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History of credit cards
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Credit cards were not always been made of plastic. There have been tokens made from metal coins, metal plates and celluloid, metal, paper, and now mostly plastic cards. American Express issued their first credit card in 1958. Bank of America issued the Bank Americard (now Visa) bank credit card later in 1958. Presently some college students have credit card already which some use for emergency purposes and while others use it as a substitute for cash. The researchers would like to know the factor that affects the College student perception on using credit card in their daily life in De La Salle Lipa, having a convenience of using a credit card as the biggest factor why a college student want a credit card.
By the year of 2013 there were around 7.5 million of Filipino is a certified credit card holder. This number is expected to rise due to the increasing numbers of middle class and the continuously improving of the economy (Moneymax.ph, 2014).
Based on the study of the researcher the Filipino’s are attracted to use a credit card because they want to have an easy access. They can also buy the things they want even though they don’t have enough money on time. This is also because of the marketer who introduces those credit card and they make their costumers believe on them that’s why they are forced to have one.
In addition Terriljo (2013) stated that there were lot of attractive offers, benefits and discounts for a credit card holder. He also says that the credit card holders will be enjoying purchasing protection, extended warranty, easy instalment plans, and insurance packages that why Filipino’s really wanted to have one. Some people believe that the college students should have credit for emergency purposes, easier to get an...
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...d from http://www.pinoysg.com/forum/viewtopic.php?p=1119984) http://www.moneymax.ph/blog/credit-card-dos-donts-financially-savvy-filipino/ Published by MoneyMax.ph on January 17, 2014 | Filed under Credit Cards, Lifestyle - See more at: http://www.moneymax.ph/blog/credit-card-dos-donts-financially-savvy-filipino/#sthash.aCBbHuKP.dpuf Credit Card Dos and Don’ts for the Financially-Savvy Filipino http://brighterlife.com.ph/2013/08/28/demystifying-the-credit-card/ http://www.investopedia.com/university/credit-cards/credit-cards6.asp http://inventors.about.com/od/cstartinventions/a/credit_cards.htm http://history1900s.about.com/od/1950s/a/firstcreditcard.htm http://www.creditcards.com/credit-card-news/credit-cards-history-1264.php http://www.thesimpledollar.com/a-fascinating-look-at-edward-bellamy-inventor-of-the-credit-card/
A credit transaction is when a consumer purchases a good or service and pays in the future. The use of a credit card can be useful as it is convenient, saving time and trouble. However, due to the extensive use of credit cards in Australia, legal issues has arisen such as the inability for consumers to repay their debts, unfair contract terms and inadequate procedures of credit providers. Prior to 1996, the Credit Act 1984 (NSW) was introduced as the only piece of legislation that regulated customer credit. However, because it only offered protection for less than 20% of consumers, the Consumer Credit Code was established in 1996 under the Consumer Credit (NSW) Act 1995 (NSW). This code is a set of uniform national rules about consumer credit transactions and has been adopted by all governments throu...
Kovak, Marc. “Survey suggests credit card companies unfairly target college students.” 31 March 2013. ProQuest. Mira Costa College Library, San Elijo. 15 Oct. 2014.
advantage, and I will show you how to choose a proper credit card, why you should pay
American Express continues to attempt to expand its customer base, while at the same time trying to keep its reputation as a card of status. Its successful marketing tactics in the United States compared to the slow expansion into markets abroad show its lack of consideration of the differences of these markets. By preparing a more decisive plan as to what type of consumers to target and what products to push in each of its market areas, American Express could have a much greater success with foreign expansion.
