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News : Credit card database hacked 2007-10-25 17:20:00 Last Updated: Tuesday, 18 February, 2003, 19:30 GMT A computer hacker has gained access to more than 5 million Visa and Mastercard credit card accounts in the US. The two companies said on Tuesday that none of the information obtained, which would include credit card numbers, was used in a fraudulent way. But a UK-based business crime expert warned account holders could still be at risk if their cards were not reissued. Visa and Mastercard said the hacker breached the security system of a company that processes credit card transactions on behalf of merchants. Numbers of credit cards can be used to make payments, such as buying plane tickets or hiring cars. Both Visa and Mastercard operate zero liability policies, which protect card holders from having to pay for any unauthorised or fraudulent charges. Card holders at risk? Peter Lilley, a fellow of the UK Chartered Institute of Banking and author of various books on hacking and busi
News : Consumers turning to credit cards to pay their mortgage 2007-10-25 17:18:00 According to the results of a recent survey many consumers in the UK are having to turn to costly credit
cards in order to make some of their mortgage repayments, with many finding it increasingly difficult to keep up with repayments based solely on their income.Homeowners are struggling with repayments for a number of reasons, and an alarming number of households have made repayments with their credit cards over the past twelve months, according to the result of the poll, which involved two thousand consumers.The poll was carried out by YouGov, and indicated that the worst hit were first time buyers, a larger proportion of which were using their credit cards to make repayments on their mortgages. According to the results of the survey around 8% of 18-24 year olds have used their credit cards to make mortgage repayments in the last twelve months. The overall number of people using their credit cards to pay their mortgage came to around 6%, equating to around a million people.Experts st Read more:turning
News : 11 ways for seniors to mop up credit card debt 2007-10-25 17:16:00 11 ways for seniors to get out of credit
card debt By John Egan Before she sought help from the nonprofit Consolidated Credit Counseling Services Inc. about three years ago, Joyce Roberts' credit card debt had swelled to between $10,000 and $15,000. This Massachusetts baby boomer had essentially gone bust.Now Roberts, 51, pays $270 a month through Consolidated Credit Counseling in hopes of erasing her credit card debt within the next year. She no longer has any credit cards -- just an ATM card. Roberts says the debt mounted because she'd been making only the minimum monthly payments on her credit card bills -- something she advises others not to do."I was always a day late and a dollar short," Roberts says. "I've never gotten really close to being financially secure."Once the debt is eliminated, Roberts plans to quit her part-time weekend gig at McDonald's but maintain her full-time job as a customer service representative at an optical supply company. Worki
Credit card 2007-10-25 17:12:00 A credit card charged. Most credit cards are the same shape and size, as specified by the is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user's account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interestISO 7810 standard.source : wikipedia,the free encyclopedia
How credit cards work 2007-10-25 17:11:00 A user is issued credit
after an account has been approved by the credit provider, and is given a credit card, with which the user will be able to make purchases from merchants accepting that credit card up to a pre-established credit limit. Often a general bank issues the credit, but sometimes a captive bank created to issue a particular brand of credit card, such as Chase, Wells Fargo or Bank of America issues the credit. When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates their consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a Card not present (CNP) transaction. Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to co
Secured credit cards 2007-10-25 17:10:00 A secured credit
card is a type of credit card secured by a deposit account owned by the cardholder. Typically, the cardholder must deposit between 100% and 200% of the total amount of credit desired. Thus if the cardholder puts down $1000, he or she will be given credit in the range of $500–$1000. In some cases, credit card issuers will offer incentives even on their secured card portfolios. In these cases, the deposit required may be significantly less than the required credit limit, and can be as low as 10% of the desired credit limit. This deposit is held in a special savings account. Credit card issuers offer this as they have noticed that delinquencies were notably reduced when the customer perceives he has something to lose if he doesn't repay his balance. The cardholder of a secured credit card is still expected to make regular payments, as he or she would with a regular credit card, but should he or she default on a payment, the card issuer has the option of recovering the
