Credit Card Processing

How fast is your credit card processing?

Are you ready to swipe your credit card for the very first time? Really? Or are you already on your way to your second credit card? By the way, do you know it takes ages for you to get your credit card processed?

Well, for starters let’s look into the credit card processing stage of your application and why does it take you ages to have that other card.



The first thing that your bank looks into in the stage of credit card processing is the account that you have in other credit card companies. Normally this part of the credit card processing stage—this is where people in banks get down and dirties with their records and other companies’ records. This would also include how long was the credit card processing stage when you applied for your other cards. This usually means that your bank is trying to find out how much your worth really is. This is the part where they categorize you in subgroups. This also usually means that it’s either you’re a good payer or they would have a have time chasing after you state to state.

If this happens in the credit card processing stage, the bank would usually require you to give them an alternate address where they send you the bill, by the way this just means that they want to be sure that you are going to pay! And if you get past this stage of the credit card processing with minor injuries to your ego, the next step will be to find out if you have any unpaid balances or other credit card processing with other banks. This just means that they are trying to find out how cards are able to for and you’ll be able to pay for theirs once you’ve passed the credit card processing stage. They usually do this to counter check if you do have the capacity of paying for a number of credit cards so they won’t get stuck a person that cant. And when you get passed this stage, still with minimal damage to your ego, the next step in the credit card processing stage is to verify your identity as a US citizen.

Because of the US Patriotic Act, everyone trying to get anything in the US is required to have their identities verified because they don’t want terrorist getting anything inside US soil especially getting past credit card processing. And the last part of getting past the credit card processing is to have all the things they need to check in order and to meet the standards of their company, in a nutshell, to get a credit card and to get through credit card processing, you must have other credit cards that are active. Two, you must be a good payer and three you must not have a last name that sounds like you are from Afghanistan—that is. Anyway, you might be having problems when it comes to your credit card processing, most it the time, it’s worth the wait. Credit cards is great financial tool is used correctly and properly. It will enable the credit card holder to manage his or her finances. Having a credit card also ensure not only your money and your life as well because it is very convenient compared to carrying cash or checks every time you have to buy or pay for something.

Apply for a Credit Card

When you apply for a credit card, look before you leap!

In the early 1970s, banks were eager to introduce the consumer public to the then-new concept of the credit card. Prior to this time, people would have charge-accounts at their favorite department stores, but that was about the extent of living on credit. Unsolicited credit cards were sent out by the millions and consumers eagerly accepted this new way to buy what they wanted on time. Lots of people got in trouble, overextending themselves and facing debt that might take years to pay. Today, both banks and consumers are smarter. When you apply for a credit card, there are a few things you should know before you accept an offer of credit.

Applying for a credit card is ultra easy these days. You can apply for a credit card online and be approved in just minutes. What you may not know is that as soon as you've entered your information and submitted it for approval, the issuing bank runs a credit check which determines what your lending rate will be.

If you have no credit history, or your credit record is not so great, you may well be approved, but the lending rate will knock your socks off. Be sure to read the fine print before you apply for a credit card. What's the APR? Should you be late on a payment, how much is the late fee? Is the rate offered an introductory rate which reverts to a much higher rate a few months down the road? Make sure you have all these questions answered before you sign on the dotted line. Otherwise, your initial excitement in receiving the credit can turn into future disappointment and a worse credit rating.

Some banks offer a balance transfer arrangement, whereby you can consolidate other credit card debt into a single payment to their company. This can be a good solution, assuming your credit is good and you can afford the monthly payment. Again, check for introductory rates, the APR and late fees.

When you apply for a credit card, keep in mind that you're making a serious commitment. Your credit rating is important. Getting into a position where you are late on payments or can make only the minimum payment each month is not desirable. You also need to realize that if you are late, even once or twice, both your lending rate and the dollar amount of a late fee will increase.

Finally, do not assume your payment date remains the same each month. Sometimes the bank adjusts the billing cycle with the result that your usual due date of the 5th of the month becomes the 4th. If you don't look each month and make your usual payment on the 5th, you'll end up with a late fee and perhaps a higher rate.

Be a smart consumer when you apply for a credit card. You'll then build a good credit rating and enjoy the many advantages of credit.

What is a Credit Card?

A credit card is a card that allows you to borrow money to pay for things. There will be a limit to how much you can spend called your credit limit. At the end of each month you can either pay off the whole of the amount you owe or make a minimum repayment.

