Credit and Debit Cards

Credit cards are instruments that facilitate revolving debt for consumers so that they may acquire goods and services and pay the card issuer the amount of the charge plus interest at a later date. Debit cards pay for purchases at the time of sale by deducting the amount immediately from the consumer's deposit account.

31,692 Questions
Credit and Debit Cards
History of the United States

When did America go in debt?

The United States has had public debt since its inception. Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly reported value of $75,463,476.52 on January 1, 1791.

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Accepting Credit Cards
Credit and Debit Cards
Credit

What credit cards does Target accept?

Target accepts:

Target® Visa®

• Target® Card

• American Express

• Visa

• MasterCard

• Discover

• Debit cards connected with either Visa or MasterCard

• GiftCards

• e-GiftCards

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Credit and Debit Cards
Credit Reports
Credit

What happens to items on your credit report after seven years?

Generally, after seven years most information must be deleted from your credit reports with the exception of bankruptcies which can be reported for up to 10 years.

Here are more opinions and answers from other WikiAnswerers:

  • Most derogatory items, such as late payments, collection accounts and charge offs, fall off seven years from the DATE OF FIRST DELINQUENCY. And, as alluded to in the other response, there are certain items, such as bankruptcy filings, which can be legally shown for ten years from the date of discharge. Some items, such as unpaid tax liens, student loans and child support obligations have no statute of limitations and can legally be shown on your credit report forever. They will show for 7 to 10 years from the date they are paid, or the date of their legal disposition. Positive credit history can also be shown on your credit report for more than 7 years. Since it is simply good credit history, there is no need to worry about something old and positive that shows.
  • So what happens if you have an ivestigation done on the account. I have seen where they will then change the date of last activty to reflect the entry. So what can be done at that point. The seven years just keep going on and on. Since the 7 years is from the DATE OF FIRST DELINQUENCY, last activity does not change the allowable time on your credit report.
  • To the point regarding investigations, it can happen when an investigation takes place, the collection agency or creditor will refresh the account, and 7 years will just keep on going. This just happened to me with a library late fee from three years ago that I didn't know about until I recently found it on my Experian credit report. So I did an investigation because I didn't know what it was and it brought the account current. Because of that, I just paid it, although I wish I would have known three years ago; the infamous seven years now starts over again. THIS IS NOT CORRECT. I Restate - It is from the DATE OF FIRST DELINQUENCY. So even if you're young, check ALL THREE credit reports every year! I only used to check one, and in this case the library only reported to Experian. Shortly the right to obtain all three reports will be free for everyone in the U.S. so make sure you take advantage of it!
  • Disputing or investigating items on your credit report do not cause them to "go on" for another 7 years. The length of time derogatory information may show in your credit file is established by the Fair Credit Reporting Act at 7 years. The law was amended in 2003 to give a strict formula by which this date is established and to force Data Furnishers to identity it within 90 days of reporting the account (as a collection or charge off). This date may not be displayed on the format that a consumer sees, but it is in the file itself and can be requested from any Credit Reporting Agency. If a creditor were to change THIS DATE, it would be a violation of the FCRA. The term for this offense is "re-aging". Disputing and investigating items does cause the tradeline to be "updated". The date any account was last reported to the bureaus is the date that causes a deduction in credit scores. This may be the source of confusion. Updating an account because of a dispute, investigation or payment is not illegal, as long as the "date of last activity" does not change. Updating an account does not cause it to remain another 7 years.
  • I just want to remind people that when you receive a letter from your creditor that offers a one, last time solid payment, to pay off the debt, remember that it does NOT wipe away that debt history on your credit report. I was so amazed because they made me an offer, but when they sent me the offer "form" it was so shallow it wasn't even signed by an official! It was just initialed and even the letter heading looked tacky. The credit agency said they had no other "form" available. I told them over the phone that I thought I should show it to a lawyer first and the main man "Zeke" from California who handled my account got so upset he threatened to call off the "whole deal" and then immediately hung up on me. I then went to the Internet and found many other complaints against this NCO Financial Institution and many other NCO co. across the nation. So, I'll just keep on paying my present monthly payment of $25.00 for a hospital bill that I had missed 2 payments on due to unemployment and forget any future "deals" with NCO because they are what they are...and it's not good.
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Credit and Debit Cards
Banking
Business Accounting and Bookkeeping

Why banks reject a cash cheque?

