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business account uk no credit check

Enjoy no monthly fees and clever features to help your business grow. for a current account with us, we'll carry out some quick checks at a UK Credit. Credit check? No credit check required. FSCS Protected. Yes. Benefits. 3 free payments per month, 24 hour. No! To open a current account, we perform electronic checks (run by third-party services) to verify your identity and comply with UK anti-money laundering.

Business account uk no credit check -

Shopify Payments FAQ

This page was printed on Dec 05, 2021. For the current version, visit https://help.shopify.com/en/manual/payments/shopify-payments/faq.

Payouts

How do I get paid?

Shopify Payments transfers funds to the bank account you have entered on the Payment providers page in your Shopify admin. The account you use to accept payouts needs to be a full checking account, or a current account in the UK and Ireland. For more information on the bank accounts that you can use, see Setting up Shopify Payments.

Note

You can't receive funds if your payout is below $1, £1, or €1, depending on which currency you use in your store. The funds are added to your next payout that meets this requirement.

Can I get my money faster?

The time it takes for Shopify Payments to transfer funds to your bank account depends on your pay period. We can't decrease an individual account's pay period, but we're actively working to reduce pay periods for all accounts. You can see all the transfers to your bank account that Shopify Payments attempts on the payout schedule in Shopify admin.

What counts as a business day?

Business days are Monday to Friday, except federal holidays for merchants in the United States, and statutory holidays for merchants in Canada, the United Kingdom, Ireland, Australia, and New Zealand. The day a customer places an order on your store is determined from the time that the order was placed in the UTC time zone.

Why does my payout show “Paid”, but no funds have been deposited?

We transfer funds every day, but most banks only process the transfer on business days. This means that if funds were sent to you on a holiday or a weekend, then you'll probably see the money in your bank the next day your bank is open. For transfers sent on business days, you should be seeing the funds by the next day.

If the transfer was submitted on a business day and you don’t see the money in your bank account within a couple of days, this likely means the transfer failed. Banks can take up to 3-5 business days to inform us about failed transfers, at which time we send out a failed payout notification (if enabled in the Shopify Payments account settings) and update your admin banner with the reason for the failed payout.

My payout failed, what do I do?

When a transfer fails, payouts to your bank account are put on hold until the issue is resolved. To resolve an issue causing your transfers to fail, follow the instructions on the Transfer failed banner on your Payouts page. For example, you might be prompted to update your banking details, or to click Retry payout.

If you update your bank account to a valid checking account, then the failed transfers are automatically retried within the next 72 hours. If your current account is valid and you're unsure why the transfer failed, then you should contact your bank to investigate the issue. For more on failed payouts, see Getting paid with Shopify Payments.

Why are all my payouts 30 days apart?

In certain cases your orders are subject to a 30-day payout period due to the products you sell. This payout period is required by our payment partner for some businesses. You are directly notified if your account requires a 30-day payout period instead of a normal payout period.

Your Shopify Payments account

My Shopify Payments account is on hold, what do I do?

When a Shopify Payments account is on hold, the Shopify account holder is sent an email with additional information. To resolve the issue, review this email and reply directly to it.

Does Shopify protect me from chargebacks?

No, chargebacks are your responsibility. Shopify can assist you by providing supporting documentation to dispute the chargeback, but it is the cardholder's bank that makes the decision regarding a chargeback outcome. Shopify can't change or appeal the bank's decision.

Are there any processing limits or fund reserves?

There's no limit to the amount you can accept each month or per transaction through Shopify Payments, and your funds are transferred to your bank account on the same schedule, regardless of volume.

In rare cases, we might request an additional reserve. If this is something that we feel might be necessary for your business, our underwriting team contacts you directly to discuss this.

Can I use a bank account with multiple signors?

Yes. The increased security that banks offer with multiple signors is used to protect changes to the account itself, not regular transactions in and out of it. If your account is set up to receive Automated Clearing House (ACH) transfers, then Shopify is able to transfer funds to it.

Are there certain businesses that are prohibited from using Shopify Payments?

Yes, there are some kinds of businesses and services that can't use Shopify Payments. See Prohibited businesses and check the list of prohibited business types for the country where your business operates.

Where can I find the Terms of Service for Shopify Payments?

Terms of Service (TOS) for Shopify Payments and related legal documents are available from Shopify Legal.

How do I transfer ownership of my Shopify Payments account?

Contact Shopify Support if you want to transfer ownership of your Shopify Payments account. If you sell your store using Shopify's Exchange Marketplace, then the process is taken care of by the Exchange team.

Can I pay my Shopify bill with my Shopify Payments account balance?

Yes, if you are located in the United States and using Shopify Payments, then you can pay your Shopify subscription bill with your Shopify Payments account balance.

Location and currency

What currency can I sell in?

The currency you can sell in depends on the country where your business is located. See Supported currencies for the list of country and currency pairings that Shopify Payments supports.

Can I sell in USD in Canada?

Yes, but you need to make sure your bank account is compatible. To learn more about bank account requirements for your currency, see Setting up Shopify Payments.

Note

You can receive payouts in a different currency than the currency that you sell in while using Shopify Payments. For more information, see Selling and getting paid in different currencies.

What are domestic cards?

Domestic cards are credit cards that are issued and used in the same country or region of your business. This means that the financial institution that issued the credit card is in the same country or region that your business is in.

For example, your business is located in Japan, and a customer makes a purchase using a credit card from Japan. This is a domestic credit card purchase.

What are international cards?

International cards are credit cards that are issued and used in a different country or region than your business. This means that the financial institution that issued the credit card is in a different country than your business.

For example, your business is located in Germany, and a customer makes a purchase using a credit card in the United States. This is an international credit card purchase, because the customer's credit card is from a country or region that is different from where your business is located.

Note

If your online store is based in the United States and you process payments by using Shopify Payments, then you're charged a 1% cross-border fee on all sales made with a credit card issued in another country.

What are European cards?

European cards are credit cards that are issued and used in specific countries and regions in Europe. This means that the financial institution that issued the credit card might be in a different country or region than your business. European cards are treated the same way that domestic cards are treated.

For example, your business is located in The Netherlands, and a customer makes a purchase using a credit card in Ireland. This is a European credit card purchase. Your customer's credit card is a European credit card, because it was issued in a supported European country or region.

The list of countries and regions that are supported as European cards are:

Country or regionCountry code
AndorraAD
AustriaAT
BelgiumBE
BulgariaBG
CroatiaHR
CyprusCY
Czech RepublicCZ
DenmarkDK
EstoniaEE
Faroe IslandsFO
FinlandFI
FranceFR
GermanyDE
GibraltarGI
GreeceGR
GreenlandGL
GuernseyGG
Holy See (Vatican City State)VA
HungaryHU
IcelandIS
IrelandIE
Isle of ManIM
IsraelIL
ItalyIT
JerseyJE
LatviaLV
LiechtensteinLI
LithuaniaLT
LuxembourgLU
MacedoniaMK
MaltaMT
MonacoMC
MontenegroME
The NetherlandsNL
NorwayNO
PolandPL
PortugalPT
RomaniaRO
Saint Pierre and MiquelonPM
San MarinoSM
SerbiaRS
SlovakiaSK
SloveniaSI
SpainES
Svalbard and Jan MayenSJ
SwedenSE
SwitzerlandCH
TurkeyTR
United KingdomGB

Do Shopify Payments fees include GST (goods and service tax) in Australia?

Yes. The current Australian GST rate of 10% is charged on all transactions that are processed through Shopify Payments.

Do Shopify Payments fees include GST (goods and service tax) in Singapore?

Yes. In Singapore, the current GST rate of 7% is charged on all transactions that are processed through Shopify Payments.

Where can I find out how much GST has been collected on Shopify Payments fees?

You can export a spreadsheet of your transactions that shows how much GST you've paid.

Do Shopify Payments fees include Value-Added Tax (VAT) for stores in Europe?

Shopify Payments fees do not include Value-Added Tax (VAT) for stores in Europe with the exception of Ireland. You may need to account for VAT at the local applicable tax rate on your VAT return.

Note

For stores in Ireland, 21% VAT will be charged in addition to the Shopify Payments fees until February 28, 2021. Starting March 1, 2021, the VAT rate will increase to 23%.

What is PSD2?

On September 14, 2019, the Revised Payment Service Directive, also known as PSD2, was introduced in all countries in the European Economic Area (EEA) and the United Kingdom. There is an expected 18-month transition period for online stores in the affected countries to become compliant with PSD2.

PSD2 introduces new, strict security requirements for electronic payments to reduce the risk of fraud. You will be PSD2 compliant if you use Shopify Payments through our integrated 3D Secure checkout.

What is 3D Secure Checkout?

3D Secure is an additional security layer for online credit and debit card transactions. It adds an authentication step for online payments by redirecting the user to the card issuer’s domain, then back to the online store's domain to complete payment. Online stores in countries under the PSD2 directive require 3D Secure checkout integrations in order to be compliant with the the PSD2 directive.

If you're using Shopify Payments or Stripe as a payment gateway, then you're automatically using a 3D Secure checkout flow. Shopify Payments is optimized to minimize the use of 3D Secure, and only uses 3D Secure when required by the issuing bank in order for a transaction to be authorized successfully.

If you're using a third-party gateway and require 3D Secure, then you can use Cardinal as a 3D Secure provider.

Purchases and refunds

Can I accept debit cards on Shopify Payments?

Businesses in the United States can accept Visa, Mastercard, American Express, JCB, Discover, Elo, and Diners Club debit and credit cards. Additionally, accepting Discover automatically allows acceptance of UnionPay.

Businesses in Australia, Austria, Hong Kong SAR, Ireland, Italy, New Zealand, Singapore, and Spain can accept Visa, Mastercard, and American Express debit and credit cards.

Businesses in the United Kingdom can accept Visa, Mastercard, American Express, Maestro, Discover, and Diners Club debit and credit cards. Additionally, accepting Discover automatically allows acceptance of Elo.

Businesses in Japan can accept JCB, Visa, Mastercard, and American Express debit and credit cards. Additionally, accepting JCB automatically allows acceptance of Discover and Diners Club.

Businesses in Canada can accept Visa, Mastercard, American Express, Discover, and Diners Club debit and credit cards. Additionally, businesses in Canada using the Shopify POS can accept Interac debit cards for in-store tap transactions for up to $100 CAD using the Tap & Chip card reader. Accepting Discover automatically allows acceptance of UnionPay and accepting American Express automatically allows acceptance of JCB.

Businesses in Denmark can accept Visa, Mastercard, American Express, and Maestro debit and credit cards. If you want to accept payments using MobilePay, then you need to enable an alternate payment provider in your Shopify Alternative payment methods settings. These businesses can also accept Bancontact.

Businesses in Germany can accept Visa, Mastercard, American Express, and Maestro debit and credit cards, Bancontact, as well as payments using SOFORT and Klarna Pay Later.

Businesses in the Netherlands can accept Visa, Mastercard, American Express, and Maestro debit and credit cards, Bancontact, as well as payments using iDEAL.

Businesses in Belgium can accept Visa, Mastercard, American Express, and Maestro debit and credit cards, as well as payments using Bancontact, and iDEAL.

Businesses in Sweden can accept Visa, Mastercard, American Express, and Maestro debit and credit cards, as well as payments using Klarna Pay Now, Klarna Pay Later, and Klarna Slice It. These businesses can also accept Bancontact.

