CEC on CREDIT and DEBIT CARDS

Group Members: Aesha Shah Darshak Parekh Khyati Rathod Simab Kokaniwala Ruturajsingh Ghadvi Saddamhussain Mansuri

INTRODUCTION What is a Debit Card? An electronic card issued by a bank which

allows bank clients access to their account to withdraw cash or pay for goods and services.

This removes the need for bank clients to go to the bank to remove cash from their account as they can now just go to an ATM or pay electronically at merchant locations.

This type of card, as a form of payment, also removes the need for checks as the debit card immediately transfers money.

What is a Credit Card?

A card issued by a financial company giving the holder an option to borrow funds, usually at point of sale.

Credit cards allow the consumers a continuing balance of debt, subject to interest being charged.

Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the individual's credit rating. 

History of Credit Cards The use of credit cards originated in the United

States during the 1920s, when individual firms, such as oil companies and hotel chains, began issuing them to customers.

Early credit cards involved sales directly between the merchant offering the credit and credit card.

Merchants could deposit sales slips into the bank and the bank billed the customer who used the card.

The inventor of the first bank issued credit card was John Biggins of the Flatbush National Bank of Brooklyn in New York.

History of Debit Cards The first debit card may have hit the

market as early as 1966. The Bank of Delaware piloted the card.

By the '70s, several other banks were trying out similar ideas.

Debit card usage picked up in the '80s and '90s as more and more ATMs started cropping up across the country.

In 1990, debit cards were used in about 300 million transactions.

Procedure to apply for a card Choose the card that you wish to apply. A duly completed application form along

with a photograph has to be submitted. You have to provide the identification

documentations for proof and verification. The company would verify the details

given by you. If all the details after verification are

found in order, the company would send the card in 3 to 4 weeks starting from the day the application has been sent.

Cont..

It would issue the card and send it by courier to the mentioned correspondence address. The courier has strict instructions to hand over the card only to the applicant of the card.

Banks

UCO bank Dena bank Bank Of Baroda State Bank Of India

UCO BANK

UCO

'Freedom from Cash' simply epitomizes all that UCO Bank VISA Debit Card stands for.

Use your card for shopping at over 5 lakh outlets in India, and over 30 million worldwide 

Use your card securely for purchases and payments over the internet using Verified by Visa

Daily limits: UCO Visa Gold/Platinum/Signature Card offers

you higher daily limits on cash withdrawals and purchases and acceptance at more than 30 million locations worldwide and over one million ATMs in the Visa Global ATM Network.

To serve your enhanced lifestyle, we offer you a cash withdrawal limit and purchase limit as mentioned below. You can pay for purchases directly either at shopping locations or online.

Types of cards

TYPE OF CARDWithdrawal Limit

POS/e-commerce

Total Per Day Limit

Classic (visa) Rs. 25,000 Rs. 25,000 Rs. 50,000

Gold (visa) Rs. 50,000 Rs. 50,000 Rs. 50,000

Platinum (visa) Rs. 50,000 Rs. 1,00,000 Rs. 1,00,000

Signature (visa) Rs. 50,000 Rs. 2,00,000 Rs. 2,00,000

Classic (RuPay) Rs. 25,000 Rs. 25,000 Rs. 50,000

EMV (visa) Rs. 25,000 Rs. 25,000 Rs. 50,000

KCC (RuPay) Rs. 25,000 Rs. 25,000 Rs. 50,000

While traveling internationally, the cash withdrawal limit and purchase limit is equivalent to INR value.

International Usage: You can use your UCO Visa Debit Card whenever

you travel abroad. You can pay directly for your purchases or withdraw cash at international ATMs. Your debit card is accepted at millions of shopping locations and ATMs across the world.

Offers and Benefits: UCO Visa Debit Cards comes with a host of offers

and benefits on dining, shopping and more.

Online Usage: UCO Visa Debit Card can be used online to pay

bills, booking movie tickets or train tickets, planning your travel packages, online shopping etc. It is easy, convenient and safe to use your UCO Visa Debit Card online with Verified by Visa.

Debit cards:

Dena Bank Debit cum ATM Card offers you an easy and convenient way to do all your transactions and that too within a fraction of seconds.

more than 1421* ATMs all across India 24 ATMs with biometric based identification

features in the state of Gujarat

Dena Bank offers the following types of cards:

Dena ATM Card Dena Insta Card (Un-named Debit Card) Dena Debit cum ATM Card (Named Debit

Card) Dena EMV Chip Debit cum ATM Card (Named

Debit Card) Dena EMV Chip International Gold Debit Card Dena RuPay KCC Debit cum ATM card for

DKCC holder

2. Dena Insta Card (Un-named Debit Card) Used on Dena Bank & member Bank’s ATMs

and POS Terminals in India and abroad Issued at the counter along with the PIN Also called as Un-named card Card verification value (CVV2) enabled

cards Used for purchase of goods on internet

including e-ticketing.

