Credit Card Facts and Stats

-Americans owe approximately $850 billion in revolving credit card debt.i

-As of 2007, 73% of all American households had credit cards and 60% of these households carried a balance. The average balance for households that carried a balance was $7,300, up 30.4% from 2004.ii

-Low- and middle-income households have an average of $8,650 in credit card debt.iii

-The total amount of credit made available by issuers in 2007 was about $5 trillion, or $43,007 per household.iv

-Even as the economy worsens, Americans continue to be inundated with offers of credit. In 2008, issuers sent 4.2 billion credit card offers in the mail - nearly four times as many as the 1.1 billion sent in 1990.v

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VISA electron

The Visa Electron card* is issued in certain countries around the world. The Electron card provides consumers with direct access to deposit account funds, but the card’s security features and acceptance procedures are slightly different.
• First, the account number on the front of an Electron card is printed, not embossed.
• The full 16-digit account number may not be present on the front of the card. At the discretion of the card issuer, Electron cards may bear only the first and last four digits of the account number.
• At the discretion of the card issuer, Electron cards may be used for mail order, telephone order, or Internet purchases, or for cash advances or any other type of cash disbursement, or they may be restricted from any or all these functions.
• Electronic authorization is required for all Electron card transactions. This means you must be able to perform the authorization by swiping the stripe through a point-of-sale terminal, inserting the chip card into the chip-reading device, or waving the card in front of a Visa payWave terminal. Key-entered authorizations are not allowed. If the magnetic stripe is damaged or cannot be read by the terminal, the card cannot be used.

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paywave works

1. Merchant terminal is enabled with contactless technology.
2. Consumer holds card in front of the reader and terminal light indicates card has been read.
3. Transaction is completed like any card payment.

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What is Visa payWave?

Merchants can take advantage of increased speed and convenience—and offer
these advantages to cardholders—with Visa payWave, a new payment method
that uses the latest technology to send card data wirelessly to a terminal reader.
A cardholder simply holds their card in front of the reader.
For many transactions, there is no need to sign a receipt or hand over the card.
Visa payWave provides merchants and consumers with a number of benefits.

Merchant Benefits
Cost Savings/Efficiency
• Decreased transaction time.
• Customer initiates the transaction by simply holding the card in front of the
reader rather than swiping or handing the card to the clerk.
• Reduction in coin/cash handling.
Customer Loyalty
• Attracts new customers and builds loyalty with added speed and
convenience.
Competitive Advantage
• Sets merchants apart from their competitors in categories like fast food
restaurants where speed and convenience are compelling benefits.

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Making Code 10 Calls After a Transaction

Sometimes a sales associate may not feel comfortable making a Code 10 call

while the cardholder is at the point-of-sale, or the sales associate may become

suspicious of a cardholder who has already left the store.

Emphasize to your sales staff that they can make Code 10 calls even after a

cardholder leaves the store. A Code 10 call at this time may help stop fraudulent

card use at another location, or perhaps during a future transaction at your

store.

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The Code 10 Call Process

    To make a Code 10 call:
- Keep the card in your possession during the call.
- Call your voice authorization center and say, “I have a Code 10 authorization request.”
  The call may first be routed to a representative at your acquirer who may need to ask you for        some merchant or transaction details. You will then be transferred to the card issuer and    connected to a special operator who will ask you a series of questions that can be answered with a   simple “yes” or “no.”
- When connected to the special operator, answer all questions calmly and in a normal tone of voice. Your answers will be used to determine whether the card is valid.
- Follow all operator instructions.
-  If the operator tells you to pick up the card, do so only if recovery is possible by reasonable and peaceful means.

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Code 10 calls

Code 10 calls allow merchants to alert card issuers to suspicious activity and take appropriate action when instructed to do so. You should make a Code 10 call to your voice authorization center whenever you are suspicious about a card, a cardholder, or a transaction. The term “Code 10” is used so the call can be made at any time during a transaction without arousing a customer’s suspicions.