Can I capture multiple payments on a single order using Shopify Payments?

No. You can capture a payment only once for an order, and the payment can't be more than the order's authorized amount. This means that your customers can't add to an existing order. If they want to add more products after an order has been placed, then they need to make a new order.

My customer says they were charged for something but I don't have an order, why?

Many banks display charges immediately when an attempt for payment is made, even if that payment fails. Most of the time, failed payment attempts appear as pending charges; however, some banks display them as regular charges. These charges, regardless of their status, appear for a short period of time before they are reversed. The amount of time that the charge appears on the customer's account depends on the bank, but is typically 3-5 days. If a charge remains on the customer's account for more than 5 business days without an order, then contact Shopify Support for assistance.

How long does it take for my customer to get refunded?

Approximately 5–10 business days. Although we submit any refund that you make to your customer's bank immediately, your customer's bank must still process the refund and apply it to their account. Processing time can vary between banks.

Note

Refunds might appear in the form of a reversal. In the case of a reversal, the original payment is removed from your customer's bank statement, and a separate credit is not issued.

Inside the authorization period, when a customer is refunded (either partially or in full), the customer might not see a line item on their statement for a refund because we adjust the capture amount for the charge when it settles. They might still see the charge as “Pending” on their statement until the period expires.

If you would like help in determining the status of a refund that you have processed, then contact Shopify support for a refund reference number.

How do I refund an order?

If you're using Shopify Payments and you issue a refund, then the amount is deducted from your next available payout.

If you're using Shopify Payments and your payout doesn't have enough funds for a return, then there are different outcomes depending on where you are located. For stores located in:

  • Austria, Denmark, Germany, Hong Kong SAR, Ireland, Italy, Netherlands, Singapore, Spain, Sweden, New Zealand, and the United Kingdom, the remainder of the refund is deducted from the next payout until the refunded amount is covered.

  • United States, Canada, and Australia, the balance is debited from your bank account on the day of the payout.

A refund takes up to 10 business days to be credited back to your customer.

If a negative balance payout fails, then the payout is tried again in 3 business days. For more information about issuing refunds with Shopify Payments, refer to the Shopify Payments FAQ.

If you refund an order to store credit by using Shopify POS, then you can refund the amount to the original payment method later on. For more information about Shopify POS, refer to Point of sale.

If your Shopify Payments account displays a negative balance, then you might not be able to issue a refund. Refunds are listed as Pending until you have made enough sales to have a positive balance in your Shopify Payments account, and then you can successfully issue a refund.

Can a refund be canceled?

No. After you've issued a refund, it can't be canceled.

If the card that you have refunded is expired or canceled, the customer's new card is credited with the refund. In the rare case that the customer doesn't have a new card, the bank usually sends the refund to the customer's bank account.

How long do I have to issue a refund?

There's no time limit to issue a refund but you might not succeed in returning the funds after 120 days.

Chargebacks and declined payments

Can I refund a chargeback?

A chargeback happens when a credit card company refunds a charge to the card holder at your expense. A chargeback can't be refunded once the process started and the funds are taken from your account by the bank. If the chargeback is only an inquiry and the funds haven't been taken by the credit card company, then a refund is possible but not recommended. The credit card company refunds the customer directly if you lose the chargeback inquiry.

Why am I charged a fee for each chargeback?

When a chargeback is filed, Shopify Payments is debited the full amount of the charge fee to help cover the cost of processing the dispute. You can submit evidence to have a dispute resolved in your favor. If you end up winning the dispute, then we return the full amount (including the chargeback fee) to you.

My customer said the dispute was a mistake. Can it be reversed?

Yes, though only your customer can do so. If you've talked to your customer and they've agreed to drop the dispute, then you should tell them to contact their bank and say that they want to drop the chargeback. You should also submit evidence to the customer's bank, including the statement where the customer said they would drop the charge. You could include evidence such as:

  • the date and time that you fulfilled the order
  • the billing information that the customer used
  • the IP address and country used for the order
  • shipping and tracking information for the order.

Can I add more information after submitting a response?

You can submit additional evidence to your response at any time before the chargeback due date. The due date varies from 7 to 21 days after the chargeback or inquiry is filed. For information on viewing and adding evidence to a chargeback, see Managing chargebacks and inquiries.

My customer’s purchase was declined. Why?

There are several possible reasons. When we submit a charge to your customer’s bank, they have automated systems that determine whether or not to accept the charge. These systems take various signals into account, such as your customer’s spending habits, account balance, and card information like the expiration date and CVV.

These signals are constantly changing, so a previously successful card might be declined in the future. Even if all of the card information is correct, and your customer previously had a successful payment, a new charge can still be declined by a bank’s fraud systems.

Can I find out more about the decline?

We show as much information as we receive from your customer’s bank about a decline in the order history. Most declines are generic, so we don’t have much information as to why a charge was declined.

If the card information seems correct, then it's best to have your customer contact their bank, ask for more information, and ask for future charges to be accepted.

How do I decrease the likelihood of a charge being declined?

The correctness of the card number, expiration date, and the CVV are the primary factors used by the customer’s bank when deciding whether or not to accept a transaction. The influence of other data that you collect, like the address or name, varies by card brand. For example, only American Express consider the customer’s name.

Note

Collecting the CVV can significantly improve your decline rates. If you’re not collecting CVVs and you’re having issues with declines, then requiring the CVV can be a quick fix.

Источник: https://help.shopify.com/en/manual/payments/shopify-payments/faq
Apple Card and issuer Goldman Sachs ranked No. 1 in customer satisfaction among the Midsize Credit Card Issuers segment by J.D. Power.Learn more

The simplicity of Apple.
In a credit card.

With Apple Card, we completely reinvented the credit card. Your information lives on your iPhone, beautifully laid out and easy to understand. We eliminated fees and built tools to help you pay less interest, and you can apply in minutes to see if you are approved with no impact to your credit score. Advanced technologies like Face ID, Touch ID, and Apple Pay give you a new level of privacy and security.
And with every purchase you get Daily Cash back. Apple Card. It’s everything a credit card should be.

Created by Apple.
Powered by iPhone.

Built for iPhone

Apple Card lives on your iPhone, in the Wallet app. You can sign up in as little as a minute and start using it right away with Apple Pay. Your transactions, payments, and account details are all in one place, where only you can see them. You even make your payments right in the Wallet app — just select your amount, tap, and it’s done.

No Fees

We want to make it easier to pay down your balance, not harder. So Apple Card doesn’t have any fees. No annual, over-the-limit, foreign-transaction, or late fees. No fees. Really. And our goal is to provide interest rates that are among the lowest in the industry. Because your credit card should work for you, not against you.

The first credit card that actually encourages you to pay less interest.

Pay Less Interest

Most credit cards emphasize your minimum amount due. But when you pay only your minimum each month, it costs you a lot in interest over time. Apple Card is different. When you’re ready to make a payment, Apple Card estimates the interest you’ll wind up paying, based on any payment amount you choose. And it does that in real time, so you can make an informed decision about how much of your balance to pay down.

Unlimited
Daily Cash back.

Real cash you can use right away.

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When you buy something using Apple Card, you get a percentage of your purchase back in Daily Cash. It’s real cash, so unlike rewards, it never expires or loses its value. Your cash is deposited right onto your Apple Cash card in the Wallet app — not a month from now, but every day. And there’s no limit to how much you can get. Use it to buy things in stores, on websites, and in apps. Make a payment on your Apple Card. Pay back a friend in Messages. Or send it straight to your bank account and watch it add up.

Get 3% Daily Cash back when you shop at Apple.

3% Daily Cash at Apple

Apple Card gives you unlimited 3% Daily Cash back on everything you buy at Apple — whether it’s a new Mac, an iPhone case, games from the App Store, or even a service like Apple Music or Apple TV+.

Get 2%
Daily Cash
back

when you use your iPhone
or Apple Watch to pay
with Apple Card.

2% Daily Cash

The best way to use Apple Card is with Apple Pay — the secure payment technology built into iPhone, Apple Watch, iPad, and Mac and accepted at 85 percent of merchants in the United States. Apple Pay is a safer way to pay that helps you avoid touching buttons or exchanging cash. And with every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cash back. No points to calculate. No limits or deadlines. Just real cash that’s ready to spend whenever, wherever, and however you want.

Shop with select merchants and get even more Daily Cash.

3% Daily Cash

Apple Card gives you unlimited 3% Daily Cash back on purchases you make at select merchants when you use Apple Card with Apple Pay.

  • Duane Reade
  • Exxon
  • Mobil
  • Nike
  • Panera Bread
  • T-Mobile
  • Uber
  • Uber Eats
  • Walgreens

Apple Card Family

Healthy finances.
Family style.

Apple Card Family

Apple Card Family brings all the great features and benefits of Apple Card to your entire family — whether that’s your immediate family, extended family, or whoever you call family. It allows two partners to merge credit lines to form a single co-owned account, manage that account together, and build credit as equals. Participants 18 and older can choose to start building their own credit history, and teens can learn better spending habits. And, family members receive Daily Cash back on their own purchases.

Learn more about Apple Card Family

Goodbye, plastic.
Hello, titanium.

Titanium Card

With laser etching and clean styling, Apple Card is designed with the same craftsmanship we bring to all our products. And it’s the only credit card made of titanium — a sustainable metal known for its beauty and durability. When you use the card, you’ll get 1% Daily Cash back on every purchase. Since Mastercard is our global payment network, you can use it all over the world. For apps and websites that don’t take Apple Pay yet, just enter the virtual card number stored securely in your Wallet app. And when you’re using Safari, it even autofills for you.

Privacy and Security

Your card.

Your data.

Your business.

Privacy and Security

Apple takes your privacy and security seriously. It’s not just a philosophy, it’s built into all our products. And Apple Card is no different. With advanced security technologies like Face ID, Touch ID, and unique transaction codes, Apple Card with Apple Pay is designed to make sure you’re the only one who can use it. The titanium card has no visible numbers. Not on the front. Not on the back. Which gives you a whole new level of security. And while Goldman Sachs uses your data to operate Apple Card, your transaction history and spending habits belong to you and you alone. Your data isn’t shared or sold to third parties for marketing or advertising.

Pay for your
new Apple products
over time,
interest‑free

when you choose to
check out with Apple Card Monthly Installments.

Apple Card Monthly Installments

You can buy a new Mac, iPhone, iPad, Apple Watch, and more with interest-free monthly payments on purchases at Apple. Just choose Apple Card Monthly Installments and then check out. Your installment automatically appears on your Apple Card statement alongside your everyday Apple Card purchases in the Wallet app. If you have an eligible device to trade in, you’ll pay even less per month. And you’ll get 3% Daily Cash back on the purchase price of each product, all up front. If you have Apple Card already, there’s no additional application. If you don’t, you can apply in as little as a minute during checkout, from the privacy of your iPhone.

Learn more about Apple Card Monthly Installments

Trusted partners for a different kind of credit card.

Partnerships

To create Apple Card, we needed an issuing bank and a global payment network. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way. And the strength of the Mastercard network means Apple Card is accepted all over the world.

Get started
with Apple Card.

Apply in minutes to see if you are approved with no impact to your credit score.

Apply now

Wallet

All your credit and debit cards,
transit cards, boarding passes,
and more. All in one place.