Prepaid credit cards 2007-10-25 17:09:00 A prepaid credit
card is not really a credit card, as no credit is offered by the card issuer: the card-holder spends money which has been "stored" via a prior deposit by the card-holder or someone else, such as a parent or employer. However, it carries a credit-card brand (Visa or MasterCard) and can be used in similar ways. As more consumers require a suitable solution to rebuilding credit, recent changes have allowed some credit card companies to offer pre-paid credit cards to help rebuild credit. They are hard to find and have higher APR fees and higher interest costs. After purchasing the card, the cardholder loads it with any amount of money and then uses the card to spend the money. Prepaid
cards can be issued to minors since there is no credit line involved. The main advantage over secured credit cards is that you are not required to come up with $500 or more to open an account. Also most secured credit cards still charge you interest even though you are not actually "borrowing
Features 2007-10-25 17:06:00 As well as convenient, accessible credit, credit cards offer consumers an easy way to track expenses, which is necessary for both monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. Credit cards are accepted worldwide, and are available with a large variety of credit limits, repayment arrangement, and other perks (such as rewards schemes in which points earned by purchasing goods with the card can be redeemed for further goods and services or credit card cashback). Some countries, such as the United States, the United Kingdom, and France, limit the amount for which a consumer can be held liable due to fraudulent transactions as a result of a consumer's credit card being lost or stolen.source : Wikipedia,the free encyclopedia
Security 2007-10-25 17:03:00 The low security of the credit card system presents countless opportunities for fraud. This opportunity has created a huge black market in stolen credit card numbers, which are generally used quickly before the cards are reported stolen. The goal of the credit card companies is not to eliminate fraud, but to "reduce it to manageable levels"[8], such that the total cost of both fraud and fraud prevention is minimized[citation needed]. This implies that high-cost low-return fraud prevention measures will not be used if their cost exceeds the potential gains from fraud reduction. Most internet fraud is done through the use of stolen credit card information which is obtained in many ways, the simplest being copying information from retailers, either online or offline. Despite efforts to improve security for remote purchases using credit cards, systems with security holes are usually the result of poor implementations of card acquisition by merchants. For example, a website that uses SSL to
2007-10-25 17:01:00 Profits and losses In recent times, credit card portfolios have been very profitable for banks, largely due to the booming economy of the late nineties. However, in the case of credit cards, such high returns go hand in hand with risk, since the business is essentially one of making unsecured (uncollateralized) loans, and thus dependent on borrowers not to default in large numbers. Costs Credit card issuers (banks) have several types of costs: Interest expenses Banks generally borrow the money they then lend to their customers. As they receive very low-interest loans from other firms, they may borrow as much as their customers require, while lending their capital to other borrowers at higher rates. If the card issuer charges 15% on money lent to users, and it costs 5% to borrow the money to lend, and the balance sits with the cardholder for a year, the issuer earns 10% on the loan. This 5% difference is the "interest expense" and the 10% is the "net interest margin". Operating costs
History 2007-10-25 16:59:00 The credit card was the successor of a variety of merchant credit schemes. It was first used in the 1920s, in the United States, specifically to sell fuel to a growing number of automobile owners. In 1938 several companies started to accept each other's cards. The concept of using a card for purchases was invented in 1887 by Edward Bellamy[citation needed] and described in his utopian novel Looking Backward. Bellamy uses the explicit term "Credit Card" eleven times in his novel (Chapters 9, 10, 11, 13, 25 and 26) and 3 times (Chapters 4, 8 and 19) in its sequel, Equality. The concept of paying merchants using a card was invented in 1950 by Ralph Schneider and Frank X. McNamara in order to consolidate multiple cards. The Diners Club, which was created partially through a merger with Dine and Sign, produced the first "general purpose" charge card, which is similar but required the entire bill to be paid with each statement; it was followed shortly thereafter by American Express and Cart Read more:History
