Guide to Balance Transfers
Tired of paying high credit card rates and fees? Try to decrease your interest payments by a simple balance transfer to another card. We will help you find the best Balance Transfer Cards here. Balance transfer is the most easy way of reducing your credit card costs. Another crucial thing has to be mentioned here - your understanding of the terms and conditions of a new credit card. That`s an important factor for maximizing the savings. Also be sure whether you would like to keep your current credit card. Before you apply for a new credit card, simply ask bank to lower your current interest rate. Read more... 
The bankcard process is essentially one of communication, moving
the transaction charge from the merchant to the merchant's bank to the issuing bank
to the cardholder, as rapidly, accurately and efficiently as possible. Two separate
organisations presently provide this communication: VISA International and MasterCard International.
Avoid the Campus Credit Card Trap
If you are thinking about filling an application for one of `easy` credit cards found at a campus? Read this article before doing it. A free Frisbee, T-shirt or a bottle of soda isn`t worth years of bad credit, is it? Read more... As the costs of processing traditional paper cheques continued to rise,
banks searched for a means to replace the cheques with the more economical Electronic
Funds Transfer (EFT) system. The financial institutions viewed this as an opportunity
to introduce the debit card. This card is similar to a credit card, but "debits" or
“deducts” the amount of the transaction immediately from the cardholder's bank account
much like a paper cheque. Although, debit cards have met with customer resistance in
the past substantial growth in the use of debit cards in the near future is anticipated,
and as of early 2001 there are over 351 million Visa debit cards in circulation.
Bankcards, credit and debit, will play a large role in the move toward a
“cashless society". Expanded services and uses can be expected as new markets and
opportunities become available in expanding economies.
Credit Rewards Introduction
Increasing competition for customers caused different credit organization to issue cards with various offers for rewards programs, offering cash back and points that can be exchanged for goods and services such as air miles, hotel stays or car rental. With all obvious advantages reward credit cards may not always be the best option among the variety of credit cards. Read more... History of cards
The bankcard industry originally developed in the United States and traces
its roots back to 1914 when Western Union issued the first consumer charge card. But
it wasn't until 1950, when the Diners Club Card was introduced, that a single card
would be accepted by a variety of merchants In 1951 Franklin National Bank, Long Island
, New York , issued a card that was accepted by local merchants, and soon nearly 100
other banks had also begun issuing cards.
But, because these early bankcard systems applied only to a bank's local a
rea, few generated sufficient volume to provide a profit for the banks. So as quickly as
they appeared, many disappeared.
BankAmericard
Bank of America, San Francisco , California , however, had the entire
state of California as a potential market, and the BankAmericard, first issued in 1958,
met with immediate success.
By 1965 Bank of America had formed licensing agreements with a
number of banks outside of California , allowing them to issue BankAmericard.
At the same time, a number of other banks in the United States had joined together
to form MasterCharge.
Protect Credit Cards from Identification Theft
A thief does not need a knife to rob you. All he needs to know is your name, address, social security number), and sometimes your date of birth and mother`s maiden name. He will never wait you in the dark corner but will open an account in your name or simply access your existing credit or debit accounts. In the cases, when a thief opens a new accounts on your name - he uses bogus addresses. All major CRAs switch your contact information over to the that fictive new address, and you will never know what`s going on until it will be late. Read more... With the growing success of these two large bank card associations,
most regional banks soon dropped their independent programs and converted to one of
the two. By 1970 more than 1,400 banks offered either BankAmericard or MasterCharge
cards.
In 1970 Bank of America relinquished control of the BankAmericard program.
The banks that issued BankAmericard took control of the program, forming National
BankAmericard Inc. (NBI).
Outside the U.S. , Bank of America continued to license banks to issue
BankAmericard, and by 1972 there were licensees in 15 countries. In 1974 International
Bankcard Company (IBANCO) was formed. In many countries outside the U.S. , however, there
was resistance to issuing a card associated with the Bank of America, even if the association
was in name only. So in 1977 BankAmericard became the Visa card, retaining its
distinctive blue, white and gold bands, NBI was renamed Visa U.S.A. and IBANCO became
Visa International.
Visa
Visa, contrary to popular belief, is not a credit card company but
rather an electronic payment system that, however, did evolve from a credit card company.
Visa is a trans-national corporation controlled by no single interest, an association owned
jointly by more than 21,000 financial institutions around the world. Visa itself does not
directly serve consumers or merchants. Through its members, Visa provides a global network
for value exchange. It provides worldwide telecommunications, sets operating standards, and
develops new products, enabling its member financial institutions to provide their customers,
both cardholders and merchants, with a convenient, low-cost means of consummating a high
volume of transactions throughout the world.
Types of Credit Cards
There are 4 major credit card types: bank debit and credit cards, travel and entertainment cards (T&E cards), retail store cards, oil company cards (gasoline cards). Interest rates, fees and applications are different for each type of card. Applying for a credit card, the consumer agrees to the terms and conditions of a credit card company that issues his card. Read these terms and conditions very carefully to understand it before using the card for purchases, cash advances or balance transfers. Read more... Today Visa is a full-service consumer payment system, the largest in the
world. Through a variety of products individuals can conduct sales transactions anywhere
in the world with confidence in the system. Any of the 1 Billion cards currently in circulation
can be used to pay for goods and services at more than 20 million locations around the world or
to obtain cash at more than 647,000 cash dispensers (ATMs) displaying the blue, white and gold Visa logo.
Visa is divided into six geographical regions:
Asia-Pacific
Canada
Central Europe , Middle East and Africa (CEMEA)
European Union (EU)
Latin America
United States
CEMEA
Visa CEMEA serves 220 members in 92 countries on three continents covering
14 time zones. The region contains a quarter of the world's population. Visa CEMEA's
headquarters are in London and it has area offices in South Africa , the United Arab
Emirates , Russia and Poland . The region's cultural and geographical diversity is
reflected in the different stages of development found in its markets. Some have
well-established payment card businesses while others still lack an effective payments
and telecommunications infrastructure. Each faces special opportunities and challenges
on which Visa CEMEA focuses.
Bankruptcy credit card
If you have ever been in bankruptcy, it will be difficult to build up your credit score again. The main reason for it is that noone of the major credit cards issuing companies is eager to offer you a credit card due to your past. Now there are only few things you can do to restore your credit status. Read more... |
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