What is the difference between Debit and Credit Card?
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Answer Posted / manoharnsr
A debit card permits you to pay from your account where as
by using a credit card you are actually borrowing from the
issuer of such a credit card promising him to pay at a
later date. Depending up on the terms and conditions and on
teh nature of transaction you either pay interest to teh
lendor or enjoy a interest free credit period. There is no
interest in case of debit card as there is no borrowings.
Note: Usually some merchants collect an additional 2% when
you pay by card. you can insist non payment of taht 2% if
you are paying by debitcard.
FUNDA: This 2% the merchant collects from us is nothing but
the interest collected by bank for teh free credit period -
only that it is collected from the merchant.
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give me only one transactions in both side (debit&credit) should be in real accounts
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Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
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