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Credit Cards Terminology

Introduction To Credit Cards Terminology
Ever since Stacey Smith got her credit card, she has been trying to decode the alien credit card terms that the credit card companies use. Deciphering credit card terms is a task in itself! The credit card companies use fancy language, which we don’t use in our everyday use. So much so that even filling the application form is a pain. What is needed is a good credit card glossary to enable mortals like us to understand credit card terms.

We have complied a simple to understand credit card glossary. In simple words, it is card which can be used to obtain cash, goods or services up to a stipulated credit limit. The glossary covers some of the most commonly used credit card terms.

Lets begin with the most basic “account number”. It refers to a unique number that is assigned to every credit card. Next in the credit card terms come “annual fees”. Some of the credit card holders are charged annually for holding the card. This is known as annual fees. Another credit card term that would be used frequently is “APR”. It is the rate at which card companies charge you every year for your account.

No credit card terms dictionary is complete without the term “balance transfer”. It simply means moving your credit balance from one credit account to another. It helps in saving your interest payments. A credit card term that most people are afraid to come across in credit card terms is “bad credit”. It means poor or bad credit rating. It can be caused by late payments, exceeding card limits etc.

In credit card terms, the next word would be, “cash advance”. Cash advance means a loan taken through your credit card, using an ATM. Then in credit card glossary comes “credit report”. It is a record of your credit history that is usually consulted by lenders in order to decide whether they should lend you money or not, and how much.

In credit card terms, you will also find the term “debit card”. Debit card allows you to spend money on the balance available in your account – usually from a current or savings account.

Next in our list of credit card terms is “grace period”. It is the time period between the transaction date and billing date when the payment can be made without incurring any interest rate.

If you are going through a money crunch then this credit card term is essential for you to understand – the “minimum payment”. Minimum payment is the smallest payment that you can pay to keep your account in good standing.

Another very important credit card term to understand is “PIN number”. It is the security code that you need for authorization while making money transaction through your credit card.

Next credit card term is “pre approved”. This means a customer who has already passed the initial credit bureau evaluation.

Here’s to hoping that you would now feel more confident about using your credit cards with at least the credit card terms making some sense to you!

Article Source: http://www.ArticleJoe.com

William King is the director of UK Wholesale Suppliers & Drop Shipping Wholesalers Directory, Australia Wholesalers , Pakistan Real Estate & Pakistan Property and Dubai Property & Dubai Real Estate in UAE . He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

Credit Card Processing

Credit Card Processing For Your Business
There are innovative solutions available to all businesses and your business can profit from them. The invention of the credit card and credit card processing are said by some to be the best financial and business improvements for businesses made in the modern world. Customers no longer need to carry cash with them and therefore need not worry about the risks of losing or having that money stolen. The use of credit cards eliminates this risk.

Nowadays, nearly all businesses accept credit cards. When you start a business, the first step to accepting credit cards is by applying for a merchant account. A merchant account will allow you to accept credit cards, debit cards, and all other forms of electronic payments.

A credit card processing merchant account offers flexible payment solutions to meet the specific needs of your business, whether you are an established merchant or are just starting out. A credit card processing company which offers merchant account services should start their relationship with you by analyzing the specific cost-saving and value-added services which best fit your needs. Merchant accounts are available to nearly all types of merchants, such as: retailers, restaurants, e-commerce, petroleum/convenience stores, and the service industries – lodging, travel, trucking, and healthcare.

It’s difficult to decide which credit card processing service is best for your business. This is why there are several aspects you should pay attention to when trying to determine the most appropriate credit card processing service. Knowing about the average approval rating, cost per month, start-up cost, account setup time, customer service availability, the type of virtual terminals offered by the providers, the available POS equipment and the merchant account, can tell you a lot about the type of credit card processing services you will benefit from.

For someone who has no idea how credit card processing works, the entire transaction may look like a complex ritual. In reality, it isn’t very complicated: you swipe the credit card through a credit card terminal, input some numbers and money is retained in your bank account. It’s also about high-speed computer networks. When a merchant makes a sell, the card number, the amount and the merchant ID are sent through the credit card processing computer network to the credit card computer network. Each of them receives the transaction data. The first is represented by the company or bank that handles the credit card processing and the second by Visa’s network or other credit card network. The bank that has issued the credit card verifies if the client can pay for the purchase and the merchant receives authorization to complete the transaction. The money however doesn’t reach the merchant account at that moment. Only at the end of the business day, the entire sum is sent for processing and individual transaction are stripped out and sent to the banks. The sum is finally sent to the merchant that used credit card processing. The entire process is safe and secure and requires little effort for both merchant and client.

If you wish to have a reliable, versatile way to help your business receive verified payments from anywhere anytime, then a credit card processing service is what you are looking for. Your business will increase its sales because ¬credit card processing allows you to accept all forms of payment, anywhere and to get fraud and security protection. Clients with any major credit card, with debit cards and with electronic or traditional checks will easily become your customers. Credit card processing enables you to conduct your business anywhere you want. Whether you are in a remote location with access to the web, whether you own a kiosk and have to manually enter information in such a device or prefer online business, credit card processing is ideal for any location. Most importantly, credit card processing allows safe handling of credit card information by utilizing modern encryption technology. You, as well as your customers, can use credit card processing services with peace of mind.

There are two things your young business should not lack: a <a href=”http://www.bankassociatesms.com/”>merchant account</a> and a <a href=”http://www.bankassociatesms.com/”>credit card processing</a> system. If you don’t have them, then you should because they make your merchant life a lot simpler and safer.