For more than a year, Visa has ominously warned large retailers that it would enforce a strict Sept. 30 deadline for many of the nation's largest retailers to either be certified that they comply with industry credit card security requirements or face fines and expulsion from discounted credit card fee programs.
But as the deadline has gotten closer—and the percentage of retailers certified as compliant is still quite low—Visa has been forced to back off, albeit slightly.
In an attempt to boost the number of Level 1 retailers certified compliant with the PCI DSS (Payment Card Industry Data Security Standard, often referred to simply as PCI), Visa in December unveiled a series of incentives to convince retailers into cooperating, given the lack of success that the threat of fines was having.
A big part of those incentives was offering compliant retailers sharply discounted credit card transaction fees in a program called the Visa PCI CAP (Compliance Acceleration Program).
This month, Visa has been quietly floating memos that will soften the pain for non-compliant retailers, as it's become clear that non-compliants will have strength in numbers come early October.
One such memo came from major card processor Fifth Third Bank, in Cincinnati. "Visa's initial program announcement stated that, effective October 1, 2007, non-compliant merchants will no longer be eligible for Visa" reduced transaction fee programs, the memo said. "Now, according to Visa's clarification on their policies regarding tiered interchange qualification and fines, merchants that have not validated full compliance by September 30, 2007, will no longer qualify for the best available tiered interchange rates. This means that Visa (transactions) submitted from non-compliant merchants, that are normally eligible for tiered interchange, will be downgraded one interchange tier."
Neither representatives from Fifth Third nor Visa agreed to elaborate on the memo or the changes. Given that discounts and incentives vary from retailer to retailer, it's difficult to say how much of a dollar or percentage impact this change will cause. But it clearly is a softening of Visa's position.
Visa has been struggling to get retailers to comply with PCI due to quite a few PCI hurdles that many retailers resist.
The softening of the discounted transaction (interchange) fee is not the only indication of Visa blinking. The fines for non-compliance, which were initially represented as absolute, are also being toned down, with banks being vague about how many of the nation's non-compliant retailers will actually get fined come Oct. 1.
eWEEK.com special report: The Business of Security
"I think the change is reasonable. Allowing retailers to demonstrate 'best efforts' is a realistic acknowledgement that software changes—and roll-outs across enormous retail chains—don't happen overnight," said Paula Rosenblum, retail analyst with Retail Systems Research. "It's not like Y2K, where the date is going to come and nothing can change it. There can and should be some flexibility here. And given the somewhat tepid response to the TJX breach, Visa is better off being nice, rather than baring its teeth."
Another change in the Visa policy mentioned in the Fifth Third memo is less explicit but is still potentially meaningful. For the retailers who are not compliant by Oct. 1, Visa is offering them "a payment in an amount up to the most recent three months of their tiered interchange differential."
What must retailers do to win this lucrative payment? "To qualify, an executive-level officer must attest that the merchant has made best efforts toward compliance, including reviewing opportunities to accelerate the planned compliance date, and confirm their target compliance date, by September 30, 2007."
That wording is vague and non-explicit, but it appears to be a life raft for retailers who are not compliant but still want the incentive dollars. If they merely promise to comply—it appears crossing your heart and hoping to die is optional—that seems sufficient for a payment to be considered. It's unclear if the payment would be paid right away or if it would be held until actual compliance was proven. A strict reading of the memo would suggest a sooner payment, because if the banks were going to wait until compliance was proven, there would be no reason to request this declaration from one of the retailer's executives. This presumes that the memo writer was precise in their phrasing, which is not always the case with memo writers.
Steve Rowen, a security analyst also with Retail Systems Research, said this is clearly a response to the lower-than-hoped-for compliance numbers.
"Visa predicted that by December 2006, two-thirds of Level 1’s would be compliant. Up until very recently, Visa has been telling us that this was and is the case. We then found that number to be 28 percent and even that was soft," Rowen said. "So this change is really not that significant. Very few were going to be compliant at the end of September, interchange hike or no. Ask anyone who has attempted their 12-step program, and they'll tell you exactly how horrifying the reality is of where data exists. To do this effectively—beyond just compliance—takes an awful lot of money, cultural change and, quite simply, time. That's why we've been pounding the drum so loudly on this and getting the incredibly small few that have done their diligence to help share how exactly they did it."
Retail Center Editor Evan Schuman can be reached at Evan_Schuman@ziffdavis.com.
http://www.eweek.com/article2/0,1759,2171641,00.asp
Thursday, November 1, 2007
Choose the Right Credit Card
If you do, you could earn great rewards, save money or even earn money. Some people think every credit card is the same plus or minus a couple tenths of an interest point. I use to. This couldn't be more wrong.
Do you do a lot of traveling? Do you have a large balance on a high interest credit card? Would you like to receive cash back on purchases?
Some credit cards offer points when you fly, purchase gas or dine out which can be redeemed for great rewards. So, if you do a significant amount of traveling look for a credit card that offers rewards for these types of purchases. The points you earn could be used on future flights and hotel stays.
If you have a huge balance on a high interest credit card, this is costing you extra money which could be avoided with a lower interest credit card. Look for a credit card that offers a low introductory rate on balance transfers and offers the standard APR thereafter.
Some credit cards offer you cash back on the purchases you make at certain retailers. So, If you use your credit card a lot, look for a credit card that offers cash back at the stores you frequent most.
--------------
Article Source:
TheCreditCardOffer.com
http://www.thecreditcardoffer.com/credit-card-articles/choose-the-right-credit-card.php
Do you do a lot of traveling? Do you have a large balance on a high interest credit card? Would you like to receive cash back on purchases?
Some credit cards offer points when you fly, purchase gas or dine out which can be redeemed for great rewards. So, if you do a significant amount of traveling look for a credit card that offers rewards for these types of purchases. The points you earn could be used on future flights and hotel stays.
If you have a huge balance on a high interest credit card, this is costing you extra money which could be avoided with a lower interest credit card. Look for a credit card that offers a low introductory rate on balance transfers and offers the standard APR thereafter.
Some credit cards offer you cash back on the purchases you make at certain retailers. So, If you use your credit card a lot, look for a credit card that offers cash back at the stores you frequent most.
