College Credit Builder asked:

Credit card applications can be found at www.goodstudentcreditcard.com where good students can compare the best student credit card offers currently available.  Diligent credit card use can lead to a lifetime of low-interest rate loan opportunities like auto loans, mortgages and other forms of consumer credit.  Credit card issuers recognize that students tend to have limited credit histories and lower reportable incomes.  Notwithstanding, good students enrolled in universities and colleges throughout the country are often given the opportunity to start building a credit record early.  This is an opportunity that should be highly valued, particularly in light of the enduring credit crisis which has made it difficult for many people with good credit records to receive any form of credit.  In fact, some existing credit limits have been decreased by issuers.  

Student credit cards issued by Discover and Capital One are specifically designed for good students.  Some of the features offered by these credit card issuers include:

•           No Annual Fee

•           0% Interest for a fixed period of time

•           Cashback Bonuses

•           $0 Fraud Liability Guarantee

During this climate of economic instability, illiquidity in the credit markets, in the stock market, uncertainty in the stock market and the softening real estate market, one thing remains constant – good students should be given the opportunity to build a credit history.  Responsibility, however, is vital.  It is important for students to keep in mind that if they don’t have enough money to buy something now, you should consider saving up until you can.  Credit cards are most advantageous to students when then balance is paid in full every month.  They should be treated like cash in hand.  In these difficult economic times, where credit is proving to be more difficult to come by, it is important to establish a strong credit profile by obtaining credit early and maintaining a consistent payment history.  Student credit cards issued by Discover and Capital One are perfectly designed for student applicants.

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Daljeet Sidhu asked:

Traditionally, credit card processing has been the domain of banks. Most merchants already have accounts with banks, and banks have never had trouble finding takers for their credit card processing services. The point-of-sale machines at the merchant’s end are easily linked to merchant bank accounts. The bank then processes the credit card transaction for a fee.

Innovative technology and the internet have enabled the rise of third party credit card processing agencies. These agencies offer competitive prices and faster processing time. Banks are now facing heavy competition with many merchants moving their accounts to the more economical third party credit card processing firms.

Third party agencies are being preferred over banks for many reasons. Some of these are discussed below.

Businesses prefer multiple service providers

Banks made the mistake of getting too complacent with their market share in credit card processing services. They wrongly assumed that businesses would prefer the bank as its credit card processor solely because they have accounts with them.

Businesses may not prefer one provider for all their financial solutions. However, as banks monopolized the credit card processing market, businesses had no choice. The arrival of third party credit card processors changes things. Third party agencies offer better services at lesser cost.

Faster service at lower cost

The internet has been the root cause of changing market scenarios. Third party credit card processing agencies offer faster service because the internet allows fast, inexpensive and accurate processing of credit cards. Most businesses can afford to install internet credit card payment gateways. This allows businesses to process credit cards at very low cost.

Third party agencies have hi-tech equipment, secure technology and high quality internet connections to process large volumes of credit card transactions effectively. They can offer the same or better services as banks at compelling prices.

Why look around when you are satisfied with the bank?

There is no harm in continuing with the credit card processing services of banks. In fact, many businesses may not want to change from banks to third party credit card processing agencies because of the longevity and comfort of the business relationship. Some businesses prefer to keep things simple by having one provider service all their financial needs. But, they may be missing out on more economical options.

Take time out to get price quotes from third party credit card processing agencies. Check out the kind of services that are offered such as internet processing and signature-less processing. If nothing else, you will get a better idea of the services you pay the bank. If an agency offers the same services at lower costs, you can at least ask the banks to explain why their charges are higher. This also pushes banks into a more competitive mode.

It is always good to have an idea of the going market rates for any service. Surveying the services and rates of third party credit card processing agencies helps business owners understand and question the rates charged by banks. Saving on credit card processing fees is bound to improve the profit margin if a business has high credit card sales.

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Erny Setyawati asked:

Credit Card is one of popular payment method now days. Using credit card, we only bring a card whenever we go without bringing money cash. Few years ago, one had to bring traveler check when they were traveling, but now days, through improvement of Technology Information, live change so much. We can find ATM easily world wide and report to the Bank when our credit Card is stolen by thief.

Credit card is managed by international management so that the credit card can implement around the world no difficulties. Almost banks around the world can publish credit card, as City Bank, HSBC credit card, American Express credit card and others. Now days, people tend to require credit card to pay every day life, shopping in the store, or making transaction on line.

The improvement of Internet Technology, also motivate people join business on line. They can choose master card, visa card or Pay Pal.

