Credit cards that we use today have been all around for over half a century. The first credit card appeared in the year 1951 when some of the loan customers of the Franklin National Bank of New York were screened for credit and those who were approved were given a card to make credit purchases. The merchants who participated copied the customer information from the card to the sales slip and then the bank credited the merchant account for the loan.
Later, in the year 1958, The American Express Company began to issue a charge card for travel and entertainment charges which was accepted at the restaurants, hotels and online merchants who participated.
People who had plastic charge cards enjoyed the convenience as well as the line of credit being offered by the new bank credit cards. Merchants found that credit card customers usually spend more than when it came to pay with cash. To accept bank issued card was much safer for the merchant dealing with cash and also less expensive as compared to creating and maintaining merchant-specific credit program.
In the year 1959, Bank of America started to issue the BankAmericard within the state of California and was the first universal credit card with wide spread merchant acceptance. In 1966, Bank Card Associations began and it was the time when Bank of America formed licensing agreements with other banks. This made it possible for them to issue credit cards on a widespread basis and also to settle transactions among the participating banks.
In 1966, a group of 14 US banks formed interlink a new bankcard processing association with the ability to exchange information on credit card transactions. In the year 1967, four California banks formed the western states Bankcard Association and also introduced the Master Charge program to compete with the BankAmericard which was later renamed as Visa in the year 1976.
Visa and MasterCard are organizations both of which issue credit cards through member banks and also set and maintain the rules for processing.
With the passing time, as the bank card industry grew, banks were interested in issuing cards also became members of the Visa Card Association or the MasterCard Association.
Several options are available when deciding to refinance your home equity line of credit. You can opt to refinance all your mortgages into one. Or you can rollover your line of credit into a second mortgage. Available terms and rate structures also give you flexibility in structuring your payments. Make sure that when you refinance, you find the lender with the optimal financing for your selected terms.
The Decision To Refinance All Or One
While you are refinancing your home equity line of credit, it is also a good time to revaluate your other mortgage. Depending on your original terms, you may find that you also want to include your first mortgage as part of a refi. This way your line of credit refinancing will qualify for even lower rates while saving on closing costs.
But if you have exceptionally low rates on your first mortgage, then refinance your line of credit as a second mortgage. If you are undecided on the issue, request loan estimates for both types of refinancing and let the numbers tell you which is the best option.
Refinancing is also a good time to consider cashing out part of your equity. By doing so now, you save on additional processing fees for any future loans.
Available Term Options
Once you have decided on how much you want to refinance, you will also need to select appropriate terms for you financial goals. Rates can be fixed or adjustable, which affect your payment amount.
The length of your loan can be shorten or lengthened to give you a more manageable payment. But if you do decide on a short term, you may see your rates go down. You can also structure payments for every two weeks, further reducing your loan’s period.
No Lender Has The Best Deal On All Types Of Refinancing
No lender can guarantee to have the best deal on all types of refinancing, so shop around with your specific loan amount and terms. With risk free quotes, you can learn about loan costs without hurting your credit score. And with online lenders, the whole process just takes a few minutes.
It is simply getting ridiculous the charges credit card companies are imposing on consumers who are late making payments. Yes, creditors have a legal right to do what they are doing, however ethically speaking that is certainly open to debate! Let’s look at some ways you can avoid costly credit card late fees:
1. Pay your bills on time. This one is obvious. When you get your bill, open it up and pay it right away. Waiting means forgetting or hoping that your payment arrives on time.
2. Pay online. Paying via your computer is faster than mail services, but there is still some lag time from when you authorize a payment and when the payment is finally credited to your credit card account.
3. Automatic payment. If your credit card provider permits it, have them automatically deduct a set amount from your account every month. That way they’ll get their funds well in advance of their due date.
4. Fight it. Just because the credit card company said that your payment was late doesn’t mean that it was late. Call them up and ask them to reverse the charge — now as high as $39 — and to adjust their records accordingly.
Allowing credit card companies to run roughshod over you is one sure way to worsen your credit card woes. Know your rights and take action as required.
Most people have some sort of debt. Almost everyone has a credit card balance, an outstanding student loan, or mortgage and car payments. All these loans and their payments result in a credit history, which most people don’t usually give too much thought too until it’s too late. Your credit history can have a major influence on your life, and once you credit history becomes poor you will find yourself unable to rent cars, obtain services without deposits, or get a credit card. This is why, if you find yourself in this situation, it is important that you take steps towards credit repair as soon as possible.
Many people will find their poor credit history to be overwhelming, and will be tempted by one of the many companies online that offer to “fix bad credit” for a fee. Although there are some situations where these companies may of use, for most people they are not necessary, and should be avoided.
The reason credit repair companies aren’t useful for most people are because they rarely do anything that you can’t do yourself. These companies will give the impression that they are doing things you wouldn’t normally be able to do on your behalf, but it most cases they are not.
