Merchant Account Reviews – Credit Card What Is A Charge Card?

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Put plainly, a charge card is just a small piece of plastic that easily fits in your wallet. Well, it is not ‘just a piece of plastic’; it’s a very powerful piece of plastic which could be regarded like a compressed form of money. We can define credit score cards as a credit system that allows the customer to borrow money on the fly from a bank or a financial institution and use it to create payments towards the merchants.

So that you can obtain a charge card, the consumer needs to fill-in an application form that’s actually like an agreement between the charge card supplier and also the credit card consumer. The credit card supplier approves the application form and offers the customer with a small piece of plastic (i.e. the charge card). This plastic (or credit card) contains electronically encoded security info in the form of a magnetic strip (which is generally located at the back from the charge card). This information is used for authorizing payments whenever the customer uses the credit card. The customer can use the credit card for purchasing at merchant outlets or about the internet etc. Of course, this is subject to merchant’s capability to accept charge card payments. Accepting the credit cards is, however, not enough. The merchant should be able to accept payments made through the charge card provided by that charge card organization (of which you hold the charge card) i.e. VISA, MasterCard etc. You can also use charge card to withdraw money from ATMs (automatic money machines) – also known as money machines or Day/Night machines.

You will find eight main credit card organizations and most of them operate in lots of countries world wide. These are American Express, Citi, Diners Club, Discover, JCB, MasterCard and VISA. Master card and VISA are most likely the most well-liked ones. Then there are credit card suppliers or issuers who have tie-ups with these organizations and issue credit cards on their behalf e.g. you’ve various banks that issue VISA cards (like HSBC VISA card)

To create a payment using a credit card, the credit card has to be either swiped into special credit card processing machine (when purchasing in individual at shops) or the details from the charge card need to be entered about the merchant’s web site (when purchasing on the internet). The credit card supplier sends across the bill for these transactions towards the consumer who is then required to pay either the complete amount or a partial (minimum) quantity. If you pay in complete, the charge card supplier doesn’t charge any interest about the quantity you owe, otherwise the pre-agreed interest rate is charged. If you do not pay even the minimum, you might land up with a late fee too. Moreover, the charge card supplier usually puts a limit about the maximum quantity you can spend per month utilizing your charge card.

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