3. Dena Debit cum ATM Card (Named Card) Used on Dena Bank & member Bank’s

ATMs and POS Terminals in India and abroad

Name of the customer is embossed on the Debit card

Card verification value (CVV2) enabled cards

4. Dena EMV Chip Debit cum ATM Card (Named Card) Used on Dena Bank & member Bank’s

ATMs and POS Terminals in India and abroad

Name of the customer is embossed on the Debit card

Card verification value (CVV2) enabled cards

EMV chip

5. Dena EMV Chip International Gold Debit Card Offers higher cash withdrawal limit on

ATM and higher transactions limit on POS terminals

And all above mentioned features

6.Dena RuPay KCC Debit cum ATM card for DKCC holder Issuing For DKCC Holders

Tie Up Arrangements With Collateral Management Agencies Like National Bulk Handling Corporation Limited (Nbhc), Star Agri Etc. For Financing To Farmers Against Pledge Of Warehouse Receipt Issued By The Collateral Management Agencies.

Cont..

Tie Up Arrangement With M/S International Tractors Ltd. (ITL) For Channel Financing To Tractor Dealers

Tie-up Arrangement With Various Tractor Manufacturing Companies For Retail Financing Of Tractors(cash Discounts / Extended Warranty Periods To The Farmers).

Customer can perform following types of transactions:-1. Cash withdrawal2. Balance Enquiry3. Mini statement4. Fund Transfer5. Prepaid Mobile Recharge

Withdrawal limitsno Type of Card Cash Withdrawal

Purchase at Merchant

EstablishmentsFund Transfer

1 Dena ATM CardUp to Rs. 20,000/-

per dayNot Applicable

Up to Rs. 1,00,000/- per day

2 Dena Insta Card Up to Rs. 20,000/-

per day

Up to Rs. 25000/-

per day

Up to Rs. 1,00,000/- per day

3 and 4

Dena Debit cum ATM Card & Dena EMV Chip Debit cum

ATM Card 

Up to Rs. 20,000/- per day

Up to Rs. 25000/-

per day

Up to Rs. 1,00,000/- per day

5Dena EMV Chip International

Gold Debit Card Up to Rs. 50,000/-

per day

Up to Rs. 1,50,000/-

per day

Up to Rs. 1,00,000/- per day

6Dena RuPay KCC Debit cum ATM Card for DKCC holder 

Up to Rs. 5,000/- per day

Up to Rs. 1,000/-

per day

Up to Rs. 1,00,000/- per day

Dena Credit Card Service

The Bank has entered into arrangement for Co-branded Credit Cards with SBI Cards so as to make available better features and facilities to the customers

Co branded Dena-SBI CardsFees & ChargesJoining Fee (one time)  NIL

Annual Fee(p.a.)+ Upto Rs. 250

Addon Fee(p.a.) Upto Rs 100

Cash Advance Limit Upto 80% of Credit Limit ( Max. 12K / day & 15K / day for Gold & Platinum Cards )

SBI ATMs /Other Domestic ATMs  2.5% of withdrawal amount or 300/- (WIH) per transaction

International ATMs 3% of withdrawal amount or 300/- (WIH) per transaction

Overlimit 2.5% of Overlimit Amount (Min. Rs. 500)

Bank Of Baroda

BOB Silver Card DESCRIPTION

This card is affiliated with Visa international and accepted worldwide.

ELIGIBILITYIndividual : Annual income of Rs. 1,50,000.

FEATURES· Revolving credit : Rs. 25,000 . Cash withdrawal: cash limit will be 20% of the sanctioned credit limit.  . Service charge on revolving credit limit : 2.5% (i.e. 30% APR)· Service charge on Cash withdrawal : 2.5% or Rs. 100 whichever is higher· Service Charge on ATM Cash withdrawal : 2.5% or min. Rs.100(Domestic), 3% or min. Rs.150(Abroad).. Insurance: Free personal accidental insurance of Rs.1,00,000. In case of air-accident - Rs.5,00,000.

BILLING1st of every month, a bill will be sent to the cardholder at his/her given address for making payments on or before the due date mentioned in the bill.

BOB Gold Mastercard

DESCRIPTIONBOBCARD Gold is affiliated with MasterCard International & valid throughout the world. It is globally accepted over 70 million locations and more than 1 million ATMs worldwide.

BOBCARD presents these premium cards to offer its gratitude to the High Net worth Individuals. Exclusively designed, these cards are packed with great features and benefits.

You can withdraw cash up to 20% of credit limit from ATM's. 

ELIGIBILITYIndividual : Annual income of Rs. 2,50,000 or more.

FEATURES· Revolving credit : Rs. 50,000 . Cash withdrawal: 20% of credit limit.