--------------
Article Source:
TheCreditCardOffer.com
http://www.thecreditcardoffer.com/credit-card-articles/choose-the-right-credit-card.php
Credit Cards for Those Who Have Poor Credit
Don’t you just hate it when these big-name credit card companies keep turning down your application for a credit card simply because of some financial mistakes or missed payments that you made in the early years of your career, which adversely affected your credit rating? If only you could speak to the account officer handling new applications and politely inform him that you have long since settled those debts and, now that you are gainfully employed, can handle the responsibilities a credit card brings, right?
Well, you don’t have to go to such extremes and you don’t have to hope for a miracle because yes, you still can have a credit card. It may not be one of the major ones, but it still is a credit card.
Several credit card companies offer people who have the misfortune of having a less than stellar credit rating a chance to own their own bit of plastic money. The rise of these non-mainstream credit card companies may have been caused by the demand created by those who did not pass the stringent requirements of the big - name players.
The credit cards provided by these companies still function like a regular credit card: these have pre-determined credit limits; are accepted in various retail establishments; give cardholders periodic increase in credit limits (naturally this would still depend on your performance as a card holder and your capacity to pay) and may probably even have a form of rewards program. Card holders enjoy almost the same benefits as those who hold well known credit cards. But what’s good about these non-mainstream cards is that they still report to the three major credit rating bureaus and, if you pay promptly and maintain your good standing, these cards will, in time, help improve your credit rating.
If you believe that these card companies only offer one kind of card for all possible clients, then you are mistaken because they do carry different kinds of credit cards – even for those who have been classified with poor credit ratings. There are standard cards for regular clients, and silver, gold and even platinum cards, which not only offer higher credit limits but also provide more security privileges and benefits, for customers who need more to sustain their lifestyle. If you’re concerned about international acceptance, you don’t have to worry because most of these credit cards are recognized by Mastercard.
If you feel that you really need and deserve a credit card but keep hitting a brick wall when you approach the more established and more popular credit card companies, why not consider using one of these non-mainstream credit cards – at least for the meantime. They may not have the same appeal as the big – name brands but as long as you get similar service, would the name even matter? Who knows, maybe after you’ve gotten used to carrying these cards, you may not want to give these up for one of the high profile credit cards you originally wanted.
This article is brought to you by CardRatings.net. View 100's of Credit Card Ratings by category. View poor credit card offers and more and apply online
http://www.cardratings.net/articles-poor-credit-credit-cards.htm
Well, you don’t have to go to such extremes and you don’t have to hope for a miracle because yes, you still can have a credit card. It may not be one of the major ones, but it still is a credit card.
Several credit card companies offer people who have the misfortune of having a less than stellar credit rating a chance to own their own bit of plastic money. The rise of these non-mainstream credit card companies may have been caused by the demand created by those who did not pass the stringent requirements of the big - name players.
The credit cards provided by these companies still function like a regular credit card: these have pre-determined credit limits; are accepted in various retail establishments; give cardholders periodic increase in credit limits (naturally this would still depend on your performance as a card holder and your capacity to pay) and may probably even have a form of rewards program. Card holders enjoy almost the same benefits as those who hold well known credit cards. But what’s good about these non-mainstream cards is that they still report to the three major credit rating bureaus and, if you pay promptly and maintain your good standing, these cards will, in time, help improve your credit rating.
If you believe that these card companies only offer one kind of card for all possible clients, then you are mistaken because they do carry different kinds of credit cards – even for those who have been classified with poor credit ratings. There are standard cards for regular clients, and silver, gold and even platinum cards, which not only offer higher credit limits but also provide more security privileges and benefits, for customers who need more to sustain their lifestyle. If you’re concerned about international acceptance, you don’t have to worry because most of these credit cards are recognized by Mastercard.
If you feel that you really need and deserve a credit card but keep hitting a brick wall when you approach the more established and more popular credit card companies, why not consider using one of these non-mainstream credit cards – at least for the meantime. They may not have the same appeal as the big – name brands but as long as you get similar service, would the name even matter? Who knows, maybe after you’ve gotten used to carrying these cards, you may not want to give these up for one of the high profile credit cards you originally wanted.
This article is brought to you by CardRatings.net. View 100's of Credit Card Ratings by category. View poor credit card offers and more and apply online
http://www.cardratings.net/articles-poor-credit-credit-cards.htm
Buy Gas and Get a Bonus
In olden times, you only needed air, food and water to survive. Unfortunately, nowadays, that equation has changed. With the proliferation of motor vehicles and the continuous exodus of people towards the city, gasoline can now be considered as a major necessity – as vital to or even more vital than the basic elements earlier mentioned.
Due to the fluctuating prices of crude oil, the cost of gasoline continues to soar. Since gasoline is needed to power almost all kinds of motor equipment, most especially vehicles which transport people from one place to another, the consumer has no other option but to bear the brunt of gasoline prices. Since prices are on the rise and gasoline consumption cannot be foregone, many people opt to pay for gasoline expenses using credit, and leave the cash for more pressing needs. If one can check the breakdown of every credit card bill, it wouldn’t be surprising to find out that a big chunk of the bill covers gasoline expenses.
Realizing the trend of consumers to put gasoline purchases on credit, and aware of the stiff competition amongst themselves, credit card companies have launched a different kind of credit card and termed these cards as gas cards (gasoline credit cards). Gas cards are still your basic credit cards, however, unlike other cards, most gas cards come with a concomitant rewards program wherein for every dollar spent using these cards, whether on gasoline purchases or other items such as food or clothing, the cardholder gets something back.
Rebates, or a return on a percentage of your total purchase, are the most common reward offered by gas cards. The rebates given are usually larger on gas purchases (normally 3 – 6%) and slightly smaller rebates on non-gasoline purchases (i.e. groceries, clothing, etc). In some instances, you may have to make a minimum purchase (ranges from $10 to $20.00) before you are entitled to earn rewards points or rebates. Incidentally, the rebates are usually reflected as a credit memo on your statement, you don’t receive actual money.
Most gas credit cards are affiliated with Mastercard and Visa. In addition to these, they also work together with other establishments such as groceries, hardware, clothing stores so that you could earn rebate or rewards points with your every purchase.