Other kinds of cards include:
1. A cheque guarantee card, issued by your bank, that you can use to ensure that your cheque will be honoured up to a certain limit.
2. A charge card where you have to repay the full amount at the end of each month.
3. A debit card, issued by your bank, where whatever you spend is immediately deducted from your bank account

Do you need a credit card?
Using a credit card is a useful way of making purchases:
a. A credit card means you don’t need to carry huge amounts of cash around and risk losing it.
b. A credit card means you can buy items over the internet.
c. A credit card means you can make purchases abroad without having to worry about local currency.
d. A credit card gives the opportunity to spread the cost of a large payment over several months.
e. A credit card is useful in an emergency, for example, an unexpected repair to your house or car.

How do you choose a credit card?
The main two UK credit card issuers are Visa and Mastercard. These are accepted in most places and in 130 countries worldwide. Beware of less well known brands that may not be accepted everywhere.

Before you choose which credit card is the best for you, remember to read the terms and conditions carefully. Never sign up for a credit card without fully understanding what you are agreeing to.

Remember that all the plus factors will be prominently displayed in large print.
You may have to study the small print carefully to discover if there are any negative factors.

What You Need To Consider:
1. APR (Annual Percentage Rate)
This is the rate of interest that you will pay on any outstanding balance.
2. Special Introductory Rates
You may be offered a low or 0% rate of interest for a limited time (Up to 6 months) when you sign up for a new card. A higher rate of interest may be charged for cash withdrawals.
3. Balance Transfer Rate
Card issuers may offer you a lower rate of interest if your swap your balance from another credit card to theirs.
4. Interest Free period
Remember to check when interest payments will begin. Will you pay interest from the day of the purchase? Or will you have a number of days interest free before you begin to pay? There is usually no interest free period for cash withdrawals.
5. Cashback and Rewards
Some cards over points or rewards for every pound spent on the credit card. Make sure that these are appropriate for you. For example, there’s no use collecting airmiles if you never fly.
6. Minimum Repayment
Remember to check what the minimum monthly repayment will be. If you borrow £1000 on your credit card the monthly minimum repayment will probably be in the region of £25. But if you only pay this amount each month it will take a long time to pay off the balance and cost a lot in total when you include the interest payments.
7. Annual Fees
This is the fee that the issuer will charge you every year for using their credit card. Not all credit cards have an annual fee, so remember to consider this when you are choosing which one is right for you.
8. Late Payments
There will be an extra charge, as well as the interest owed, if your payment is late. This charge may even be more than the amount you owe so be very careful to check what the charge is, and to ensure that all your payments are made on time. A good way of doing this is to set up a direct debit from your current account.
9. Exceeding Your Limit
You may also be charged a fee if you exceed your credit limit.

Will Your Application Be Accepted?
Whether or not your application is successful will depend on your credit rating. Your credit rating depends on your credit history (a record of your use of credit) and is based on the record of your ability to repay debt.
You can obtain a copy of your credit file by contacting a credit reference agency. There may be a small fee for this service.
When your application has been accepted you will be given a credit limit. The credit limit will be fixed when you first apply for your card (although you can ask for it to be increased or decreased later) and the limit, including the amount you have left available to spend, will be shown on your monthly statement.
Insurances and Protection.

What You Can Do:
1. Take good care of your credit card to ensure that it isn’t lost or stolen.
2. To prevent misuse of your card you must report any loss or theft of your card to the issuer immediately. Many issuers allow you to register all your cards with them so that in the event of you losing a purse, handbag or wallet they can all be cancelled with just one phone call.
3. You must keep all your receipts and also check your statement carefully and report any suspicious transactions, for example payments that you have no record of making.
4. Credit card companies are now issuing cards with PIN (Personal identification numbers) which are known as Chip and PIN cards. Rather than signing your name you will be asked to enter your PIN onto a keypad. You must ensure that you keep this number secret.

What The Issuer Will Do
1. The issuer should insure you against loss, misuse or theft of your card.
2. The issuer may also insure your purchases for up to 100 days.
3. Your issuer may also provide protection against you being sold unsuitable or shoddy goods.

Important Points To Remember:
a. Credit cards can be a very useful tool to help you to manage your finances.
b. Choose your card carefully, remembering to read and understand all the terms and conditions before you sign up.
c. Remember to set yourself a budget and decide how much you will pay off each month.
d. Check your statements carefully each month.
e. Look after your card to prevent it being lost or stolen.