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What one must know about credit cards





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


LumberJack wrote:

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


I think this is common almost with everyone who shares or love to use their card in front of their friends /lover. Because when we have good relationship with someone we really trust them but the same becomes ex or after some bitter incidents tries to harm us by all the possible ways, the first thing they try is whatever they know about your bank related.

There are few cards who keep their CVV code in front of the card itself, its very dangerous as any stranger can remember your name, card number and CVV number... thats enough to make any online transaction on the internet.

This is the main reason why we need to use credit cards very personally if possible with 100% privacy.

I have experienced myself the very worst thing called 'double billing'. I have been billed twice by a merchant where I swiped my card. Once I saw the same merchant's name twice in my bill, I called them up and asked about this, you know what they said 'we haven't billed you twice that you have spent that much money and swiped for the amount'.

It was really shocking for me and I had fight for a week with that idotic merchant and the credit card issuer. After a long fight and after submitting all my bills for whatever I purchased on that particular day the merchant accepted the mistake from their side and the issue was solved.

The moral of my personal story is don't pay your credit card bill without checking your bill. If you are a heavy spender you may not remember on what day what did you purchased and anyone just billed it twice, you may not be able to identify.

So keep the account of your spending atleast in a small spreadsheet like date, card, amount, notes. In the notes column you can keep the merchants name.

There are many things we have to keep in mind when we use credit cards online or offline.

Lets discuss them here...


Justin
vervaeke
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.
just-in
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.
jmwarshay
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.
yyswing
if you can not spend the money to bank back
i think you should not register a credit card
lol
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