Credit cards had been one of the most widely used forms of paying various types of bills. This may range from regular purchases, to bills payment transactions in large amounts.
This is different from debit cards in the sense that the former may purchase in its behalf even if the owner does not have a corresponding amount credited to the card.
Generally, the issuer of the card provides a credit limit. The predetermined amount is the maximum allowable transaction to be made by the consumer or owner of the card.
Credit card companies compete for the fast growing market by offering various promotional strategies such as the following:
1.Interest rates
Credit card companies try to offer the lowest possible interest rate per payment due. Said interest rate may range from 1.2% up to 5%.
2.Minimum amount due
Every month, the credit card company has a predetermined percentage of amount due based from the current charges or purchased made by the owner of the card.
Failure to pay the said minimum due would result to additional charges on the part of the owner/consumer.
3.Waiving of dues
The usual practice had been that...
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