The use of credit cards is increasing rapidly across the country, and in view of this, Punjab National Bank is also going to strengthen its credit card business. The bank says that its new IT infrastructure will be activated from November. This will not only provide easy and fast service to the customers but will also increase the market share of PNB.
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New IT infrastructure and digital upgrade
PNB MD Ashok Chandra informed that the bank is strengthening its credit card division. For this, major changes are being made in the digital infrastructure. He said that the new IT system will be ready within three months and it will be fully activated by November-December.
Improvement in internet and mobile banking
PNB is modernizing not only credit cards but also its internet and mobile banking services. PNB One mobile app will be launched with a new version, in which artificial intelligence-based features will be added. The bank claims that this app will be more convenient than ever and will provide a great experience to retail and current account customers.
What is a credit card?
A credit card is a plastic card that looks like a debit card. The difference is that we withdraw money from our account with a debit card, while we can borrow money from a bank or NBFC with a credit card to make purchases. The bank sends a bill every month, which must be paid within the stipulated time.
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Danger of high credit limit
Proper use of a credit card is important. Experts believe that only 30 percent of the card limit should be used. Many people spend easily because the money is not deducted directly from their accounts. This creates problems in paying later, and the burden of interest and penalty may increase.