In the Spring of 1949, Alfred Bloomingdale, Frank McNamara, and Ralph Snyder came up with a new plan for a modern type of credit card. While out to lunch one day in New York, the President of the New York Credit Card Company Frank McNamara had forgotten his wallet at home (Evans 53) . He had a thriving business yet credit cards at the time were only given to selected people. The first modern credit cards was introduced by Diners Club Inc. because of this. The modern day credit card is a small, plastic, rectangle, more than three inches. There is an account number and a name that is embroidered on the front. The first credit card did not look much like what credit cards look today. They were made out of paper not plastic, and they weren’t cards they were a lot like a tiny booklet that had all the same information the modern day credit card has now(Weiss 38). The modern day credit card can carry up to a $200 line of credit meaning you can buy anything you want at that certain time and pay it back at a later date such as months or a year after that time. Some companies require you to pay the full amount of your charge on the card at once, but some allow you to pay in small amounts. In order to apply for a credit card you must be at least eighteen years of age and if you are not you must have an adult sign the paperwork to apply for one. Prior ...
Credit cards are something that are almost needed in everyday life now, as most dont have the money available to purchase a car or house and so need credit, thus needing credit cards to help build that credit. Those cards are hard to handle, and receiving applications in the mail daily, and commercials appearing on television don’t seem to make the struggle of staying away any easier. This starts to spark an interest. So people begin to think, "I think I 'm responsible enough to get a credit card, I 'll only use it for emergencies." Then the application process begins and it may take a couple times to finally be approved for one. This only makes it worse, of course, because realizing how long a credit card wasn’t applicable to life, but now
By offering consumers both a means to pay for goods and services and a source of credit to finance such purchases, credit cards have become the most widely used credit instrument in the United States. As a payment device, credit cards are a ready substitute for checks, cash, and debit cards for most types of purchases (Federal Reserve, 2013).
If we don 't have credit cards, we can’t build our credit history. If we don 't have a credit history, we aren 't allowed to buy cars or houses with low monthly payments. Having credit cards is a cycle in life because without one thing, we can 't have the other. When people have credit cards they have to use them. It doesn 't help that banks offer many credit cards to people, ending in high debt. Banks also encourage low monthly payments. If people pay low monthly payments, they will never end up paying their credit card debt off. They will probably end up paying for the objects they bought, two or three times. People aren 't forced to pay high monthly payments in order for it to take longer to pay the card off. If it takes longer for a person to pay a credit card debt, the credit card companies will be making a lot of money. I can definitely say I have experienced this because I am always offered to get a credit card. There are many stores that carry their own credit cards, and offer them for their customers. Offers are tempting and they can add to a future of credit card debt.
When choosing and selecting a credit card it's important to remember that your introductory rate will only last for a specific amount of time before increasing. This change usually takes effect after six months to a year. Many consumers are attracted to theses low-interest rates unaware the issuer will later increase their rates. I think it's also important for credit card holders to know how to avoid paying interest on purchases. Unaware of these charges, consumers can quickly acclimate fees. They will not charge you any interest on purchases if you pay your entire balance by the due date each
Some credit cards allow you to spend in a currency that your debit card doesn’t carry. Some credit cards are preferred in other countries rather than your non-national debit account. Some foreign countries are smothered with corruption where you need the fraud protection that your credit card has.
College debt is a major problem for student graduation college with large amount of loan that they can’t pay off. The Author Mannes George talks about how students can overcome some of these financial problems in his article “earning a degree in debt”. There are many ways that loan can be borrowed where you will need to know how to utilize those ways. Student are always excided to attend college of their interest but you will need to know how to make decision. Like factors price into decision, set some limits, thinking about paying early or often. Where this decision can help you save thousands of dollars in your tuition fee.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
Philippines: Country Profile 2004 1 Dec. 2004 The Economist Intelligence Unit Limited 2004 15 Dec. 2004 www.eiu.com
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
Besides all the chaotic Terrorism going on within the country, the Philippines is an amazing country who offers more than just good food, landscapes, Manny Pacquiao, and history sites. It is a country that has a versatile blend of their culture with everything they do. They continue to grow-not only as citizens, but also as a country. Today they are not a developed nation, but on an outlook by 2020 they will be able to surpass Thailand and hopefully be back to their title of the 2nd richest nation in Asia (1970’s).