Because of many fraud on transaction on line, people chase to create security in order payment on line save.

Although credit card is easy and flexible to use, but it belong to middle class at developing country. Not every one have it , because we must pay card fee, beside not every stores receive credit card.

Does payment with credit card save on transaction on line? The high tech security payment now days, payment use credit card saver and easier than before.

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College Credit Builder asked:

Bank of America™

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Blue From American Express – your Ideal Credit Card

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Zacharias Allred asked:

Apply for a credit card after you review 5 simple steps. This will alert you to things you need to be looking for in credit card offers.

1. Annual Fee? When you are considering a card to apply for, find out if there is an annual fee. This can be found in the terms if it is not disclosed in the credit card’s description. Sometimes an annual fee is justified if the interest rate is low or the card has better rewards.

2. Interest Rate? Find a card with the lowest interest rate possible. This may seem like common sense but often you are enticed by a low or 0% introductory offer but the rate may jump to an unmanageable level after the grace period. Just make sure you read the fine print.

3. Rewards Credit Cards. Reward programs have become very popular over the last several years. Credit card companies pay out millions of dollars. When you are viewing different credit card offers pay particular attention to these programs. Cash back programs are always best.

4. What Is The Card For? When you apply for a credit card decide what it will be used for. Will it be used for gas purchases? Will it be a business credit card? This is important because the card and its program will behave differently in relation to the way it is used. For example, if the card is going to be used in business then only use it for business. The IRS will disallow deductions for finance charges and annual dues if the card is also used for personal charges. Some gas cards give rewards but only for gas and auto maintenance charges.

5. Online Payments. This is very critical. Make sure you are able to make payments online. First this will save you money on interest as finance charges are calculated on the average daily balance. Also you will avoid late payments since the mail can get delayed. It can take as long as 10 to 15 business days for your payment to post to your account when mailed versus one day when paid online. An offer with 0% interest and/or a grace period may be voided if even one payment is sent late. This can be read in the credit card terms.

Apply for a credit card online after you have reviewed different offers. This will give you a feeling of satisfaction knowing you have made a wise purchase after researching what is available. When you receive your card in the mail make sure you sign the back and always keep it in a safe place.

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kinshuk jha asked:

Today plastic is the convenient, easy and fashionable alternative to wads of paper. With one swipe, credit cards have changed the way we live. Unfortunately, along with the convenience has come related crime. Thus, the primary objective of this article is analysing this problem in a global as well as Indian perspective. An attempt has also been made to enlist the various legal provisions available as remedies if a person suffers from such fraud.

Credit card fraud involves withdrawal of funds and obtaining of goods and services by using an unauthorized account. Otherwise inaccessible personal information stored on computers is stolen in order to use a card. Due to the virtual explosion of credit card business throughout the world, security has become critical in the entire process. There were about 60 million credit card holders in the sixties and according to an estimate, the number has gone up to more than a trillion now.

In India, credit card companies make a provision in their contract with the client that they, the company, would not be liable for the fraudulent transaction unless the client loses his/her card and reports the loss immediately. Sometimes the banks and credit card companies try to save their skin by inserting a clause in the relevant contract. This is purported to absolve the company in case a fraud occurs on the stolen card and the client fails to notify the loss in time. This unilateral provision however has not stood the test of legal scrutiny. The courts have placed the burden of loss on the issuers.

In India, the Mail Order Telephone Order (MOTO) type account for the bulk of credit card frauds. This occurs when the card is not actually presented, but the details are given on the application form to buy goods or services or when the transaction is done on the telephone.

Fraud through fake cards is not as rampant in India as in the USA. Techniques have been developed whereby the number and other information on the magnetic strip is erased and a new number is embossed. When the card does not work on the swiping machine, the merchant manually processes the details of the card to complete the sale. This procedure is called skimming of the cards.

In the USA, identity theft is also quite prevalent and is supposed to be one of the fastest growing offences in America. The fraudsters adopt another person’s identity to gain access to their monetary sources. In the case of online transactions, ‘site cloning’ is resorted to where the site clone created is made to look like the original site in order to obtain the credit card details of unsuspecting customers. Similarly, false merchant sites are also created where cheap goods lure customers into giving their card details.

Scared by the ever increasing cases of credit card fraud, the affected companies and banks have taken various steps to minimize it. Manual reviews of the transactions on the card are undertaken, but this requires a high level of human intervention and increases costs. In the USA, Address Verification System (AVS) has been developed for use in the ‘card not present’ scenario. The system is designed to check whether the address given by the buyer matches with the one on record.