BOB Platinum Card  

BOBCARD Platinum is affiliated with MasterCard International & valid throughout the world. It is globally accepted over 70 million locations and more than 1 million ATMs worldwide. BOBCARD presents these premium cards to offer its gratitude to the High Net worth Individuals.

You can withdraw cash up to 30% of credit limit from ATM's.

ELIGIBILITYIndividual : Annual income of Rs. 5,00,000 & above.

FEATURES Revolving credit : Rs. 1,00,000

Cash withdrawal: 30% of credit limit. 

BOB CORPORATE GLOBAL 

DESCRIPTIONThis credit card is affiliated with Visa International & valid throughout the world on over 70 million establishments & more than 1 million ATMs. It can only be applied by a corporate.

ELIGIBILITYIndividual : Not applicable.Company : Turnover of Rs.1 Crore or more.                 Paid-up Capital: Rs.10 Lacs                Minimum Net worth Rs.30 Lacs    

FEATURES· Revolving credit : up to Rs.3,00,000

BOBCARD EXCLUSIVE

DESCRIPTIONThis card is welcomed at over 70 million Merchant Establishments and more than 1 million ATMs worldwide. This card is affiliated with MasterCard International and is very popular amongst the Bob cards holder.

ELIGIBILITYIndividual : Annual income of Rs. 2,00,000 or more.

FEATURES· Revolving credit : Rs. 40,000

BOBCARD EXCLUSIVE WOMAN

DESCRIPTIONBOBCARD Exclusive Woman Card is a tribute to the glorious women of India who are acclaimed for their contributions to the human civilization. BOBCARDS presents this Card to offer its gratitude to the great women souls of the land.This card is welcomed at over 70 million Merchant Establishments and more than 1 million ATMs worldwide. This card is affiliated with MasterCard International and is very popular amongst the Bobcards holder.

ELIGIBILITYIndividual : Annual income of Rs. 2,00,000 or more.

FEATURES· Revolving credit : Rs. 40,000

BOBCARD PLATINUM VISA DESCRIPTION

BOBCARD Platinum Visa is affiliated with Visa International & valid throughout the world. It is globally accepted over 70 million locations and more than 1 million ATMs worldwide. BOBCARD presents these premium cards to offer its gratitude to the High Net worth Individuals. Exclusively designed, these cards are packed with great features and benefits.  you can withdraw cash up to 20% of credit limit from ATM's. 

ELIGIBILITYIndividual : Annual income of Rs. 3,00,000 or more. 

FEATURES· Revolving credit : Rs. 75,000

BOBCARD SIGNATURE DESCRIPTION

BOBCARD Signature is affiliated with VISA International & valid throughout the world. It is globally accepted .

Not to mention the extra benefit of insurance it offers -Accidental Insurance and Baggage Insurance. you can withdraw cash up to 30% of credit limit from our area offices/ BOB/ATM's. 

ELIGIBILITYIndividual : Annual income of Rs. 12,00,000 & above.

FEATURES Revolving credit : Rs. 5,00,000

Cash withdrawal: 30% of credit limit

  Baroda Visa Electron

Key features:Offering ease of shopping with spend limits of Rs. 50,000/- per day Allow cash withdrawal through ATMs for your immediate needs of Rs. 25,000/- per daySecured with signature verificationA most acceptable shopping option

  Eligibility: Baroda Electron is required and available to our customers who are eligible to operate their account individually.

Baroda Maestro

Key features of Baroda Maestro debit card:Most secured debit card usable along with PINNo threat of card misuse when lost/stolenOffering ease of shopping with spend limits of Rs. 50,000/- per day Allow cash withdrawal through ATMs for your immediate needs of Rs. 25,000/- per day

Eligibility:We offer Baroda Maestro Debit Card to all our customers who wish to have more secured card and are eligible for debit card issuance.

Baroda Master Card ‘Combi’ Gold Key features

Offering ease of shopping with spend limits of Rs. 1,00,000/- per day.Allow cash withdrawal through ATMs for your immediate needs of Rs. 50,000/- per day.Being a ‘Combi’ card, it would be accepted at regular signature based POS as well as more secured PIN based POS terminals. A cherished flexibility for our premium customers.

Eligibility:Being a premium card, we offer this to: Salaried persons, Businessmen, Professionals, Proprietor and partners of Partnership firms with an earning of minimum Rs.3,00,000/- per year, and/or Non resident A/c holders, and/orCurrent Account holders with average monthly balance of Rs.50,000/- or more for past twelve months.

