Ecommerce Diary

Credit card is any card that may be used repeatedly to borrow money or buy products and services on credit. It is issued by banks, savings and loans, retail stores, and other businesses. The credit card debt has become a severe issue and it is the major cause of bankruptcies each year because many people have never realized of its consequences from financial and non financial perspectives.

Causes:
1. Less Income, More Expenses
This is occurs when the breadwinner of the household loses his job but monthly expenses are not cut down hence the income less than expenses and leads to a rise in credit card debt.

2. Avoid extra expenses
Sometimes it’s the little extra expenses that sneak up on you before you even know it.

3. Early Education
The best method for prevention is teaching our youngest generation all about money before they even qualify for a credit card. In addition, advertisers market more to younger and younger children, so it’s necessary to teach them very early about the lure of money and how to manage finances. The earlier children learn how to manage finances the less likely they will be to fall into credit card and debt problems as an adult.

References:

http://www.cardratings.com/howtoavoidcreditcarddebt.html

http://www.3debtconsolidation.com/top10-causes.html

What is prepaid cash card? Prepaid cash cards look like credit and debit cards and they offer the same ability to purchase products and services but with a crucial difference – you can only spend the balance that has been preloaded onto the card. This means there is no risk of running into debt as it has no credit or overdraft facility..

With a cash card, those with poor credit or too little money to meet banks’ minimum account balance requirements can participate in the retail transactions most people take for granted: ordering goods online, paying for items with a quick swipe, getting cash on demand from ATMs. Besides that, these cards may be beneficial for consumers who want to avoid the temptation of spending beyond their means, they are no panacea.

When using it, your purchases will be deducted from the balance stored on the card. The user can add more money to the card by paying cash at a retail store's point of sale, or in certain cases from their paycheck. In this sense, these cards have some of the features of a bank account. For those who lack the discipline or the know-how to manage their money, these cards can be a lifesaver in that they don’t let a user spend more than he or she has. It’s impossible to overdraw and accrue fines, or tap into a line of credit that could spiral into a nightmare of debt.

Payroll Card
Safer and faster than cash and checks, the Chase Payroll Card Program automates the payroll process by replacing paper-based payments with a reloadable debit card — reducing organizations' operational expenses, minimizing check-related fees and improving security.

Rebate Card
Prepaid rebate cards can help streamline payment processing while reducing paper, minimizing check-related fees and improving security. What's more, the Reward Card can be customized with a brand identity to build awareness, deepen customer loyalty and boost participation in future programs.

Employee Incentive Card
Employers can use the Chase Incentive Card program to increase employee satisfaction, drive revenue, influence consumer behavior, and motivate partners and sales teams. Our solution helps minimize costs and streamline the administration associated with incentive programs. Let Chase help build a memorable, exciting and effective employee rewards program while offering a company benefit that saves employees time and money.

University Card or College Card
With the Chase University Card or Chase College Card program, schools can disburse financial aid refunds, grants, work-study payments, athletic stipends, and payroll electronically to an entire college audience. Best of all, eliminate the hassle and expense of paper checks and manual check processing. Students, faculty and staff can use Chase Prepaid Cards to easily access their Chase accounts at automated teller machines (ATMs) and to make point-of-sale (POS) purchases.

Claim Payment Card
The Chase Claim Payment Card is a cost-effective and unique way for insurers to distribute recurring and single load benefit payments to their policy holders. Along with increasing the use of direct deposit, the Claim Payment Card program gives insurers improved management of funds distribution through increased reporting capability and eliminates the costs associated with the issuance and processing of paper checks.