Credit Card And Debit Card
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Retail Banking and Wealth Management — JAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is a credit card in the context of retail banking?
A credit card is a payment instrument issued by a bank that allows the cardholder to borrow funds up to a pre-approved credit limit to make purchases, with repayment due at a later date.
What is a PIN and why is it required for debit card transactions?
Personal Identification Number used to authenticate card holder identity.
What is the key difference between a credit card and a debit card?
A credit card allows spending borrowed money up to a credit limit with repayment later, while a debit card directly deducts funds from the cardholder's linked bank account at the time of transaction.
What is a virtual credit card?
A digital card number for online transactions without physical card issuance.
Which RBI circular governs the issuance and operation of credit cards in India?
RBI's Master Direction on Credit Card and Debit Card – Issuance and Conduct Directions governs the issuance, billing, interest rates, and grievance redressal for credit and debit cards in India.
What does EMV stand for in card technology?
Europay, Mastercard, and Visa — the chip card security standard.
What is a credit limit on a credit card?
A credit limit is the maximum amount a cardholder is permitted to borrow or spend using the credit card, as sanctioned by the issuing bank based on the applicant's creditworthiness and income.
What is a chip-and-PIN card?
A card with embedded microchip requiring PIN for secure authentication.
Video classes for this chapter
More chapters in Module B - Retail Products and Recovery
Master the full RBWM syllabus
Every chapter of Retail Banking and Wealth Management — videos, tests, notes and one-liner decks in one place.