To entice new patrons to subscribe or avail of gasoline credit cards, most card companies offer tempting incentives such as a free fill up upon approval or they would waive your annual fee for the first year.
Gas cards may seem frivolous, especially to one who already has a number of credit cards in his wallet, but to those who can only afford to carry one credit card, this kind of service is a god send and can be considered very convenient. The satisfaction felt by cardholders stems not just from being able to earn a rebate, or getting a freebie when applications are approved. Their satisfaction comes from knowing that there is a card company that is aware of the pricing cost of commodities, and has gone out of their way to develop a product that would give consumers more value for their money.
http://www.cardratings.net/articles-gas-credit-cards.htm
Due to the fluctuating prices of crude oil, the cost of gasoline continues to soar. Since gasoline is needed to power almost all kinds of motor equipment, most especially vehicles which transport people from one place to another, the consumer has no other option but to bear the brunt of gasoline prices. Since prices are on the rise and gasoline consumption cannot be foregone, many people opt to pay for gasoline expenses using credit, and leave the cash for more pressing needs. If one can check the breakdown of every credit card bill, it wouldn’t be surprising to find out that a big chunk of the bill covers gasoline expenses.
Realizing the trend of consumers to put gasoline purchases on credit, and aware of the stiff competition amongst themselves, credit card companies have launched a different kind of credit card and termed these cards as gas cards (gasoline credit cards). Gas cards are still your basic credit cards, however, unlike other cards, most gas cards come with a concomitant rewards program wherein for every dollar spent using these cards, whether on gasoline purchases or other items such as food or clothing, the cardholder gets something back.
Rebates, or a return on a percentage of your total purchase, are the most common reward offered by gas cards. The rebates given are usually larger on gas purchases (normally 3 – 6%) and slightly smaller rebates on non-gasoline purchases (i.e. groceries, clothing, etc). In some instances, you may have to make a minimum purchase (ranges from $10 to $20.00) before you are entitled to earn rewards points or rebates. Incidentally, the rebates are usually reflected as a credit memo on your statement, you don’t receive actual money.
Most gas credit cards are affiliated with Mastercard and Visa. In addition to these, they also work together with other establishments such as groceries, hardware, clothing stores so that you could earn rebate or rewards points with your every purchase.
To entice new patrons to subscribe or avail of gasoline credit cards, most card companies offer tempting incentives such as a free fill up upon approval or they would waive your annual fee for the first year.
Gas cards may seem frivolous, especially to one who already has a number of credit cards in his wallet, but to those who can only afford to carry one credit card, this kind of service is a god send and can be considered very convenient. The satisfaction felt by cardholders stems not just from being able to earn a rebate, or getting a freebie when applications are approved. Their satisfaction comes from knowing that there is a card company that is aware of the pricing cost of commodities, and has gone out of their way to develop a product that would give consumers more value for their money.
http://www.cardratings.net/articles-gas-credit-cards.htm
Disputing A Credit Card Charge
As a credit card holder, it is your duty and responsibility to pay your bills on time. You do this not only to maintain your credit rating, but also to avoid paying late or finance charges on your succeeding bill. When you receive your bill, however, make sure that you go through all the itemized purchases and double check these with the receipts you have on hand – everything should match. If your credit card statement reflects purchases that you don’t recall making, you have every right to dispute these charges.
The right time for you to dispute erroneous charges is immediately after you notice it on your statement. You should call your credit card company and report that there are unauthorized charges reflected on your account. The customer service representative will get more details from you and advice you what your next move should be. Normally, you will be asked to write a formal letter of complaint which they should receive within 60 days of delivery of the bill. When you write your letter, you should include your personal details (name and address), your account and/or credit card number, the error and briefly explain why you are disputing this charge. You may attach a photocopy of the billing statement as a supporting document.
The credit card company must acknowledge receipt of your complaint, and the dispute should be resolved before the 3rd billing statement is released. Since credit card companies seldom issue refunds, the disputed amount will probably be deducted from your succeeding billing statement. You, however, may be charge a small fee covering unauthorized charges.
Disputing a credit card charge, though quite easy, is still a hassle. To avoid this, you should take good care of your card and use it wisely. Some things you may do include crossing out any blank spaces on charge slips (or encircle the total bill) and keeping your card away from the view of others. In case your card is stolen, you should report the loss immediately so the card company can block your card number thus rendering the card useless.
http://www.cardratings.net/articles-credit-card-dispute.htm
The right time for you to dispute erroneous charges is immediately after you notice it on your statement. You should call your credit card company and report that there are unauthorized charges reflected on your account. The customer service representative will get more details from you and advice you what your next move should be. Normally, you will be asked to write a formal letter of complaint which they should receive within 60 days of delivery of the bill. When you write your letter, you should include your personal details (name and address), your account and/or credit card number, the error and briefly explain why you are disputing this charge. You may attach a photocopy of the billing statement as a supporting document.
The credit card company must acknowledge receipt of your complaint, and the dispute should be resolved before the 3rd billing statement is released. Since credit card companies seldom issue refunds, the disputed amount will probably be deducted from your succeeding billing statement. You, however, may be charge a small fee covering unauthorized charges.
Disputing a credit card charge, though quite easy, is still a hassle. To avoid this, you should take good care of your card and use it wisely. Some things you may do include crossing out any blank spaces on charge slips (or encircle the total bill) and keeping your card away from the view of others. In case your card is stolen, you should report the loss immediately so the card company can block your card number thus rendering the card useless.
http://www.cardratings.net/articles-credit-card-dispute.htm
Understanding Credit Card Terms
Congratulations! You just received your very first credit card and are eager to try it out by charging a purchase at your local mall. Before you run off and shop, stop for a while and ask yourself if you understand all the financial terms you need to be familiar with.
The first acronym you should familiarize yourself with is APR. APR is short for Annual Percentage Rate, and this represents the cost of credit for a year. It is the "interest rate" that the card company will add on to any of your unpaid balances to come up with the appropriate finance charge for a specific billing cycle. You should have been aware of the APR of your card before you signed up. In some cards, the APR can change, but in some, the APR remains the same, irregardless if general interest rates and/or economic indicators change.