A bank may reject a cheque due to a variety of reasons. They are:

a. The signature of the cheque issuer does not match bank records

b. There is not enough money in the issuers bank account to pay for the cheque

c. There is overwriting in the cheque and is not duly counter-signed

d. The amount in numbers and amount in words does not match

e. The cheque is very old and expired (more than 90 days old)

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Credit and Debit Cards
New Delhi

Where you should apply for pan card utitsl OR nsdl?

You can apply for PAN card at either UTITSL or NSDL, as both of them are authorized for issuing PAN cards on behalf of INCOME TAX DEPARTMENT. Both of them provide quick and easy service for PAN card. But in my opinion NSDL is better as they issue a better quality of PAN card than UTITSL.

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Credit and Debit Cards
Banking

How do you transact the ATM?

Below are the steps as to how to perform a transaction in an ATM:

  1. Customer visits the ATM and inserts his card into the machine
  2. ATM reads the magnetic stripe to identify the user
  3. ATM prompts the user to enter his identification pin number
  4. If the user enters an incorrect pin, the transaction is cancelled and the card is returned
  5. If the user enters the correct pin, the machine shows him a menu of operations like withdrawal, deposit, balance inquiry etc.
  6. User chooses his option - Ex: Withdraw cash
  7. Machine connects to the bank database to check if the user has sufficient balance in his account to successfully complete the withdrawal transaction
  8. If so, the machine dispenses cash that the user asked for
  9. Machine updates users account with the withdrawal and updates the balance accordingly
  10. Machine returns the card and a receipt advise on the transaction just performed
  11. User takes his card and leaves the ATM
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Credit and Debit Cards
Super Bowl

How do you get a new Acme Super-card?

Go to the customer service desk and fill out a form, or check on-line at acmemarkets.com

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Intellectual Property
Credit and Debit Cards
Business Accounting and Bookkeeping
Accounts Payable
Patents and Patent Law

Is Patents a credit or debit?

Debit, assuming you're BUYING a patent. Credit, if you have RECEIVED one from another company, or if you have received royalties or other income from one.

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Credit and Debit Cards
Banking

How do you add your wife to your bank accounts?

You both go into the bank and set it up. She will need her driver's license or a picture ID and it should go fine. The only hitch would be if she is unable to get a bank account on her own due to owing a bank money.

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Personal Finance
Credit and Debit Cards
Business Accounting and Bookkeeping
Money Management
Credit
Accounts Payable

Is goodwill credit or debit?

Goodwill is an asset to the entity .Hence, the same will always be with debit balance. Companies should not recognise goodwill, unless the same is earned through purchase of other entity

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Credit and Debit Cards
Loans
Mortgages
Home Equity and Refinancing
Debt Consolidation
Money Management

Is a timeshare a mortgage debt or a consumer debt?

A timeshare is a consumer debt. A mortgage is a document that pledges a piece of real estate to the bank in the event the loan is not repaid. When you buy a timeshare, you do not actually have any rights to the physical property, even after you've paid your loan and all associated fees. You have simply prepaid a property owner for the use of the property for a certain length of time. Another way to think of a timeshare is as a prepaid rental that can frequently be exchanged to time in another location, or another time of year.

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Personal Finance
Credit and Debit Cards
Credit Reports
Improving Your Credit Rating
Money Management
Credit

Will declined credit card transaction affect your credit rating?

How embarrassing! It is more like a red flag (to you) that you have an issue with the credit card company. It could be in error, but it may also mean that you have met or exceeded your limit. Contact the credit card company as soon as possible to solve the issue.

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Credit and Debit Cards
Banking

Can you overdraft at an ATM?

Actually No. You can only withdraw as much cash as the ATM holds. You cannot overdraw an ATM because it is a physical cash storage machine and it has its limits and it can hold only a certain quantity of cash.

However, if you are asking if can you use the overdraft feature and withdraw cash from your account from an ATM - the answer is Yes.

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Credit and Debit Cards
Collectible Card Games
World of Warcraft

How many times can you redeem an ultimate game card?

You can only redeem ultimate game cards once.

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Credit and Debit Cards
Improving Your Credit Rating
Credit

Does cancelling a credit card you haven't used in a while lower your credit rating?

The length you've had a card does help your credit score. That's why they say to keep the old ones. Plus your ratio of available credit to your balance is important.

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Credit and Debit Cards
Animal Jam

How much are animal jam gift cards?

The giftcards can cost up to $20.00 and ranges to $30.00.

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Credit and Debit Cards
Credit Reports
Improving Your Credit Rating

Is 591 credit score bad?

