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Home > Archives > Volume 20, No 11 (2022) > Article

DOI: 10.14704/nq.2022.20.11.NQ66211

Effectiveness Of Usage of Credit Cardswith Reference to Coimbatore

J. Rini Mercy, K. Raja Rajeswari

Abstract

The credit card market is one of the fastest expanding divisions in the banking industry today, according to the Federal Reserve. In addition to playing an important part in the growth of the economy, Indian banking institutions provide credit facilities to consumers in the form of credit cards to help them attain what they need. Many Indian banks, notably the State Bank of India, have made incursions into the world of plastic cards, which are now widely used throughout the country. However, this has resulted in a significant shift in the way credit is issued, particularly since banks of the new generation have begun to promote the use of credit cards. The primary goal of the study is to learn more about the performance of credit cards and to determine whether or not the product quality of credit cards is capable of meeting all of the needs of the customers. This was accomplished by collecting a sample of 120 respondents from whom data was analyzed using percentage analysis and chi square. The result reached was that credit cards increase an individual's buying power, which has a positive influence on the growth of the economy in the process. It is seen as a status symbol as well as a platform for consumerist consumption. Credit cards are playing an increasingly important part in people's hectic lives, yet they are most commonly seen among urban residents than among the rest of the population. It is also necessary to promote credit cards in rural areas as well, since this will result in an increase in personal income, the expansion of bank operations, and the overall growth of a country's economy and financial sector.

Keywords

Credit card, Effectiveness and Banking industry

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