SHOW ME THE MONEY

Article Abstract:

A survey conducted by the Credit Card and Management Consultancy (CCMC) has found that 65 percent of credit and plastic money cardholders did not know rates of interest charged and how it was calculated. The survey covered 10,000 cardholders in 15 cities. Some of the cardholders understood the credit card as a disposable liability. The card issuers and consumer lenders share information on defaulters. Defaulters of credit card may find it difficult to raise money. The cards are of three types- charge, credit and debit cards. Debit card is easier to get as it is an alternative to carrying cash as you already have the money to pay the bills. Debit cards were launched a few months ago in India. Card issuers charge an annual fees for use of the card. A commission on the sale is charged to the member-establishment every time a transaction takes place. No interest is charged for the first 25-30 days. On the ATM withdrawal, interest is calculated on average daily balance method, two cycle billing, adjusted balance and previous balance method. (rk)

United States, Product standards, safety, & recalls, Data Processing Services, Credit Card DP Services, Credit card processing

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Holiday money

Article Abstract:

UK holidaymakers spend around 13-14 billion pounds sterling aborad, more than a quarter of which is accounted for by accommodation costs, according to a survey. More than 40 million foreign trips are thought to have been made in 1995 and 1996, and financing a holiday is of great importance. Expenditure is split between monies paid in the UK and that spend overseas. More holidaymakers in the lower socio-economic groups paid for holidays out of savings, although credit cards were the most popular method of payment. Duty free, gift, clothing and footwear shopping is undertaken by most holidaymakers, and expenditure overseas is expected to continue to increase by another 40% over the rest of the decade.

Finance, Vacations

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