According to SmartMoney.com:

"Scores above 700 indicate a relatively low credit risk, according to Fair Isaac, while scores below 600 indicate relatively high risk and may result in credit denial or elevated interest rates."

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Credit and Debit Cards
Credit Reports
Credit

What is the Equal Credit Opportunity Act?

the person Equal Credit Opportunity ActThis act, passed in 1974 and monitered by The Federal Trade Commission, ensures that all consumers are given an equal chance to obtain credit. This doesn�t mean all consumers who apply for credit get it. Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. The ECOA prohibits descrimination upon based on the following :

1. Race

2. Color

3. Religion

4. National Origin

5. Sex

6. Marital Status

7. Age (provided that the applicant has the capacity to enter into a binding contract

8. Receipt of income from any public assistance program

9. Good faith exercise of any rights under the Consumer Protection Act

If you have a credit application denied, the Equal Credit Opportunity Act requires creditors to specify why � if you ask. For example, the creditor must tell you whether you were denied because you have "no credit file" with a credit reporting agency (CRA) or because the CRA says you have "delinquent obligations." The ECOA also requires creditors to consider additional information you might supply about your credit history. You may want to find out why the creditor denied your application before you contact the CRA.

To go along with the Consumer Protection Act, here are summaries of the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. When combined these Acts make our consumer rights. For more information visit the Related Link.

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Credit and Debit Cards
Income Garnishment
Credit

Can you lose your house for non-payment of a credit card?

It is very unlikely they will or even can take your home. This is very true if you have a morgage on the home, first they would have to pay off the lender on your home then foreclose, under most conditions they can't forclose as long as you pay the lender on your home. Find out what your state laws are. If you live in a "Tenancy by the Entirety" state, you lucked out they can't touch anything that is in both names. Here are more answers and opinions from other FAQ Farmers: * They can get a judgment and place a lien on the house, which means if you ever sell it, then they will have to be paid. Check your state laws for how long such a judgment-lien will remain on the house. In my state, it's 10 years, and then they either have to renew their judgment or lose it. But remember that each time you make a payment on your mortgage, you're increasing your equity and thus creating a better chance that there will be enough equity (after your Homestead Exemption, whatever that exemption is in your state) for the creditor to get his money--or at least more of it. So if you sell your house before the lien falls off, much of the principal you've paid on your mortgage may go to the creditor who holds a lien on the house. Thanks to a Congress that cares more about getting campaign donations from big credit-card companies than about protecting people who've hit financial troubles, the creditors hold all the cards. * My mother is 83. Her social security and a small anuity pay all of her expenses. Her life savings is down to $11,00.00, which she is using to pay the minimum on her credit card bills. She owes $26,000 on her cards and her minimum payments are about $500.00/month. She will run out of money in about 6 months. What happens if she stops paying her cards or begins sending $50.00 a month?

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Credit and Debit Cards
Credit Reports
Improving Your Credit Rating

How many points on your credit score is paying off a judgment worth?

Paying off a JudgmentSettling judgments will have only a slight effect (if any) on your credit score. What it WILL effect is your ability to attain further credit - you may be denied credit due to an outstanding judgment or tax lien, regardless of what your FICO score is.

Paying off collections, especially older collections, will drop your FICO score initially. In the long term, of course, your score will be much better off, and some collection companies may even delete their trade line all together once payment is received, but do not count on this. If you need points in a hurry (applying for a home/car loan), do NOT start paying collections off. You will be doing yourself a grave disservice. Wait until the deal is done and pay these off either at closing or after the transaction is completed.

Finally, one recent 30 day late will drop a FICO score by approx. 50 points - a considerable sum, regardless of account type. Most people make the common mistake of refinancing their mortgage and skipping their last payment, thinking the deal will be done before anyone will notice the delinquency and saving themselves a mortgage payment. THIS IS A MISTAKE! I have seen many people lose their approvals (and thus their loans) because of this, and the results are quite devastating.

More Information:

  • PAYING a judgment will have no impact on your credit score. Getting the legal disposition (in this case a satisfaction), having that recorded, and informing the credit bureaus of this CAN impact your score, but only marginally, per the previous answer to this question. Exact scoring models are a closely guarded trade secret. Information about scores is mainly empirical and comes from trial and error. The reason that paying off collection accounts or getting the disposition to a legal item recorded and properly notated on your credit report affects your score so slightly is that 35% of your score is calculated from recent activity, such as late payments, payments on collection accounts (even payment in full), etc. This is why paying off derogatory items right before a purchase might not impact your scores in the way you anticipate. If possible, pay off or settle those collections and charge offs now, get dispositions recorded for any outstanding legal items, pay all accounts in a timely manner...do this for a full year, and THEN you will see significant improvement in your credit score.
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Credit and Debit Cards

How many numbers are there supposed to be on a credit card?

