Online financial courses are least expensive with maximum benefits as like our best two courses i.e..,Certificate course in micro lending.Certificate course in plastic money.The course's starting price is just Rs.999/- which will provide you with vast knowledge in the growing financial fields.Amazing support: chats, discussion forums, Q&As, Facebook or WhatsApp groups, you name it, it's all there including expert trainers and one on one conversation to clear all related doubts.ConclusionYou must be eager to enroll in a financial literacy course at this point. Before you start looking for the financial literacy course you should enrol in, we have something more interesting to offer! Enrol in Hynolig’s Financial Literacy course, which is tailored specifically to young students like you.The courses:Certificate course in micro lendingcertificate course in plastic moneyWhat exactly are you waiting for? Go ahead and become the brightest among your peers by learning from the finest in the field!
More detailsPublished - Mon, 26 Dec 2022
Created by - Info Hynolig
How to start investing in your 20s
You begin working in your early twenties. Your pay is often entry-level. For the first time in your life, you have a sense of financial freedom, and your ambitions are out of this world! Most of us have the tendency to spend our first several years' salary on items and trips. That's fantastic, in my opinion.It is extremely possible that what you save in your first year of employment will be a fraction of what you can save in your 30s. However, early savings practices will serve you well as you become older and your income rises.Above all, do not underestimate the power of compounding. When you are 20 years old, Rs 1 lakh invested at 10% rises to Rs 45 lakh when you are 60. If you invest the same money at 30, it will only rise to Rs. 17 lakh.As a result, it is wise to appreciate your money while you are still in your twenties. However, your parents are correct when they advise you to begin saving.Here are some fundamental guidelines to get you started.Set aside 10-20% of your salary.When calculating your costs, imagine that only 80-90 percent of your paycheck is accessible. You were probably a student until recently, so you understand what it's like to live on a budget.Frontloading your investments, such as by arranging your systematic investment plan (SIP) for the first of the month, investing in your Public Provident Fund (PPF) in April rather than next March, is the best method to ensure you save and invest enough.You’ll lose money due to inflation if you don’t invest your money.The most essential thing to remember is to never leave money in your savings account. Apart from what you require immediately, begin investing the remainder. The concept of money staying in a savings account being "secure" is erroneous.Your money is losing value versus other assets on a daily basis; for example, in 2021, the rupee lost value against stocks, commodities, and other assets due to inflation. As a result, it is critical that you consider saving and investing as part of the same process.It is OK to make mistakes.You will make errors in your saving, investing, and spending. You may invest in something because everyone else is, spend more than you intended, or get lax and fail to start that SIP. It's fine.It is critical to learn from mistakes and adjust the course. It is never too late or too early to begin saving and investing. "The finest time to plant a tree is now," as the Chinese saying says.To Save, Set GoalsDo you want to go to Europe next year? Perhaps purchase the next iPhone? Make a separate fund for these large outlays. Using large goal posts to delay pleasure is an excellent method to develop savings habits.Inform YourselfOne of our education system's major flaws is that it does not teach personal finance in school. As a result, read a few books or watch some YouTube videos about finance, the stock market, and asset allocation; or you can also come check out our articles. This educational investment will provide you with the fundamentals you need to get started on your saving and investing journey.Investing in "Hygiene" BasicsIncrease your provident fund contribution, start a Nifty SIP, and purchase term life and health insurance.Keep in mind that saving is tedious. It's similar to taking care of your health; you have to put in the effort every day.As you begin your career and personal finance journeys, cultivate healthy habits from the start and see them grow.
More detailsPublished - Thu, 29 Dec 2022
Created by - Info Hynolig
Understanding Plastic Money
In summary, the majority of payments in India are done using plastic money, or with a debit or credit card.Although it may appear weird, plastic money is a legitimate phrase in finance. Here's what you need to know about it.Money is an essential aspect of our life. But how did the need for money arise? You may recall studying about a barter system in which commodities were exchanged for products, which was followed by an era in which gold and silver coins were introduced. We began to utilise paper notes and coins for economic transactions as humankind advanced. We also employed technology to pay for goods over time.What exactly do you mean by "plastic money"?Cards are increasingly being used instead of cash. These cards are referred to as "plastic money." Plastic money is represented by debit cards, credit cards, or any other cards. Plastic money has made it easier for us to conduct daily transactions. It has mostly supplanted cash payments worldwide and has established itself as an essential source of rapid money. It has made it easier for us to purchase products that we could not otherwise afford using some of the best credit cards on the market.The Advantages of Plastic MoneyPlastic money has several advantages, including:1. Living without moneyPlastic money has not only made our lives simpler, but it has also reduced the difficulties associated with carrying cash. Some of the greatest credit cards allow us to travel the world without carrying cash.2. Increased securityOne advantage of using credit or debit cards is that robberies and crimes are reduced. Hacking a card's PIN is tricky and requires knowledge of certain processes. As a consequence, credit and debit cardholders may be relatively certain that their funds are secure.3. Financial independenceCredit cards enable people to conduct transactions and pay for them even when they do not have the necessary finances. It is really useful, especially if you are low on funds. Credit cards help lessen the need for emergency financial assistance from others. You can fund your demand using a credit card and then pay it back in instalments. Furthermore, obtaining a credit card is simple. You only need to fulfill your bank's credit card eligibility criteria to get the card.4. Transactional simplicityCredit and debit cards can facilitate online payments, fund transfers, and other activities. Making payments with plastic money from any place is quite straightforward. Furthermore, numerous online merchants provide discounts when purchasing using credit or debit cards.5. Exciting promotions and discountsEvery credit and debit card issuer provides shopping bargains and discounts. They can assist you in saving more money and earning rewards on purchases.6. Travel cost savingsTravelling without plastic money might be costly. Credit and debit cards grant access to lounges and fantastic discounts on travel reservations. You cannot enjoy the same perks while paying with cash, making plastic money essential when traveling.Plastic money's disadvantagesPlastic money also has several drawbacks, including:1. It is not applicable everywhere.Certain establishments and shops may only accept cash. Purchasing goods from a tiny trader, for example, or purchasing veggies or newspapers.2. Can lead to debtWhen a person uses plastic money carelessly, they frequently exceed their spending limit and spend more than they can return. This may result in their incurring debt.
More detailsPublished - Sat, 31 Dec 2022
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