Banking. Plastic cards and their types (the most important)

Lecture notes, cheat sheets
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Banking. Plastic cards and their types (the most important)

Lecture notes, cheat sheets

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Topic 6. Plastic cards and their types

Plastic cards (PC) perform the functions of a depositary, settlement, cash and credit instrument. According to the technical solution, magnetic and microprocessor PCs are distinguished. Most PCs are magnetic, containing information on a narrow magnetic strip. The card number and surname are needed to issue a "Slip" - a kind of account. But these cards are becoming obsolete and are being replaced by microprocessor or smart cards. The carrier here is a microcircuit.

The Regulation of the Central Bank "on the procedure for issuing bank cards by credit institutions and making settlements for transactions made using them" of 98 establishes requirements for credit institutions regarding the issue or bank cards, the rules for making settlements and the procedure for accounting for transactions using bank cards. The participants of the card circulation are:

1) Issuing bank - issuing a PC and providing settlement and cash services to customers;

2) Client - an individual or legal entity that has entered into an agreement with the issuing bank, providing for the implementation of transactions using a PC within the spending limit;

3) Acquirer - a credit organization that carries out acquiring (activities for the implementation of settlements with trade enterprises using PC);

4) Processing center - a structure that provides information and technological relationship between the participants in the settlements.

Both the issuer, the acquirer and the processing center receive commissions and remuneration. The issuer can issue the following cards to individuals:

1) payment card - the use of this PC allows you to manage the funds in his account within the spending limit for paying for goods and services;

2) Credit card - allows you to carry out transactions in the amount provided by the issuer of the credit line within the spending limit.

Legal entities can be issued credit, corporate cards, giving the right to individuals - employees of this organization to use its accounts.

By purchasing a PC, the client receives a number of advantages:

▪ When using cards abroad, money is issued in local currency

▪ You can get local cash in any country in the world;

▪ When leaving, money does not need to be included in the customs declaration;

▪ Cards are protected from counterfeiting

▪ The bank guarantees 100% deposit protection

▪ Interest is charged on the card account balance based on the rate on demand deposits.

Payroll PCs are widespread. The bank with cards has its own percentage and this helps it to expand its customer base. On the basis of a special placement of the Bank of Russia, commercial banks can distribute PCs of foreign plastic systems:

▪ EuroCard/MasterCard Mass - has 2 action modes: debit and with a monthly renewable limit. A bank client who has had an account in any foreign currency in the equivalent of $3 for 500 months can become a holder

▪ EuroCard/MasterCard GOLD - prestigious PC (for individuals). The holder has the right to receive a loan of $3000

▪ EuroCard/MasterCard BUSINESS - the optimal means of paying entertainment and travel expenses (for employees). Feature - any non-cash payment, with the exception of payments for contracts.

Visa, Diners Club, etc.

Authors: Shevchuk D.A., Shevchuk V.A.

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