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Visa Card Features and Security Elements

Every Visa card contains a set of unique design features and security elements developed by Visa to help merchants verify a card’s legitimacy. By knowing what to look for on a Visa card, your sales associates can avoid inadvertently accepting a counterfeit card or processing a fraudulent transaction.
Train your sales staff to take a few seconds to look at the card’s basic features and security elements after they have swiped the card and are waiting for authorization. Checking card features and security elements helps to ensure that the card is valid and has not been altered in any way.

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Parties to Visa Transactions

A cardholder :  is an authorized user of Visa payment cards or other Visa payment
products.
A merchant : is any business entity that is authorized to accept Visa cards for the
payment of goods and services.
An acquirer : is a financial institution that contracts with merchants to accept
Visa cards for payment of good and services. An acquirer may also contract with
third party processors to provide processing services.
A card issuer : is a financial institution that maintains the Visa cardholder
relationship. It issues Visa cards and contracts with its cardholders for billing
and payment of transactions.
Visa Inc. : is a publicly-traded corporation that works with financial institutions
that issue Visa cards (card issuers) and/or sign merchants to accept Visa cards
for payment of goods and services (acquirers). Visa provides card products,
promotes the Visa brand, and establishes the rules and regulations governing
participation in Visa programs. Visa also operates the world’s largest retail
electronic payments network to facilitate the flow of transactions between
acquirers and card issuers.
VisaNet® is part of Visa’s retail electronic payment system. It is a collection of
systems that includes:
• An authorization service through which card issuers can approve or decline
individual Visa card transactions.
• A clearing and settlement service that processes transactions electronically
between acquirers and card issuers to ensure that:
          – Visa transaction information moves from acquirers to card issuers for
             posting to cardholders’ accounts.
          – Payment for Visa transactions moves from card issuers to acquirers to be
             credited to the merchant accounts.

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American Express cards

American Express cards are the most special ones issued in the U.S. By that I don’t mean that AmEx’s card programs are all that different from their competitors’. Well, perhaps some of them are, but other issuers have programs that are so similar that you would not be able to tell them apart, unless you saw the brand logos on the terms and conditions disclosure.

The uniqueness of American Express cards can be found in some of the security features on their cards. In this post I will review these features and will explain how to recognize their validity.

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Security Features of American Express Card

There are several different types of 'American Express cards ' and not all of them will display all of the security features listed below, but most of them will:

1. All American Express card account numbers are embossed and begin with “37″ or “34″. This rule applies to all AmEx cards. By comparison, Visa card numbers begin with “4,” MasterCard’s start with “5″ and Discover’s — with “6″.
2. AmEx account numbers are embossed, 15-digit long, with no alterations and spaced in 4, 6 and 5 digits. This is another unique AmEx security feature. Visa, MasterCard and Discover numbers are all 16-digit long and spaced in four groups of four digits.
3. The Card Identification Number (CID) is AmEx’s equivalent to Visa’s CVV2, MasterCard’s CVC 2 and Discover’s CID. Unlike its competitors who all use three-digit numbers and place them on the back of their cards, in or immediately to the right of the signature panel, AmEx’s CID is four-digit long and is printed above the embossed account number on the right or left of the card.
4. The cardholder name is printed in the lower left corner of AmEx cards, just as the competitors do it.
5. The “Member Since” date is embossed to the right of the expiration date. By comparison, Visa, MasterCard and Discover all place the “Member Since” date to the left of the expiration one.
6. The expiration, or “Valid Thru,” date is embossed above the cardholder name field, in the format “mm/yy.”
7. The Centurion image is of course unique to the brand (not to mention trademarked). It is phosphorescent and the words “AMEX” are visible under UV light.
8. Some cards feature a hologram of the Centurion image embedded Into the magnetic stripe.
9. Also uniquely, the account number is printed in the signature field of most AmEx cards and must match the embossed one on front of card and the one printed on the transaction receipt. The competitors only print the last four digits of their card numbers in the signature field.
10. The signature field is located below the magnetic stripe, match as it is on Visa, MasterCard and Discover cards. The words “Cardmember Signature” are printed underneath it.