Learn more

Apple Pay

The safer way to make
secure,

contactless purchases
in stores and online.

Learn more

Apple Cash

Use it to send and receive

money in Messages and wherever

Apple Pay is accepted.

Learn more

Источник: https://www.apple.com/apple-card/
Discover". www.discover.com. Retrieved 17 January 2019.
  • ^"What is Extended Product Warranty? AllBusiness.com". AllBusiness.com. 21 December 2016. Retrieved 10 April 2017.
  • ^Luthi, Ben (7 October 2019). "Do Business Credit Cards Affect Your Personal Credit?". U.S. News & World Report. Retrieved 16 May 2021.
  • ^ abcd"Credit Cards and You – About Pre-paid Cards". Financial Consumer Agency of Canada. Archived from the original on 7 March 2007. Retrieved 9 January 2008. document: "Pre-paid Cards"(PDF). Financial Consumer Agency of Canada. Archived from the original(PDF) on 29 February 2008. Retrieved 9 January 2008.
  • ^"Buy prepaid credit cards without an ID or age limits? What could go wrong?". NetworkWorld.com Community
  • ^McDonald, Christina; Bélanger, Martine, eds. (19 October 2006), FCAC Launches Pre-paid Payment Card Guide (press release), Financial Consumer Agency of Canada, archived from the original on 12 June 2013, retrieved 17 March 2013
  • ^"FAQs". UK Cards Association. Retrieved 19 September 2012.
  • ^Cothern, Lance (26 June 2019). "What Are the Advantages of Having a Credit Card?". U.S. News & World Report. Retrieved 16 May 2021.
  • ^White, Alexandria (22 April 2021). "How does credit card travel insurance work?". CNBC. NBC Universal. Retrieved 16 May 2021.
  • ^White, Alexandria (2 December 2020). "The 3 kinds of credit card rewards programs and how they work". CNBC. NBC Universal. Retrieved 16 May 2021.
  • ^Federal Reserve Bank of Kansas City, The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?, March 2009
  • ^"Credit Card protection, assistance and savings". MasterCard.
  • ^"Card Benefits". Visa. Archived from the original on 18 August 2013.
  • ^"Retail, Entertainment and Travel Protection Benefit Guides".
  • ^"Exploring Credit Card Benefits". Discoverer. Archived from the original on 13 February 2013.
  • ^"Return Protection

    Do more with your money

    Google Pay helps you do more with your money. Transfer money to friends, pay in a snap, and earn rewards - all in one place.

    What is Google Pay?

    Download the app

    Get instant rewards

    Win cash rewards just for paying* and get the
    money sent straight to your bank account.

    Share the perks. It's a win-win when you refer a friend – you'll both get rewarded* when your friend makes their first payment.

    *T&Cs apply.

    Offers & Rewards

    Transfer and receive money instantly

    Send money to anyone with PayNow when you add your DBS PayLah! account, OCBC bank account or Standard Chartered Bank account. Plus, you can create a group to start a conversation, divide the bill, and see who’s paid right from the app. It's never been easier to keep tabs on the tab.

    Adding a payment method Sending & receiving money

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      DBS PayLah! supports DBS/POSB as well as non-DBS/POSB bank accounts.

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      No cash, no problem. Scan an SGQR with the FavePay* or PayNow logo to pay instantly at your favourite shop from your linked bank account. You also have the option to key in the merchant UEN number to start paying, wherever PayNow is accepted.

      * Partner cashback earned from FavePay payments with Google Pay will be reflected on the Google Pay app’s Rewards channel

      Paying in-store

      Works with   sgqrpaynow   apaynow nd selected partner banks.

      Check your bank

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        DBS PayLah! supports DBS/POSB as well as non-DBS/POSB bank accounts.

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        Order ahead at your favorite restaurants, then speed past the line for pickup.

        Ordering food

        Works with any credit or debit card.

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          Tap to pay

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          Paying in-store Paying on transit

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          Pay online and in apps with the simple press of a button. Just choose Google Pay at checkout, then confirm your purchase and you're good to go.

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          Google Pay uses machine learning and 24/7 fraud detection to help keep your account safe. And when you tap to pay with your phone, Google Pay uses an encrypted number instead of your real card number so your info stays secure.

          Security Visit the Safety Centre

          Google Pay

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          Credit card

          card for financial transactions from a line of credit

          An example of the front in a typical credit card:

          A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges).[1] The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium),[2][3] and a few gemstone-encrusted metal cards.[2]

          A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle.[4] In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date.

          A credit card also differs from a debit card, which can be used like currency by the owner of the card.

          In 2018, there were 1.12 billion credit cards in circulation in the U.S., and 72% of adults had at least one card.[5]

          Technical specifications[edit]

          The size of most credit cards is 85.60 by 53.98 millimetres (3+3⁄8 in × 2+1⁄8 in) and rounded corners with a radius of 2.88–3.48 millimetres (9⁄80–11⁄80 in)[6] conforming to the ISO/IEC 7810 ID-1 standard, the same size as ATM cards and other payment cards, such as debit cards.[7]

          Credit cards have a printed[8] or embossed bank card number complying with the ISO/IEC 7812 numbering standard. The card number's prefix, called the Bank Identification Number (known in the industry as a BIN[9]), is the sequence of digits at the beginning of the number that determine the bank to which a credit card number belongs. This is the first six digits for MasterCard and Visa cards. The next nine digits are the individual account number, and the final digit is a validity check digit.[10]

          Both of these standards are maintained and further developed by ISO/IEC JTC 1/SC 17/WG 1. Credit cards have a magnetic stripe conforming to the ISO/IEC 7813. Most modern credit cards use smart card technology: they have a computer chip embedded in them as a security feature. In addition, complex smart cards, including peripherals such as a keypad, a display or a fingerprint sensor are increasingly used for credit cards.

          In addition to the main credit card number, credit cards also carry issue and expiration dates (given to the nearest month), as well as extra codes such as issue numbers and security codes. Complex smart cards allow to have a variable security code, thus increasing security for online transactions. Not all credit cards have the same sets of extra codes nor do they use the same number of digits.

          Credit card numbers were originally embossed to allow easy transfer of the number to charge slips. With the decline of paper slips, some credit cards are no longer embossed and in fact the card number is no longer in the front.[11] In addition, some cards are now vertical in design, rather than horizontal.

          History[edit]

          Edward Bellamy's Looking Backward[edit]

          The concept of using a card for purchases was described in 1887 by Edward Bellamy in his utopian novel Looking Backward. Bellamy used the term credit card eleven times in this novel, although this referred to a card for spending a citizen's dividend from the government, rather than borrowing,[12] making it more similar to a debit card.

          Charge coins, medals, and so on[edit]

          Charge coins and other similar items were used from the late 19th century to the 1930s. They came in various shapes and sizes; with materials made out of celluloid (an early type of plastic), copper, aluminum, steel, and other types of whitish metals.[13] Each charge coin usually had a little hole, enabling it to be put in a key ring, like a key. These charge coins were usually given to customers who had charge accounts in department stores, hotels, and so on. A charge coin usually had the charge account number along with the merchant's name and logo.

          The charge coin offered a simple and fast way to copy a charge account number to the sales slip, by imprinting the coin onto the sales slip. This sped up the process of copying, previously done by handwriting. It also reduced the number of errors, by having a standardized form of numbers on the sales slip, instead of various kinds of handwriting style.[14]

          Because the customer's name was not on the charge coin, almost anyone could use it. This sometimes led to a case of mistaken identity, either accidentally or intentionally, by acting on behalf of the charge account owner or out of malice to defraud both the charge account owner and the merchant. Beginning in the 1930s, merchants started to move from charge coins to the newer Charga-Plate.[15]

          Early charge cards[edit]

          Charga-Plate[edit]

          The Charga-Plate, developed in 1928, was an early predecessor of the credit card and was used in the U.S. from the 1930s to the late 1950s. It was a 2+1⁄2-by-1+1⁄4-inch (64 mm × 32 mm) rectangle of sheet metal related to Addressograph and military dog tag systems. It was embossed with the customer's name, city, and state. It held a small paper card on its back for a signature. In recording a purchase, the plate was laid into a recess in the imprinter, with a paper "charge slip" positioned on top of it. The record of the transaction included an impression of the embossed information, made by the imprinter pressing an inked ribbon against the charge slip.[16] Charga-Plate was a trademark of Farrington Manufacturing Co.[17] Charga-Plates were issued by large-scale merchants to their regular customers, much like department store credit cards of today. In some cases, the plates were kept in the issuing store rather than held by customers. When an authorized user made a purchase, a clerk retrieved the plate from the store's files and then processed the purchase. Charga-Plates sped up back-office bookkeeping and reduced copying errors that were done manually in paper ledgers in each store.

          Air Travel Card[edit]

          In 1934, American Airlines and the Air Transport Association simplified the process even more with the advent of the Air Travel Card.[18] They created a numbering scheme that identified the issuer of the card as well as the customer account. This is the reason the modern UATP cards still start with the number 1. With an Air Travel Card, passengers could "buy now, and pay later" for a ticket against their credit and receive a fifteen percent discount at any of the accepting airlines. By the 1940s, all of the major U.S. airlines offered Air Travel Cards that could be used on 17 different airlines. By 1941, about half of the airlines' revenues came through the Air Travel Card agreement. The airlines had also started offering installment plans to lure new travelers into the air. In 1948, the Air Travel Card became the first internationally valid charge card within all members of the International Air Transport Association.[19]

          Early general purpose charge cards: Diners Club, Carte Blanche, and American Express[edit]

          The concept of customers paying different merchants using the same card was expanded in 1950 by Ralph Schneider and Frank McNamara, founders of Diners Club, to consolidate multiple cards. The Diners Club, which was created partially through a merger with Dine and Sign, produced the first "general purpose" charge card and required the entire bill to be paid with each statement. That was followed by Carte Blanche and in 1958 by American Express which created a worldwide credit card network (although these were initially charge cards that later acquired credit card features).

          BankAmericard and Master Charge[edit]

          Metal signs at a plant nursery in Los Angeles County, California marketing Mastercharge and Bankamericard

          Until 1958, no one had been able to successfully establish a revolving credit financial system in which a card issued by a third-party bank was being generally accepted by a large number of merchants, as opposed to merchant-issued revolving cards accepted by only a few merchants. There had been a dozen attempts by small American banks, but none of them were able to last very long. In 1958, Bank of America launched the BankAmericard in Fresno, California, which would become the first successful recognizably modern credit card. This card succeeded where others failed by breaking the chicken-and-egg cycle in which consumers did not want to use a card that few merchants would accept and merchants did not want to accept a card that few consumers used. Bank of America chose Fresno because 45% of its residents used the bank, and by sending a card to 60,000 Fresno residents at once, the bank was able to convince merchants to accept the card.[20] It was eventually licensed to other banks around the United States and then around the world, and in 1976, all BankAmericard licensees united themselves under the common brand Visa. In 1966, the ancestor of MasterCard was born when a group of banks established Master Charge to compete with BankAmericard; it received a significant boost when Citibank merged its own Everything Card, launched in 1967, into Master Charge in 1969.

