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CREDIT CARD

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CREDIT VS DEBIT VS PREPAID Cards
Name
CREDIT CARD
SAMPLE CARD
BRIEF DESCRIPTION
  • Credit cards essentially let you borrow money up to a certain amount (your credit limit) from the card issuer to complete your purchase.
  • Credit cards also has the added benefit of installment payments, that is, spreading payments to months or even years, not to mention the bevy of deals and discounts to partner merchants.
  • Some credit cards offer rewards each time you spend.
  • NOT ADVISABLE FOR PEOPLE WHO ARE PRONE TO SPENDING BEYOND THEIR FINANCIAL LIMITS. DISCIPLINE IS ABSOLUTELY NECESSARY.
CARD LIMITDepends on the approved credit limit assigned to you by the bank. Increase in credit limits may be approved by the bank depending on card user's credit history.
PAYMENTAllows you to ‘borrow’ money to be paid back at the end of the card’s billing cycle
FEES AND PENALTIES
  • Annual fee (Most banks waive the first year annual fee. Succeeding annual fees may also be waived upon request if user is in good credit standing.
  • Interest charged for unpaid balance and penalties for late payments
WITHDRAWALS VIA ATMCan withdraw a portion of credit limit (charged with fee)
MAINTAINING BALANCENo maintaining balance
Banks
English
Unlisted
PREPAID CARDS PH
Jul. 23rd 2019 5:09:18 PM
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