Visa Uses Increased In 2008

Posted on by admin

In the face of the financial crisis and economic downturn, more people used Visa cards in Europe in 2008 than they did in 2007. The figures from Visa Europe shows that the points of sale payments for plastic cards increased by 10.3 per cent. In general, using credit card has been increased by 7.1 per cent, while debit cards were 10.9 per cent up on the year.

Visa’s Europe chief executive Peter Ayliffe said, “The use of Visa debit cards at point of sale is up by almost 11 percent in Europe… proving that we’re actively displacing cash and cheques at tills.” He also added “When consumers are managing their money, they have recognized that debit is the safer and more convenient alternative to cash.”

However, Visa Europe’s figures also showed that 7.1 per cent more debit cards were in use in 2008 than were in use the previous year. And for the credit card, the mark was 1.5 per cent rise.

Different Kinds of Credit Card

Posted on by admin

There are a lot of person who has a credit card but he doesn’t know that there has a few types of variety in different credit cards. Some of these are for specific groups of people and others are for those that want additional facilities than just your normal card. There are no specific differentiations between the credit cards. But in basically we can differentiate it into 3 types:

Standard Cards:
This card offered by every bank to the normal users. A standard card is for those people who are not looking any extras in his/her deal. This is the most ordinary kind of plastic card and most of the times these offer the best interest rates. But it will never offer any special features or options. The simply work of it is that, if you want some credit to your name, this is the card for you. There are also some credit cards which are issued for those with bad credit. There are many cards that are particularly for those that have had past credit issues. These cards are generally protected, have inferior credit limits, and might have high interest rates. This card is also a part of standard credit card.

Entertainment or Special Cards:
Travel and entertainment cards are dissimilar, which refers to those that are for a specific group of people. Under this category you will get cards like the student card or travel card or business credit card. Student cards are often nice for students because they have low interest rates and they may not need to be paid off instantly. Others, Business cards offer large credit limits and many other bonuses that come along with them and travel card has also some exciting features.

House Cards:
These cards can be used only at particular chain of stores. Main issuers of house cards contain different department stores oil and gasoline companies and telephone or mobile companies.

New Rules for Credit Card Issuer

Posted on by admin

credit_card_logosAfter a long time a piece of news gives the smile over Americans because the relief is on the way for millions of U.S citizens who are very angry with their credit card companies. Recently, U.S. regulators which are led by the Federal Reserve, the U.S. Central Bank approved some new rules to ban what they call ‘unfair or deceptive’ practices by banks as well as credit card companies this week. The new rules are scheduled to take effect in July 2010. For several years, customers have complained banks have imposed unreasonable and high amount of fees or very often they have hiked their interest rates without any reason.

Most of the consumer groups say that as such practices were legal; so, they have helped push many card-holders deeper into debt. Hopefully that the new rules would protect and guard consumers from arbitrary rate hikes, alongside require. Additionally, they will be offered a fair amount of time in order to pay down debts. But some critics complain these changes will simply make it further difficult for numerous consumers to get new credit. A study shows the rule changes can cost the U.S. banking industry over $10 billion per year. On the other hand, many American lawmakers say they decide to look at passing legislation upcoming year to aggressively target credit card lending abuses. Now U.S. people wait to get the practical experience of the rules.

Citi Bank Launches First Biometric Credit Card

Posted on by admin

One of the world largest credit card users Citi Bank is launching first biometric credit card system and the bank has chosen to launch it in Singapore. Around 190000 people age between 25 to 34 are going to be introduced to this system in Singapore. The bank said that there will be no extra cost for both merchants and credit card holders.

Jonathan Larsen, CEO and Country Manager, Citibank Singapore, said, “We’re launching this biometric payment solution as part of our launch of the Platinum Clear Card. And for the next couple of months, we will focus on making the biometric solution available to our Clear customers. However, very shortly thereafter, we will be broadening this to all Citibank cardholders…”

A global biometric authentication and payment solution provider Pay By Touch is providing the technology. John Rogers, founder, Chairman and CEO of pay By Touch commented on a statement to the press that “The biometric credit card service from Citibank and Pay by Touch sets a new standard for speed, convenience and security,”

Citibank says both merchants and its cardholders will not sustain extra cost in using this payment service. The plan is to develop this service to millions of customers in Singapore. What’s more, credit payments, users will also be able to make debit payments from their savings accounts. Citybank plans that; step by step this payment system service will be introduced to the other parts of Asia Paccific.
The biometric credit card features unique and high level security. It will also make the card longevity and this card will be able to use in all existing system. Critics are assuming that this technology will reduce credit card frauds and it will be much safer for the card holder to use there valuable card.

Tips for the Collage Students with there Credit Card

Posted on by admin

student cradit cardMost exciting event for a collage student is to own there credit card. A person owns his/her first credit card at collage. These lead a massive opportunity for the students in collage life because the credit card will help you through in shopping, allow you to shop through the internet or it can be useful in the need of emergency. However if you don’t have a credit card yet then it’s not a big problem, because there are lot of credit card companies in the campus area waiting for you.

The students always should remember that credit card is not free money. You do have to pay the charge that the companies require. Finance charge, annual fee, late payment fee, and cash advance fee are some of the mentionable fees that credit companies will charge you. Among them, try to avoid the cash advance fee because it is expensive and the interest rate are high. Annual fee is the membership fee and the charge will be from anywhere to $20-$100. This fee mainly depends on the company. Finance charge is the fee for your unpaid part of your bill in each month.

The important thing that students should be aware of is keeping there account up to date. Students should always pay off the entire amount in there account in each month, or else the student have to face big financial charges. Another thing the students always keep in there minds that collage year is the important year for student to build up a great credit report, which will be pretty helpful later on the students’ career.

It is not that hard for you to maintain these rules. Just be little careful and use the credit card in a smart way. Always read the full terms and condition before filling out the form, do not shop impulse in you credit card and the best is use it when you really need it.