Did you know?
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DID YOU KNOW?
MasterCard SecureCode and Verified by Visa registrations are were in excess of 10 million by August 2007. These third party solutions to online fraud are set to become part of all online transactions. The systems work in tandem with merchant checkout systems and adds an extra layer of security by requiring a password to authorise the transaction. The merchant never sees that password, they only receive authorisation to proceed with the sale. The password is totally separate to the credit card and so is not compromised if the card is lost or stolen.
A large number of consumers have credit cards that are never used. Its become increasingly common to have several bits of plastic that perhaps once had attractive introductory offers but you never used again after that initial period. Perhaps you think nothing of it, after all why should you. Well be aware that the greater the number of cards you posses the larger your potential access to future credit becomes. On one level this may be a temptation you might be to avoid. However even more pertinent is that your credit scoring and rating can vary according to your potential liabilities. So the next time you apply for a loan and a credit reference agency shows the lender you have access to significant possible future liabilities you may be turned down on that basis. Consider cancelling one or more of your current unused cards. You should formally write to the bank who supplied the card and request its cancellation. This is not an overnight fix since your record of past cards will still remain for the next years. It will however help you should you need to request finance in the coming years.
Its a zero sum game. The market place is full of tempting headline grabbing offers that seem to change monthly to the latest great offer. Remember when 0% on balance transfers was almost unheard of? Its not becoming common to see offers for 12 months or more. But have you noticed what else has changed? That's right, now you have to pay a fee each time you make a transfer. The fact remains that these deals are very carefully worked out. Each time you see an offer change look out for what else has changed. It may be the maximum number of days you can get interest free periods on after making the purchase, or changes to how interest is applied or any number of fine print items. The point here is each company still has a target profit it aims to make. So if they increase say their balance transfer offer from say 05 for 6 months to a 12 month offer then you can be pretty sure something else has changed to. The change will be geared to recouping the predicted loss of revenue on the improved headline offer by increasing revenue on another area of the card configuration. This moth we have seen improved balance transfer offers accompanied by a drop in the maximum amount of fee that is applied to that transfer in certain examples. This is easy to spot but some changes may only be obvious by checking the brands summary box which they are required by law to provide. Always try to compare summary boxes and not just the headline adverts.
In November 2004 PricewaterhouseCoopers (PwC) predicted an end to the 0% offers that were costing the industry around a billion pounds annually. So far we see no end to these offers.
Using your credit card to make purchases as oppose to cash or debit cards gives you extra protection and extra consumer rights. Under Section 75 of the Consumer Credit Act both the trader (the shop or person from whom you make the purchase) and the credit supplier (your credit card brand) have equal liability for that purchase. The only proviso is that the cash purchase price must be for between £100 and £30,000. This is very useful in circumstances where taking action against the trader is proving difficult or where you believe bringing the credit card company into the proceedings will have the benefit of bringing increased pressure on the trader to settle.
VISA is owned by a collection of 21,000 financial companies (members) and MASTERCARD is owned by 25,000 financial companies (members) for the purpose of providing a network for electronic movement of funds.
The VISA brand network started as the Bank Americard in 1958.
MASTERCARD was originally Master Charge till changing its name in 1980.
MasterCard began in the late 1940s as a group of U.S. banks issued their customers vouchers instead of money to use in local stores.
The UK’s first charge card was launched by Finders Services in 1951 while the first true credit card issued in the UK was brought to the marketplace by Barclays Bank on June 29 1966.
Some credit card companies will treat online gambling deposits as cash advances possibly attracting higher interest rates and an advance fee.
Holidays and travel are the areas of transactions where the greatest amount of money using a credit card are made.
MasterCard SecureCode and Verified by Visa registrations are were in excess of 10 million by August 2007. These third party solutions to online fraud are set to become part of all online transactions. The systems work in tandem with merchant checkout systems and adds an extra layer of security by requiring a password to authorise the transaction. The merchant never sees that password, they only receive authorisation to proceed with the sale. The password is totally separate to the credit card and so is not compromised if the card is lost or stolen.
A large number of consumers have credit cards that are never used. Its become increasingly common to have several bits of plastic that perhaps once had attractive introductory offers but you never used again after that initial period. Perhaps you think nothing of it, after all why should you. Well be aware that the greater the number of cards you posses the larger your potential access to future credit becomes. On one level this may be a temptation you might be to avoid. However even more pertinent is that your credit scoring and rating can vary according to your potential liabilities. So the next time you apply for a loan and a credit reference agency shows the lender you have access to significant possible future liabilities you may be turned down on that basis. Consider cancelling one or more of your current unused cards. You should formally write to the bank who supplied the card and request its cancellation. This is not an overnight fix since your record of past cards will still remain for the next years. It will however help you should you need to request finance in the coming years.
Its a zero sum game. The market place is full of tempting headline grabbing offers that seem to change monthly to the latest great offer. Remember when 0% on balance transfers was almost unheard of? Its not becoming common to see offers for 12 months or more. But have you noticed what else has changed? That's right, now you have to pay a fee each time you make a transfer. The fact remains that these deals are very carefully worked out. Each time you see an offer change look out for what else has changed. It may be the maximum number of days you can get interest free periods on after making the purchase, or changes to how interest is applied or any number of fine print items. The point here is each company still has a target profit it aims to make. So if they increase say their balance transfer offer from say 05 for 6 months to a 12 month offer then you can be pretty sure something else has changed to. The change will be geared to recouping the predicted loss of revenue on the improved headline offer by increasing revenue on another area of the card configuration. This moth we have seen improved balance transfer offers accompanied by a drop in the maximum amount of fee that is applied to that transfer in certain examples. This is easy to spot but some changes may only be obvious by checking the brands summary box which they are required by law to provide. Always try to compare summary boxes and not just the headline adverts.
In November 2004 PricewaterhouseCoopers (PwC) predicted an end to the 0% offers that were costing the industry around a billion pounds annually. So far we see no end to these offers.
Using your credit card to make purchases as oppose to cash or debit cards gives you extra protection and extra consumer rights. Under Section 75 of the Consumer Credit Act both the trader (the shop or person from whom you make the purchase) and the credit supplier (your credit card brand) have equal liability for that purchase. The only proviso is that the cash purchase price must be for between £100 and £30,000. This is very useful in circumstances where taking action against the trader is proving difficult or where you believe bringing the credit card company into the proceedings will have the benefit of bringing increased pressure on the trader to settle.
VISA is owned by a collection of 21,000 financial companies (members) and MASTERCARD is owned by 25,000 financial companies (members) for the purpose of providing a network for electronic movement of funds.
The VISA brand network started as the Bank Americard in 1958.
MASTERCARD was originally Master Charge till changing its name in 1980.
MasterCard began in the late 1940s as a group of U.S. banks issued their customers vouchers instead of money to use in local stores.
The UK’s first charge card was launched by Finders Services in 1951 while the first true credit card issued in the UK was brought to the marketplace by Barclays Bank on June 29 1966.
Some credit card companies will treat online gambling deposits as cash advances possibly attracting higher interest rates and an advance fee.
Holidays and travel are the areas of transactions where the greatest amount of money using a credit card are made.
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