Finding The Most Desirable Credit Card Deal
With increasing competition, credit card companies have been trying to
differentiate their products and come up with the best credit card deals.
For consumers this often means competitive interest rates and a great variety to choose from when it comes to applying for a credit card. You can also get credit card deals from banks, department stores and even oil companies.
It is important to find the right credit card deal that is well suited to your credit needs. Each card offers a different combination of features and options such as APR,
reward programs, personalization, online access to statements, etc. There are certain factors to keep in mind when researching credit card deals.
To get the right credit card it is important to compare credit card deals. Credit card companies often send out a lot of mail to entice people to sign up.
Comparing credit card offers means looking at the variety of options available to you and not settling for the first attractive credit card brochure you get in the mail. One convenient way of comparing credit card deals is to research online.
An important part in choosing a credit card deal is to look at the APR offered. The APR or annual percentage rate states the rate at which interest will be charged on your credit card balance. The APR can vary greatly from one deal to the next.
Reward programs are another important consideration when it comes to selecting a credit card deal. Also it is important to acquire a credit card deal from a reputable and well know company or institution.
Credit card use has been on the rise for all age groups. Whether you are a student or a working professional, a credit card can provide you with many benefits.
Students have to choose a credit card deal earlier and earlier in today’s world. Financial education and money management skills can help them select the best credit card deal for them and how to use credit wisely.
Find the right credit card deal can mean saving a lot of money over time and being able to reap benefits from its reward program.
Also it takes you on your way to building a solid credit history report, which can be beneficial when you need to take out a loan in the future.
Credit Card Software
Credit Card Software helps retailers, banks, credit unions and other accounts related businesses with best solutions in improving and managing loan accounts and credit cards and increasing customer retention with a low operational cost.
Quite a few credit card companies have begun appreciating the advantage of in-house processing and management of credit cards.
Installing credit card software helps in supporting commercial and consumer card programs, in addition to supporting multiple-country languages, regulatory laws, and currency.
The software provides solutions and processes transaction for companies issuing credit cards by streamlining and automating the process of business in connection with credit cards.
The software’s system which helps in issuing cards, supports full accounting process of a back-office and features workflows that can be customized, real-time processing and can categorize unlimited number of members according to the desired ranking.
The software is so advanced as to enable the banks to stand up to the complexities that could be faced while issuing a MasterCard and Visa Card or commercial card to corporations.
The multi-currency and multilingual support that is embedded in the software, makes it compatible for banks that issue credit cards to large corporate (corporate card) or multinational companies.
In addition to all this, the software helps card issuers to bring in innovative plans and reliability programs that could make them different from their competitors and increase card usage among the consumers.
The software has ability in managing and supporting various card accounts pertaining to small businesses in addition to debit cards, thereby avoiding the high cost of installing multiple systems that are disparate.
The system that is driven by rules, allows for personalization and maximum flexibility. It can accommodate innumerable credit card plans and products to suit diverse economic profile and lifestyle.
With the help of card software, payroll and small business card account, and individual credit card can be fit into a single system.
Credit Card software runs without much investment or other big hardware, and can be operated in Windows, and as it has an interface that is web-based, an employee-training period can be saved.
As the software is web-based, all types of cardholders can access it easily. As for the cardholders, the advantages of the software includes, the option for changing password or username, adding an additional user to the existing account,
reporting a lost card and requesting replacement, viewing monthly statements, the credit amount available till the last minute and for making payments and for requisition of increase in credit line.
Credit Card FAQ – Credit Card Security And Authentication
With the ever rising reports of credit card fraud, fraudulent use, internet phishing and identity theft, people are rightly concerned about credit card security.
Fraudulent credit card use can be an annoyance at best, and seriously damage your credit at worst. It’s only reasonable that people have questions about credit card security and authentication methods.
Here are some of the most frequently asked questions about credit card security.
1. How does the ATM or store terminal know my PIN number?
PIN (personal identification numbers) are the most often used way to authenticate your identity when you use your credit or ATM card.
When you first choose your PIN number, it is ‘encrypted’ – stored in a secret code of letters and symbols – and either stored in a database or on the magnetic stripe on the back of your card.
2. If my PIN number is stored in a database, doesn’t that mean that bank or credit card employees have access to it?
The encryption method that’s used by ATM and credit cards is called ‘one-way encryption’. It makes it easy for the bank’s computer to verify the PIN given the bank’s key and the PIN, but nearly impossible to extract the PIN in text form from the encrypted database.
3. How does the machine ‘read’ my card?
The stripe on the back of your credit or ATM card is called a magnetic stripe. It’s actually made up of thousands of tiny magnetic iron-based particles.
The card can be ‘written to’ much the same way that the hard drive on your computer can be written – by means of magnetic interaction changing the charge.
Written into the stripe are your account number and identifying data. When you swipe the card, that information is read and sent via modem to an ‘acquirer’
– a company that ‘acquires’ a payment guarantee from the credit card company based on the information stored on your card‘s magnetic stripe.
4. Isn’t buying on the internet dangerous and insecure?
Honestly? Your credit card information is in less danger being transmitted over the internet than it is when you hand your card to a store clerk at the counter.
The real danger to your credit card information isn’t from hackers hitting online merchants, or stealing your credit card information via modem or phone lines. The real internet security dangers come from two different directions:
a. Hackers using back doors to get into the records of banks, credit card companies and data repositories.