Visa has devised a Payer Authentication System based on PIN similar to the system used on ATM cards. This is a channel between the bank and the customer used to authorize online transactions. With the increase in cross border ecommerce the issuers in India will have to update their arsenal to combat the forgers on the same lines as their Western counterparts. The Information Technology Act and Rules, passed in 2000, provide penalties for the tampering of computer source documents and hacking of computer systems. No specific mention has, however, been made of Credit cards or financial transactions. The RBI has formed the Credit Information Bureau of India (CIBIL) in collaboration with Dun and Bradstreet who will maintain the records of all individuals who want to avail of finance from banks and credit card companies in India.

The Indian Penal Code contains provisions to check economic crimes such as Bank Fraud, Insurance fraud, Credit card fraud, stock market manipulation, etc. The local police deal with the IPC crimes falling under the broad categories of ‘Cheating’ (Section 415-424), ‘Counterfeiting’ (Coins & Stamps Section 230-263A and Currency Section 489A-489E) and ‘Criminal Breach of Trust’ (Section 405-409).

Online Credit Card Offence & Indian Law:

So far as Indian legal position is concerned, any offence pertaining to online payment through credit cads will come within the purview of Information Technology Act, 2000 read with relevant provisions of Indian Penal Code, 1860. Section 378 of the Code defines the term “theft” as follows:

“Whoever intends to take dishonestly, any property, out of the possession of any person without the consent of that person moves the property in order to such taking, is said to commit theft.”

In order to commit theft following elements are required to be satisfied:

(a) The intention must be dishonest.

(b) Such property must be movable in nature.

(c) Such property must be taken out of the possession of its owner.

(d) Such property must be taken without the consent of the owner.

(e) Such property must be removed from its original place to another.

Now we have to examine whether online credit card theft satisfies the above mentioned requirements in order to book the offender to justice. This definition, if interpreted in strict sense, does not include the online theft of credit card information. But, if a merchant dishonestly obtains the blank purchase slip and forges the signature of the cardholder’s signatures on it and thereafter obtains the payment from bank, he can be booked under the offence of forgery.

Hacking has become an important tool in the hand of cyber criminals to take away the confidential information relating to credit cards and use it illegally for their personal advantage i.e. purchasing goods or online transaction of money etc.

To deal with this menace, our Parliament has been enacted the Information Technology in the year 2000. Following penal provisions of this statute are relevant to mention here.

Section 66- This section provides the following penalties for hacking with computer systems:

(1) Whoever with the intent to cause or knowing that he is likely to cause wrongful loss or damage to the public or any person destroys or deletes or alters any information residing in a computer resource or diminishes its value or utility or affects it injuriously by any means, commits hack.

(2) Whoever commits hacking shall be punished with imprisonment up to three years, or with fine which may extend up to two lakh rupees, or with both.

The offence under this Section is cognizable and non-bailable.

Section 43- Clauses (a), (b) and (g) of Section 43 state that if a person has unauthorized access or secures access to computer, computer system, computer network or downloads copies or extracts any data from such computer, computer system, computer network or even assists another person to facilitate access in the aforesaid manner respectively, he shall be liable to pay damages by way of compensation not exceeding one crore rupees to the person so affected.

It is quite apparent from the above that besides legal protection it is necessary to carefully examine the technological and contractual protection existing within the system because law is not an alternative to other security measures required to be taken by the cardholder while making online payment.

Conclusion

In India, credit card fraud is mostly limited to the physical space. Online con jobs make up just about 1% of the total numbers here, unlike 40% in the developed world.

But, as consumers graduate to the shop-easy internet and pay with their cards, instances of fraud are bound to rise. While we don’t have statistics, as access to the web increases, reported cases of card fraud are estimated to  rise at 20-30 % every year. In online transactions, contracts are one-sided and the customer is always held responsible in case of fraud.

Phishing, where a consumer gets a fictitious email from a fake site or blog seeking sensitive card information, is a commonly-used defrauding mechanism. To top it, people are careless in offering their card details.

Almost all the banks issuing credit cards issue various guidelines and suggestions to the customers from time to time in order to cut short the rate of credit card frauds and misuse to a minimum possible level.

Thus, we can conclude that with the help of the legal remedies available as cited earlier in the Article, penal action can be brought against the offenders who are held liable for credit card frauds and misuse.

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Clint Jhonson asked:

Most of the banks use different type of bank cards. The most common ones are the credit card, the debit card, the secure credit card, the Prepaid Credit Card and the ATM card. Each f the available cards offered have their advantages and disadvantages. For most of the people the credit card is the best card. However not everybody can get a credit card and to get a credit card with a good interest rate and smaller fees you have to have an excellent credit history. A good idea before getting a credit card is to get a prepaid card or a secured credit card.

