50730438 Project Report on Credit Card1
Transcript of 50730438 Project Report on Credit Card1
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A PROJECT ON
"A STUDY ON CREDIT CARD"
(THE PLASTIC MONEY)
Submitted in partial fulfillment of the requirement ofBachelor Of International Business & Finance,
Jamia Millia Islamia, University,New Delhi-110025
Submitted by: ZOFAIL HASSAN
SESSION :- 2009-2011
Submitted to:
DEPARTMENT OF COMMERCE AND
BUSINESS STUDIES
JAMIA MILLIA ISLIMIA UNIVERSITY
NEW DELHI-110025
ACKNOWLEDGEMENT
A project gains a lot of relevance as it on time activity
serving a definite object. Practical experience in undertaking a
project teaches many things which would otherwise elude
observations.
I am very indebted and obliged to have Ms. VARDHA
SAGHIR (lecturer) project guide and whose scholarly guidance
and sustained interest in the progress of my project have been
the major contributing factor in preparation of this project
report.
I am also placed my sincere thanks to all respondents and
concerned people to this project.
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CONTENTS
x EXECUTIVE SUMMARY OF CREDIT CARD INDUSTRY
INTRODUCTION
TYPES OF CARDS
SALIENT FEATURES
x OBJECTIVES & SCOPE OF THE STUDY
x RESEARCH METHODOLOGY
x INDIAN CREDIT CARD SCENARIO
x DECIDING ON THE RIGHT CREDIT CARD
x ANALYSIS
x COMPARISON OF CREDIT CARDS
x SUGGESTIONS OF THE STUDY
x LIMITATIONS OF THE STUDY
x CONCLUSION
x RECOMMENDATION
x BIBLIOGRAPHY
x QUESTIONNAIRE
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INTRODUCTION
ORIGIN
The credit card had its beginning in an embarrassing incident that
took place in the early 1950s in America. The story goes that Mr.
McNamara; a New York businessman took his friends out to dinner.
At the end of meal he discovered that he had forgotten his wallet at
home, the proprietor was kind enough to allow him a later
settlement of bill. As McNamara stepped out of the restaurant he
had the brainwave for the introduction of credit cards - system of
availing instant credit upon confirming the identity of cardholder.
Thus was born the Diners Club Cards, the pioneer of todays
multibillion-dollar plastic money business.
Diners Club adopted a promising approach by recruiting various
hotels and restaurants to act as member establishments for accepting
the cards. Not only did these establishments pay a commission on
members purchases but the members also paid an annual
subscription fee. Diners Club vetted its members for credit
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worthiness and guaranteed payment to participating establishment.
Thus was born the first Travel and Entertainment Card. It was
followed by American Express, which is now a dominant force in
the Travel and Entertainment cards industry, and by 1959 by Carte
Blanche, after many vicissitudes is now a part of Citi Bank Empire
Together With Diners Club. In the present time American Express
leads the travel and entertainment (T&E) card industry.
The next great leap-forward came from Bank of America, which in
other banks. Such cardholders could use their card 1966 offered to
license its successful blue, white and gold Bank America card to at
any accepting merchant establishments around the globe. Later in
1977 all the national and international Bank America licenses were
pulled together under the single name of Visa.
Not to be outdone, a rival group of American Banks came together
in 1966 under the name of Interbank, later renamed Master Charge
and later still Master Card. Ever since Master Card and Visa and
their affiliates have carved the world credit card market.