This is the biggest danger. It’s also a danger for stores and companies that have records ‘online’ for billing purposes. There’s a great deal being done to improve security of data repositories, which are far more vulnerable than any data transmission stream.
b. The second big credit card security danger is the practice that’s sometimes called ‘phishing’. In this case, the credit card thieves trick you into giving them your identification and credit card data.
They may do this with an email purporting to be from an official of your internet service provider or email, your credit card issuer or anyone else. They also may build sites that are identical to sites like Paypal, American Express and others for the express purpose of capturing your information so that they can use it.
5. How do I protect myself from phishers?
First, never provide your social security number or other identifying data to anyone without first verifying that they are exactly who they say they are. Experts recommend that you never use the link provided in an email to go to the site of someone you do business with. Instead, open a new browser window and type in the known address by hand
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Credit Card Eligibility
Have you wondered how credit card eligibility is determined?
Curious whether you’re eligible for a credit card?
It all has to do with your credit rating and credit score. Here we go with a quick tutorial on what constitutes credit-worthiness and how you can make sure that you are eligible for a credit card when you want one.
Credit Reports and Credit Scores
When you buy something on credit or have a credit card, the credit card company or store makes periodic reports to one or more credit reporting agencies. Those agencies keep records of your credit history – how good you are at paying your bills on time.
Among the things that go into your credit history are:
1. How many credit cards you have
2. How much you owe on each one
3. How many loans you’ve taken out
4. How much you still owe on them
5. Any payments that you’ve made late
6. Any payments that you’ve missed
7. If you’ve ever defaulted on a loan
8. If you’ve ever filed for bankruptcy
9. If you own a house
10. If there has ever been a judgment against you for unpaid debts
Credit reporting agencies assign a ‘weight’ to each of those facts, and assign points to you based on each of those points. The total of those points is called your ‘credit score’. The higher your credit score is, the better your credit is.
Some of the things that you lose points on your credit score for are:
1. Having too many credit cards
2. Carrying too much debt on your credit cards
3. Carrying too many loans
4. Making late payments or missing payments
5. Defaulting on a loan
6. Applying for a lot of credit cards in a short time
The credit card and credit score give a ‘snapshot’ of your credit history.
Getting a Credit Card
When you apply for a credit card, the company that issues the card checks with a credit reporting agency to get your credit report and find out your credit score.
Since they’re basically lending you money whenever you use your credit card, they want to make sure that you’re the kind of person who pays your debts on time. They have an ideal ‘snapshot’ that they compare your credit report and score with.
The closer your credit score is to their ideal, the better your chances of getting a credit card with a great interest rate and good terms.
The lower your credit score is, the more a risk you are for the credit card company. Because they take a bigger risk when they lend you money, they charge you more by giving you a higher interest rate.
If your credit score is too low, they won’t give you a credit card at all. If you have no credit history at all, they also may decide not to give you a credit card, depending on other factors in your credit history.
If you’re turned down for a credit card..
The credit card company has to tell you the reasons that you were turned down. They also have to tell you which credit reporting agency they got your credit history from.
There are three major credit reporting agencies in the country – Equifax, Experian and Transunion. The report that the credit card company used to make their decision will be one of those.
You have the right to request a copy of the credit report that they used to make your decision. The company that provided the report to the credit agency has to give you a copy free.
The credit reporting agency also has to give you a copy of your credit report once every 12 months if you request it.
Get your credit report to find out what it says about you – and to see how you can improve your credit score so that you won’t be turned down next time.
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Credit Card Debt
Do you have a hard time paying your credit card bills?
Starting to get notices from waiting creditors to pay?
Worried that you might lose your properties like your house because of credit debt? Chin up: Dealing with credit card debt is not as hard as you may think.
If there’s any consolation, you’re not the only one facing such situation. At some point, many people like you face financial crises with credit card debt.
But you must remember that your financial situation doesn’t mean it should go straight to the dogs, making it worse than as it is.
Here are some tips to help you cope with your credit card debt:
Make a Budget. If you want to have a grab of your financial situation before you lose everything, making a budget is what you should do first.
Assess how much do you get from your income or other means and your expenditures. For example, if getting that posh apartment means you have to limit your meals to once a day,
then it is not a great and sound budgeting decision. Your goal is ensure that you can answer for all the basic necessities: food, housing, clothes, health-related costs, among others.
Contacting Your Creditors. Remember: Running away from your creditors is not the answer. It is not a solution, and may in fact lead you to bigger problems. If you are having trouble paying off your debts, address this immediately with your creditors.
State to them sincerely and fully the reason why it has become hard for you to pay these debts, and check if they could give you a revised payment arrangement that will put you at ease on your payment terms.
Do not let creditors turn over your situation to someone or an agency to do the collecting for them, as this means that they have given up on you.
How to address Debt Collectors. There is a law that gives certain conditions for debt collectors as to when and how they should ask you to pay.
The federal law, Fair Debt Collection Practices Act, clearly states that those collecting debts may not bug you, give false assertions, or do practices that are not fair when they are getting to collect money from you.
Credit Counseling. You could also consider getting the aid of groups or institutions that will help you in your problems.
If you managed to have an improved payment arrangement of your debt with a good credit counseling organization, creditors may approve of your proposition and accept your modified arrangement plan..
Bankruptcy. Generally, personal bankruptcy is known as the last choice to fix your ballooning credit debt. A bankruptcy unfortunately stays on your financial information report for years.
Getting additional credit, buying a house, sometimes even getting a job might be hard for you. Technically, however, it is a legal way of addressing your credit debt.
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