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The United States had the first credit card issuer, Diner's Club.
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∙ 13y ago
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What happens when you buy something using a credit card?
the credit card issuer pays the store
How does a credit card differ from a debit card?
When you use credit card for purchasing goods and services, the credit card issuer pays for it first and you pay the credit card company. On the other hand, when you purchase using a debit card, your purchases are charged to your bank account.
Can you reopen a credit card that was closed by the issuer?
No. The reason a credit issuer closes an account is because they no longer consider you an acceptable risk.
Can credit card images be personalized?
Credit card images can be personalized depending on your credit card issuer. Most credit card issuers offer a service for credit card personalization for a fee.
What is the apr on a credit card?
It varies - according to the issuer. A typical APR is around 19.8% for a credit card, or 37.5% for a store card.
how does the credit card payment system work?
When you authenticate a payment on a card, the merchant's payment system will send a request to the card issuer to ensure that funds are available either in the account or in credit. The card issuer will supply an authentication code to the merchant approving the transaction. The card issuer will then arrange for the transfer of funds to the merchant's bank.
How do you convert euros to?
The credit card issuer will automatically convert the currency for you.
Do you have to have a bank account with the bank that issues the credit card?
No - in most cases. As long as the credit card issuer can determine your credit worthiness, it doesn't matter where your bank account is. There is one exception. If you apply for a secured credit card, you must keep a 'security deposit' of a certain amount in the institution chosen by the credit card issuer (usually their own bank).
What is the difference between debit and visa card?
A debit card is a card that is connected to your bank account. If you pay with your debit card, your purchases will be charged to your bank account. A visa card is usually an unsecured credit card. When you pay with a credit card, the issuer pays for your purchases and the issuer will bill you for the purchases with additional interest for using their services. In other words, your purchases are on credit.
Can getting a secured card help improve your credit rating?
A secured card is only as good at improving your credit rating as it is at reporting your payment history to the three major credit bureaus. You need to be sure that a secured card issuer reports back to the bureaus or it will be useless as a tool for helping you improve your credit rating. If the issuer doesn't report your good payments then you have lost one of the main ways of improving your credit in the first place.
Can you use your debt card as credit?
No - a debit card and a credit card are two entirely different methods of payment. With a credit card, any purchases are immediately paid for by the card issuer to the retailer (assuming you're within your credit limit) - and the issuer charges you monthly interest on the outstanding balance until the account is paid off. With a debit card, you can only make purchases if you already have the money in your account.
What steps should you take if there is a suspicious charge on your credit card?
You should contact your card issuer to report the incident.