The time given to you from when you receive your card to its due date is called the card’s "free period". If you pay within that grace period, your purchases will not be subject to any finance charge (based on your APR). Without the free period, you will be given a finance charge every time you use your card from the date of each transaction until it is posted which is unfair. If your card has a free period, you should receive your bill at least 14 days before it is due.
Another term you must be familiar with and be consciously aware of is "Annual Fee". This can be likened to a membership or participation fee. Usually, as an incentive or reward for new clients, the bank waives the fee for the first year. At the end of 12 months, you will see this reflected on your billing statement. The annual fee card companies charge will depend on the card that you hold. The fee for standard cards is less than the fee for gold or platinum cards (have higher credit limits and have more consumer benefits).
Now that you are aware of some of the basic jargon used by credit card companies, you will no longer be confused when your first bill arrives and would somehow, understand how your credit card works.
http://www.cardratings.net/articles-credit-card-terms.htm
The first acronym you should familiarize yourself with is APR. APR is short for Annual Percentage Rate, and this represents the cost of credit for a year. It is the "interest rate" that the card company will add on to any of your unpaid balances to come up with the appropriate finance charge for a specific billing cycle. You should have been aware of the APR of your card before you signed up. In some cards, the APR can change, but in some, the APR remains the same, irregardless if general interest rates and/or economic indicators change.
The time given to you from when you receive your card to its due date is called the card’s "free period". If you pay within that grace period, your purchases will not be subject to any finance charge (based on your APR). Without the free period, you will be given a finance charge every time you use your card from the date of each transaction until it is posted which is unfair. If your card has a free period, you should receive your bill at least 14 days before it is due.
Another term you must be familiar with and be consciously aware of is "Annual Fee". This can be likened to a membership or participation fee. Usually, as an incentive or reward for new clients, the bank waives the fee for the first year. At the end of 12 months, you will see this reflected on your billing statement. The annual fee card companies charge will depend on the card that you hold. The fee for standard cards is less than the fee for gold or platinum cards (have higher credit limits and have more consumer benefits).
Now that you are aware of some of the basic jargon used by credit card companies, you will no longer be confused when your first bill arrives and would somehow, understand how your credit card works.
http://www.cardratings.net/articles-credit-card-terms.htm
Travel Credit Cards The 2nd Most Important Travel Item
It’s a given that for travelers, the most important item they need to bring at all times would be their passport. Not only is this a valid form of identification, without this, they would not be permitted to go in and out of any country. After making sure that the passport is safely tucked inside their bag, what else should a traveler bring? Apart from his plane ticket, a traveler should always have a source of funds.
Traditionally, travelers would use either cold cash (converted to local currency) or traveler's checks. These were sound ways to conduct business although each had their own pros and cons. The problem with carrying cash is that you will always be concerned about your wallet you may miss out on enjoying your vacation. With traveler's checks, on the other hand, not all establishments honor these. The problem for both is that, when you run out of cash or traveler's checks, you’re vacation is doomed. Nowadays, travelers no longer need to contend with bulky wallets or dwindling traveler's checks because they have credit cards.
Credit cards are virtual necessities for the tourist of today. Not only do cards give the holder the power to make purchases anywhere and anytime (as most are accepted by establishments the world over), they are also very handy (does not take up too much space in any purse or wallet) and quite safe to use.
Knowing that majority of travelers now prefer to carry plastic money instead of hard cash, credit card companies have taken it upon themselves to sweeten an already sweet deal. Through travel credit cards, card holders (especially those who travel a lot) not only get a sense of financial security even when they are away; they receive something back for every dollar purchase they make.
Just like earning rewards points, travel credit cards allow card holders to accumulate points which they can then redeem against a selected list of products or, depending on the internal arrangement of the card company and the airline frequent traveler program, convert these to mileage points. Some cards may even give card holders free upgrades in their hotel accommodation.
Travel credit cards were not exclusively created for frequent fliers. Even those who only dream of going places are welcome to use them, although they may not feel nor appreciate the benefits as much as those who belong in the target market. Non travelers can use these cards and, when the time is right, cash in on the points they have accumulated through the years.
There are many travel credit cards in the market and it is difficult to choose one based on hear-say or on gut feel. You have to evaluate the individual offers, determine which one best suits your lifestyle and your travel patterns. You should also try to see which card has existing tie ups with affiliates (hotels, restaurants, boutiques) you frequent. This allows you to maximize the benefits these cards offer. If you don’t want to be burdened with several brochures from different banks, you can do your research on line. There are several websites that list down the travel cards available in the market and, alongside each card, are some basic information, their promotions, and a summary of their benefits. This brief yet concise format makes comparing cards easier for the consumer.
This article is brought to you by CardRatings.net. At Card Ratings you will find a listing of over 100 credit cards. Through Card Ratings comparing and applying for a credit card is made easier. After comparing the credit card offers on site, you can immediately apply for a Travel Credit Card or the credit card of your choice by clicking the Apply Online button.
http://www.cardratings.net/articles-travel-credit-card-passport.htm
Traditionally, travelers would use either cold cash (converted to local currency) or traveler's checks. These were sound ways to conduct business although each had their own pros and cons. The problem with carrying cash is that you will always be concerned about your wallet you may miss out on enjoying your vacation. With traveler's checks, on the other hand, not all establishments honor these. The problem for both is that, when you run out of cash or traveler's checks, you’re vacation is doomed. Nowadays, travelers no longer need to contend with bulky wallets or dwindling traveler's checks because they have credit cards.
Credit cards are virtual necessities for the tourist of today. Not only do cards give the holder the power to make purchases anywhere and anytime (as most are accepted by establishments the world over), they are also very handy (does not take up too much space in any purse or wallet) and quite safe to use.
Knowing that majority of travelers now prefer to carry plastic money instead of hard cash, credit card companies have taken it upon themselves to sweeten an already sweet deal. Through travel credit cards, card holders (especially those who travel a lot) not only get a sense of financial security even when they are away; they receive something back for every dollar purchase they make.
Just like earning rewards points, travel credit cards allow card holders to accumulate points which they can then redeem against a selected list of products or, depending on the internal arrangement of the card company and the airline frequent traveler program, convert these to mileage points. Some cards may even give card holders free upgrades in their hotel accommodation.
