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Friday, September 21, 2007

How credit cards work?

A credit card is a thin plastic card, usually 3-1/8 inches by 2-1/8 inches in size, will bear identification information and special number code. The services are credited to the particular persons account for credit and he or she has a grace period of repaying the credited amount without interest. After the grace period interest rates will take over. Today, the information on the card is read by automated teller machines (ATMs), store readers, restaurants, cruise ships ,bank and Internet.

Different types of credit card

There are different types of Credit cards available in the market according to your needs. There are credit cards allotted only for Gas stations. Most of the companies offer cards like gold, silver and platinum cards, each differs in their services. The higher grade cards have more money in credit and the grace period will be more. Before opt for a credit card make sure you read all the terms and conditions carefully, otherwise you will fall in to a trap of high interest rates.

Things to know before buying a credit card

Whatever card you choose you have the right to know about the following information's about the credit card.
The annual percentage rate (APR)
Credit issuer or company providing the credit line
Amount of the credit line
Length of the grace period
Annual fees, if applicable
Fees for credit insurance
In United states most of the people have at least one credit card. 35% have more than one. Even though there are a great number of credit card holders the number of internet buyers are not that much significant. The main reason of this is the increases number of stories about internet thieves who steal the credit card numbers through hacking. Now a days the websites offering internet buying are taking all measures to avoid internet hackers to get their client information.

5 comments:

adam September 21, 2007 at 6:50 PM  

thankyou very uch for this informations

suman September 22, 2007 at 2:48 AM  

Hi,

Your blog looks pretty interesting Keep going all the best....

Suman

EKI September 25, 2007 at 7:55 PM  

your blog looks great and source of information.

Keep it going

arvin May 14, 2008 at 10:35 AM  

your blog is soo good,please keep posting new ones

patrick August 11, 2008 at 12:03 PM  

u have a good knowledge of these things please share with everyone
it may help others