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Identification Features of MasterCard Card

 the MasterCard identification features you should be checking:

1. cards must include a full-color MasterCard brand mark.
2. MasterCard account numbers must always start with the number “5”.
3. The first four digits of the card number must be the same as those printed directly below (pre-printed BIN).
4. The 16-digit card number must be clear and uniform in size and spacing and must appear on one line.
5. The expiration date should be in the future and in the format “mm/yy.”
6. There may be a chip on some cards, located above the account number.
7. The MasterCard Hologram or HoloMag tape can be located on the front or back of the card. If located on the front, it will be above the brand mark. If located on the back, it will be next to or below the signature panel.
8. On some cards, the design and brand mark may be oriented vertically.
9. The signature panel is located on the back of the cards, with the word “MasterCard” printed in multi-colors at a 45° angle.
10. The last four digits of the account number must be printed in reverse italic letters on the signature panel.
11. The Card Verification Code 2 (CVC 2) must be printed in reverse italics to the right of the last four digits of the account number within the signature panel.
12. The magnetic stripe must be present, located above the signature panel and appear smooth and straight with no signs of tampering. On some cards the HoloMag tape may be used in place of the magnetic stripe.

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Security Features Of Visa Card

What to Look for on all Visa Cards

• The Signature panel : must appear on the back of the card and contain an ultraviolet element that repeats the word “Visa®.” The panel will look like this one, or have a custom design. It may vary in length. The words “Authorized Signature” and “Not Valid Unless Signed” must appear above, below, or beside the signature panel. If someone has tried to erase the signature panel, the word ‘VOID” will be displayed.
• The Magnetic stripe : is encoded with the card’s identifying information.
• Card security code:  or Card Verification Value (CVV) is a unique threedigit code that is encoded on the magnetic stripe of all valid cards. CVV is used to detect a counterfeit card.
• Hologram: The Mini-Dove Design Hologram may appear on the back anywhere within the outlined areas shown . The three-dimensional dove hologram should appear to move as you tilt the card.
• Brand mark : must appear in blue and gold on a white background in either the bottom right, top left, or top right corner.
• Account number : The account numbers of all Visa, MasterCard and Discover cards are comprised of 16 digits and for American Express the number is made up of 15 digits. All digits must appear even, straight, and the same size. The first digit of each card number identifies its type. Listed below are the first digits that the major U.S. card brands use in their account numbers.
  

  Card Type	First Digit of Account Number
  American Express	3
  Visa	4
  MasterCard	5
  Discover	6




• Bank Identification Number (BIN) (only for Visa and MasterCard cards): These are four-digit numbers that are printed below the account number. This BIN must be identical with the first four digits of the account number.
• Expiration date: or “Good Thru” date should appear below the account number.
• Cardholder name:   or a Generic Title may be embossed or printed on the card. This field may be blank on some Visa cards.

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MY CREDIT CARDS ARE LOST OR STOLEN

WHAT SHOULD I DO IF MY CREDIT CARDS ARE LOST OR STOLEN?

Phone the credit card company immediately, and report that your card is lost or stolen. Your monthly billing statement will list the phone number for reporting lost cards. Be sure to get the name of the person you talked to. The issuer will cancel your card so no unauthorized charges can be made on it.
To create a record for the company and for your own files, write to the company after you have phoned. Include your name, address, account number, the date you believe the card was lost or stolen, and the name of the person you spoke to when you called the company.
You will not be liable if you notify your issuer that your cards were lost or stolen before unauthorized charges are made. If your cards are used before you report them missing, the most you can be liable for is $50 per account.

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ADVANTAGES OF USING A CREDIT CARD

WHAT ARE THE ADVANTAGES OF USING A

CREDIT CARD?

■ They allow you to make purchases on credit without carrying

around a lot of cash.

■ They allow accurate record-keeping by consolidating purchases

into a single statement.

■ They allow convenient ordering by mail or phone.

■ They allow you to pay for large purchases in small, monthly

installments.