To get a world wide known credit card like for example Visa or MasterCard, from a bank with lower interest rates you have to have at least a good credit history. If you have a good credit history you will most probably receive offers from different banks to get a credit card through them. However if your credit history is poor or bad or you do not have a credit history at all it will be more difficult for you to get a credit card. You will have to fill in many credit card applications and wait to see if you are getting approved or not. The good thing about the credit card applications is that they can be done online thus one can find in a matter of seconds if he or she is approved for a certain credit card.

The main question for a lot of people is not related to the type of credit cards available but how they can get a good credit card history or how can they improve or maintain one. Since most of the credit card applications ask you about your credit score and if you have one, you should already know that the better the credit score, the better the terms and conditions that you get with your credit card if you get approved. There are three main companies that ***** your credit score and offer history credit reports. The first step towards a good credit score is paying your bills on time, making all the payments on time for a longer period of time is important for your credit score. Also if you get a credit card and use just a small amount of the money available in your credit line rather than a bigger amount, your score will be better. Also the longer your credit history is the better for your score. A fair diversity of credit cards will also help you maintain or increase a good score.

If you do not have a credit history, you should start making one because you need a good credit score not only to apply for credit cards, but also to apply for a loan for a house, a car or any other thing where you need a line of credit. Also once you get a line of credit make sure you make your payments on time and you can do this by setting automatic payments directly from your account. If you got a loan where you have to give back an fairly big amount of money each month a credit card that is prepaid can be a good thing to keep your expenditures in line and thus to avoid lowering your credit score. Also even if you get offers of applying for credit cards without having a credit score or even if you have a bad credit history, remember that in the long run having too many credit cards is not helping you get a good credit score or keep the same credit score you have.

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Cherryl Hanson-Simpson asked:

To be successful with credit card usage, you have to learn how to be credit card S.M.A.R.T:

S- Start with your budget

Your credit card should always be used along with your budget guide, to ensure that you’re making purchases that you can really afford. Identify those expenses that can be paid with a credit card, and don’t charge more on your card than you would have paid if you were using cash. Think of your credit card as a mere convenience that’s safer than carrying cash, instead of a credit line to buy things you can’t afford.

Make sure that you already have the money put aside to pay for the expense, or that you’ll have it by the time the credit card bill is due.

M- Manage your credit

Remember that your credit card is to be used only to help you meet your regular monthly bills and in the event of any emergencies. It is therefore unnecessary to accumulate many credit cards and large credit limits. Increasing your credit amounts can lead to temptation to overspend, so keep your available credit amount in line with your life style.

Another way to manage your credit is to be aware of the cut-off date for recording transactions on the card. You can extend your payment time for a bill by making the credit purchase fall outside the date that will require you to pay for it in the next month. For example, if your statement date is the 25th monthly, all recorded purchases from the 26th of May to the 25th of June will appear on your next credit card bill. You will be required to pay for these purchases maybe by the middle of July. If you wanted more time to pay off a particular expense, you could charge it on your credit card after the 25th of June, so that it would be due in August.

A- Avoid high fees and charges

Credit cards can be a very profitable source of revenue for financial institutions. While the annual fees may be unavoidable, you can prevent excessive interest charges and fees. Always pay your bill by the due date, to avoid a late payment penalty. If the due date doesn’t fall on a work day, pay it before. If you’re near to your limit, call the card company to find out how much credit you have available, so you avoid being charged an over-the-limit fee.

NEVER use your credit card for a cash advance. On regular purchases, you don’t have to pay interest charges if you pay off your bill in full by the due date. However, with cash advances and convenience cheques, interest is immediately calculated from the date of withdrawal until the repayment date. Some cards also charge a transaction fee which can be a percentage of the cash amount withdrawn. My advice: use a debit or ATM card to get cash instead, it’s cheaper!

R- Repay in full each month

This is the cardinal rule of SMART credit card usage: use the card for convenience, and pay off all bills by the due date. If you had to use the card as a short-term credit facility, make a plan to pay off that expense within the shortest possible time. If you receive a lump sum like a partner draw or bonus, you can use it to pay off outstanding balances.

T- Take advantage of incentives

The ultimate goal for the SMART credit card consumer is to have a card that gives rewards and incentives for using it. There are credit cards that are tied to loyalty programmes, which give you points that can be redeemed for goods and services at participating merchants. Some cards offer cash rebates, where a percentage of what you spend is given back to you. Other credit cards offer frequent flyer miles with every dollar charged on the card.