Travel credit cards were not exclusively created for frequent fliers. Even those who only dream of going places are welcome to use them, although they may not feel nor appreciate the benefits as much as those who belong in the target market. Non travelers can use these cards and, when the time is right, cash in on the points they have accumulated through the years.
There are many travel credit cards in the market and it is difficult to choose one based on hear-say or on gut feel. You have to evaluate the individual offers, determine which one best suits your lifestyle and your travel patterns. You should also try to see which card has existing tie ups with affiliates (hotels, restaurants, boutiques) you frequent. This allows you to maximize the benefits these cards offer. If you don’t want to be burdened with several brochures from different banks, you can do your research on line. There are several websites that list down the travel cards available in the market and, alongside each card, are some basic information, their promotions, and a summary of their benefits. This brief yet concise format makes comparing cards easier for the consumer.
This article is brought to you by CardRatings.net. At Card Ratings you will find a listing of over 100 credit cards. Through Card Ratings comparing and applying for a credit card is made easier. After comparing the credit card offers on site, you can immediately apply for a Travel Credit Card or the credit card of your choice by clicking the Apply Online button.
http://www.cardratings.net/articles-travel-credit-card-passport.htm
Help, My Credit Card Application was Denied!
Let's say you received a credit card offer in the mail. You carefully read all the fine print, and decided it was the perfect credit card for you. You filled out the application, and waited for you new credit card to come in the mail.
A few weeks later an envelope arrived in the mail. You opened it only to find that your credit card application had been denied!
What can you do? Here are a few steps to take if you have been turned down for a credit card:
Read the letter the credit card company sent you from top to bottom. Look for 2 very important pieces of information. First there should be a specific reason listed that caused you to be turned down, or how to obtain those reasons. Also check to see if a credit report was used to make the decision, and the name and address of the credit agency.
Here are some possible reasons people are turned down for credit cards:
1. You have not lived at your current residence long enough.
2. You have not been employed at your current job long enough.
3. Your income may not enough to meet the minimum income requirement.
4. Your credit history may not be the best.
If you have been denied credit because of information provided by a credit bureau, you are entitled by law to be provided with the name, address, and phone number of the bureau that supplied the information. You can contact this agency for a copy of your credit report. By law you are entitled to a free copy of your credit report if you have been denied. Once you receive your credit report, read over it carefully. It is estimated that up to 40% of credit reports contain errors. If you find an error, you must contact the credit bureau in writing, and send any proof you may have. There is no charge for the credit bureau to investigate.
If you are still not sure why you were turned down for a credit card, the best thing to do is to call the company. What were the reason(s) you were denied? Where there standards that you did not meet?
If you decide to apply for a different card and are turned down again, it is recommended that you wait at least 6 months because it can actually make your credit report look worse.
http://www.cardratings.net/articles-credit-card-denied.htm
A few weeks later an envelope arrived in the mail. You opened it only to find that your credit card application had been denied!
What can you do? Here are a few steps to take if you have been turned down for a credit card:
Read the letter the credit card company sent you from top to bottom. Look for 2 very important pieces of information. First there should be a specific reason listed that caused you to be turned down, or how to obtain those reasons. Also check to see if a credit report was used to make the decision, and the name and address of the credit agency.
Here are some possible reasons people are turned down for credit cards:
1. You have not lived at your current residence long enough.
2. You have not been employed at your current job long enough.
3. Your income may not enough to meet the minimum income requirement.
4. Your credit history may not be the best.
If you have been denied credit because of information provided by a credit bureau, you are entitled by law to be provided with the name, address, and phone number of the bureau that supplied the information. You can contact this agency for a copy of your credit report. By law you are entitled to a free copy of your credit report if you have been denied. Once you receive your credit report, read over it carefully. It is estimated that up to 40% of credit reports contain errors. If you find an error, you must contact the credit bureau in writing, and send any proof you may have. There is no charge for the credit bureau to investigate.
If you are still not sure why you were turned down for a credit card, the best thing to do is to call the company. What were the reason(s) you were denied? Where there standards that you did not meet?
If you decide to apply for a different card and are turned down again, it is recommended that you wait at least 6 months because it can actually make your credit report look worse.
http://www.cardratings.net/articles-credit-card-denied.htm
Credit Card Chip and Pin Security
To use a credit card, you normally hand the credit card to the cashier, she swipes it on her machine, and transaction documents are printed out. These transaction slips are then handed to you for you to sign. The cashier checks your signature and compares it to the specimen signature at the back of your card, and if it matches (a few distortions are acceptable, after all, no one can sign their name exactly the same way twice), you’re good to go.
Although this method is fairly secure, it does not safeguard your card from being used by others. Even if your signature is almost unintelligible, an enterprising con-artist, with enough patience and practice, can still forge your signature.
To prevent this, some credit card companies have integrated a chip and pin security (CPS) feature in their cards they issue. This CPS feature allows users to simply plug in a pin number on a machine at the check out counter and the purchase transaction is then verified and authorized.
The beauty of this feature is that even if your credit card gets lost or stolen, you can be assured that no one can make unauthorized purchases on it nor make ATM withdrawals using it, unless of course, it was stolen by someone who is privy to your pin number.
If you really want to safeguard your credit card, make sure that you keep it in a secure place. Do not show it around unnecessarily, do not entrust your card to anyone and most importantly, keep the pin number to yourself. Incidentally, when choosing a pin number, select numbers you can easily remember but do not use sequential or similar digits (1234, 3333), your birth date or numerals from your phone number, address or zip code.
http://www.cardratings.net/articles-credit-card-pin.htm
Although this method is fairly secure, it does not safeguard your card from being used by others. Even if your signature is almost unintelligible, an enterprising con-artist, with enough patience and practice, can still forge your signature.
To prevent this, some credit card companies have integrated a chip and pin security (CPS) feature in their cards they issue. This CPS feature allows users to simply plug in a pin number on a machine at the check out counter and the purchase transaction is then verified and authorized.
The beauty of this feature is that even if your credit card gets lost or stolen, you can be assured that no one can make unauthorized purchases on it nor make ATM withdrawals using it, unless of course, it was stolen by someone who is privy to your pin number.