          Early credit cards in the U.S., of which BankAmericard was the most prominent example, were mass-produced and mass mailed unsolicited to bank customers who were thought to be good credit risks. They have been mailed off to unemployable people, drunks, narcotics addicts and to compulsive debtors, a process President Johnson's Special Assistant Betty Furness found very like "giving sugar to diabetics".[21] These mass mailings were known as "drops" in banking terminology, and were outlawed in 1970 due to the financial chaos they caused. However, by the time the law came into effect, approximately 100 million credit cards had been dropped into the U.S. population. After 1970, only credit card applications could be sent unsolicited in mass mailings.

          Before the computerization of credit card systems in America, using a credit card to pay at a merchant was significantly more complicated than it is today. Each time a consumer wanted to use a credit card, the merchant would have to call their bank, who in turn had to call the credit card company, which then had to have an employee manually look up the customer's name and credit balance. This system was computerized in 1973 under the leadership of Dee Hock, the first CEO of Visa, allowing transaction time to decrease substantially to less than one minute.[20] However, until always-connected payment terminals became ubiquitous at the beginning of the 21st century, it was common for a merchant to accept a charge, especially below a threshold value or from a known and trusted customer, without verifying it by phone. Books with lists of stolen card numbers were distributed to merchants who were supposed in any case to check cards against the list before accepting them, as well as verifying the signature on the charge slip against that on the card. Merchants who failed to take the time to follow the proper verification procedures were liable for fraudulent charges, but because of the cumbersome nature of the procedures, merchants would often simply skip some or all of them and assume the risk for smaller transactions.

          [edit]

          The fractured nature of the U.S. banking system under the Glass–Steagall Act meant that credit cards became an effective way for those who were traveling around the country to move their credit to places where they could not directly use their banking facilities. There are now countless variations on the basic concept of revolving credit for individuals (as issued by banks and honored by a network of financial institutions), including organization-branded credit cards, corporate-user credit cards, store cards and so on.

          In 1966, Barclaycard in the United Kingdom launched the first credit card outside the United States.

          Although credit cards reached very high adoption levels in the US, Canada and the UK during the latter 20th century, many cultures were more cash-oriented or developed alternative forms of cashless payments, such as Carte bleue or the Eurocard (Germany, France, Switzerland, and others). In these places, adoption of credit cards was initially much slower. Due to strict regulations regarding bank overdrafts, some countries, France in particular, were much quicker to develop and adopt chip-based credit cards which are seen as major anti-fraud credit devices. Debit cards and online banking (using either ATMs or PCs[clarification needed]) are used more widely than credit cards in some countries. It took until the 1990s to reach anything like the percentage market penetration levels achieved in the US, Canada, and UK. In some countries, acceptance still remains low as the use of a credit card system depends on the banking system of each country; while in others, a country sometimes had to develop its own credit card network, e.g. UK's Barclaycard and Australia's Bankcard. Japan remains a very cash-oriented society, with credit card adoption being limited mainly to the largest of merchants; although stored value cards (such as telephone cards) are used as alternative currencies, the trend is toward RFID-based systems inside cards, cellphones, and other objects.

          Vintage, old, and unique credit cards as collectibles[edit]

          Receipt from 1997 - card physically swiped and information imprinted on the receipt

          The design of the credit card itself has become a major selling point in recent years.[22] A growing field of numismatics (study of money), or more specifically exonumia (study of money-like objects), credit card collectors seek to collect various embodiments of credit from the now familiar plastic cards to older paper merchant cards, and even metal tokens that were accepted as merchant credit cards. Early credit cards were made of celluloid plastic, then metal and fiber, then paper, and are now mostly polyvinyl chloride (PVC) plastic. However the chip part of credit cards is not made from plastic but from metals.[citation needed]

          Usage[edit]

          A credit card issuing company, such as a bank or credit union, enters into agreements with merchants for them to accept their credit cards. Merchants often advertise in signage or other company material which cards they accept by displaying acceptance marks generally derived from logos. Alternatively, this may be communicated, for example, via a restaurant's menu or orally, or stating, "We don't take credit cards".

          The credit card issuer issues a credit card to a customer at the time or after an account has been approved by the credit provider, which need not be the same entity as the card issuer. The cardholders can then use it to make purchases at merchants accepting that card. When a purchase is made, the cardholder agrees to pay the card issuer. The cardholder indicates consent to pay by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a card not present transaction (CNP).

          Electronicverification systems allow merchants to verify in a few seconds that the card is valid and the cardholder has sufficient credit to cover the purchase, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or point-of-sale (POS) system with a communications link to the merchant's acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is called Chip and PIN in the United Kingdom and Ireland, and is implemented as an EMV card.

          For card not present transactions where the card is not shown (e.g., e-commerce, mail order, and telephone sales), merchants additionally verify that the customer is in physical possession of the card and is the authorized user by asking for additional information such as the security code printed on the back of the card, date of expiry, and billing address.

          Each month, the cardholder is sent a statement indicating the purchases made with the card, any outstanding fees, the total amount owed and the minimum payment due. In the US, after receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see 15 U.S.C. § 1643, which limits cardholder liability for unauthorized use of a credit card to $50). The Fair Credit Billing Act gives details of the U.S. regulations.

          Many banks now also offer the option of electronic statements, either in lieu of or in addition to physical statements, which can be viewed at any time by the cardholder via the issuer's online banking website. Notification of the availability of a new statement is generally sent to the cardholder's email address. If the card issuer has chosen to allow it, the cardholder may have other options for payment besides a physical check, such as an electronic transfer of funds from a checking account. Depending on the issuer, the cardholder may also be able to make multiple payments during a single statement period, possibly enabling him or her to utilize the credit limit on the card several times.

          Minimum payment[edit]

          The cardholder must pay a defined minimum portion of the amount owed by a due date, or may choose to pay a higher amount. The credit issuer charges interest on the unpaid balance if the billed amount is not paid in full (typically at a much higher rate than most other forms of debt). In addition, if the cardholder fails to make at least the minimum payment by the due date, the issuer may impose a late fee or other penalties. To help mitigate this, some financial institutions can arrange for automatic payments to be deducted from the cardholder's bank account, thus avoiding such penalties altogether, as long as the cardholder has sufficient funds.

          In cases where the minimum payment is less than the finance charges and fees assessed during the billing cycle, the outstanding balance will increase in what is called negative amortization. This practice tends to increase credit risk and mask the lender's portfolio quality, and consequently has been banned in the U.S. since 2003.[23][24]

          Advertising, solicitation, application and approval[edit]

          Credit card advertising regulations in the U.S. include the Schumer box disclosure requirements. A large fraction of junk mail consists of credit card offers created from lists provided by the major credit reporting agencies. In the United States, the three major U.S. credit bureaus (Equifax, TransUnion and Experian) allow consumers to opt out from related credit card solicitation offers via its Opt Out Pre Screen program.

          Interest charges[edit]

          Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid.

          For example, if a user had a $1,000 transaction and repaid it in full within this grace period, there would be no interest charged. If, however, even $1.00 of the total amount remained unpaid, interest would be charged on the $1,000 from the date of purchase until the payment is received. The precise manner in which interest is charged is usually detailed in a cardholder agreement which may be summarized on the back of the monthly statement. The general calculation formula most financial institutions use to determine the amount of interest to be charged is (APR/100 x ADB)/365 x number of days revolved. Take the annual percentage rate (APR) and divide by 100 then multiply to the amount of the average daily balance (ADB). Divide the result by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account. Financial institutions refer to interest charged back to the original time of the transaction and up to the time a payment was made, if not in full, as a residual retail finance charge (RRFC). Thus after an amount has revolved and a payment has been made, the user of the card will still receive interest charges on their statement after paying the next statement in full (in fact the statement may only have a charge for interest that collected up until the date the full balance was paid, i.e. when the balance stopped revolving).

          The credit card may simply serve as a form of revolving credit, or it may become a complicated financial instrument with multiple balance segments each at a different interest rate, possibly with a single umbrella credit limit, or with separate credit limits applicable to the various balance segments. Usually this compartmentalization is the result of special incentive offers from the issuing bank, to encourage balance transfers from cards of other issuers. If several interest rates apply to various balance segments, then payment allocation is generally at the discretion of the issuing bank, and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument, or even if the issuing bank decides to raise its revenue.[citation needed]

          Grace period[edit]

          A credit card's grace period is the time the cardholder has to pay the balance before interest is assessed on the outstanding balance. Grace periods may vary, but usually range from 20 to 55 days depending on the type of credit card and the issuing bank. Some policies allow for reinstatement after certain conditions are met.

          Usually, if a cardholder is late paying the balance, finance charges will be calculated and the grace period does not apply. Finance charges incurred depend on the grace period and balance; with most credit cards there is no grace period if there is any outstanding balance from the previous billing cycle or statement (i.e. interest is applied on both the previous balance and new transactions). However, there are some credit cards that will only apply finance charge on the previous or old balance, excluding new transactions.

          Parties involved[edit]

          • Cardholder: The holder of the card used to make a purchase; the consumer.
          • Card-issuing bank: The financial institution or other organization that issued the credit card to the cardholder. This bank bills the consumer for repayment and bears the risk that the card is used fraudulently. American Express and Discover were previously the only card-issuing banks for their respective brands, but as of 2007, this is no longer the case. Cards issued by banks to cardholders in a different country are known as offshore credit cards.
          • Merchant: The individual or business accepting credit card payments for products or services sold to the cardholder.
          • Acquiring bank: The financial institution accepting payment for the products or services on behalf of the merchant.
          • Independent sales organization: Re-sellers (to merchants) of the services of the acquiring bank.
          • Merchant account: This could refer to the acquiring bank or the independent sales organization, but in general is the organization that the merchant deals with.
          • Card association: An association of card-issuing banks such as Discover, Visa, MasterCard, American Express, etc. that set transaction terms for merchants, card-issuing banks, and acquiring banks.
          • Transaction network: The system that implements the mechanics of the electronic transactions. May be operated by an independent company, and one company may operate multiple networks.
          • Affinity partner: Some institutions lend their names to an issuer to attract customers that have a strong relationship with that institution, and get paid a fee or a percentage of the balance for each card issued using their name. Examples of typical affinity partners are sports teams, universities, charities, professional organizations, and major retailers.
          • Insurance providers: Insurers underwriting various insurance protections offered as credit card perks, for example, Car Rental Insurance, Purchase Security, Hotel Burglary Insurance, Travel Medical Protection etc.

          The flow of information and money between these parties — always through the card associations — is known as the interchange, and it consists of a few steps.

