Banks Make Money Through Credit Card

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Credit Card is the same like middleman who provide credit to farmers and people with high interest rate. The credit card charges between 3% to 4% per month on the outstanding amount. They collect unauthorized amount as interest from people. Banks get more than 5% interest for providing credit cards to the people. 88% of credit card is issued in India. This 88% is controlled by just 10 banks.

Indusind Bank, Axis Bank, ICICI Bank and HDFC covers almost 66% of  10 banks. Transaction Fees must be covered as transaction done by the client. Never Ever Buy a Credit Card. Better take a loan.

CAT 2013; Yahoo News

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