■ Under certain circumstances, they allow you to withhold payment

for merchandise which proves defective.

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DISADVANTAGES OF USING CREDIT CARDS

■  The ease of using credit cards, combined with impulsive buying, may result in over-spending.

■ High interest rates, as well as other costs make credit cards a relatively expensive method of obtaining credit.

■ Lost or stolen cards may result in some expense ($50.00) and inconvenience.

■ The use of multi-credit cards can get you even further into debt.

■ Fraudulent or unauthorized charges may take months to dispute, investigate, and resolve.

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CREDIT CARD PROTECTIONS ?

Federal law protects consumers when they use credit cards.

Protections include the following items:

Prompt Credit for Payments:
A card issuer must credit your account on the day the issuer receives your payment, unless the payment is not made according to the creditor's requirements or the delay in crediting your account does not result in a charge.
 Refunds of Credit Balances:
When you return merchandise or pay more than you owe, you have the option of keeping the credit

balance on your account or requesting a refund. To obtain a refund, write the card issuer. The card issuer must send you the refund within seven business days of receiving your request. Also if a credit balance remains on your account for more than six months, the card issuer must make a good faith effort to refund the credit balance. 
Errors on Your Bill :
There are specific rules that the card issuer must follow for promptly correcting billing errors. The issuer must furnish you a statement describing the rules when you open a credit card account and at least once a year after that. Many issuers print your rights on their monthly billing statements. You must notify the

issuer in writing at the address specified for billing errors within 60 days after the first bill containing the error was mailed to you. The issuer must look into the problem and either correct the error or explain to you why the bill is correct not later than 90 days after the issuer receives your billing error notice. During that period you do not have to pay the disputed amount or interest on that amount. 
Unauthorized Charges:
If your credit card is used without your authorization, you can be held liable for up to $50 per card. If you report the loss before the card is used, federal law says the card issuer cannot hold you responsible for any unauthorized charges. If you have a lost or stolen credit card, report the loss as soon as possible. Most issuers have a toll-free number in service 24 hours. You should follow-up your phone call with a letter. 
Disputes About Merchandise or Services:
If you have a problem with merchandise or services that you charged to a credit card and have made a good faith effort to work out the problem with the seller, you have the right to withhold from the card issuer payment for the merchandise or services. If the card you used is a bank card or another card not issued by the seller of the defective merchandise, you can withhold payment only if the purchase exceeded $50 and occurred in your home state or within 100 miles

of your billing address.

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CREDIT CARD PROTECTIONS ?

Federal law protects consumers when they use credit cards.

Protections include the following items:

Prompt Credit for Payments. A card issuer must credit your

account on the day the issuer receives your payment, unless the

payment is not made according to the creditor's requirements or the

delay in crediting your account does not result in a charge.

Refunds of Credit Balances. When you return merchandise or pay

more than you owe, you have the option of keeping the credit

balance on your account or requesting a refund. To obtain a refund,

write the card issuer. The card issuer must send you the refund

within seven business days of receiving your request. Also if a credit

balance remains on your account for more than six months, the card

issuer must make a good faith effort to refund the credit balance.

Errors on Your Bill. There are specific rules that the card issuer

must follow for promptly correcting billing errors. The issuer must

furnish you a statement describing the rules when you open a credit

card account and at least once a year after that. Many issuers print

your rights on their monthly billing statements. You must notify the

issuer in writing at the address specified for billing errors within 60

days after the first bill containing the error was mailed to you. The

issuer must look into the problem and either correct the error or

explain to you why the bill is correct not later than 90 days after the

issuer receives your billing error notice. During that period you do

not have to pay the disputed amount or interest on that amount.

Unauthorized Charges. If your credit card is used without your

authorization, you can be held liable for up to $50 per card. If you

report the loss before the card is used, federal law says the card

issuer cannot hold you responsible for any unauthorized charges. If

you have a lost or stolen credit card, report the loss as soon as

possible. Most issuers have a toll-free number in service 24 hours.

You should follow-up your phone call with a letter.

