The Pros And Cons Of Prepaid Credit Cards Women’s Credit Card

Have you ever wondered why you get credit card offers in mail when you have not even made a request for it? If your name and address is in public information system than by now you must have received many credit cards offers. Each giving better offer than other competing credit card company.

With so much information to process will lead to confusion and wrong acceptance of credit cards. Choosing a right credit card is a daunting job, it needs careful analysis and close scrutiny of fine points written in small fonts. Special attention should be given to credit card rates, when new higher rates will apply. Give importance to reading terms and conditions of credit cards. You will get new understanding of how credit cards work. Before you start applying credit cards you need to know few important terms used in credit card. By knowing these terms will help you applying for a correct credit card.

Credit Cards

As you know small plastic card known as credit card is in dimension of 85.60 X 53.98 mm. As the name suggest you get money on credit or you buy things in market on credit. The credit card differs from Debit card because when you make purchase by using your credit card it doesn’t remove money from your bank account. Whereas when you do purchase using Debit card it removes money from your bank account after every transaction you make.

When you make transaction using credit card the credit card company lends money to merchant where you did shopping. Usually you get one billing cycle money on credit without any interest being charged to you.

All is required from you is to pay full balance before due date to avoid interest charges. In case you have made big purchase which you can pay in full in one month, try paying off balance as soon you can to avoid more interest charges. In case you are not able to pay money back to credit card company please ensure you pay at least minimum balance required by due date. Usually this amount is little and it helps you to keep your account in good standing. Ideally this option should be avoided as it will pile interest amount on your borrowed amount and in no time your borrowed money will start swelling.

Credit card company issues credit card to user after his/her request for application has been approved.

Every credit card company will set credit limit for each customer based on his/her credit strength

The credit card user will make purchases by using issued credit card.

The credit card on average is in dimension of 85.60 x 53.98 mm

Every credit card has number written on it by which your account is identified.

Some of the known credit card companies: Chase – Bank of America – Citigroup – Wells Fargo – American express – discover etc. Practically every major bank issues its credit card to users.

When you make purchase at any merchant you sign a small receipt acknowledging you will pay same amount to your credit card company.

Few of the transactions can be done over phone, such as airlines and hotel booking, by giving your credit card number and expiration date etc. Please be care full when making such transactions. Ensure you do such transactions with trusted parties.

Almost all merchants or store owners have credit card verification system, while you swipe your card for payment it is checked in background for fraud or missing card status. The credit card payment terminal or Point of Sale (POS) system helps store owners to do verification with issuing credit card company’s system.

The security code of credit card is printed on back of credit card.

Each month credit card company will send monthly statement to credit card users. The statement will include details of transaction made by credit card user. The important details will be visible such as day of transaction, merchant’s name, amount paid etc. This information helps you to cross verify purchases made with amount charged on credit card.

The credit card statement also gives other information such as billing cycle, due date (payment date), total balance and minimum payment you can make.

The grace period is the number of days to make payment back to credit card company from the day he/she made purchase.

The credit card companies form associations and many bank become member of these credit card associations. The known associations are VISA, MASTERCARD, DISCOVER, AMERICAN EXPRESS etc.

Electronic transaction processing network, which allow electronic transaction to work through secure system. Following are few companies which are in this business. NDC Atlanta, Nova, Cardnet, Nabanco, Omaha, Paymentech, Vital, VisaNet and Concord EFSnet.

Secure savings card: Some savings card agencies issues secure savings card after applicant has deposited 10% of savings restrict into his/her account. This kind of account is for new customers with very little credit records to show.

Pre-Paid Credit Card: This is no longer simply a credit card, because no quantity is borrowed from lender. This type of credit card is used by students when their parents credit required quantity into account for their shopping. This kind of deposit card comes with VISA/MASTECARD brand hence is known as pre-paid credit card.

Security of deposit card is structured upon the range on savings card. Few merchants will enable positive sorts of sale by means of just getting savings card number. Ensure you don’t compromise safety of deposit card.

You can also withdraw cash thru deposit card at ATM’s the use of your secure pin wide variety.

Annual proportion price (APR): Learn what is APR and how it is calculated. The annual share price is the activity you will be paying on borrowed cash to lender. The APR charge applicable to your account will vary from the rate which used to be given as introductory, partly due to the fact of few month introduction fee and other fees get introduced to final activity calculation. In simple terms APR is monthly interest increased via 12 months will result in annual APR rate. This assumes there is no different charges involved.

Balance transfer: Why would you transfer debit quantity in your deposit card to different card. the cause should be better hobby rate and terms. some of the savings card corporations supply introductory affords such as no hobby on balance switch for 6 months to 2 years. These affords are right when you are paying high interest fee or you have high stability on deposit playing cards and you are searching for cooling period to restoration your debits.

How vital is to guard your Credit Card

This small plastic card which you elevate in your pockets is very valuable greater than your jewelry you wear on your body. The safety of credit score card be taken very seriously. Once your credit score card is stolen, your account information is recognized to others, it will take true time earlier than you will get those charged eliminated from your account. Meanwhile your deposit rating will take hit if there is massive charge on your savings card and you are now not in a position to settle those charges. take each effort to protected shield security of your online identification and protection of savings card.

Few protection tips: Always maintain your savings card in tightly closed area when no longer using. Never disclose your savings card numbers to others. Try to keep away from giving your deposit card facts on phone. Any loss of credit card should be at once informed to issuing savings card company. If you are the usage of online access to check your credit card account, please use impervious methods to shield your identification and credit score card details.

Install “fire wall” and top virus and spyware scanner on your computer. Change your online account passwords periodically. Never use public computer systems to access on-line accounts.