Different Types of Credit Cards Essay Example for Free

Different Types of Credit Cards Essay INTRODUCTION In this assignment, I am doing a particular study about the different types of credit cards. A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holders promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user. A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date. The size of most credit cards is 85.60 Ãâ€" 53.98 mm (33/8 Ãâ€" 21/8 in), conforming to the ISO/IEC 7810 ID-1 standard. Credit cards have an embossed bank card number complying with the ISO/IEC 7812 numbering standard. Credit cards Credit cards now are of various types with different fees, interest rates and rewarding programs. When applying for a credit card, it is important to learn of their diverse types to know the one best suited to their lifestyle and financial status. Different types of credit cards available by banks and other companies/organizations are briefly described below. Standard Credit Card: This is the most commonly used. One is allowed to use money up to a certain limit. The account holder has to top up the amount once the level of the balance goes down. An outstanding balance gets a penalty charge. Premium Credit Card: This has a much higher bank account and fees. Incentives are offered in this over and above that in a standard card. Credit card holders are offered travel incentives, reward points, cask back and other rewards on the use of this card. This is also called the Reward Credit Card. Some examples are: airlines frequent flier credit card, cash back credit card, automobile manufacturers rewards credit card. Platinum and Gold, MasterCard and Visa card fall into this category . Secured Credit Card: People without credit history or with tarnished credit can avail this card. A security deposit is required amounting to the same as the credit limit. Revolving balance is required according to the buying and selling done. The cardholder of a secured credit card is still expected to make regular payments, as with a regular credit card, but should they default on a payment, the card issuer has the option of recovering the cost of the purchases paid to the merchants out of the deposit. The advantage of the secured card for an individual with negative or no credit history is that most companies report regularly to the major credit bureaus. This allows building a positive credit history. Although the deposit is in the hands of the credit card issuer as security in the event of default by the consumer, the deposit will not be debited simply for missing one or two payments. Usually the deposit is only used as an offset when the account is closed, either at the request of the customer or due to severe delinquency (150 to 180 days). This means that an account which is less than 150 days delinquent will continue to accrue interest and fees, and could result in a balance which is much higher than the actual credit limit on the card. Limited Purpose Credit Card: There is limitation to its use and is to be used only for particular applications. This is used for establishing small credits such as gas credits and credit at departmental stores. Minimal charges are levied. Charge Credit Card: This requires the card holder to make full payment of the balance every month and therefore there is no limit to credit. Because of the spending flexibility, the card holder is expected to have a higher income level and high credit score. Penalty is incurred if full payment of the balance is not done in time. Specialty Credit Card: It is used for business purposes enabling businessmen to keep their businesses transactions separately in a convenient way. Charge cards and standard cards are available for this. Also, students enrolled in an accredited 4-year college/university course can avail this benefit. Prepaid Credit Card: Here, money is loaded by the card holder on to the card. It is like a debit card except that it is not tied up with a bank account. This is directly connected to savings account. The payments from this card can be made until there is balance in the account. Low Interest Rate Credit Cards: This credit card is highly useful as they will have low interest rates. Business Credit Cards Credit cards that are specifically for business use only. They give the privilege for business owners to have an easy method of keeping and separating personal and business transaction. This credit card is available for businessmen who have large scale, small scale or medium scale business to look after. This card is highly useful for facilitating businessman’s training programs, travel and entertainment programs. Gold Credit Card: Gold credit cards are made for higher income groups who also have higher credit rating. It is a status symbol and is considered prestigious. The features of gold credit cards are: Cash withdrawal limit is higher Credit limit is higher Provides one Add-on card which can be given to either, spouse, children or parents of the credit card holder Provides many privileges such as travel insurance, reward points, cash back offers etc. Platinum or Titanium Card: P latinum or Titanium cards are similar to gold credit cards but they have few more additional benefits. The additional features may differ from bank to bank. Few common features are listed below: Protection against credit card loss and theft. Protection against online fraud transactions Protection against sickness and injury by an accident. There is no yearly fee Silver Credit Card: Silver credit cards are the standard credit cards available and most of the employed people with 4 or 5 years’ experience can own this type of card. The features of silver cards are: Lower membership fees The applicant need not be a high- salaried person to buy silver card. The interest rate is 0% initially between 6-9 months when transferring account balance from one credit provider to another one. If the credit history of the card holder is good, the credit limit provided will be the same as provided to other credit cards. There are many other types of credit cards sold in India. Few are mentioned below: Rewards Credit Card: This card has rewards attached to it on based on usage of the card, for e.g. A card may offer 5% discount on fuel, if it is used to buy fuel and gas, or a card may offer cash back facility if a certain amount is spent through it. Balance Transfer Credit Card: This card is bought to pay outstanding amount of one card with the other. In this too there are cards that offer interest-free time period. List of credit cards provided by the various banks: Indian Overseas Bank Visa International Credit card Axis Platinum card Bank of Indias India Card Gold International Card Citibank Dinners Club International card ICICI Bank Online card Syndicate Global Gold Credit Card CorpBank Gold card Vijaya Bank Visa Gold Credit Card HSBC Platinum card CorpBank Classic card Vijaya Bank VISA Classic International Card HDFC Silver credit card Conclusion Here we discussed about various types credit cards that using for the simplicity in transactions. Many credit cards can also be used in an ATM to withdraw money against the credit limit extended to the card, but many card issuers charge interest on cash advances before they do so on purchases. As well as convenient, accessible credit, credit cards offer consumers an easy way to track expenses, which is necessary for both monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. Credit cards are accepted worldwide, and are available with a large variety of credit limits, repayment arrangement, and other perks (such as insurance protection, rewards schemes in which points earned by purchasing goods with the card can be redeemed for further goods and services or cashback). Some countries, such as the United States, the United Kingdom, and France, limit the amount for which a consumer can be held liable due to fraudulent transactions as a result of a consumers credit card being lost or stolen.