You don’t have to be afraid of taking out a credit card, just be SMART in how you use it!

Copyright © 2006 Cherryl Hanson Simpson

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Gen Wright asked:

Using the bank identification number database is very helpful because you can know fairly quickly if the card is in good standing or not. What is the BIN or IIN? The BIN is the bank identification number and the IIN is the issuer identification number. The BIN is the first 6 digits of the card number and it lets the BIN database know what card company the card is being issued from. The BIN is generally the same for the issuer that the BIN belongs to. The BIN is often referred to as the IIN. The IIN is the issuer identification number. The digits that follow the first 6 digits are the card identification number and are unique to the credit or debit card. These numbers are the same on all cards and are issued as an added security to make sure that your card is your card. Your card identification number is not going to be the same with anybody else?s that is within your BIN or IIN issuer.

BIN or IIN database is a system that tracks and records all credit and debit card purchases through a networking system. More and more merchants and industries are using this system every day. The BIN or IIN database has become very popular among the online merchants. Online merchants are constantly losing money because of online fraudulent credit and debit card purchases. Why is it so hard for online merchants to be able to stop credit and debit card frauds? This is because some online merchants don?t use the BIN or IIN database. When the merchants don?t use the bank identification number or issuer identification number database they are taking a chance on being able to authorize the card. This is considered a gamble because by not using the database they are not 100 percent sure that the card is going to be authorized. When the card is not authorized then the merchant will have some loss. The card could have reported lost or stolen by cardholder or froze by the bank that issued the card. The BIN or IIN database can contact the issuer?s system through networking and the issuer can either accept or decline the card. This is important because it saves the merchant a lot of time. The database has access to the cardholder and the issuer?s information. This helps the online merchant to know whether or not the card is good for the purchase or not.

There is a BIN lookup that is available and it shows the issuers information. This is perfectly legal because credit or debit card fraud is not an option by just know the issuer information. The BIN lookup also provides you with the issuer?s phone number. The BIN or IIN database was created to stop credit and debit card fraud. This database is not only being used for purchasing. It is also being used for other transactions such as insurance. Insurance companies are using this system for faster and more accurate ways to be able to identify the customer with the insurance information. So as you can see, the BIN or IIN database is very important for the merchant, businesses and the consumer. Being able to run a BIN or IIN lookup is essential and allows you to know what and where the card is about. Not to worry, the BIN or IIN lookup does not ask for the card identification number because that is too much information and with the rapid growth of technology eventually having this type of database will hopefully put an end to credit and debit card scammers.

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Richart Rick asked:

Credit cards are used in all parts of the world because of their amazing advantages. But, it is significant to mention that the wrong use of credit card is a big reason behind the overwhelming increase in the number of people falling behind on their credit payments. When they don’t make payment, interest rate goes up. As you know credit cards come with high interest rates, it becomes impossible to deal with the debt with a further increase in the rate. But, you can actually deal with this situation by utilizing the option of credit card debt consolidation.

Debt consolidation is a great option because it allows you to manage things according to your own specific circumstances. Using this particular option allows you make lower payments because of which you get out of debt fast. So, if you are in trouble, consolidate credit card debt.

Now, it is clear that consolidation is the right way of getting out of your misery. But, you can avoid this particular situation just by opting for credit cards at lower interest rate. To enjoy this particular facility, you need to opt for those cards that are known as equity-backed credit cards.

These credit cards are issued as simple credit cards and there is no real problem associated with application process. If you are in Delaware, California, New Jersey, Ohio, North Carolina or Indiana, you are required to apply for a simple credit card through a bank. These banks issue an unsecured card after completing all formalities. But, you can then convert it into a tax-deductible card by making it secured. This is usually done by offering papers to place a second lien against your home.

The best thing about these equity-backed credit cards is that they don’t come with any closing costs. Moreover, you are not required to pay any annual fee. Availability of grace period is another good thing about this particular credit card. It is due to all these things that using credit card gets easier and inexpensive. When there remains no need to think about these extra charges, it becomes easier to make timely payments.

So, the bottom line is that credit card debt is directly related to interest rate and costs of getting and using credit cards. But, you can always think about using the aforementioned option to see some reduction in the interest rate and overall costs of using your credit card. With this reduction, it becomes easier to stay way from debt. But, if you are facing any issue related to card debt, you must waste no time to get in touch with a debt consolidate bills to get out of debt fast.

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