CREDIT CARD

Credit card

Credit card is often called as the plastic money as it replaces money in the modern world. Most credit cards are often given if you produce a valid income certificate, bank statement, salary certificate or other legal documents claiming you are capable of repay the amount  credited by you. The future of transaction will be credit card as it is convenient for both the payee and the seller. There are security issues concerning credit cards all over the world, but as the technology advances these issues will be tackled more seriously in the future. Most banks often credit card services now a days. All these credit cards are associated with major credit card companies like VISA, MasterCard, AMEX and Discovery. These credit cards are accepted worldwide and convenient for frequent travelers.

How credit cards work?

A credit card is a thin plastic card, usually 3-1/8 inches by 2-1/8 inches in size, will bear identification information and special number code. The services are credited to the particular persons account for credit and he or she has a grace period of repaying the credited amount without interest. After the grace period interest rates will take over. Today, the information on the card is read by automated teller machines (ATMs), store readers, restaurants, cruise ships ,bank and Internet . 

Different types of credit card

There are different types of Credit cards available in the market according to your needs. There are credit cards allotted only for Gas stations. Most of the companies offer cards like gold, silver and platinum cards, each differs in their services. The higher grade cards have more money in credit and the grace period will be more. Before opt for a credit card make sure you read all the terms and conditions carefully, otherwise you will fall in to a trap of high interest rates.

 

Things to know before buying a credit card

Whatever card you choose you have the right to know about the following information's about the credit card.

The annual percentage rate (APR) 

Credit issuer or company providing the credit line 

Amount of the credit line 

Length of the grace period

Annual fees, if applicable 

Fees for credit insurance 

In United states most of the people have at least one credit card. 35% have more than one. Even though there are a great number of credit card holders the number of internet buyers are not that much significant. The main reason of this is the increases number of stories about internet thieves who steal the credit card numbers through hacking. Now a days the websites offering internet buying are taking all measures to avoid internet hackers to get their client information.