Same Sex Marriages Should be Legal Essay example -- Argumentative Pers

Same Sex Marriages Should be Legal    Flowers, candles, and music are all part of a wedding. As the organist plays "Here Comes the Bride," I notice this is where the similarities end. The bride, who is a woman, is marrying a groom, who is also a woman. Single-sex marriages are only allowed in a few states. However, single-sex marriages should become legal so that couples could enjoy the advantages of marriage. Legalizing single-sex marriage would create more family units and create more tolerance from society, allowing single-sex couples a legal way of expressing their love to each other. One of the major complaints of heterosexuals against homosexuals is that homosexuals are involved in many sexual relationships instead of a monogamous relationship. If the country would allow same-sex marriages, the people involved would feel as if they could seek out life-long companions. The couple's relationship would have a goal that is accepted by society. This goal is the same as heterosexual couples' goal, which is to find that special someone to spend a lifetime with until "death do us part." Sheila and Annette, friends of mine, have lived together since high school. Sheila and Annette would marry if they were allowed the opportunity. Sheila's concern is that the gay lifestyle is encouraged to be permissive because of society's rejection of same-sex marriage. She has a friend, Alice, who has had thirty different partners. Alice says that changing so often is allowable because there are no legal binding contracts to hold one in a relationship. Alice feels that if same-sex rela tionships had some sort of binding contract, she would be more careful in entering into a serious relationship. So, if the country would legalize same-sex m... ...want a family, and want to be accepted by society just as heterosexual people want that special person, want to raise children, and want to be accepted by society. So, as I watch the happy couple stroll down the aisle with smiles on their faces and joy in their hearts, excited about their future together, I am happy that at least this state allows same-sex marriage. Hopefully in the future all states will allow people freedom to choose who they want to be with for a lifetime. The positive outcomes could be beneficial not only to the homosexual community by allowing them a binding contract of marriage, but also to many children who could grow up in an atmosphere of two adults loving and interacting together as a family unit. Love is what all humans want and need, whatever package it may come in. Society needs to relax and permit people to love whom they want.   

