Personal Finance

Money Laundering

Money laundering is a process used by offenders who attempt to conceal the true origin and ownership of the proceeds; these proceeds are results of criminal activities. It allows them to maintain control over the proceeds and provide a legitimate cover for their source of income.

The laundering of the proceeds that result from criminal activity is done through the financial system. The people who are involved in such an action exploit the facilities of the financial institutions of the world. Such an action is done easily under these conditions of free movement of capital. Banks involved in such actions risk to lose their market reputation.… Read the rest

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Deciding on the Right Credit Card

How much is the joining fee and the annual fee?

Generally, a credit card with a higher annual fee enjoys more benefits like higher credit limit, higher accident insurance cover, accessibility to airport lounges, travel discounts etc. OF at least the used to be the case. With cutthroat competition between the card issuing banks, players are ready to waive joining fees and also one-year membership fees for anyone. Grab these offers, or negotiate this for yourself.

How much is the Add-on card fee?

If you are interested in buying add-on cards for your children, spouse or friend, ask for the add-on card fee.… Read the rest

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Credit Card Industry in India

The credit card industry in India has registered an encouraging growth in recent times, but the usage pattern of credit cards remains a point of concern, those in the industry say. Seven years back, India had a base of around five lakh credit cards. There has been a seven-fold increase, with the number of cardholders touching over 38 lakh. These figures point towards the fact that the credit card industry in India is growing at a brisk annual rate of 30 per cent and is expected to grow at a similar rate in the coming years. This fortifies the view that conservative purchasing ideas are giving way to the big in-thing.… Read the rest

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What Is Plastic Money?

A plastic money card is a thin card that contains identification information such as a signature or picture, and authorizes the card holder to charge purchases or services to the card holder’s account. Today, the information on the card is read by automated teller machines (ATMs), banks, and the internet.

It all started in the 1920s, when individual companies (such as oil companies and hotels) issued these “plastic money cards” for purchases made at their businesses. However, these cards could not be used outside of the company.

In the 1950s a “universal card” was introduced by Diners Club, INC.… Read the rest

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Current Situation of Credit Card Business

The previous (current) financial crisis has severe effects on the business of companies in the credit card business. For a long time, the credit card business has been regarded as one of the most profitable businesses in the financial services industry. MasterCard was one of the most successful companies with its business model differing in one important point from its competitors. Most of the companies in the credit card business issue their cards on their own (including market leader American Express), whereas MasterCard and its main competitor VISA operate through a franchise system which allows its partners (banks) to issue cards of MasterCard.… Read the rest

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Some Facts Regarding Credit Cards

Know the Credit Card Well Before Applying for One

Owning credit cards are quite handy. You need not bring cash but still able to buy anything you want since almost all establishments, including those selling online, accept all types of credit cards. In fact, even if you do not have money yet, you can already make any purchase that may be heavily needed. It therefore provides safety and an answer to emergency needs.

However, people who are making use of credit cards should have discipline and be responsible enough not to spend beyond their means or end up being burdened with tons of debt.… Read the rest

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