The general strategy of many of these companies will be to have you first request your credit report from the credit reporting agency, and then to launch numerous challenges to the report in writing. The idea here is not that there are necessarily many (or any) mistakes on your credit report, rather you are trying to take advantage of a legal obligation on the part of the credit reporting agency: namely, that all requests for investigations must be responded to in 30 days. If the agency doesn’t respond to you in that time (and it’s unlikely they will if you challenge multiple items) they must remove the item in question from your credit report.
While this may initially seem like a clever strategy, it’s important to understand that there is nothing to prevent the credit reporting agency from putting the removed items back onto your credit report once they find the proper documentation. In other words: they may not be able to produce the documentation in 30 days and have to remove something, but they will keep investigating, and once they find the documentation the item will be restored to your credit report.
Besides the somewhat dubious strategy that most credit repair companies employ, you should also be careful to avoid any scams. Be advised that these companies are legally bound to render all promised services before accepting any payment from you. They are also obligated to clearly outline all fees and services that will be provided. If you do decide to use the services of a credit repair company, make sure you look over all the paperwork and fine print provided.
In most cases for most people, a credit repair company shouldn’t be necessary. The only time you should use one is if they are truly able to perform services you can’t do, or don’t have time to do, on your own.
When people started using plastics as their primary source of financial disbursements when shopping, they did not yet realize its greatest potential until today.
It is only now that consumers learned how to treat credit cards with utmost care and concern as these could be one way to their success or failure.
Consequently, with the dawn of cashless shopping, many credit cards companies continue to proliferate in the market. What they are targeting right now is the world of information technology. With this, they continue to advocate the very concept of the word “convenience.” Thus, many credit card websites had incessantly created websites to cater to the growing virtual populace.
One good example is the chase.com site. It primarily provides all the credit card requirements of every consumer. What’s more they offer online services wherein their credit card holders can take advantage of digital services and wireless transactions through the site and through their chase credit cards.
The chase.com credit cards offer a variety of credit cards that will suit the customer’s specific credit needs. Chase.com credit card comes in a wide array of general purpose cards, rebate cards, entertainment cards, travel cards, and auto & gas cards. Chase.com credit cards also include retail cards, student cards, and college and university alumni cards, cards to support organizations, military cards, sports cards, and business cards.
With the wide array of credit cards chase.com provides, the consumer will have lots of choices that will certainly answer to their specific needs. There are credit cards that also cater to rewards, cash backs, points, and miles.
Moreover, choosing and applying for chase.com credit cards is relatively easy. The site offers four ways how to apply for chase.com credit cards. They can:
1. Choose by category
In this manner, customers may look through the categories of the cards that they think would serve them best. They can choose whether they want travel rewards, cash backs, auto and gas rebates and a whole lot more.
2. They can use the “help me choose” facility.
With this facility, consumers may ask the site for suggestions regarding credit cards that would provide them their needs.
3. Compare card features
Customers can select some cards and place them next to each other for comparison purposes.
4. Browse through the complete list.
This option is available for customers who really can’t decide which credit card to choose.
So, with the advent of chase.com credit card, there will surely be a better way to enjoy cashless shopping.
Ever wondered what the numbers on your cards indicate? Well you might have written them down at several points, either as reference or as a security measure in case of theft, but did you ever sit down to think what they might mean? Here’s the answer.
The first number on your credit card denotes the system of the card. Is it a visa, master, or entertainment card? If the number is 3, it means it could be an American Express or Diners Club card or any other entertainment or travel card. Whereas a card with 4 as the first digit denotes that the card is a Visa card and a 5 means it is a MasterCard. A card that starts with the number 6 means it is a Discover card.
The number on the card also denotes the system of the card. For instance, a Diners Club card starts with 38 while, an American Express card number starts with 37. The third and fourth numbers denote the currency used on the card while the rest of the numbers till the 11th give you the information on account number. The digits from 12 to 14 is the credit card number and the last digit, the 15th is a check digit. This is the configuration in an American Express card.
A Visa and a MasterCard are similar in concept with some variations. They basically provide the same details, though the numbers and rules vary slightly. These numbers offer complete information on the user’s account and one must keep a photocopy of the card with the number or write the number down safely in case of card theft at any point in time. This reference number needs to be quoted to block your cards from being misused.
If you think this is all there is to a card, you are mistaken. The back of a card is even more configured with information and codes. The magnetic strip you see on the back of your cards (also called the magstripe) is made of iron-based magnetic particles. It is however plastic like in appearance. The card is often swiped at a business center or a store when you make a purchase and it is the magstripe that needs to be read by the magstripe reader.
Sometimes you may encounter problems with your card at stores or even at the ATMs where the reader fails to accept your card. This could in all likelihood be due to a dirty or damaged magstripe. In fact, even if your card has been exposed to magnets, it can damage the magnetized strip. So do take good care of your credit card and keep it protected from damages..
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