Camels – Adaptations to Extreme Environments

The Camel: How it has Adapted Organisms exist in many environments, some are arid, some flooded, some are basic, some acidic, some are hot, and some are cool. Regardless of the conditions, animals have adapted themselves to survive in their surroundings. One of the main ecosystems that is classed as an extreme environment is the desert ecosystem. A classic example of a desert is the Sahara. Aridity is a characteristic shared amongst all deserts. As reported by Smith (2013), the reason most deserts are arid is because of uneven levels of evapotranspiration and precipitation.Aswel as adapting to very dry conditions, organisms in a desert ecosystem have also adapted to hot temperatures. The temperatures range from as high as 40oC during the day to as low as below freezing during the night due to lack of cloud cover. Evolution: As wrote by Long & Savage (1986) in the late Eocene period and to the end of Miocene, camels evolved and diversified solely in North America. During this time the y were similar in size to rabbits, and their feet contained four toes. In Oligocene times, camels were similar in size to goats, with the lost of the lateral toes, with the remaining digits showing signs of evolution.During the Miocene time, camels adapted a new of walking, it is know as pacing gait. This is where the camel moved both left or both right legs in one movement, instead of opposite legs. During this time camels feet produced pad like structures, which helped them from sinking in soft terrain i. e sand. Then they arrived in South America during the Plio-Pleistocene times. This is where they diversified into 2 more genus under Camelinae family of the more known species, llama and alpaca, and 2 less known, guanaco and vicuna.As this happened, they crossed into the ‘Old World', where they then spread across Europe, Asia and Africa, this is where they branched out into the ‘single humped' Camelus Dromedarius, and ‘double humped' Camelus Bactrianus. Characte ristics of Camelus Dromedarius: An animal that has adapted well to this environment is the Camelus Dromedarius. Wilson (1984) as cited by Kohler-Rollefson (1991) describes the features of the camels body. Dromedary camels have a shoulder height of at least 1. 8m, with the hump extending a further 20cm. They can weights upwards of 400kg.Dromedary camels have a long upward curved neck, with a single hump on it's back. This is all supported by their long, strong legs and wide webbed feet. Body Temperature / Water Conservation: In the desert temperatures fluctuate. On average, a dehydrated camels body temperature fluctuates by up to 8oC in a single day, it can increase from an average of 34-36 to 42oC. There is less of a fluctuation if the camel is hydrated (2oC). If camels did not tolerate this fluctuation in temperature and instead tried to keep the body cool, up to 5 litres of water could be lost due to sweating.This allows the camel to conserve water and energy. The camel then takes advantage of the cool evenings to dissipate heat, with no energy cost. Camels, like all other mammals do sweat to maintain an acceptable temperature, however, it is not continuous. (Mares, 1999). Composition of Camel's Hump: Mares (1999), reports that a common misconception associated with camels is that their hump is composed of water, this has been disproven, and instead replaced with the fact this it is fat. Another common misconception associated with a camels hump is that water is produced by the oxidation of fat.This is has been proven to be false, or at least, partially untrue as the oxidation of fat requires an increased oxygen intake, this results in an increased rate of breathing, which increases the amount of water lost as vapour from the lungs. This nullifies the effect of the metabolized fat, yielding no net gain in water. As previously discussed, camels have adapted to keep their bodies cool, without sacrificing water. Another adaptation that is seen with camels is th at their main fat store is their hump. A camel does not store fat on other parts of their body.This is because the fat would act as insulation and reduce the amount of heat lost at night, at a time when the temperature is cooler, and most heat dissipation occurs. Excretion in Camels: Richards (1973) as cited by Mukasa-Mugerwa (1981) explores the fact that camels are able to produce urine that contains twice as much salt as sea water. It was noted by Mukasa-Mugerwa (1981) that the Kidney is composed of Henle loops of varying lengths. Camels are seen to contain a lot of longer loops than any other species, so there is a bigger potential for water to be reabsorbed, and the urine becoming concentrated.This coincides with the camels ability to facilitate water and plants with a salt content higher than normal. Schmidt-Nielsen (1964) as cited by Mukasa-Mugerwa (1981) compared the volume of urine excreted by the camel while hydrated and while dehydrated. The camel while hydrated, excreted up to 4 litres of urine in a single day, compared to the when it was dehydrated, where it excreted up to half a litre of urine. It was also noted that the camel produced faeces, almost completely absent of water.It was composed of a large number of pellets approximately 3cm in length. As they lacked water, they were light to lift, with a shiny appearance. Conclusion: Camels like animals in other extreme environments have adapted well to suit their environment of temperature fluctuations and a lack of water. Camels have evolved in such a way that moving has been made easier, they do not sink into the sand, so they do not expend more energy than is needed. The camels adaptation to a large fluctuation in body temperature allows water to be conserved as it is not lost as sweat.The camels hump proves as an invaluable energy source when food sources are scarce, as is common in desert ecosystems, the fat is metabolized and used as energy. It's all these adaptations that allows the camel to live in such an extreme environment. The absence of one or more of these adaptations would lead to the inability of camels to survive in this environment. In this day and age global warming is increasing the average temperature of the earths atmosphere, if there was a significant increase, could these organism handle an increased temperature luctuation? References: Jeremy M. B. Smith desert 2013. Encyclop? dia Britannica Online. Retrieved 01 March, 2013, from http://www. britannica. com/EBchecked/topic/158992/desert Kohler-Rollefson, Ilse U, (1991). Camelus Dromedarius. Mammalian Species. 375 (1-8), pp. 1-4 Mares, Michael A. , (1999). Encyclopaedia of Deserts. 1st ed. Oklahoma: University of Oklahoma Press. Richards, S. A. , 1973. Adaptation to heat. In Temperature regulation. London, Wykeham Publications, pp. 191-197 as cited by Mukasa-Mugerwa, E. , (1981).The Camel (Camelus Dromedarius): A Bibliographical Review. 1st ed. Ethiopia: International Livestock Centre of Africa Savage R . J. G & Long, M. R. , (1986). Mammal Evolution. 1st ed. United Kingdom: Facts on File & The British Museum. Schmidt-Nielsen, K. 1964. The Camel. In Desert Animals: physiological problems of heat and water. Oxford, Clarendon press, 277 pp as cited by Mukasa-Mugerwa, E. , (1981). The Camel (Camelus Dromedarius): A Bibliographical Review. 1st ed. Ethiopia: International Livestock Centre of Africa