          Transaction steps[edit]

          • Authorization: The cardholder presents the card as payment to the merchant and the merchant submits the transaction to the acquirer (acquiring bank). The acquirer verifies the credit card number, the transaction type and the amount with the issuer (card-issuing bank) and reserves that amount of the cardholder's credit limit for the merchant. An authorization will generate an approval code, which the merchant stores with the transaction.
          • Batching: Authorized transactions are stored in "batches", which are sent to the acquirer. Batches are typically submitted once per day at the end of the business day. Batching can be done manually (initiated by a merchant's action) or automatically (on a pre-determined schedule, using a payment processing platform). If a transaction is not submitted in the batch, the authorization will stay valid for a period determined by the issuer, after which the held amount will be returned to the cardholder's available credit (see authorization hold). Some transactions may be submitted in the batch without prior authorizations; these are either transactions falling under the merchant's floor limit or ones where the authorization was unsuccessful but the merchant still attempts to force the transaction through. (Such may be the case when the cardholder is not present but owes the merchant additional money, such as extending a hotel stay or car rental.)
          • Clearing and Settlement: The acquirer sends the batch transactions through the credit card association, which debits the issuers for payment and credits the acquirer. Essentially, the issuer pays the acquirer for the transaction.
          • Funding: Once the acquirer has been paid, the acquirer pays the merchant. The merchant receives the amount totaling the funds in the batch minus either the "discount rate", "mid-qualified rate", or "non-qualified rate" which are tiers of fees the merchant pays the acquirer for processing the transactions.
          • Chargebacks: A chargeback is an event in which money in a merchant account is held due to a dispute relating to the transaction. Chargebacks are typically initiated by the cardholder. In the event of a chargeback, the issuer returns the transaction to the acquirer for resolution. The acquirer then forwards the chargeback to the merchant, who must either accept the chargeback or contest it.

          Credit card register[edit]

          A credit card register is a transaction register used to ensure the increasing balance owed from using a credit card is enough below the credit limit to deal with authorization holds and payments not yet received by the bank and to easily look up past transactions for reconciliation and budgeting.

          The register is a personal record of banking transactions used for credit card purchases as they affect funds in the bank account or the available credit. In addition to check number and so forth the code column indicates the credit card. The balance column shows available funds after purchases. When the credit card payment is made the balance already reflects the funds were spent. In a credit card's entry, the deposit column shows the available credit and the payment column shows total owed, their sum being equal to the credit limit.

          Each check written, debit card transaction, cash withdrawal, and credit card charge is entered manually into the paper register daily or several times per week.[25] Credit card register also refers to one transaction record for each credit card. In this case the booklets readily enable the location of a card's current available credit when ten or more cards are in use.[citation needed]

          Features[edit]

          As well as convenient credit, credit cards offer consumers an easy way to track expenses, which is necessary for both monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. Credit cards are accepted in larger establishments in almost all countries, and are available with a variety of credit limits, repayment arrangements. Some have added perks (such as insurance protection, rewards schemes in which points earned by purchasing goods with the card can be redeemed for further goods and services or cashback).

          Consumers' limited liability[edit]

          Some countries, such as the United States, the United Kingdom, and France, limit the amount for which a consumer can be held liable in the event of fraudulent transactions with a lost or stolen credit card.

          Specialized types[edit]

          Business credit cards[edit]

          See also: Stored-value card

          Business credit cards are specialized credit cards issued in the name of a registered business, and typically they can only be used for business purposes. Their use has grown in recent decades. In 1998, for instance, 37% of small businesses reported using a business credit card; by 2009, this number had grown to 64%.[26]

          Business credit cards offer a number of features specific to businesses. They frequently offer special rewards in areas such as shipping, office supplies, travel, and business technology. Most issuers use the applicant's personal credit score when evaluating these applications. In addition, income from a variety of sources may be used to qualify, which means these cards may be available to businesses that are newly established.[27] In addition, some issuers of these card do not report account activity to the owner's personal credit, or only do so if the account is delinquent.[28] In these cases, the activity of the business is separated from the owner's personal credit activity.

          Business credit cards are offered by American Express, Discover, and almost all major issuers of Visa and MasterCard cards. Some local banks and credit unions also offer business credit cards. American Express is the only major issuer of business charge cards in the United States, however.

          Secured credit cards[edit]

          A secured credit card is a type of credit card secured by a deposit account owned by the cardholder. Typically, the cardholder must deposit between 100% and 200% of the total amount of credit desired. Thus if the cardholder puts down $1,000, they will be given credit in the range of $500–1,000. In some cases, credit card issuers will offer incentives even on their secured card portfolios. In these cases, the deposit required may be significantly less than the required credit limit, and can be as low as 10% of the desired credit limit. This deposit is held in a special savings account. Credit card issuers offer this because they have noticed that delinquencies were notably reduced when the customer perceives something to lose if the balance is not repaid.

          The cardholder of a secured credit card is still expected to make regular payments, as with a regular credit card, but should they default on a payment, the card issuer has the option of recovering the cost of the purchases paid to the merchants out of the deposit. The advantage of the secured card for an individual with negative or no credit history is that most companies report regularly to the major credit bureaus. This allows the cardholder to start building (or re-building) a positive credit history.

          Although the deposit is in the hands of the credit card issuer as security in the event of default by the consumer, the deposit will not be debited simply for missing one or two payments. Usually the deposit is only used as an offset when the account is closed, either at the request of the customer or due to severe delinquency (150 to 180 days). This means that an account which is less than 150 days delinquent will continue to accrue interest and fees, and could result in a balance which is much higher than the actual credit limit on the card. In these cases the total debt may far exceed the original deposit and the cardholder not only forfeits their deposit but is left with an additional debt.

          Most of these conditions are usually described in a cardholder agreement which the cardholder signs when their account is opened.

          Secured credit cards are an option to allow a person with a poor credit history or no credit history to have a credit card which might not otherwise be available. They are often offered as a means of rebuilding one's credit. Fees and service charges for secured credit cards often exceed those charged for ordinary non-secured credit cards. For people in certain situations, (for example, after charging off on other credit cards, or people with a long history of delinquency on various forms of debt), secured cards are almost always more expensive than unsecured credit cards.

          Sometimes a credit card will be secured by the equity in the borrower's home.

          Prepaid cards[edit]

          See also: Stored-value card

          They are sometimes called "prepaid credit card", but they are a debit card (prepaid card or prepaid debit card),[29] since no credit is offered by the card issuer: the cardholder spends money which has been "stored" via a prior deposit by the cardholder or someone else, such as a parent or employer. However, it carries a credit-card brand (such as Discover, Visa, MasterCard, American Express, or JCB) and can be used in similar ways just as though it were a credit card.[29] Unlike debit cards, prepaid credit cards generally do not require a PIN. An exception are prepaid credit cards with an EMV chip. These cards do require a PIN if the payment is processed via Chip and PIN technology. As of 2018, most debit cards in the U.S. were prepaid cards (71.7%).[5]

          After purchasing the card, the cardholder loads the account with any amount of money, up to the predetermined card limit and then uses the card to make purchases the same way as a typical credit card. Prepaid cards can be issued to minors (above 13) since there is no credit line involved. The main advantage over secured credit cards (see above section) is that the cardholder is not required to come up with $500 or more to open an account. With prepaid credit cards purchasers are not charged any interest but are often charged a purchasing fee plus monthly fees after an arbitrary time period. Many other fees also usually apply to a prepaid card.[29]

          Prepaid credit cards are sometimes marketed to teenagers[29] for shopping online without having their parents complete the transaction.[30] Teenagers can only use funds that are available on the card which helps promote financial management to reduce the risk of debt problems later in life.[citation needed]

          Prepaid cards can be used globally. The prepaid card is convenient for payees in developing countries like Brazil, Russia, India, and China, where international wire transfers and bank checks are time-consuming, complicated and costly.[citation needed]

          Because of the many fees that apply to obtaining and using credit-card-branded prepaid cards, the Financial Consumer Agency of Canada describes them as "an expensive way to spend your own money".[31] The agency publishes a booklet entitled Pre-paid Cards which explains the advantages and disadvantages of this type of prepaid card.see #Further reading

          Digital cards[edit]

          A digital card is a digital cloud-hosted virtual representation of any kind of identification card or payment card, such as a credit card.[citation needed]

          Charge cards[edit]

          The charge cards are a type of credit card.

          Benefits and drawbacks[edit]

          Benefits to cardholder[edit]

          The main benefit to the cardholder is convenience. Compared to debit cards and checks, a credit card allows small short-term loans to be quickly made to a cardholder who need not calculate a balance remaining before every transaction, provided the total charges do not exceed the maximum credit line for the card.

          One financial benefit is that no interest is charged when the balance is paid in full within the grace period.

          Different countries offer different levels of protection. In the UK, for example, the bank is jointly liable with the merchant for purchases of defective products over £100.[32]

          Many credit cards offer benefits to cardholders. Some benefits apply to products purchased with the card, like extended product warranties, reimbursement for decreases in price immediately after purchase (price protection), and reimbursement for theft or damage on recently purchased products (purchase protection).[33] Other benefits include various types of travel insurance, such as rental car insurance, travel accident insurance, baggage delay insurance, and trip delay or cancellation insurance.[34]

          Credit cards may also offer a loyalty program, where each purchase is rewarded based on the price of the purchase. Typically, rewards are either in the form of cash back or points. Points are often redeemable for gift cards, products, or travel expenses like airline tickets. Some credit cards allow the transfer of accrued points to hotel and airline loyalty programs.[35] Research has examined whether competition among card networks may potentially make payment rewards too generous, causing higher prices among merchants, thus actually impacting social welfare and its distribution, a situation potentially warranting public policy interventions.[36]

          Comparison of credit card benefits in the U.S.[edit]

          The table below contains a list of benefits offered in the United States for consumer credit cards in some of these networks. These benefits may vary with each credit card issuer.

          MasterCard[37]Visa[38]American Express[39]Discover[40]
          Return extension60 days
          up to $250
          90 days
          up to $250[41]
          90 days
          up to $300
          Not Available[42]
          Extended warranty2× original
          up to 1 year
          Depends1 additional year
          6 years max
          Not Available[43]
          Price protection60 daysVariesNoNot Available[44]
          Loss/damage coverage90 daysDepends90 days
          up to $1,000
          Not Available
          Rental car insurance

          Main article: Damage waiver

          15 days: collision, theft, vandalism15 days: collision, theft30 days: collision, theft, vandalism[45]Not Available

          Detriments to cardholders[edit]

          High interest and bankruptcy[edit]

          Low introductory credit card rates are limited to a fixed term, usually between 6 and 12 months, after which a higher rate is charged. As all credit cards charge fees and interest, some customers become so indebted to their credit card provider that they are driven to bankruptcy. Some credit cards often levy a rate of 20 to 30 percent after a payment is missed.[46] In other cases, a fixed charge is levied without change to the interest rate. In some cases universal default may apply: the high default rate is applied to a card in good standing by missing a payment on an unrelated account from the same provider. This can lead to a snowball effect in which the consumer is drowned by unexpectedly high interest rates. Further, most card holder agreements enable the issuer to arbitrarily raise the interest rate for any reason they see fit. First Premier Bank at one point offered a credit card with a 79.9% interest rate;[47] however, they discontinued this card in February 2011 because of persistent defaults.[48]

          Research shows that a substantial fraction of consumers (about 40 percent) choose a sub-optimal credit card agreement, with some incurring hundreds of dollars of avoidable interest costs.[49]

          Weakens self regulation[edit]

          Several studies have shown that consumers are likely to spend more money when they pay by credit card. Researchers suggest that when people pay using credit cards, they do not experience the abstract pain of payment.[50] Furthermore, researchers have found that using credit cards can increase consumption of unhealthy food.[51]

          Detriments to society[edit]

          Inflated pricing for all consumers[edit]

          Merchants that accept credit cards must pay interchange fees and discount fees on all credit-card transactions.[52][53] In some cases merchants are barred by their credit agreements from passing these fees directly to credit card customers, or from setting a minimum transaction amount (no longer prohibited in the United States, United Kingdom or Australia).[54] The result is that merchants are induced to charge all customers (including those who do not use credit cards) higher prices to cover the fees on credit card transactions.[53] The inducement can be strong because the merchant's fee is a percentage of the sale price, which has a disproportionate effect on the profitability of businesses that have predominantly credit card transactions, unless compensated for by raising prices generally. In the United States in 2008 credit card companies collected a total of $48 billion in interchange fees, or an average of $427 per family, with an average fee rate of about 2% per transaction.[53]

          Credit card rewards result in a total transfer of $1,282 from the average cash payer to the average card payer per year.[55]

          Benefits to merchants[edit]

          An example of street markets accepting credit cards. Most simply display the acceptance marks(stylized logos, shown in the upper-left corner of the sign) of all the cards they accept.