Disputes About Merchandise or Services. If you have a problem

with merchandise or services that you charged to a credit card and

have made a good faith effort to work out the problem with the

seller, you have the right to withhold from the card issuer payment

for the merchandise or services. If the card you used is a bank card

or another card not issued by the seller of the defective

merchandise, you can withhold payment only if the purchase

exceeded $50 and occurred in your home state or within 100 miles

of your billing address.

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HOW DOES A CREDIT CARD WORK ?

When you have been issued a credit card you are given a line of

credit. You can make purchases or receive cash advances up to

that amount with your card. When you make a purchase, the

merchant gives proof of your purchase to the credit card company

and they pay the merchant on your behalf; in effect granting you a

loan.

The credit card issuer then bills you for reimbursement of the

purchase or cash advance amount. You can either pay the balance

in full or make payments. The issuer must send you periodic billing

statements giving you information on your account which includes

the minimum payment due, date it is due, and the periodic interest

rate on unpaid balances.

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HOW DOES A CREDIT CARD WORK ?

When you have been issued a credit card you are given a line of

credit. You can make purchases or receive cash advances up to

that amount with your card. When you make a purchase, the

merchant gives proof of your purchase to the credit card company

and they pay the merchant on your behalf; in effect granting you a

loan.

The credit card issuer then bills you for reimbursement of the

purchase or cash advance amount. You can either pay the balance

in full or make payments. The issuer must send you periodic billing

statements giving you information on your account which includes

the minimum payment due, date it is due, and the periodic interest

rate on unpaid balances.

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BEST CREDIT CARD FOR STUDENTS

What are the characteristics that you look for when you are looking for a good credit card for students? Offer several different reasons and many details attached to them.

Fees: All credit cards have fees of some kind, but some have less than others, as an annual fee. Do not want to have to pay an annual fee to use a credit card, as it is just extra money that the company needs to use your card. There are also late fees, cash advance fees and spending limit. So find the one with the least expense, because in the end, will help especially if you have an emergency.

Reward points: Many of these cards offer cash rewards and 1% on all purchases. This is a cash in your wallet is a good thing for students and can be used for supplies and textbooks. Look at all the limitations and what types of reward points are offered in multiple purchases again.

April: APR is the annual percentage rate, which is the rate that is charged to your account for the amount of money currently being charged to the card. Many companies offer an interest rate of zero percent incentive for the first time in many months. After the APR is determined by your credit score and ability and generally has a range that can fall in the middle. You want to make sure you find the best April you can from the smallest to the April less money you pay.

Protection: good student credit cards offer protection against fraud. This is important if you ever lose your identity card or because the company will pay whatever you have not loaded the card itself. Many cards also offer travel assistance and free insurance car rental.

You want to make sure you find the right loan for you as a student and what will work today and maybe with you in the future. Read the fine print and find the best credit cards for students.

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LEARN HOW TO CHOOS THE BEST CREDIT CARD

        With the use of credit cards comes great responsibility and guidelines are easy to find. Do not abuse, do not spend money you can not afford to pay, do not open too many credit accounts, etc. However, the use of credit cards continues. Credit cards are very useful, in fact, that many companies have seen strong demand, which makes the highly competitive market of consumer choice. Before registering a card impulsively, take a moment to make sure their plastic suits your needs. And before you write off all, consider the benefits.

Credit cards are tools for the trip because many automatically convert your money in different currencies. They can also serve as an identity card, especially when they include your photo. They are better than walking around with a lot of money that can be stolen or travelers checks as stolen cards can be reported before and prevent their use.

So what type of card is right for you? The easy answer is, if you are struggling to pay your balance in full each month, or if you want to consolidate your debts. In both cases, you have to find a card with a low interest rate. If you pay your balance in full each month, or if you are interested in these cards rewards programs, the decision is becoming more complicated.

Cool or not cool ?

A free rewards card is perfect for people who pay off their balance in full, but do not use credit cards greatly. For consumers credit card, a credit card that comes with an annual fee could end up paying for itself awards. To take full advantage of rate cards, however, you must make an assessment of how often you actually use credit cards. Otherwise, no fee card is your best option.