Miners Essay - 1510 Words

The Young Change Agents Introduction: Every organizational structures and practice has the role of the change agent and it plays a significant part in organization. A case like ‘The Young Change Agents’ focuses on the change leader and the bottom of the ladder. Following by that in this case study James Shaw who joined AIESEC- world largest student-run international student exchange and development organization and his main responsibilities were recruiting, training, motivating, utilizing and retaining the organization’s members. Therefore as a self directed and self motivated person, Shaw kept himself engaged with the organization, and spent time on networking within the firm and making suggestions where he felt†¦show more content†¦Personal characteristics, attitudes, and qualities most needed to be successful: To be successful in these situation personal characteristics, attitudes and qualities are most needed. Therefore, they recruit Fabio Sgaragli, he had been the nation al president of AIESEC Italy and also had also worked with Shaw at AIESEC international in Brussels, deeply talented and real visionary. However, implement a whole new strategy adopted by the company, hard work and determination was a very important role to be exercised by the members of the group. In addition, the members were also required to be enthusiastic, creative and ambitious to achieve their goals. Considering different parties involved to the new strategy networking was another important issue that could be considered to make everyone understand the efficiency. According to Jick T.D and Peiperl M.A (2003), each member of the group had good experience with strategic management for being involved for long period in management in other organization, which helps the members to figure out the necessity of a strategy to be considered based on the vision, objectives and goals of the company. PwC is a very big company and it was beyond their thoughts before they actually got selec ted to the company and it was very hard for the members to communicate with each others to get help and authorization to implement the new strategy. Therefore, it is very important to have good communication skill andShow MoreRelatedMiners and History Essay1749 Words   |  7 PagesMiners and History At the beginning of the War the county had high hopes. War Socialism had been brought in, this was the countrys industries being geared up toward the war effort, this included the mines being nationalised, and many miners hoped that they would stay nationalised after the war. The miners at that time liked the government and some even joined the armed forces, the minersRead MoreThe Infected Leaves Of Aspen Leafminers Essay711 Words   |  3 PagesLeaves of Aspen Leafminers The study performed was the counting of infected leaves and trees in five groups. The five groups were called A, B, C, D and E. 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