There are 16 digits on a credit card.

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Credit and Debit Cards
Credit Reports
Debt Consolidation

Should you hire a credit repair company?

Hiring a Credit Repair CompanyHere are some things to know about credit repair companies. By law (see The Credit Repair Organizations Act), credit repair services must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract to repair credit. Credit repair companies also must give you a written contract that spells out your rights and obligations. Read these documents before signing the contract. The law contains specific protections for you. For example, a credit repair company cannot: make false claims about their services; charge you until they have completed the promised services; or perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees. Your contract must specify: the payment terms for services, including their total cost; a detailed description of the services to be performed; how long it will take to achieve the results; any guarantees they offer; and the company's name and business address.

Here are more opinions and answers from other FAQ Farmers:

  • Although there are a lot of scam artists out there peddling credit repair services, some are legit. Of course using a credit repair company is totally up to you. Just keep in mind that the credit repair company shouldn't charge you any money up front until they have performed the services that they agreed to perform - it's the law. Also, you must be fully involved in the credit repair process; no credit doctor or company can successfully restore your credit history without your participation. You should also read and completely understand your contract and be able to get out of it at anytime you choose to without penalty or obligation. Last but not least, you should understand that there is nothing a credit repair company can do that you can't do for yourself.
  • A credit repair company can do nothing an individual can do. So the only reason for one to use a credit repair company would be for help. If the individual can't or doesn't want to learn the credit system.

Also consider finding a consultant that is a member of a trade association that is regulated by the credit service industry. Credit Consultants Association is such an organization.

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Accepting Credit Cards
Credit and Debit Cards
Credit

What does pin stand for on a credit card?

personal identification number1972

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Credit and Debit Cards
Credit Reports
Improving Your Credit Rating
Sears

When does Sears update to credit bureaus?

Usually every thirty days

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Credit and Debit Cards
Credit

How should you choose a student credit card?

If your student credit card uses different rates for purchases, transfers, and cash advances, realize that the credit card company may pay the lower interest rate balance first. Consequently, if you carry a balance, your high-rate cash advance may not be "paid" until all lower-rate balances are paid in full. Fixed-rate student credit cards are not fixed forever. Rates can be changed at any time, as long as the card issuer provides 15 days advance notice of the change in terms. Fees may also increase. These "Change in Terms" notices are usually included with your monthly statement. Your interest rate may dramatically increase if you make late payments. For example, some issuers will raise your interest rate to the maximum after one or two late payments. Consequently, your 12% student credit card could quickly turn into a 25% credit card. Your credit card issuer may also raise your interest rate after conducting a routine credit report review. If your overall credit history has deteriorated, the issuer may raise your interest rate, even though you've never made a late payment on the card in question. The 25-day grace period only applies when you pay-off your entire balance due each month. If you only pay the minimum payment, interest is immediately accrued from the moment you charge something to your credit card. Some companies are also shortening the grace period to 20 days, and some student cards have no grace periods. Ignore offers to reduce or skip payments. These options are frequently offered over the holidays. When you skip a payment, the loan continues to accrue interest; therefore, these offers simply increase the overall interest and finance charges that the creditor collects. On a similar note, beware of offers of no payment/no interest for a period of time. Furniture stores, jewelry stores, and electronics stores frequently offer these programs. For example, "no payment/no interest for 12 months!" This can be a good offer, but once again, read the fine print. Make sure you know the details of the program. Generally, you need to pay off the entire balance before the end of the "free" period to receive the benefit. Otherwise, you will probably have to pay interest on the entire balance from the date of your purchase.

Here are more opinions and answers from other FAQ Farmers:

  • Note that the Citibank Student Card is one of the most popular and longest running student credit cards. It's the one I had in school.

  • I would not sign up for any Citibank card. Having done business with Citibank before I'd like to warn everyone that the company makes lots of mistakes and has ineffective internal controls. I actually had to threaten to call my lawyer to get a few things done, my case ended up on an EVP's desk who finally straightened everything out and apologized with a Mea Culpa in writing. Discover card is the way to go, I've never had a problem with them and their customer service is amazing. Good luck!

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