Trailing interest 2007-10-25 16:58:00 When the balance on account is not paid off in full by a due date it earns interest. If you then pay off the balance the next month it will also have an interest charge. If, for example, you charge $1000.00, receive the bill, and then decide to pay $500.00 by the due date, the next month's bill comes with a balance of $500.00 and the interest for the first month. If you pay the balance on the statement, the next month you will receive a bill with an interest charge for the balance on the account. A credit card balance accrues interest until the day it is paid. One way to avoid this problem if you are carrying a balance on your credit card and wish to pay it off, is to call your bank and ask for the payoff figure. You can generally speak to someone in customer service to get this number. Do not depend upon the voice system.source : Wikipedia,the free encyclopedia
Controversy 2007-10-25 16:58:00 There is some controversy about credit card usage in recent years. Credit card debt has soared, particularly among young people. Since the late 1990s, lawmakers, consumer advocacy groups, college officials and other higher education affiliates have become increasingly concerned about the rising use of credit cards among college students. The major credit card companies have been accused of targeting a younger audience, in particular college students, many of whom are already in debt with college tuition fees and college loans and who typically are less experienced at managing their own finances. A recent study by United College Marketing Services has shown that student credit lines have increased to over $6,000. Credit card usage has tripled since 2001 amongst teenagers as well. Since eighteen year olds in many countries and most U.S. states are eligible for a card without parental consent or employment, the likelihood of increased balances, unwise use of credit and damaged credit scor Read more:Controversy
Payment Allotment 2007-10-25 16:57:00 Credit card companies will apply your payment to a balance with a lower interest rate before a balance with a higher interest rate. If you have a balance from a transfer with an interest rate of 2% and a balance from point of sale purchases with an interest rate of 8%, your payment will affect the purchase balance only after the transfer balance has been paid in full. source : Wikipedia,the free encyclopedia Read more:Payment
, Allotment
Hidden costs 2007-10-25 16:57:00 Merchants pay a negotiated fee -- typically 1-3% for larger merchants and 3-6% for smaller merchants -- to process credit payments. They must also bear the cost of providing a point-of-sale solution to enable the acceptance of card transactions and other card services related expenses. Credit card issuers understand full well that if card holders were aware of and made to pay these additional costs with their purchases it would tend to discourage credit card usage. As a consequence, businesses who accept credit cards often must sign a "merchant agreement" or contract with the acquirer that stipulates that they are not allowed to offer different prices for card and non-card transactions (sometimes referred to as surcharging) despite the additional costs to the business for accepting the cards. The prohibition on surcharging or cash discounts is enforced by law in some countries, although some governments are beginning to lift this restriction (see below).[citations needed] Some critics Read more:Hidden
Credit card numbering 2007-10-25 16:56:00 The numbers found on credit cards have a certain amount of internal structure, and share a common numbering scheme. The card number's prefix, called the Bank Identification Number, is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs. This is the first six digits for Mastercard and Visa cards. The next nine digits are the individual account number, and the final digit is a validity check code. In addition to the main credit card number, credit cards also carry issue and expiration dates (given to the nearest month), as well as extra codes such as issue numbers and security codes. Not all credit cards have the same sets of extra codes nor do they use the same number of digits. source : Wikipedia,the free encyclopedia
