What one must know about credit cards

Most of us use credit cards on a daily basis, on the contrary there are too many things we may not know about credit cards like whether it is safe to use a credit card on the Internet.

Here are 3 golden rules to follow while using you credit card on the internet:

1) Do not provide your credit card number to an unknown site.

2) Look for the 'Verified by Verisign' sign or some known online security certificate; this indicates the site has safeguards that have been passed by an independent body.

3) In the url where you are giving your card look for the secure https sign -- as in https://www... instead of the usual http://www... You should exercise similar caution while using the card in the offline world, like not letting the card out of your sight while it is being swiped, etc.

And last this is for people who love to keep more cards in their pocket.

You should use your credit card as a payment option and not as a source of financing. In that case, unless you are a heavy spender, more than two cards (one Visa and one Master) are probably superfluous and not really required.

Justin

You also forgot to mention the Verified by Visa program where a password is required to use your Visa card online. By 2010, credit card companies will require pin numbers when you swipe them. Chip cards are also becoming more popular in the market.

Credit card security is very important. Everyone should also check their statements regularly. I had a friend who found out his ex put through a year antivirus subscription on his credit card... what a ****** Smile

Yes. I missed that point. Its a good think thats under development and expected (mandatory by 2010) to be implemented by 2010.

Alright, here's two credit card questions that I've never been able to figure out the answer to. If you can tell me definitively, I'll give you 4.5 gold stars.

1. You take out a cash advance of $50. You already have $200 on the card. You make a $50 payment the next day. Does that payment pay off the cash advance first or is it applied to the credit in the order it came in (FIFO for computer nerds) and therefore will require $250 in payments before the cash advance is paid?

- My theory is that it would pay off the cash advance because I think they'd take too much shit if it didn't.

2. You make a purchase on your cc and then return the product several days later. Does the return count towards your minimum payment for the month?

- I'm almost certain that it doesn't, or else you could just do that all the time. But I still thought I'd throw it out there.

Good found buddy. This is the tricky situation.

As far as I know the credit card companies credit your payments against your old dues first then the new one. So you need to pay $250 immediately to avoid the cash advance charges.

If you just make $50 payment that will be adjusted against your old dues $200 and you will get the next bill like

old dues :$200
cash advance: $50
payment: $50 ( Thank you .. because they love the word payment)
interest for the month : some amount
cash adavance charges: some amount

This is the case with all the credit card companies

That is why I don't use the facility cash advance at all...

Use your card as a payment option not as a source of finance...

2nd question...

It doesn't.

One other thing to know about credit card payments: if you have a promotional rate for a balance transfer and a normal interest rate for purchases, your payments pay off the lower rate first, so you have to pay off the balance transfer before anything goes toward the higher rate purchases. In such cases, you should not use that account for anything else that you intend to finance. It is better to get another account with a lower rate for purchases and use that one instead. Otherwise you will pay off the promotional rate while incurring higher interest costs.

if you can not spend the money to bank back
i think you should not register a credit card
lol

Credit Cards
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