          For merchants, a credit card transaction is often more secure than other forms of payment, such as cheques, because the issuing bank commits to pay the merchant the moment the transaction is authorized, regardless of whether the consumer defaults on the credit card payment (except for legitimate disputes, which are discussed below, and can result in charges back to the merchant). In most cases, cards are even more secure than cash, because they discourage theft by the merchant's employees and reduce the amount of cash on the premises. Finally, credit cards reduce the back office expense of processing checks/cash and transporting them to the bank.

          Prior to credit cards, each merchant had to evaluate each customer's credit history before extending credit. That task is now performed by the banks which assume the credit risk. Credit cards can also aid in securing a sale especially if the customer does not have enough cash on hand or in a checking account. Extra turnover is generated by the fact that the customer can purchase goods and services immediately and is less inhibited by the amount of cash in pocket and the immediate state of the customer's bank balance. Much of merchants' marketing is based on this immediacy.

          For each purchase, the bank charges the merchant a commission (discount fee) for this service and there may be a certain delay before the agreed payment is received by the merchant. The commission is often a percentage of the transaction amount, plus a fixed fee (interchange rate).

          Costs to merchants[edit]

          Merchants are charged several fees for accepting credit cards. The merchant is usually charged a commission of around 1 to 4 percent of the value of each transaction paid for by credit card.[56] The merchant may also pay a variable charge, called a merchant discount rate, for each transaction.[52] In some instances of very low-value transactions, use of credit cards will significantly reduce the profit margin or cause the merchant to lose money on the transaction. Merchants with very low average transaction prices or very high average transaction prices are more averse to accepting credit cards. In some cases merchants may charge users a "credit card supplement" (or surcharge), either a fixed amount or a percentage, for payment by credit card.[57] This practice was prohibited by most credit card contracts in the United States until 2013, when a major settlement between merchants and credit card companies allowed merchants to levy surcharges. Most retailers have not started using credit card surcharges, however, for fear of losing customers.[58]

          Merchants in the United States have been fighting what they consider to be unfairly high fees charged by credit card companies in a series of lawsuits that started in 2005. Merchants charged that the two main credit card processing companies, MasterCard and Visa, used their monopoly power to levy excessive fees in a class-action lawsuit involving the National Retail Federation and major retailers such as Wal-Mart. In December 2013, a federal judge approved a $5.7 billion settlement in the case that offered payouts to merchants who had paid credit card fees, the largest antitrust settlement in U.S. history. Some large retailers, such as Wal-Mart and Amazon, chose to not participate in this settlement, however, and have continued their legal fight against the credit card companies.[58]

          Merchants are also required to lease or purchase processing equipment, in some cases this equipment is provided free of charge by the processor. Merchants must also satisfy data security compliance standards which are highly technical and complicated. In many cases, there is a delay of several days before funds are deposited into a merchant's bank account. Because credit card fee structures are very complicated, smaller merchants are at a disadvantage to analyze and predict fees.

          Finally, merchants assume the risk of chargebacks by consumers.

          Security[edit]

          Main article: Credit card fraud

          See also: Wireless identity theft

          Credit card security relies on the physical security of the plastic card as well as the privacy of the credit card number. Therefore, whenever a person other than the card owner has access to the card or its number, security is potentially compromised. Once, merchants would often accept credit card numbers without additional verification for mail order purchases. It is now common practice to only ship to confirmed addresses as a security measure to minimise fraudulent purchases. Some merchants will accept a credit card number for in-store purchases, whereupon access to the number allows easy fraud, but many require the card itself to be present, and require a signature (for magnetic stripe cards). A lost or stolen card can be cancelled, and if this is done quickly, will greatly limit the fraud that can take place in this way. European banks can require a cardholder's security PIN be entered for in-person purchases with the card.

          The Payment Card Industry Data Security Standard (PCI DSS) is the security standard issued by the Payment Card Industry Security Standards Council (PCI SSC). This data security standard is used by acquiring banks to impose cardholder data security measures upon their merchants.

          The goal of the credit card companies is not to eliminate fraud, but to "reduce it to manageable levels".[59] This implies that fraud prevention measures will be used only if their cost are lower than the potential gains from fraud reduction, whereas high-cost low-return measures will not be used – as would be expected from organizations whose goal is profit maximization.

          Internet fraud may be committed by claiming a chargeback which is not justified ("friendly fraud"), or carried out by the use of credit card information which can be stolen in many ways, the simplest being copying information from retailers, either online or offline. Despite efforts to improve security for remote purchases using credit cards, security breaches are usually the result of poor practice by merchants. For example, a website that safely uses TLS to encrypt card data from a client may then email the data, unencrypted, from the webserver to the merchant; or the merchant may store unencrypted details in a way that allows them to be accessed over the Internet or by a rogue employee; unencrypted card details are always a security risk. Even encrypted data may be cracked.

          Controlled payment numbers (also known as virtual credit cards or disposable credit cards) are another option for protecting against credit card fraud where presentation of a physical card is not required, as in telephone and online purchasing. These are one-time use numbers that function as a payment card and are linked to the user's real account, but do not reveal details, and cannot be used for subsequent unauthorised transactions. They can be valid for a relatively short time, and limited to the actual amount of the purchase or a limit set by the user. Their use can be limited to one merchant. If the number given to the merchant is compromised, it will be rejected if an attempt is made to use it a second time.

          A similar system of controls can be used on physical cards. Technology provides the option for banks to support many other controls too that can be turned on and off and varied by the credit card owner in real time as circumstances change (i.e., they can change temporal, numerical, geographical and many other parameters on their primary and subsidiary cards). Apart from the obvious benefits of such controls: from a security perspective this means that a customer can have a Chip and PIN card secured for the real world, and limited for use in the home country. In this eventuality a thief stealing the details will be prevented from using these overseas in non chip and pin EMV countries. Similarly the real card can be restricted from use on-line so that stolen details will be declined if this tried. Then when card users shop online they can use virtual account numbers. In both circumstances an alert system can be built in notifying a user that a fraudulent attempt has been made which breaches their parameters, and can provide data on this in real time.

          Additionally, there are security features present on the physical card itself in order to prevent counterfeiting. For example, most modern credit cards have a watermark that will fluoresce under ultraviolet light.[60] Most major credit cards have a hologram. A Visa card has a letter V superimposed over the regular Visa logo and a MasterCard has the letters MC across the front of the card. Older Visa cards have a bald eagle or dove across the front. In the aforementioned cases, the security features are only visible under ultraviolet light and are invisible in normal light.

          The United States Department of Justice, United States Secret Service, Federal Bureau of Investigation, U.S. Immigration and Customs Enforcement, and U.S. Postal Inspection Service are responsible for prosecuting criminals who engage in credit card fraud in the United States.[61] However, they do not have the resources to pursue all criminals, and in general they only prosecute cases exceeding $5,000.

          Three improvements to card security have been introduced to the more common credit card networks, but none has proven to help reduce credit card fraud so far. First, the cards themselves are being replaced with similar-looking tamper-resistant smart cards which are intended to make forgery more difficult. The majority of smart card (IC card) based credit cards comply with the EMV (Europay MasterCard Visa) standard. Second, an additional 3 or 4 digit card security code (CSC) or card verification value (CVV) is now present on the back of most cards, for use in card not present transactions. Stakeholders at all levels in electronic payment have recognized the need to develop consistent global standards for security that account for and integrate both current and emerging security technologies. They have begun to address these needs through organisations such as PCI DSS and the Secure POS Vendor Alliance.[62]

          Code 10[edit]

          Code 10 calls are made when merchants are suspicious about accepting a credit card.

          The operator then asks the merchant a series of YES or NO questions to find out whether the merchant is suspicious of the card or the cardholder. The merchant may be asked to retain the card if it is safe to do so. The merchant may receive a reward for returning a confiscated card to the issuing bank, especially if an arrest is made.[63][64][65][66]

          Costs and revenues of credit card issuers[edit]

          Costs[edit]

          Charge offs[edit]

          When a cardholder becomes severely delinquent on a debt (often at the point of six months without payment), the creditor may declare the debt to be a charge-off. It will then be listed as such on the debtor's credit bureau reports. (Equifax, for instance, lists "R9" in the "status" column to denote a charge-off.)

          A charge-off is considered to be "written off as uncollectible". To banks, bad debts and fraud are part of the cost of doing business.

          However, the debt is still legally valid, and the creditor can attempt to collect the full amount for the time periods permitted under state law, which is usually three to seven years. This includes contacts from internal collections staff, or more likely, an outside collection agency. If the amount is large (generally over $1,500–2,000), there is the possibility of a lawsuit or arbitration.

          Fraud[edit]

          Main article: Credit card fraud

          In relative numbers the values lost in bank card fraud are minor, calculated in 2006 at 7 cents per 100 dollars worth of transactions (7 basis points).[67] In 2004, in the UK, the cost of fraud was over £500 million.[68] When a card is stolen, or an unauthorized duplicate made, most card issuers will refund some or all of the charges that the customer has received for things they did not buy. These refunds will, in some cases, be at the expense of the merchant, especially in mail order cases where the merchant cannot claim sight of the card. In several countries, merchants will lose the money if no ID card was asked for, therefore merchants usually require ID card in these countries. Credit card companies generally guarantee the merchant will be paid on legitimate transactions regardless of whether the consumer pays their credit card bill.

          Most banking services have their own credit card services that handle fraud cases and monitor for any possible attempt at fraud. Employees that are specialized in doing fraud monitoring and investigation are often placed in Risk Management, Fraud and Authorization, or Cards and Unsecured Business. Fraud monitoring emphasizes minimizing fraud losses while making an attempt to track down those responsible and contain the situation. Credit card fraud is a major white collar crime that has been around for many decades, even with the advent of the chip based card (EMV) that was put into practice in some countries to prevent cases such as these. Even with the implementation of such measures, credit card fraud continues to be a problem.

          Interest expenses[edit]

          Banks generally borrow the money they then lend to their customers. As they receive very low-interest loans from other firms, they may borrow as much as their customers require, while lending their capital to other borrowers at higher rates. If the card issuer charges 15% on money lent to users, and it costs 5% to borrow the money to lend, and the balance sits with the cardholder for a year, the issuer earns 10% on the loan. This 10% difference is the "net interest spread" and the 5% is the "interest expense".

          Operating costs[edit]

          This is the cost of running the credit card portfolio, including everything from paying the executives who run the company to printing the plastics, to mailing the statements, to running the computers that keep track of every cardholder's balance, to taking the many phone calls which cardholders place to their issuer, to protecting the customers from fraud rings. Depending on the issuer, marketing programs are also a significant portion of expenses.

