Technology Helping in Easier Shopping
Technorati Profile
Credit cards, which are usually plastic cards, are used by consumers at merchant outlets and ATM, to frequently make purchases, avail service and draw cash with or without cash balance in the bank. The card contains user details, drawing limits and validity period which is implanted in the magnetic strip or the chip in it or both.
The credit card offers consumer different schemes of credit with a limit. It provides interest free credit (which depends on the card provider) for a stipulated period of time. It offers making part payment of debts. The irony is, the consumer is charged high interest rates on the balance debt amount. Persons, who are impulsive buyers, can overspend than their financial capability to repay. Subsequently, debt repayment becomes difficult and consequently becomes difficult to get out of debt. At times, when card is stolen or lost, it may cause great inconvenience. Many people have started using credit cards in internet for making purchases. They should be very careful while giving the card details over the net because if it reaches the wrong hands, it will be misused and burden the consumer with heavy debts.
Another benefit of using credit cards at merchant outlets, the card provider gives some reward points. If used judiciously one may save a good amount of money. Often, it is noticed that the offers made by the companies seems to be lucrative at the outset but may not be true.
With the development of technology, the merchants receive quick payments instead of giving credit to a customer and wait for days. They use the credit card in their modem and instantly verify the details of the consumer, with the provider company, which is embedded in the magnetic strip/chip. In India electronic verification system (EVS) identifies the validity and credit limit of the card. To use a credit card a payment terminal with a link to the bank is required to know the validity and credit limit.
In internet banking the card numbers are stolen through virus attacks- organized attacks of virus like MALWARE, phising, etc. They usually take the help of MALWARE and hack the websites of financial institutions. At such instances, to pay off credit card debt is very difficult. A couple of year’s back this attack was detected in India. The attackers lured mail users with offers like, winning a lottery or an unclaimed fortune, where they asked to send the bank details, address, etc. Some people fell for the offer and lost huge amount of money.
Another important aspect lies in holding more than one credit card. The more the cards you have more trouble. When one is indebted by one or more cards it becomes difficult to repay as payment s are to be made to different companies. Here credit card consolidation should be made and all debts may be transferred to a single card for payment at a single outlet. Credit card borrowings are basically unsecured loans without collateral security. When there is a multiple loan then one can seek on unsecured debt consolidation by availing loans from banks etc.
Overall, credit card is a very helpful means when used judiciously and with utmost precaution. If precautions are ignored then it turns to a devil with family and friends.
Tags: credit technology, internet technology, online shopping
May 22nd, 2009 at 8:24 am
Hi,
We have just added your latest post “Technology Helping in Easier Shopping” to our Shopping Directory. You can check the inclusion of the post Technology Helping in Easier Shopping . We are delighted to invite you to submit all your future posts to the directory for getting a huge base of visitors to your website and gaining a valuable backlink to your site.
Warm Regards
bestmart.info Team