You Should Know About Credit Card
The best nickname for the 21st is the century of technology evolvement. Technology has seen each sector in the market adopt great technology changes. The banking and business was not left behind. As the world becomes more connected and more business expanded, the need to make massive purchases arose without necessarily having money in bags and pocket arose. This led to the invention of the electronic cards. Debit and credit cards are the perfect examples. The only difference is that instead of withdrawing money from a money center, you use the card to make payments. Credit Cards are acceptable anywhere in the world? This means you can make a purchase anywhere in the world from the comfort of your home.
Types of credit cards.
The first thing crucial about credit cards is that they are of different kinds. They are largely classified into two. Cards that are secured and not. Those that are secured cards possess a cash deposit. In most cases, one has to deposit directly into a bank to the credit card. The deposit acts as collateral. This means a secured credit card operates at zero risks. The amount of deposit is equal to the credit card limit. Any cash does not back an unsecured card. The credit limit is the level of income and past credit history. It is, however, important to know that a secured credit card is different from a prepaid card. The difference is that the balance in a credit card does not decrease as you make payments.
Numbers in a credit card.
A credit card has different kinds of numbers. First, it has a sixteen series of numbers on the front page. This is the credit card number. The first four of this numbers are the same in every country. Every country has a unique four number. The following eight numbers are generated by the credit card system in sequences determined by a computer software. The last four numbers are unique numbers that are associated with the account. Every card has the last four numbers as unique and cannot be similar to any other card. At the bottom of the card is the account number link with the credit card.
At the back of the card, there is seven figure numbers that is unique and mostly placed close to the bar codes. This number recognizes the cards in a bar code recognition machine.
You have your rights as a card holder.
The last thing you should know is you rights to be a card holder. The right to privacy. A bank is not allowed to show or unveil your card balance to anyone without the express authority of the card holder. An Exception is made when there is a court order.