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Plastic money or polymer money, made out of plastic, is a new and easier way of paying for goods and services. Plastic money was introduced in the 1950s and is now an essential formof ready money which reduces the risk of handling a huge amount of cash. It includes debitcards, ATMs, smart cards, etc. Credit cards, variants of plastic money, are used as substitutesfor currency Credit cards in India are gaining ground. A number of banks in India areencouraging people to use credit card. The concept of credit card was used in 1950 with thelaunch of charge cards in USA by Diners Club and American Express.

Credit card owever became more popular with use of magnetic strip in 1970. Credit card in India became popular with the introduction of foreign banks in the country. Credit cards are financial instruments, which can be used more than once to borrow money or buy products and services on credit. Basically banks, retail stores and other businesses issuethese. It was introduced around and has now become an essential form of ready money. Oneof the main reasons for introducing plastic money, especially credit cards is to reduce the risk Winter Project Report SSCMR 2009-2011 of handling a huge amount of cash by individuals/merchants.

The growth and popularity of plastic money in India has been phenomenal in the last few years. ln the present day world, no one wants to be bothered by the presence of huge cash in his or her wallet and the Indians are no exceptions. The unprecedented growth in the number of credit cardusers has stimulated the Indian economy by a significant extent. The arrival of malls, multiplexes, online shopping stores and shopping complexes have contributed to thegrowth of the use of plastic cards. The Best credit cards in India are usually meant for specific user group such as women,students and mall business owners.

These cards are offered to the prospective customerswith appealing deals. over the years, Indians have been averse to credit cards. This is primarily because they believed that spending through credit is a sure shot way of getting into the debt trap. Of course, movies highlighting the sad state of a borrower did not exactly help matters. Andeven the local kirana shops have the famous lines AaJ Nagad, Kal Udhari (cash today, credittomorrow). But the situation is not actually that scary. And it is all about right timing. Creditcards can be a useful tool at the hands of savvy consumers ho can effectively use the benefits offered by cards. t is important to know that credit card is a financial tool that needsto be used responsibly. While it ensures cash flow, it is not advisable for customers to borrowfor a longer period of time. Use it effectively and take good advantage of the time line andclear your debts, without any additional costs. Major Banks issuing Credit Card in India State Bank of India credit card (SBI credit card) Bank 0T Baroda crealt cara or BOB creolt cara ICICI credit card HDFC credit card IDBI credit card ABN AMRO credit card Standard Chartered credit card HSBC credit card

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