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Money market plays a vital role in the country’s economy. It is entrusted with the securities, bonds and debentures.
Banking industry is regulated by the Federal Bank and lends money in the market according to the base lending rates. Banks are generally utilized in the day to day affair.
When someone are recruited by the Company, the mandatory task to be completed after joining is to Open a bank account so that the salary gets credited into the account. Once the account are generated, the debit card are found in the bank’s kit for further transaction. It is used in the Automated Teller Machine to withdraw cash as well as swipe the card for miscellaneous expenses.
Credit Card: new card with credit limits
The debit or ATM card are provided by the bank, the employer have tied up with the banks and hence the employee can easily open an account with the Identity and Address proof with a photograph.
They can also avail Credit Card which is a card given by the bank within certain limits accustomed according to their salary. The user can use the credit limit and have to pay the amount in the next billing cycle or as per the due date. It is a virtual cash available by the card holder which they can swipe it on the basis of not having sufficient amount in their ATM cum debit card and hence Credit card are served for this purpose.
In the payment cycle the user are levied service charges and can opt for the easy monthly installment which ever suits them. Banks have generated Eco-friendly statement of the transaction and send messages to the user for the payment reminder.
Cash withdrawn by Credit card
The Credit Card holder are given the facility to withdraw cash from the bank using their Credit card. Banks provides them to take out cash in advance from the ATM and are charged interest for the amount utilized. They need to pay the amount withdrawn with the interest in the billing due date. This is an easy cash which are taken into consideration when the user needs the amount without any hassle. There are loans given to the salaried, businessman and individuals on the basis of their accountability and it takes time to be credited into the account. Hence, cash withdrawn from credit card are fast and cater to short term finances.
There is huge demand in the market related to fast cash flow in the economy and credit card is a source of it. It has influenced the individual’s way of spending and are prone to attract more with its reward points and cash back.
As there is growth of e-commerce shopping, new gateways of payment are established with secured links to access the transfer of money and enable smooth business.
There are so many shopping sites which accepts Credit cards, net banking, debit card and cash on delivery. It has molded the industry with new prospects and are pacing for various endeavours.
It can be summed up that Cash are not only readily available in hand but also can be attained through withdrawing Cash on Credit and paying it later with the charges and interest. It is an easy mode of working cash and can be utilized as and when required.