Credit cards in ATMs 2007-10-25 16:55:00 Many credit cards can also be used in an ATM to withdraw money against the credit limit extended to the card but many card issuers charge interest on cash advances before they do so on purchases. The interest on cash advances is commonly charged from the date the withdrawal is made, rather than the monthly billing date. Many card issuers levy a commission for cash withdrawals, even if the ATM belongs to the same bank as the card issuer. Merchants do not offer cashback on credit card transactions because they would pay a percentage commission of the additional cash amount to their bank or merchant services provider, thereby making it uneconomical. Many credit card companies will also, when applying payments to a card, do so at the end of a billing cycle, and apply those payments to everything before cash advances. For this reason, many consumers have large cash balances, which have no grace period and incur interest at a rate that is (usually) higher than the purchase rate, and will car
Credit cards as funding for entrepreneurs 2007-10-25 16:55:00 Credit cards are a creative, yet often risky way for entrepreneurs to acquire capital for their start ups when more conventional financing is unavailable. It is rumoured that Larry Page and Sergey Brin's start up of Google was financed by credit cards to buy the necessary computers and office equipment, more specifically "a terabyte of memory". Similarly, filmmaker Robert Townsend financed part of Hollywood Shuffle using credit cards.Director Kevin Smith funded Clerks. in part by maxing out several credit cards. Richard Hatch also financed his production of Battlestar Galactica: The Second Coming partly through his credit cards. Famed hedge fund manager Bruce Kovner began his career (and, later on, his firm Caxton Associates) in financial markets by borrowing from his credit card. source : Wikipedia,the free encyclopedia
Collectible credit cards 2007-10-25 16:54:00 A growing field of numismatics (study of money), or more specifically Exonumia (study of money-like objects), credit
card collectors seek to collect various embodiments of credit from the now familiar plastic cards to older paper merchant cards, and even metal tokens that were accepted as merchant credit cards. Early credit cards were made of celluloid, then metal and fiber, then paper and are now mostly plastic.source : Wikipedia,the free encyclopedia Read more:Collectible
Charga-Plate 2007-10-25 16:52:00 The Charga-Plate
is an early predecessor to the credit card. They were issued by large-scale merchants, much like department store credit cards of today. In some cases, they were kept in the store. When an authorized user made a purchase, the clerk retrieved the plate from the store's files and then processed the purchase. This made it possible for stores to allow more specialized employees of their customers to use the cards, in addition to corporate officers and executives, who would normally have expense accounts and corporate credit cards. For example, an art-supply store that opened an account with a research institute might allow graphic artists employed by the institute to buy art supplies for ongoing projects. It would not be necessary for the research firm to issue a credit card to the artist: instead, a supervisor would simply say, "Go to Universal Art Supply and buy those supplies." The employee would go to the store and choose the appropriate supplies, and they would be ch
Forum : How To Apply For Business Card Credit Online 2007-11-01 18:43:00 First comment from this forum :"Applying for a business credit card online has now been made easier thanks to the Internet. Gone are the days when a person has to personally go to the offices or agents of credit card companies to apply for their business credit cards and waste precious time and wait for their turn to be entertained.Business
credit cards are a boon to shoppers in general particularly to those who are too busy to scout for goods and services in different locations in their area. Possession of a credit card means more shopping convenient and security because one no longer has to carry cash in his possession.Well everyone must admit that times are hard and criminals are just waiting around the corner waiting for the right timing and the right person stupid enough to carry a huge amount of cash to purchase commodities they need for their households and for businesses."see this forum at : http://forum.creditorweb.com/applying-credit-cards/450-how-apply-business-card-credit-o Read more:Forum
, Business Card
Forum : False entry on credit report 2007-11-06 13:33:00 First comment from this forum :"What is the name of your state? MississippiI obtained a copy of my creditreport
and there is an entry from a mortgage company that isn't mine at all. What process would I go through in order to notify the creditor or credit bureau that this item was not opened by me?"see this forum at : http://forum.freeadvice.com/showthread.php?t=381683 Read more:Forum
