Advantages Of Debit Card Vs Credit Card - 931 Words

The Advantages of Debit Card versus Credit Card The advantages of debit card versus credit cards used by young adults are debit cards will not allow you to mismanage, overspend or go into debt. The most common explanation for credit card debt for people under the age of 25. â€Å"Demographic and credit trends show that young people, and in particular students, may be the next segment of credit users that will face difficult financial times. â€Å"In the United States, there are 19.1 million students who are attending colleges and universities (US Department of Education 2009).† They account for approximately 6% of a population of 308 million people (US Census Bureau 2011). On average, students possess 4.6 credit cards (SallieMae 2009). They also owe more on their credit cards than they did just a few years ago; in 2004, students owed, on average, $2,900 on credit cards whereas in 2009 this figure soared by 78% to $4,100 (SallieMae 2009). Moreover, young consumers account for the second largest rate of bankruptcy in the United States (Sullivan, Thorne, and Warren 2001). Together, these figures suggest that young adult consumers in America spend more with their credit cards than they should. In addition, research shows that credit card debt is associated with financial stress (Grable and Joo 2006) as well as poor academic achievement (Pinto, Parente, and Palmer 2001). The desire to use credit as a form of payment but with no steady income available to repay the credit line. ForShow MoreRelatedDebit Card7035 Words   |  29 PagesDEBIT CARD IN INDIAN ECONOMY A Debit Card is personal card provided to the customers by the Bank to enable the card holder to withdraw money or to have the cost of purchases charged directly to the holders bank account. A  debit card  (also known as a  bank card  or  check card) is a  plastic  card that provides the cardholder electronic access to their  bank account at a financial institution. Some cards have a  stored value with which a payment is made, while most relay a message to the cardholders bankRead MoreThe Impact Of Internet On Its Day Today Happenings2313 Words   |  10 Pagestransactions, credit debit payments and digital currency. Traditional money transactions currently, debit cards are spread widely and deposit transfer via the Internet appears to be coming soon (White 1996). On-line payment by credit card is already available at many commercial web sites today. But these are evolutionary rather than revolutionary changes. What happens behind the scenes - deposit transfer - remains the same. A problem of these type of transactions is that the credit card details mustRead MoreStudy of Loyalty Programs1278 Words   |  6 Pagesprograms prove to be, for a customer centric apparel retailer. Most customers hold several loyalty cards of competing retailers. Past studies looking into the impact of card ownership on store loyalty showed mixed results. Loyalty cards are effective only when customers value the rewards associated with them. This research is being done to investigate to what extent the satisfaction with loyalty card rewards affects the customer experience with the retailer. Literature Review A customer is theRead MoreDeluxe Corporation2505 Words   |  11 PagesDeluxe Financial Services-serving banks and credit unions Deluxe Small Business Services-serving small businesses Direct Checks-producing and delivering checks directly to consumers Deluxe is based in Shoreview, Minnesota and has 33 facilities in the U.S. and 3 locations in Canada to conduct its printing and fulfillment, call center, and administrative functions. In addition, the company sells personalized checks, accessories, stored value gift cards and other services directly to consumers. TheRead MoreApple Pay Vs. Google Wallet : Comparison Guide3097 Words   |  13 PagesApple Pay vs. Google Wallet: Comparison Guide Copyright  © 2014 Conceptual Kings. All are rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review. Introduction Advances in modern technology means it has become necessary to introduce novel ideas. Apple and Google have attempted to provide new ways to make technology efficient and convenientRead MoreSwot Analysis for Bank of America Essay1553 Words   |  7 Pagesbanks income statement, balance sheet, and cash flow (MGT/521 course syllabus). I will also analyze Bank of America’s financial health and compare it against another bank. After I do the comparison I will compare Bank of America technological advantages, or address any deficiencies they may have. This paper will also address the effects of globalization on the Bank of America and I will conduct a benchmarking analysis that will include the best practices of Bank of America, operational processesRead MoreBusiness organisation Essay5280 Words   |  22 PagesExploring Corporate Strategy), ââ€"  issues of synergy and parenting advantage (chapter 6 of Exploring Corporate Strategy). 3. LEARNING OBJECTIVES The Barclaycard case study develops students’ understanding of how to identify, evaluate and rank possibilities for growth. In particular, the case study will illustrate the issue of how, despite growth in the number of participants and claims of increased competition, credit cards remain a remarkably profitable component in a bank’s portfolio.1 AlsoRead MoreThe Bank s Strong Brand Recognition1393 Words   |  6 Pagesinstitution to service its customer base. The bank offers a range of financial and risk-management products and services. â€Å"Its product and service portfolio includes checking accounts, savings accounts, personal loans, business loans, auto loans, debit and credit cards and retirement solutions.† 4 Enhanced Digital Banking Capabilities One of the strengths of Bank of America lies within the digital banking realm. Customers appreciate not only the thousands of ATM’s available to them 24 hours a day, butRead MoreNew Technologies in Banking4440 Words   |  18 PagesCONTENTS TABLE OF CONTENTS 2 EXECUTIVE SUMMARY 3 INTRODUCTION 4 MOBILE PAYMENTS 5 1. Premium SMS based transactional payments 6 2. Direct Mobile Billing 6 3. Mobile web payments (WAP) 6 4. Contactless  NFC (Near Field Communication) 7 5. M-payments vs. Current payment methods 7 FINGERPRINT 8 1. Recognition Process 8 2. Fingerprints in banks 8 2.1 Benefits 9 2.2 Problem 9 IRIS SCAN 10 1. Description 10 2. Why or why not use Iris can 10 3. Implementation for Banks 12 CONCLUSION 13 APPENDIX 14 Read MoreA Report On Online Payment Systems2681 Words   |  11 Pagesdatabase. After assisting the Johnsons developing their e-marketing and developing their social media campaign, I was asked upon to help them developing an e-payment via their website and ensure that the transactions are safe and secure. Third Party vs. Merchant Services Internet payment systems refer to the different systems by which individuals and companies doing business online collect money from their customers in exchange for the goods and services they provide on their websites. Online