          Rewards[edit]

          Many credit card customers receive rewards, such as frequent flyer points, gift certificates, or cash back as an incentive to use the card. Rewards are generally tied to purchasing an item or service on the card, which may or may not include balance transfers, cash advances, or other special uses. Depending on the type of card, rewards will generally cost the issuer between 0.25% and 2.0% of the spread. Networks such as Visa or MasterCard have increased their fees to allow issuers to fund their rewards system. Some issuers discourage redemption by forcing the cardholder to call customer service for rewards. On their servicing website, redeeming awards is usually a feature that is very well hidden by the issuers.[69] With a fractured and competitive environment, rewards points cut dramatically into an issuer's bottom line, and rewards points and related incentives must be carefully managed to ensure a profitable portfolio.[citation needed] Unlike unused gift cards, in whose case the breakage in certain US states goes to the state's treasury,[70] unredeemed credit card points are retained by the issuer.[71]

          Revenues[edit]

          Interchange fee[edit]

          Main article: Interchange fee

          In addition to fees paid by the card holder, merchants must also pay interchange fees to the card-issuing bank and the card association.[72][73] For a typical credit card issuer, interchange fee revenues may represent about a quarter of total revenues.[74]

          These fees are typically from 1 to 6 percent of each sale, but will vary not only from merchant to merchant (large merchants can negotiate lower rates[74]), but also from card to card, with business cards and rewards cards generally costing the merchants more to process. The interchange fee that applies to a particular transaction is also affected by many other variables including: the type of merchant, the merchant's total card sales volume, the merchant's average transaction amount, whether the cards were physically present, how the information required for the transaction was received, the specific type of card, when the transaction was settled, and the authorized and settled transaction amounts. In some cases, merchants add a surcharge to the credit cards to cover the interchange fee, encouraging their customers to instead use cash, debit cards, or even cheques.

          Interest on outstanding balances[edit]

          Interest charges vary widely from card issuer to card issuer. Often, there are "teaser" rates or promotional APR in effect for initial periods of time (as low as zero percent for, say, six months), whereas regular rates can be as high as 40 percent.[75] In the U.S. there is no federal limit on the interest or late fees credit card issuers can charge; the interest rates are set by the states, with some states such as South Dakota, having no ceiling on interest rates and fees, inviting some banks to establish their credit card operations there. Other states, for example Delaware, have very weak usury laws. The teaser rate no longer applies if the customer does not pay their bills on time, and is replaced by a penalty interest rate (for example, 23.99%) that applies retroactively.

          Fees charged to customers[edit]

          The major credit card fees are for:

          • Membership fees (annual or monthly), sometimes a percentage of the credit limit.
          • Cash advances and convenience cheques (often 3% of the amount)
          • Charges that result in exceeding the credit limit on the card (whether deliberately or by mistake), called over-limit fees
          • Exchange rate loading fees (sometimes these might not be reported on the customer's statement, even when applied).[76] The variation of exchange rates applied by different credit cards can be very substantial, as much as 10% according to a Lonely Planet report in 2009.[77]
          • Late or overdue payments
          • Returned cheque fees or payment processing fees (e.g. phone payment fee)
          • Transactions in a foreign currency (as much as 3% of the amount). A few financial institutions do not charge a fee for this.
          • Finance charge is any charge that is included in the cost of borrowing money.[78]

          In the U.S., the Credit CARD Act of 2009 specifies that credit card companies must send cardholders a notice 45 days before they can increase or change certain fees. This includes annual fees, cash advance fees, and late fees.[79]

          Controversy[edit]

          One controversial area is the trailing interest issue. Trailing interest refers to interest that accrues on a balance after the monthly statement is produced, but before the balance is repaid. This additional interest is typically added to the following monthly statement. U.S. Senator Carl Levin raised the issue of millions of Americans affected by hidden fees, compounding interest and cryptic terms. Their woes were heard in a Senate Permanent Subcommittee on Investigations hearing which was chaired by Senator Levin, who said that he intends to keep the spotlight on credit card companies and that legislative action may be necessary to purge the industry.[80] In 2009, the C.A.R.D. Act was signed into law, enacting protections for many of the issues Levin had raised.

          Hidden costs[edit]

          In the United Kingdom, merchants won the right through The Credit Cards (Price Discrimination) Order 1990[81] to charge customers different prices according to the payment method; this was later removed by the EU's 2nd Payment Services Directive. As of 2007, the United Kingdom was one of the world's most credit card-intensive countries, with 2.4 credit cards per consumer, according to the UK Payments Administration Ltd.[82]

          In the United States until 1984, federal law prohibited surcharges on card transactions. Although the federal Truth in Lending Act provisions that prohibited surcharges expired that year, a number of states have since enacted laws that continue to outlaw the practice; California, Colorado, Connecticut, Florida, Kansas, Massachusetts, Maine, New York, Oklahoma, and Texas have laws against surcharges. As of 2006, the United States probably had one of the world's highest if not the top ratio of credit cards per capita, with 984 million bank-issued Visa and MasterCard credit card and debit card accounts alone for an adult population of roughly 220 million people.[83] The credit card per U.S. capita ratio was nearly 4:1 as of 2003[84] and as high as 5:1 as of 2006.[85]

          Over-limit charges[edit]

          United Kingdom[edit]

          Consumers who keep their account in good order by always staying within their credit limit, and always making at least the minimum monthly payment will see interest as the biggest expense from their card provider. Those who are not so careful and regularly surpass their credit limit or are late in making payments were exposed to multiple charges, until a ruling from the Office of Fair Trading[86] that they would presume charges over £12 to be unfair which led the majority of card providers to reduce their fees to £12.

          The higher fees originally charged were claimed to be designed to recoup the card operator's overall business costs and to try to ensure that the credit card business as a whole generated a profit, rather than simply recovering the cost to the provider of the limit breach, which has been estimated as typically between £3–£4. Profiting from a customer's mistakes is arguably not permitted under UK common law, if the charges constitute penalties for breach of contract, or under the Unfair Terms in Consumer Contracts Regulations 1999.

          Subsequent rulings in respect of personal current accounts suggest that the argument that these charges are penalties for breach of contract is weak, and given the Office of Fair Trading's ruling it seems unlikely that any further test case will take place.

          Whilst the law remains in the balance, many consumers have made claims against their credit card providers for the charges that they have incurred, plus interest that they would have earned had the money not been deducted from their account. It is likely that claims for amounts charged in excess of £12 will succeed, but claims for charges at the OFT's £12 threshold level are more contentious.

          United States[edit]

          The Credit CARD Act of 2009 requires that consumers opt into over-limit charges. Some card issuers have therefore commenced solicitations requesting customers to opt into over-limit fees, presenting this as a benefit as it may avoid the possibility of a future transaction being declined. Other issuers have simply discontinued the practice of charging over-limit fees. Whether a customer opts into the over-limit fee or not, banks will in practice have discretion as to whether they choose to authorize transactions above the credit limit or not. Of course, any approved over limit transactions will only result in an over-limit fee for those customers who have opted into the fee. This legislation took effect on 22 February 2010. Following this Act, the companies are now required by law to show on a customer's bills how long it would take them to pay off the balance.

          Neutral consumer resources[edit]

          Canada[edit]

          The Government of Canada maintains a database of the fees, features, interest rates and reward programs of nearly 200 credit cards available in Canada. This database is updated on a quarterly basis with information supplied by the credit card issuing companies. Information in the database is published every quarter on the website of the Financial Consumer Agency of Canada (FCAC).

          Information in the database is published in two formats. It is available in PDF comparison tables that break down the information according to type of credit card, allowing the reader to compare the features of, for example, all the student credit cards in the database.

          The database also feeds into an interactive tool on the FCAC website.[87] The interactive tool uses several interview-type questions to build a profile of the user's credit card usage habits and needs, eliminating unsuitable choices based on the profile, so that the user is presented with a small number of credit cards and the ability to carry out detailed comparisons of features, reward programs, interest rates, etc.

          Credit cards in ATMs[edit]

          Many credit cards can be used in an ATM to withdraw money against the credit limit extended to the card, but many card issuers charge interest on cash advances before they do so on purchases. The interest on cash advances is commonly charged from the date the withdrawal is made, rather than the monthly billing date. Many card issuers levy a commission for cash withdrawals, even if the ATM belongs to the same bank as the card issuer. Merchants do not offer cashback on credit card transactions because they would pay a percentage commission of the additional cash amount to their bank or merchant services provider, thereby making it uneconomical. Discover is a notable exception to the above. A customer with a Discover card may get up to $120 cash back if the merchant allows it. This amount is simply added to the card holder's cost of the transaction and no extra fees are charged as the transaction is not considered a cash advance.

          Many credit card companies will also, when applying payments to a card, do so, for the matter at hand, at the end of a billing cycle, and apply those payments to everything before cash advances. For this reason, many consumers have large cash balances, which have no grace period and incur interest at a rate that is (usually) higher than the purchase rate, and will carry those balances for years, even if they pay off their statement balance each month.

          Acceptance mark[edit]

          An acceptance mark is a logo or design that indicates which card schemes an ATM or merchant accepts. Common uses include decals and signs at merchant locations or in merchant advertisements. The purpose of the mark is to provide the card holder with information where his or her card can be used. An acceptance mark differs from the a card product name (such as American Express Centurion card, Eurocard), as it shows the card scheme (group of cards) accepted. An acceptance mark however corresponds to the card scheme mark shown on a card.

          An acceptance mark is however not an absolute guarantee that all cards belonging to a given card scheme will be accepted. On occasion cards issued in a foreign country may not be accepted by a merchant or ATM due to contractual or legal restrictions.

          Credit cards as funding for entrepreneurs[edit]

          Credit cards are a risky way for entrepreneurs to acquire capital for their start ups when more conventional financing is unavailable. Len Bosack and Sandy Lerner used personal credit cards[88] to start Cisco Systems. Larry Page and Sergey Brin's start up of Google was financed by credit cards to buy the necessary computers and office equipment, more specifically "a terabyte of hard disks".[89] Similarly, filmmaker Robert Townsend financed part of Hollywood Shuffle using credit cards.[90] Director Kevin Smith funded Clerks in part by maxing out several credit cards.[91] Actor Richard Hatch also financed his production of Battlestar Galactica: The Second Coming partly through his credit cards. Famed hedge fund manager Bruce Kovner began his career (and, later on, his firm Caxton Associates) in financial markets by borrowing from his credit card. UK entrepreneur James Caan (as seen on Dragons' Den) financed his first business using several credit cards.

          Alternatives[edit]

          Main article: Alternative payments

          Modern alternatives to credit cards are mobile payments, cryptocurrencies and pay-by-hand.