Navigating the reward system

To see reward systems are best suited to your needs, consider their offers on the basis of the amounts paid for these awards. Cash back is easy to calculate that species such as gift cards to some shops, but airline miles point systems can be more of a challenge. Calculate what you would pay for airline miles or bonus points and calculate the monetary value so that you can easily compare the very different compensation systems reward.

One aspect of reward systems that can make it easy to choose one card to another is when reward systems to maximize benefits for certain types of purchases, such as gas or groceries. If you decide to use one of these credit cards, which is clear in its portfolio if also often as possible for the type of rewards card purchase.

What companies want?

It is important to know early on what companies probably deny your request if you have bad credit. Free credit reports are available annually and can be found online from various websites free credit report. If you have a bad credit, select a card company will work with you. To apply for many cards in a short period of time is a bad idea because companies typically run your credit check, the higher your credit score will be negatively affected. People who take a lot of credit accounts are considered superior to those without risk.

Do your homework

Learn everything you can about what cards are most attractive for your particular needs and open an account with the first option. If you open multiple accounts to determine which is best for you with the intention of closing the other, your credit may be adversely affected due to multiple accounts at the same time that may indicate an increased risk.

Click the link below and compare the best credit card deals and read reviews about the best low interest, balance transfer 0%, reward, cash back, prepaid, student, airline, business cards and instant credit approval.

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7 interesting things about credit cards

Fact # 1: You have rights under the Credit Assessment Act. Have you seen his monthly statement lately? If you have and you've observed that there are errors, inconsistencies and fraudulent charges even advise you to play immediately with the credit reporting agencies. Always remember that Credit Reporting Act protects consumers against unauthorized transactions, provided that they can report these items to their respective card issuers, in two or three days.

Fact # 2: All credit card issuers reporting by consumption activities in time to the three major credit bureaus. Therefore, if you want to use a secure account to start or rebuild their credit card, then you should ask your card issuer advancement, which has close ties to the credit reporting agencies work. If your answer is yes, then you can make your account application credit card. Otherwise, you may have to look for other companies that can help you achieve your goal of building or rebuilding credit.

Fact # 3: As a curiosity, other fees and charges imposed on different card accounts. For example, secured credit cards come with deposit requirements. Meanwhile, other programs may require you to pay financing costs and other related costs, depending on the operations you will use your credit card.

Fact # 4: Credit cards are not one and the same. In fact, come with interest, fees and charges, terms and rates of payment options, credit limits, and highly variable application.

So to get one that suits your needs, affordability and preferences, it is your responsibility to shop around and compare the features imposed on the various card programs. Thus, the most likely end up with a credit card that will surely work to your advantage.

Fact # 5: Some credit cards charge different prices in different operations. Some cards today carrying various types. In addition to the interest rate to be charged on the invoice, purchases and expenses, you may also incur costs for cash advances, balance transfers and other additional facilities.

This means that if you intend to keep your credit minimum payment, you must use these features sparingly. In fact, we suggest using ONLY IF IT IS ESSENTIAL.

Fact # 6: Managing multiple credit cards is a big no-no, especially if you want to repair your credit. This is due to several credit lines, the risk of a huge financial obligation actually increases, especially if you find it difficult to control your spending habits. So far as possible, take into account the advice of experts to handle more than two card accounts at once.

Fact # 7: You can opt for a fixed rate or variable. In fixed rate programs, you can set a low interest rate credit card you want to use, for the duration of the credit agreement. On the other hand, programs floating rate, the interest rate may start small, but soon could skyrocket depending on the changes that will occur in the current market rates.

finally you can have ideas about most credit card . and what diffrent bettwen credit card and other  check other article .

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CREDIT CARD DEFINITION

          A card issued by a financial company giving the holder the ability to borrow funds, usually at point of sale. Credit cards charge interest and are primarily used for short-term financing. Interest usually begins one month after a purchase is made and borrowing limits are pre-set according to the credit rating of the person.

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