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How To Maximise Your Credit Card Use
The user should pay the debt on or
before the due date to avoid penal interest. Typically the
amounts owed if paid within the stipulated period calls for a
waiver of interest. The ease of using a credit card makes it
popular with all age groups.
A credit card transaction is a retail transaction using a
credit system. Credit Cards are made of plastic and often
referred to as Plastic Money. Using a credit card does not
remove money from the user’s account, but lends it to the user.
The user can “revolve” his/her balance, but then he or she has
to pay the applicable interest on the credit utilized. Credit
card benefits are numerous. It gives freedom of using money even
when you cannot afford it. Using a credit card is simple. Let me
elaborate on this!
A lending company/bank approves a credit card account of the
user. The user is then issued a credit card. The user to can use
the credit card to make purchases from merchants who accept this
card up to a pre-determined credit limit. At the time of
purchase, the one who is using the credit card agrees to pay the
amount back credit card issuer at a later date.
The user then signs a receipt with record of the card
details. Alternatively, the card is swiped and the one using the
credit card is asked to fill in his or her PIN (Personal
Identity Number). Nowadays merchants use verbal authorizations
via Internet or telephone, known as ‘Customer Not Present’ or
CNP transaction. Electronic Verification System makes verifying
validity of the card easy. Data is collected through the black
film, which has a stripe or a chip on the card. This system is
called EMV card.
Each month the user receives a statement
indicating the purchases done on the card, records of payments,
outstanding dues and the total amount owed. A due date is given
with the amount owed which is to be paid by the one using the
credit card. The user should pay the debt on or before the due
date to avoid penal interest. Typically the amounts owed if paid
within the stipulated period calls for a waiver of interest. The
ease of using a credit card makes it popular with all age
groups.
Credit Card Benefits are many. Let me
enumerate a few:
- Using a
credit card is convenient way to make payments. No more of
those checking all your pockets for cash.
- Using a
credit card is safer than actual cash. If your wallet is
picked you can report a stolen credit card and not the
money.
- Nowadays,
online shopping is fast becoming popular. Without using
credit cards you can never imagine shopping online.
- Using a
Credit Card means “Buy now Pay later” which appeals to a lot
of people these days.
- Using a
Credit card works like a safety rope when you are in a
financial tangle.
- Using a
Credit card will help create better credit ratings - that is
if you pay on time.
- Using a
credit card saves time and money. You now do not need to
think how much cash to take anywhere.
Just let the plastic do
the thinking. Many credit card agencies give big discounts
around festive seasons; they accumulate and become net earnings
too.
So to conclude, using a credit card is a
great way to shop around for your personal and household needs.
With more incentives doled out by
credit card companies, Benefits of credit cards do add up to
result in good savings too.
Credit Cards News:
Live Search: credit cards site:msnbc.msn.com
Search results
New credit card rules to protect consumers
Dec. 23: In this "Your Business" Web exclusive, Dan Gonyea, CEO of SOURCEntra, a logistics company, recounts how his business landed IBM as a client, beating out larger and ...
Hearing airs credit card rate-change policies - Personal finance ...
Some credit card companies are raising interest rates on good customers even if they pay down their balances, on time, every month.
Is Credit Card Debt Next Big Economic Crisis? - News- msnbc.com
Some are concerned that the credit card industry could be facing the next big economic collapse. ... PITTSBURGH - First, the housing market went south, then the stock market.
The worst credit card deals in America - Forbes.com- msnbc.com
It's one thing for card companies to raise rates on customers who are behind in their payments or whose credit scores decline greatly, but quite another for on-time customers.
Credit card numbers stolen off state Web site - Tech and gadgets ...
Thousands of credit card numbers were stolen from a state government Web site that allows residents to register their cars and buy state permits, authorities said Friday.
ConsumerMan: Reining in credit card nonsense - ConsumerMan- msnbc.com
The Credit Cardholders? Bill of Rights Act of 2008 would change the way most credit card companies do business and provide consumer protection. It's about time.
Credit card leaks continue at furious pace - Consumer Headaches- msnbc ...
It's a letter no consumer wants to receive: "We are writing you today to let you know that Visa recently informed us of an unauthorized network intrusion," says a note sent earlier ...
Credit card companies under attack - ConsumerMan- msnbc.com
We love our credit cards. Buy now, pay later is mighty convenient. And yet, many cardholders are unhappy with the way they?re being treated by their credit card issuers. By ...
ConsumerMan: Credit card 101 - ConsumerMan- msnbc.com
Credit card companies are reacting to the sour economy by putting the squeeze on their customers. Now is the time to bone up on your consumer rights.
Credit card issuers sending out fewer mailings - U.S. business- msnbc ...
What's in your mailbox? Chances are, fewer credit-card applications. ... Hey! I can actually see the back of the mailbox Credit card companies are sending out less direct mail to ...
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