COMPLETE SCHOOL PROJECT TOPICS & MATERIALS :
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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

According to Kotler and Keller (2006:589) in J.O. Nnabuko’s article in Journal of Marketing Research vol. 2.2007 opined that business organizations need to grow their revenue over time and this is done through new products developments and expansion into new markets. Since existing products of firms are vulnerable to changing customer needs and tastes, new technologies, shortened life cycles and increased domestic and foreign competition, they claim that new products development domestic shapes an organizations future, maintains and builds sales.

However, Credit cards as a new product have contributed effectively and efficiently in bringing conveniences to some customers in Nigeria. This has also helped in eliminating the need to carry any cash for most purposes. Also in the reduction of amount of cash on the premises.

Credit card is part of a system of payments after the small plastic named card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant cash advance

Credit cards to the user. www.creditcard.com . are cards issued by or as a a bank or financial institution and accept by a merchant, in payment for a transaction for which the cardholder must subsequently reimburse the Business Dictionary: www.google.com ”

Credit card is a plastic card with a magnetic strip or an account embedded microchip, connected to a credit and used to buy goods an services:  www.wikipedia.com

HOW IT WORKS

Credit card are issued after an account has been approved by the credit provider, after which cardholder can use it to make purchase at merchant accepting that card.

They are used both as a convenient payment medium in place of cash and cheques as a means of obtaining short-term revolving credit. It differs from a debit card, with which money is automatically deducted from the bank account of the cardholder to pay for the goods and services. Also, a grace period is given so as to enable the customer to pay the balance before interest is assessed on the  outstanding balance. This could vary but usually range from 20 to 50 days depending on the type of credit card issued by the issuing bank.

Credit card 1920’s, early credit firms (e.g originated cards in the US in the were issued by various oil companies, supper hotels). This is markets and helpful especially when a customer does not have enough cash on his or her person or checking account.

Credit card are now an important and integral part of the financial payment system of modern societies. Also, many merchants now accept verbal authorization via telephone and electronic authorization using Internet, known as a ‘Card/cardholder Not present’ CNP) transaction.

There are verification system that are used to verify validity of credit cards such as: Electronic verification system and eCommerce system.