The article is about A Guide To Bank Credit Cards. The bank of America created americard that is now called VISA. There are many credit cards in the market today and it has become impossible for people to manage without them. Credit cards work because there are people who want to buy or purchase commodities and pay for them at a later time. Now this process is very important in a market driven economy or a capitalistic economy because this is the process that keeps consumerism alive by the method of credit creation.
If a person buys a commodity without having a cent in his pocket then this has a profound effect on a market driven economy. A person can buy goods without requiring cash at that particular time and the sale of goods too goes through, thus securing the entrepreneur as well as satisfying the buyer. The American economy is heavily dependent on credit cards and it has also had its disadvantages. The level of personal debt is very high in United States of America because of the extensive use of credit cards.
Some of the most famous and widely used credit cards are VISA, chase Manhattan credit card, Citibank credit card, American express credit card, HSBC credit card, and the Master card credit cards.
There are many types of credit cards such as a Standard credit card that are the most classic type of credit cards. These are unsecured credit cards that are easily available from most banks and financial groups. It is advisable to talk with a bank officer in order to get a detailed explanation about the suitability and interest rates of a credit card.
In any country that is the epitome of consumerism, credit cards have become a necessity rather than a luxury. Credit cards are also called near-money, as they do a very good job of replacing hard cash. Almost everyone in the United States of America has at least one credit card at his disposal. The most important function of a credit card is credit creation, on which the whole economy is dependent.
Huge quantities of goods are sold on the basis of credit cards and they have truly become indispensable. There are many advantages of a bank credit card. Credit cards provide a way for the consumers or cardholders to track their expenses and this feature is really important when it comes to the income and expenditure account in a business or for an entrepreneur. There are many reward schemes that allow a consumer to earn ‘points’ that can be redeemed for further goods and services.
Credit cards are genuinely trusted by merchants as well as entrepreneurs because of the different schemes such as a secured credit card that makes it mandatory for the card holder to keep almost thrice the amount that he is going to use for buying goods. A secured credit card is suitable for people with a bad credit history or a bad credit rating because this way a merchant can trust a buyer who has a bad credit history and not repent afterwards if the due payments are received in time.