If you really want to safeguard your credit card, make sure that you keep it in a secure place. Do not show it around unnecessarily, do not entrust your card to anyone and most importantly, keep the pin number to yourself. Incidentally, when choosing a pin number, select numbers you can easily remember but do not use sequential or similar digits (1234, 3333), your birth date or numerals from your phone number, address or zip code.
http://www.cardratings.net/articles-credit-card-pin.htm
Secured Credit Cards - A Safe Way To Establish Credit
Secured credit cards are designed to assist people who havenever had credit or those who have bad credit, in order to enable them to establish a good credit rating.
Recommended Credit Card
Typically, secured credit cards are issued when the holder is able to offer a type of “security” deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit. This is how it works: Usually, for a small fee, the lender will allow the cardholder to utilize the credit card within the specified parameters. Unlike using the cash for any purchases, the secured card creates a credit history for the holder, thus contributing to their overall credit rating.
With a secured credit card, it is imperative that you make full payments each and every month; otherwise interest is charged on the outstanding balance. If you default, the lender will use the amount in the security account to pay off the debt and this can result in more damage to your credit rating.
Don't Fall Prey To Credit Card Scams
As with any other financial undertaking, it is important that you read the fine print so you are totally aware of exactly what you are paying for. There are some pretty unscrupulous predators out there whose primary goal is separating you, the consumer, from your money. For this reason, you should pay particular attention to the fee schedule prior to accepting any offers for credit cards. Of course, no-fee credit cards are best, but most often the lender will require a small one-time activation fee, which can typically range from $25 to $60.
The user must be vigilant when obtaining credit, so it is your responsibility to make sure there are no hidden fees. Special care must be taken when the contract contains clauses outlining registration charges and/or set-up fees. In some cases, the cost of the card can quickly exceed your credit limit, thus only adding to your credit woes.
Do Your Research On Secured Credit Cards Before You Apply
With a secured credit card, you may have to pay a higher than average interest rate, however, this does not mean that the interest charge is outlandish. Many secured cards offer competitive rates under 19% and again, this is where diligent research on the part of the user becomes paramount. You should be cognizant of all grace periods, the penalty for late payments and the fees charged should full payment not be made within the proscribed time frame.
Once you show due diligence over the specified time frame (most lenders like to see a history of six months to one year of responsible credit card use), the creditor may offer to double the amount of credit available to you, with a portion of this fixed amount being unsecured. Should you choose to close out the account, however, the unsecured funds must be returned to the lender.
The cardholder should ensure that the creditor regularly informs credit-reporting agencies of their payment history. Once it can be established that you are using credit reliably and sensibly, your credit score will increase and you will then be eligible to apply for an unsecured credit card.
Liz Roberts is a loan consultant with NHBS Inc. offering helpful advice on repairing your bad credit. For more information go to Unsecured Credit Cards
http://www.newhorizon.org/Info/secured-credit-cards-establish-credit.htm
Recommended Credit Card
Typically, secured credit cards are issued when the holder is able to offer a type of “security” deposit to the lender by depositing a pre-arranged amount of money into a savings account, money market or certificate of deposit. This is how it works: Usually, for a small fee, the lender will allow the cardholder to utilize the credit card within the specified parameters. Unlike using the cash for any purchases, the secured card creates a credit history for the holder, thus contributing to their overall credit rating.
With a secured credit card, it is imperative that you make full payments each and every month; otherwise interest is charged on the outstanding balance. If you default, the lender will use the amount in the security account to pay off the debt and this can result in more damage to your credit rating.
Don't Fall Prey To Credit Card Scams
As with any other financial undertaking, it is important that you read the fine print so you are totally aware of exactly what you are paying for. There are some pretty unscrupulous predators out there whose primary goal is separating you, the consumer, from your money. For this reason, you should pay particular attention to the fee schedule prior to accepting any offers for credit cards. Of course, no-fee credit cards are best, but most often the lender will require a small one-time activation fee, which can typically range from $25 to $60.
The user must be vigilant when obtaining credit, so it is your responsibility to make sure there are no hidden fees. Special care must be taken when the contract contains clauses outlining registration charges and/or set-up fees. In some cases, the cost of the card can quickly exceed your credit limit, thus only adding to your credit woes.
Do Your Research On Secured Credit Cards Before You Apply
With a secured credit card, you may have to pay a higher than average interest rate, however, this does not mean that the interest charge is outlandish. Many secured cards offer competitive rates under 19% and again, this is where diligent research on the part of the user becomes paramount. You should be cognizant of all grace periods, the penalty for late payments and the fees charged should full payment not be made within the proscribed time frame.
Once you show due diligence over the specified time frame (most lenders like to see a history of six months to one year of responsible credit card use), the creditor may offer to double the amount of credit available to you, with a portion of this fixed amount being unsecured. Should you choose to close out the account, however, the unsecured funds must be returned to the lender.
The cardholder should ensure that the creditor regularly informs credit-reporting agencies of their payment history. Once it can be established that you are using credit reliably and sensibly, your credit score will increase and you will then be eligible to apply for an unsecured credit card.
Liz Roberts is a loan consultant with NHBS Inc. offering helpful advice on repairing your bad credit. For more information go to Unsecured Credit Cards
http://www.newhorizon.org/Info/secured-credit-cards-establish-credit.htm
Letter Of Credit
It is a letter of open request by a bank or other financial institution to a prospective borrower, for an agreed amount and for a definite or indefinite period. It enables the borrower to draw a bill of exchange on the bank which is automatically accepted.
Letter of credit is an open letter of request by a bank requesting a person to lend a certain sum of money to the person named therein and promises that the sum in question will be paid by itself In other words, the bank guarantees the payment of the debt.
The request may be made by a banker or any individual, but mostly it is the banker which issues it.
It is a document issued by a bank or other financial institution to a borrower who is allowed to thaw a bill of exchange on the institution and is accepted automatically. The letter of credit is used in local and foreign trade. The buyer requests his bank to open an L/C addressed to the seller in the foreign country or other city within a country. The exporter or seller obtains the payment by presenting all necessary documents which have been accepted and returned by the importer or buyer. The L/C becomes irrevocable when the seller is informed of the credit.
The L/C states the use of the bill, the amount, period, and documents attached.