Forum : Stay away from MBNA 2007-11-06 13:28:00 First comment from this forum :posted:11-06-2006"Stay far away from anything that MBNA has to offer! I got a Visa card from them with a low 2.99% introductory offer for six months. After that, it went up to 10.9% fixed rate. Everything's cool. About six months from that I receive a letter from them saying that they were going to increase my interest rate because they looked at my credit report and said I had too much credit. They raised it to 14.9%. A year went by, and I received another letter stating they were going to change my Visa card to a variable rate because they looked at my credit report again. It is now at 20.9% interest! My service charges are almost as much as my minimum payment! And to top it all off, I have never paid any of my bills late, and I have always paid more than the minimum payment! On all of my bills! I have great credit! I am in the process of paying off their %$^&*@# card, and then leaving them in the dust. But I'm going to make sure the world knows Read more:Forum
Forum : What is your credit limit on all cards and overall history? 2007-11-10 15:10:00 First comment from this forum :"THIS IS FOR EVERYONE SUBMITTHIS IS MINEAMEX BLUE SKY$23,000FIA BANK OF AMERICA ALASKA AIR PLATINUM$7,000FIA BANK OF AMERICA AMEX$7,000DISCOVER CARD PLATINUM$5,000FIA SUNTRUST BANK$2,000SEARS$1,200WALLMART$375CAPITALONE $500KEY BANK $5002 YEAR 6 MONTHS tot credit
([color=blue:0c6d391955]$46,575[/color:0c6d391955])"see this forum at : http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=10516&sid=2e15448853f5413a43eb8ad017018a16 Read more:Forum
Forum : How Many People here Get Instantly approved? 2007-11-17 05:19:00 First comment from this forum :"I was just wondering, how many of you get approved instantly when applying for credit online?. Most of the time when I apply they will say " we will let you know by mail" but still get approved when the letter comes. Is there some type of system they have for instant approval?. I was just wondering because I find that weird that I never get an instant approval. "see this forum at : http://www.webgroups.biz/creditcardperks/phpBB2/viewtopic.php?t=7601&sid=3800f9d521ac568afec4bd071f953703 Read more:Forum
Below are the most searched keywords,about 'credit cards',in the internet (datas of October 2007) 2007-11-25 09:25:00 Search Word 968245 apply card credit
797914 card credit 186775 apply card credit online 136187 business card credit 127868 application card credit 114184 card credit offer 78345 card chase credit 65624 online credit card application 63533 card credit debt 63521 card credit processing 57411 card consolidation credit 56984 0 apr card credit 51228 bad card credit credit 50247 apr card credit low 42990 best card credit 39211 card consolidation credit debt 39198 card credit reward travel 34544 card credit interest low 34044 card company credit 32046 card credit student 30732 card credit deal 26533 card credit secured 24700 airline card credit milesource : http://www.zirve100.net/incele.php Read more:Below
, October
Forum : Any 5% Rewards Cards Still Left? 2007-12-11 17:30:00 First comment from this forum : 11-06-2006 (21 posts)"Now that my Citi Rewards
cards dropped my rewards from 5% to 2%, I am in the market for a new card. Are there any credit cards out there that still offer 5% back on Gas and Groceries?I have looked around and it seems as no one has these types of cards available anymore."see this forum at : http://forum.creditorweb.com/credit-card-rewards/13-any-5-rewards-cards-still-left.html Read more:Forum
, Cards
Forum : The best reward you've got from your card? 2007-12-11 17:21:00 First comment from this forum :11-07-2006 (26 posts)"I've got 17" LCD Monitor for free.What about you? "see this forum at : http://forum.creditorweb.com/credit-card-reward
s/27-best-reward-youve-got-your-card.html Read more:Forum
Forum : Virtual Credit Card 2007-12-05 17:02:00 First comment from this forum :03-20-2007 (15 posts)"I have seen that many people are using VCC for various purposes like online shopping and verifying their ebay or paypal.I want to know is it legal to use VCC?"see this forum at : http://forum.creditorweb.com/understanding-credit-cards/336-virtual-credit-card.html Read more:Forum
Forum : Cash Advances 2007-12-05 16:58:00 First comment from this forum :11-06-2006 (20 posts)"I am going to need to get some cash advances from my Citi Master Card and was wondering how bad they will hit me with fees? Does anyone know what is a good fee rate for cash advances?Is there a better card to use for this? I have an American Express Blue card and a Discover card as well."see this forum at : http://forum.creditorweb.com/understanding-credit-cards/12-cash-advances.html Read more:Forum
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