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What is a Credit Card? -
A
credit card is a system of
payment, named
after the small
plastic
card issued to users of the system.
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How Credit Cards Work -
In that instant
from the moment you swipe your card or give your
card number online to the time of approval, do you
know what happens?
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History
of Credit Cards -
The
credit card was the successor of a variety of
merchant credit schemes which began in the 1920s.
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Credit Scores - In the United States, a
credit score is a number typically between 300 and
850, based on a statistical analysis of a person's
credit files.
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What You Need to Know About Minimum Payments -
Unfortunately, some people are not aware of how
long it can take to repay a debt when only paying
the minimum each month.
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What is Trailing Interest? -
Trailing interest, sometimes called final or
residual interest, is a method of calculation
whereby interest is charged right up until the day
of a full payment.
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Credit Card
Security -
The
low security of the credit card system presents
countless opportunities for
fraud.
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Controversy
Within the Industry - Merchants who accept
credit card payments typically sign a "merchant
agreement," promising that they won't offer
different prices for card and non-card
transactions.
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Credit Card Numbering -
The
numbers found on credit cards have a certain
amount of internal structure, and share a common
numbering scheme.
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Credit Cards in ATMs
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Many
credit cards can also be used in an
ATM
to withdraw money against the credit limit
extended to the card but many card issuers charge
interest on cash advances before they do so on
purchases.
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Credit Cards as Funding for Entrepreneurs
- Credit cards are a creative, yet often risky way
for entrepreneurs to acquire capital for their
start ups when more conventional financing is
unavailable.
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Collectable Credit Cards
-
Credit card collectors
seek to collect various embodiments of credit from
the now familiar plastic cards.
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The Merchant Side of Credit Cards -
For
merchants, a credit card transaction is often more
secure than other forms of payment, such as
checks.
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Types of Fraud
- Fraud perpetrators call in and impersonate
actual cardholders using stolen personal
information.
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Credit Card Crime Profits, Losses & Punishment
- U.S. Federal Law can hold the cardholder victim
responsible for up to $50.
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Reporting Credit Card Fraud
- If you lose or have had your credit card stolen,
you should immediately report it to your card
issuer.
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Credit Card Hijacking
- This is the term used when a person’s
credit card information is
used for undesired charges for goods or services
where the credit card owner has trouble
reasserting control.
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Credit Counseling - Credit counseling
is a process offering
education to consumers about how to avoid
incurring debts that cannot be repaid.
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Adverse Credit History
- Also called sub-prime credit history, non-status
credit history, impaired credit history, poor
credit history and bad credit history, is a
negative
credit rating.
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Understanding Secured Credit Cards -
A
secured credit card is a type of credit card
secured by a
deposit account
owned by the cardholder.
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Electronic Money
- Refers to
money
which is exchanged only
electronically.
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Stored Valued Cards
- A
stored-value card represents
money
on deposit with the
issuer,
and is similar to a
debit card.
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Fair Credit Reporting Act
- If you've ever applied for a charge account, a
personal loan, insurance, or a job, there's a file
about you.
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Identity Theft
- Some people prefer the term "identity fraud" to
describe when their means of identification has
been exploited for an unlawful purpose.
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Avoiding Credit Card Fraud -
Credit
and charge card fraud costs cardholders and
issuers hundreds of millions of dollars each year.
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