It consists of an undertaking by a bank that the bill of exchange drawn on it will be honored.
Kinds of Letter of Credit (L/C)
Letter of credit can be divided into two broad categories.
1. Letters of commercial credit
2. Letters of travellers’ facility
# Letter Of Credit
# Letter Of Credit
# Letter Of Credit
http://www.creditcardarticles.net/2007/10/31/letter-of-credit/
Letter of credit is an open letter of request by a bank requesting a person to lend a certain sum of money to the person named therein and promises that the sum in question will be paid by itself In other words, the bank guarantees the payment of the debt.
The request may be made by a banker or any individual, but mostly it is the banker which issues it.
It is a document issued by a bank or other financial institution to a borrower who is allowed to thaw a bill of exchange on the institution and is accepted automatically. The letter of credit is used in local and foreign trade. The buyer requests his bank to open an L/C addressed to the seller in the foreign country or other city within a country. The exporter or seller obtains the payment by presenting all necessary documents which have been accepted and returned by the importer or buyer. The L/C becomes irrevocable when the seller is informed of the credit.
The L/C states the use of the bill, the amount, period, and documents attached.
It consists of an undertaking by a bank that the bill of exchange drawn on it will be honored.
Kinds of Letter of Credit (L/C)
Letter of credit can be divided into two broad categories.
1. Letters of commercial credit
2. Letters of travellers’ facility
# Letter Of Credit
# Letter Of Credit
# Letter Of Credit
http://www.creditcardarticles.net/2007/10/31/letter-of-credit/
How to Resolve Bad Credit
A bad credit situation is not a comfortable situation to get into. Spending beyond your means can lead to a bad credit situation. There are also unavoidable circumstances like diseases causing unaffordable medical bills, job lay-offs and other financial difficulties leading to a bad credit situation. To re-establish a good credit record and regain your buying power, you need to resolve bad credit problems.
You can resolve bad credit records using the following advice:
Scrutinize and review your credit report. Be sure that there are no inaccuracies. If there are inaccuracies, you can report this to individual creditors to make the necessary corrections. You also need to look at items on your report that have caused your bad credit report.
Spend within your means. Spending less and trying to save to repay your debts will help you resolve bad credit history.
Work with your creditors to resolve bad credit. Contact your creditors and express your desires to repay your debts. Work with them with a plan on how you can make affordable payments.
A credit counseling service can help you if you have large debts. They can help you contact your creditors to make necessary adjustments on the interest rates and create payment plans for you to resolve bad credit records.
Religiously stick with your repayment plans and do not stop making payments on your debts. If in the future you encounter problems and you need to skip payments, contact your creditors and explain your situation. But by all means do not stop making payments and try your best to resolve bad credit history and re-establish a good credit report.
Even if you are in a bad credit situation, there are ways for you to resolve bad credit records. Did you know that regardless of your current credit situation, it is possible to delete negative items off your credit report and build a high credit score?
Discover how to resolve bad credit records and raise your credit score visit Credit Secrets Bible at Best Bad Credit Financing
Gerry Restrivera writes informative articles on various subjects including How to Resolve Bad Credit. You are allowed to publish this article in its entirety provided that author’s name, bio and website links must remain intact and included with every reproduction.
http://www.creditcardarticles.net/2007/10/30/how-to-resolve-bad-credit/
You can resolve bad credit records using the following advice:
Scrutinize and review your credit report. Be sure that there are no inaccuracies. If there are inaccuracies, you can report this to individual creditors to make the necessary corrections. You also need to look at items on your report that have caused your bad credit report.
Spend within your means. Spending less and trying to save to repay your debts will help you resolve bad credit history.
Work with your creditors to resolve bad credit. Contact your creditors and express your desires to repay your debts. Work with them with a plan on how you can make affordable payments.
A credit counseling service can help you if you have large debts. They can help you contact your creditors to make necessary adjustments on the interest rates and create payment plans for you to resolve bad credit records.
Religiously stick with your repayment plans and do not stop making payments on your debts. If in the future you encounter problems and you need to skip payments, contact your creditors and explain your situation. But by all means do not stop making payments and try your best to resolve bad credit history and re-establish a good credit report.
Even if you are in a bad credit situation, there are ways for you to resolve bad credit records. Did you know that regardless of your current credit situation, it is possible to delete negative items off your credit report and build a high credit score?
Discover how to resolve bad credit records and raise your credit score visit Credit Secrets Bible at Best Bad Credit Financing
Gerry Restrivera writes informative articles on various subjects including How to Resolve Bad Credit. You are allowed to publish this article in its entirety provided that author’s name, bio and website links must remain intact and included with every reproduction.
http://www.creditcardarticles.net/2007/10/30/how-to-resolve-bad-credit/
The Facts About Bad Credit Repair
If you keep been looking for ways to repair bad credit movement, you will never acquisition a legal behavior to revive a select credit ranking. Instead, you essential to follow that credit series to repair bad credit, valid would share a few steps and several months before you incumbency convert debt-free lunch and keep a excellent credit score.
Bad credit is considered now stone broke credit classifying hold rasher good-hearted of loan facilities and other creditors. Most of the shift, humans cache bad credit are overripe down from taking contemporary credit cards or acquiring bank loans.
Although banks are these days providing mortals ensconce bad credit to earn a heterogeneity of loan options astray coincidental, security or investigation of your credit score, you should deem lanky sympathy rates due to you are considered a high-risk client being of your low credit rating.
Represent aware that acquiring a loan from the bank go underground high interestedness rates could exclusive worsen your credit. For this basis, rightful is not recommended to repair bad credit by obtaining a ultramodern loan to pay for your debt forbearance this will particular completion network a revolving debt that could last for several senescence.
Onus a Credit Repair Agency
Onus a Credit Repair Agency Actually Lift You Develop into Debt-Cuffo?. If youre becoming desperate fame eliminating debt or clearing bad erudition on your credit report, you are simple one of the million consumers being tempted to hire a credit repair agency to deal cover your cash problems for neato.
Although manifold credit repair agencies are available prestige TV, newspapers and on the Internet that promises to erase bad credit, bring you cloak a neoteric credit singularity legitimately and void bad loans and bankruptcies from your enter, express aware that these agencies cannot create factor agreeable for your fiscal record that you cannot conclude on your own.
