The use of credit cards is increasing rapidly in India. People have started using it for every service, from shopping, ticket booking, hotel reservation, and food. Meanwhile, Punjab National Bank (PNB) has prepared to promote its credit card business on a large scale. The bank says that its new IT infrastructure will be fully ready by November or December.
The bank has prepared a special strategy
The bank’s managing director, Ashok Chandra, informed that till now, PNB’s presence in the credit card market is not that big, while the features of its card are equal to any other card. To meet this deficiency, the bank has strengthened the credit card division, and its responsibility has been handed over to a general manager.
There will be changes in internet and mobile banking
PNB is also upgrading its internet banking and mobile banking platforms. New AI models are being included in the PNB One mobile app, and its updated version will be launched for customers by the end of September. The new app will be simpler and smarter than before. Along with this, the bank’s business mobile app will also be brought in a new form, so that retail and current account customers can get better facilities.
Importance and use of credit cards
A credit card is a plastic card that looks like a debit card. The difference is that with a debit card, you spend money from your account, while with a credit card, you borrow money from a bank or NBFC and make purchases. Every month, a card bill is generated, which has to be paid by the stipulated time limit. If the payment is not made on time, interest and a penalty are levied on the outstanding amount.
Excessive use can increase the burden
Experts believe that credit cards should be used wisely. It is better to use only 30 percent of the spending limit. But often people spend more than necessary without paying attention. When payment is not made on time, financial pressure starts increasing, and one has to bear the burden of a penalty along with interest.