Baroda Visa Platinum

key featuresSegmented offering with higher limits on POS is  Rs.2,00,000/- per day Superior spending power with ATM withdrawal limit of Rs.1,00,000/- per day. Visa concierge service for providing personalized customer care.24/7 Global customer assistance service provided by VISA Lost/stolen card reporting Emergency card replacement Emergency cash disbursement Travel assistance

Various reward/promotional offers made available by Visa (in and outside the country)

Eligibility: Salaried persons, Businessmen, Professionals, Proprietor

and partners of Partnership firms with an earning of minimum Rs. 5,00,000/- per year, and/or

Non resident A/c holders, whose accounts are active, with a minimum turnover of Rs. 4,00,000 an year, or who holds Fixed deposit with our Bank to the tune of   Rs. 4,00,000 or above, and/or

Super Saving Account holders, and/or Premium Current Account Holder. 

RuPay Debit Card

Key features of RuPay Debit Card:It can be used only with PIN hence a more secured debit card.No threat of card misuse when lost/stolen.Card would be accepted only at secured PIN based POS terminals.Cash withdrawal limit at ATMs is Rs 25,000/- per day.Spend limit at merchant outlets (POS) is Rs 50,000/- per day.Available to all customers eligible for debit card issuance.

SBI

SBI DEBIT CARDS

SBI Silver Debit card SBI Classic Debit card SBI Gold Card SBI Platinum Card SBI Virtual Debit Card

Features:

SBI Silver Debit Card is international debit card for global use. SBI Classic Debit Card is for use in India. If you need international use you may prefer Silver Debit Card. Otherwise Classic debit card will be sufficient.

You can draw cash at ATMs, dine, shop and travel using the Gold Debit.

For shopping at over 5 lakh merchant outlets in India. For booking movie tickets, bill payments, travel and

other online purchases and payments over the internet using secureMaster Secure Code/Verified by Visa

For withdrawing cash from State Bank Group ATMs or other ATMs in India

SBI CREDIT CARDS

SBI Gold and more advantage card IRCTC SBI platinum card Yatra SBI card Spice jet SBI card Air India Platinum Card Platinum card Signature credit card

Features: World wide acceptance Credit facility Addon cards 0% fuel surcharge Cash on go Booking railway tickets online Utility bill payment facility Security Balance transfer E-statemnets

Card alerts Flexy pay SBI card online, air india card online Emergency card replacement ( for

platinum cards, Air India SBI card) Teledraft facilty (easy money darft) Global card

Taking care of your card: Your card is very important and must be kept safely. The card must not be kept near a TV. Store your Card in secure place where you will immediately

know if it is missing. Store the ATM-cum-Debit Card carefully so that the magnetic

stripe does not get damaged.  Never leave your Card unattended, e.g. in your car, in a hotel

room or at work. Avoid scratching the magnetic strip. Do not place two Cards with the magnetic strips together. Do not bend the Card. Keep your card away from heat and direct sunlight.

Comparision

Credit Card Debit Card

Where money comes from

Borrowing money from a bank or financial institution. (Spending "other's" money)

Funds taken from the money that you have in your bank account. (Spending your "own" money)

Can be used as

Credit card only Debit or credit card i.e., a debit card may be used without a PIN for certain types of transactions such as e-commerce.

Line of Credit

Carries Line of Credit No Line of Credit

PIN Number

Usually not. However, some credit cards may provide PINs to allow consumers to withdraw money from ATMs just like debit cards. Such withdrawals are generally a bad idea because they carry high fees and interest rates.

PIN number provided, but not always asked to punch in.

Picture ID required before issuance

Yes No

Interest

If a credit card bill is not paid in full, interest is charged on outstanding balance and the interest rate is very high.

No interest is charged because no money is borrowed. Consumer's own funds are used to make purchases.

Legal Liability laws

Strict. Consumer liability limit for credit card fraud is $50 if the credit card company is notified within 60 days in written since the fraudulent charges.

Lean. Consumer liability limit for debit card fraud is $50 if the bank is notified within two days of noticing the fraudulent charges.

Risk involved

Low. Consumers are protected against unauthorized purchases as long as the fraud is reported in a timely manner. Consumers are not responsible for charges incurred in fraudulent transactions.

High, as they are attached to a bank account. A person does not need a PIN number to use a debit card and therefore can easily drain a persons bank account, causing extreme problems.

Fraud

Only problem is proving that someone else has used the card.

With a debit card the person has to figure out how to get their money back and if any checks bounced they are responsible for those as well.

Limit

Credit line, which can be increased/decreased from the time of applying.

Equals your account limit.

Overdraw Fees

Low. Some credit card companies allow to overdraw amount over the maximum credit line with a fee.

High "overdraft" fees. Possible to overdraw amount over the account limit

Connected toNeed not be connected to any bank account.

Checking or Savings Account

Monthly bills Yes No

Offers protection and other benefits

Often. For example, extended warranties on new products, or insurance on a rental car.

Sometimes. For example, extended warranties on new products, or insurance on a rental car.