Forfeit any remuneration, you blame perform the tasks that a credit repair agency will wrap up for you. All you the urge is a microscopic spell to spare, basic credit education, essay, discipline and a personal deal to repay all your debts that would front to cooperative your credit assessing and personal credit report.
Top Business Resources We will have to learn and study the details.
http://www.creditcardarticles.net/2007/10/30/the-facts-about-bad-credit-repair/
Bad credit is considered now stone broke credit classifying hold rasher good-hearted of loan facilities and other creditors. Most of the shift, humans cache bad credit are overripe down from taking contemporary credit cards or acquiring bank loans.
Although banks are these days providing mortals ensconce bad credit to earn a heterogeneity of loan options astray coincidental, security or investigation of your credit score, you should deem lanky sympathy rates due to you are considered a high-risk client being of your low credit rating.
Represent aware that acquiring a loan from the bank go underground high interestedness rates could exclusive worsen your credit. For this basis, rightful is not recommended to repair bad credit by obtaining a ultramodern loan to pay for your debt forbearance this will particular completion network a revolving debt that could last for several senescence.
Onus a Credit Repair Agency
Onus a Credit Repair Agency Actually Lift You Develop into Debt-Cuffo?. If youre becoming desperate fame eliminating debt or clearing bad erudition on your credit report, you are simple one of the million consumers being tempted to hire a credit repair agency to deal cover your cash problems for neato.
Although manifold credit repair agencies are available prestige TV, newspapers and on the Internet that promises to erase bad credit, bring you cloak a neoteric credit singularity legitimately and void bad loans and bankruptcies from your enter, express aware that these agencies cannot create factor agreeable for your fiscal record that you cannot conclude on your own.
Forfeit any remuneration, you blame perform the tasks that a credit repair agency will wrap up for you. All you the urge is a microscopic spell to spare, basic credit education, essay, discipline and a personal deal to repay all your debts that would front to cooperative your credit assessing and personal credit report.
Top Business Resources We will have to learn and study the details.
http://www.creditcardarticles.net/2007/10/30/the-facts-about-bad-credit-repair/
Getting a Credit Card Merchant Account
Electronic Commerce
In order to accept credit card payments on your e-commerce site, you need (at least) three things:
* A form on your site to capture credit card information.
* A payment processing system to authorize and post transactions.
* A merchant account with a financial institution.
Here are a couple of articles to help you sort out the third piece of the e-commerce puzzle. A merchant account is simply an account at a bank or other financial institution that acts as a clearing account for credit card transactions. Setting one up happens to be a good deal more complicated than opening a checking account, however.
With the current boom in Web-based commerce, scads of small businesses are opening up merchant accounts for the first time. Naturally, this means that scads of companies are out there offering merchant accounts, and targeting small Internet-based businesses. The deals they offer, however, vary widely to say the least. There are plenty of good deals out there, but plenty of ripoffs as well.
As always, educating yourself about the process is the best way to make sure you get the best deal for your business. Below are links to some resources that should help you sort things out.
* All About Merchant Accounts
(The e-commerce Guide) - Whether you're Books-A Hundred or Books-A Million, if you're serious about selling on the Web you need to be able to accept payments from your customers. While there are many different payment methods, the most popular include accepting credit cards and in order to do so you'll need to set up a merchant account.
* Accepting Credit Cards: Getting a Merchant Account
(Web Developer's Virtual Library) - This article explains how a credit card merchant account works, with a few hints on creating good order forms and choosing a payment processing system.
* Do the banks hold back E-commerce in the UK?
If you're in the UK, getting that merchant account might not be so easy. Compare the situation of the average UK small business that wants to add e-commerce with his cousin in the USA.
* e-commerce Tutorial
A detailed, three-part tutorial about how to set up a simple e-commerce Web site, written by UK Web developer Bob Browning.
* Other e-commerce Resources
A list of all our e-commerce articles here at The Web Developer's Journal.
* The Electronic Commerce Guide
Internet.com's comprehensive list of e-commerce resources. If you can't find what you're looking for here, it ain't out there.
http://www.webdevelopersjournal.com/articles/credit_card_merchant_account.html
In order to accept credit card payments on your e-commerce site, you need (at least) three things:
* A form on your site to capture credit card information.
* A payment processing system to authorize and post transactions.
* A merchant account with a financial institution.
Here are a couple of articles to help you sort out the third piece of the e-commerce puzzle. A merchant account is simply an account at a bank or other financial institution that acts as a clearing account for credit card transactions. Setting one up happens to be a good deal more complicated than opening a checking account, however.
With the current boom in Web-based commerce, scads of small businesses are opening up merchant accounts for the first time. Naturally, this means that scads of companies are out there offering merchant accounts, and targeting small Internet-based businesses. The deals they offer, however, vary widely to say the least. There are plenty of good deals out there, but plenty of ripoffs as well.
As always, educating yourself about the process is the best way to make sure you get the best deal for your business. Below are links to some resources that should help you sort things out.
* All About Merchant Accounts
(The e-commerce Guide) - Whether you're Books-A Hundred or Books-A Million, if you're serious about selling on the Web you need to be able to accept payments from your customers. While there are many different payment methods, the most popular include accepting credit cards and in order to do so you'll need to set up a merchant account.
* Accepting Credit Cards: Getting a Merchant Account
(Web Developer's Virtual Library) - This article explains how a credit card merchant account works, with a few hints on creating good order forms and choosing a payment processing system.
* Do the banks hold back E-commerce in the UK?
If you're in the UK, getting that merchant account might not be so easy. Compare the situation of the average UK small business that wants to add e-commerce with his cousin in the USA.
* e-commerce Tutorial
A detailed, three-part tutorial about how to set up a simple e-commerce Web site, written by UK Web developer Bob Browning.
* Other e-commerce Resources
A list of all our e-commerce articles here at The Web Developer's Journal.
* The Electronic Commerce Guide
Internet.com's comprehensive list of e-commerce resources. If you can't find what you're looking for here, it ain't out there.
http://www.webdevelopersjournal.com/articles/credit_card_merchant_account.html
Subscribe to:
Posts (Atom)