          See also[edit]

          References[edit]

          1. ^O'Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action (Textbook). Upper Saddle River, New Jersey: Pearson Prentice Hall. p. 261. ISBN .
          2. ^ ab"The 10 most exclusive credit cards in the world". finder.com. 26 September 2017. Retrieved 13 October 2021.
          3. ^"Top 10 payment cards made out of unusual materials". Payspace Magazine. 18 August 2020. Retrieved 13 October 2021.
          4. ^Schneider, Gary (2010). Electronic Commerce. Cambridge: Course Technology. p. 497. ISBN .
          5. ^ ab"The Nilson Report". October 2019. Retrieved 13 October 2021.
          6. ^ISO/IEC 7810:2003, clause 5, Dimensions of card
          7. ^ISO/IEC 7810:2003 Identification cards — Physical characteristics
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          10. ^"ISO/IEC 7812-1:2017 Identification cards — Identification of issuers — Part 1: Numbering system".
          11. ^Dunaway, Jaime (18 April 2018). "Why Are Credit Card Numbers on the Back Now?". Slate. Retrieved 18 April 2018.
          12. ^(Chapters 9, 10, 11, 13, 25 and 26) and three times (Chapters 4, 8 and 19) in its sequel, Equality
          13. ^"Life before plastic: Historical look at credit card materials". creditcards.com. 12 August 2021.
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          15. ^"The Department Store Museum: Charge Cards". departmentstoremuseum.blogspot.com.
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          17. ^"Hartford Charga-plate Associates, Incorporated, Plaintiff-appellant, v. Youth Centre-cinderella Stores, Inc., Defendant-respondent, 215 F.2d 668 (1954)". Retrieved 11 November 2014.
          18. ^"The Travel Card that gave "CREDIT" to the public". Flying. Vol. 52 no. 6. June 1953. p. 11. Retrieved 11 November 2018.
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          20. ^ abMayyasi, Alex. "How Credit Cards Tax America". Pricenomics.
          21. ^O'Neill, Paul (27 April 1970). "A Little Gift from Your Friendly Banker". LIFE.
          22. ^LaMagna, Maria. "Metal credit cards: The latest American status symbol". MarketWatch. Retrieved 7 March 2018.
          23. ^"Credit Card Lending"(PDF).
          24. ^"Understanding how credit card minimum payments are set".
          25. ^Little, Ken. 2007. Personal Finance At Your Fingertips, p. 35 Penguin. ISBN 144062562X, 9781440625626
          26. ^"Report to the Congress on the Use of Credit Cards by Small Businesses and the Credit Card Market for Small Businesses"(PDF). Federal Reserve. Board of Governors of the Federal Reserve System. May 2010. Retrieved 4 May 2015.
          27. ^"5 Business Credit Card Myths That Can Cost Your Business Discover". www.discover.com. Retrieved 17 January 2019.
          28. ^"What is Price Protection?
            business account uk no credit check

            : Business account uk no credit check

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            Discover". www.discover.com. Retrieved 17 January 2019.
          29. ^"What is Extended Product Warranty? Discover". Retrieved 16 January 2019.
          30. ^"Car Rental Loss Damage Insurance - American Express". Retrieved 28 August 2013.
          31. ^CreditCards.com (27 January 2010). "Credit card penalty rates can top 30 percent; how to avoid them". Creditcards.com. Retrieved 26 March 2013.
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          33. ^Ellis, Blake (17 Business account uk no credit check 2011). "First Premier Bank removes credit card with 59.9% APR". CNN. Retrieved 1 October 2015.
          34. ^Federal Reserve Bank of Chicago,
          Источник: https://en.wikipedia.org/wiki/Credit_card

          Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa Business account uk no credit check. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

          While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

          By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

          1 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, business account uk no credit check may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.

          2 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

          3 To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must business account uk no credit check been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.

          4 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

          5 Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

          6 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Spending Account, see your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. Please see the back of your Chime debit card for your issuing bank.See Terms and Conditions

          7 Vacation rental homes in nags head Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 manage my verizon business account savings to earn interest.

          © 2013-2021 Chime. All Rights Reserved.

          Источник: https://www.chime.com/

          Business debit card

          Speedy does it

          If you’ve got your ID to hand, you can get your UK business account and sort code in as little as 3 minutes.

          Virtual business debit cards

          Don’t wait for the card to arrive

          Issue a virtual card right after signup and start making payments with it even before your ANNA Money business debit card arrives in the mail.

          New

          Get paid online

          Payment link and webpage

          You get a personal webpage with a link to put on your business’s Instagram profile or anywhere else you want – or to send it to someone directly.

          Use Apple Pay with your ANNA account

          Pay with your iPhone

          You can now use ANNA Money with Apple Pay. It’s the simple, secure, and private way to pay. There’s no need to even carry your card – your iPhone or Apple Watch is enough.

          Tell me more

          No employee reimbursements

          Get a grip on expenses

          Avoid the faff of reimbursing employee expenses. Give co-workers their own ANNA debit card, set a spending limit, and the ANNA app automatically sorts their expenses.

          Use Google Pay with your ANNA account

          Pay with your phone

          You can now use ANNA Money first progress secured card Google Pay™. It’s the fast, simple, and secure way to pay at millions of places – on sites, in apps, and in stores. With Google Pay there’s no need to dig for your cards – you can pay quickly and easily with the device that’s already in your hand.

          Tell me more

          Instant payment notifications

          Manage money in and out

          ANNA instantly updates you when a payment comes in or out of your account, helping you keep on top of your cash-flow. Because who has time to dig through statements?

          Set up direct debits

          Free direct debits

          You can set up direct debits at no extra charge, whatever your pricing plan. All payments are protected by the Direct Debit Guarantee Scheme.

          Set up standing orders

          Scheduled & recurring payments

          Need to pay someone regularly? Set up a scheduled payment and ANNA will send it for you when the time comes. We’ll notify you in advance so you can make changes if necessary.

          Business account cashback

          Free money for your business

          Earn 1% cashback when you use your ANNA debit card to pay for a range of business expenses, like train travel and food. For many of our customers, ANNA ends up paying for itself.

          Open banking

          The place to see all your finances

          Thanks to Open Banking, you can connect your other business and personal accounts to ANNA to keep a closer eye www family dollar com your money.

          What does ANNA cost?

          Start at £0 a month

          Simple, no frills pricing

          We know you need to keep a grip on costs, so our monthly fee starts from £0, including free ATM withdrawals and transactions. If you don’t use your account one month, you don’t pay the monthly fee.

          Try ANNA for freeSee pricing

          Источник: https://anna.money/business-account/
          Discover". www.discover.com. Retrieved 17 January 2019.
        • ^"What is Price Protection?

          Compare Business Bank Accounts with No Credit Check No Credit Check

          Data Privacy

          Changes in privacy laws give you greater rights and control as to how companies like us use your personal data. We provide full details peoples state bank prairie du chien wi routing number our Privacy Policy. We highlight some key points below.

          We want to try and find you the right lender - to do this we may verify the personal data in your application with Credit Bureaus before sharing your application with lenders and brokers on our panel. We always want to provide the best service to our customers - to do this, we may need to combine, analyse and profile your personal data. We also have relationships with a number of companies where we share business account uk no credit check data to enhance and validate the data they hold and to use to prevent fraud and aid debt recovery in the future. This is your personal data and you can tell us how you want your data to be used as explained here.

          We are a comparison website that's authorised and regulated by the Financial Conduct Authority as a credit broker. We are not a lender.

          Our website is completely free for you to use but we get paid by lenders, brokers, and service providers for introductions and funded applications.

          Money Guru Limited is an Introducer Appointed Representative (IAR) of Fluent Money Limited who is authorised and regulated by the Financial Conduct Authority. Firm registration number 654425.

          Money Guru Limited is an Appointed Representative of Quint Group Limited, and is entered on the Financial Services Register under reference number: 740565. Quint Group Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 669450. Money Guru Limited is registered in England and Wales (company number 09842787), Registered Office; Glasshouse, Alderley Park, Nether Alderley, Cheshire, SK10 4ZE. Licenced by the Information Commissioner's Office, (registration number ZA188630).

          Money Guru Limited is an Introducer Appointed Representative (IAR) of Capital one spark business credit card phone number Mortgages Limited who is authorised and regulated by the Financial Conduct Authority. Firm registration number 458914.

          Источник: https://www.moneyguru.com/business-bank-accounts/no-credit-check

          Company Credit Checks – What You Need to Know

          As trading continues to be challenging for UK businesses, now is a perfect time to start reviewing how you monitor the credit risk score of your customers. 

          Carillion, Gaucho, Toys R Us and Maplin are high-profile names that have entered administration, and the trend for major credit insurers looks set to continue. 

          The government’s Insolvency Service reports states that “the underlying number of insolvencies increased in Q1 2018, to the highest level since Q1 2017&rdquo. 

          Research conducted using Red Flag Alert’s data set identifies that at the end of June 2018, 472,183 UK businesses were experiencing ‘Significant’ financial distress, up 9% compared to the same stage last year. 

          Many companies purport to offer company credit checks but, as with everything, the variability in quality is considerable. 

          Red Flag Alert has been developed over the past 15 years to provide a robust process by which you can business account uk no credit check business credit reports. 

          This guide explains how Red Flag Alert works, so you can understand what our company credit check means. 

          Company Credit Checks are Complicated 

          The credit score of a business is based on many factors, including their sector, financial information, company directors, economic outlook, distress events and many other issues. 

          No credit score can incorporate every factor, but you need to make sure you cover certain key points. 

          Businesses in obvious financial distress are pretty easy to optum com sign in – a history of company CCJs, poor financial records, and a large amount of increasing debt are all signs that a business may be a risk. 

          What is harder to spot is when a business is teetering between financially stable and unstable, but a closer look uncovers problems.

          A sophisticated algorithm is crucial because of the complex data being assessed; a good company credit report will focus on the key information and then draw conclusions which are highly specific. 

          Specific Credit Score Conclusions 

          A company credit checking system should give information that will help to guide your business decision-making and allow you to take pre-emptive steps if one of your customers is having financial difficulties. 

          At Red Flag Alert we focus on a granular, flag-based system, which not only indicates financial risk, but also shows its level of severity.

           

          • One Red Flag = 30% of businesses fall into insolvency within 30 months (Assurances and perhaps guarantees advised)
          • Two Red Flags = 50% of businesses fall into insolvency within 12 months (Guarantees advised)
          • Three Red Flags = 60% of businesses fall into insolvency within seven days (Cash with order)

           

          Carillion indicated two red flags for 12 months prior to their insolvency. Any supplier with this information could have mitigated their risk - hopefully saving many from insolvency. 

          We have spent considerable time building this view of risk scores that indicates when a company may be starting to have financial issues. 

          This is essential in responsible customer monitoring because you can see when problems are brewing. Many business credit reports simply tell you when the problem has arrived. 

          This is too late as you need to see issues coming, and at Red Flag Alert our model focuses on that. You can read more about how we work here. 

          What Factors Are Reviewed in a Company’s Credit Rating?

          At Red Flag Alert we use a highly evolved algorithm to business account uk no credit check informed decisions based on many data points and built on three different scoring models: judgemental, statistical and blended.

          Judgemental Scoring Model: This looks at the key fundamental factors, audit reports, the presence of CCJs, age of the business, etc. 

          These are the elements that allow us to start building a picture of the business credit report.

          Statistical Scoring Models: These models weight different factors based on a range of criteria and build a picture of the likelihood of financial distress by ensuring that the most important factors for a particular business are factored in. 

          Blended Scorecards: This is typically a statistical model with judgemental factors running a set of rule-based overrides – incorporating the best of both worlds! 

          Scorecard Development Never Stops 

          At Red Flag Alert, our team focuses obsessively on scorecard development, because sophisticated scorecards will ultimately lead to accurate financial information and company credit reports. 

          We are always evolving our model so the most leveraged factors are built into the scorecard, and over 15 years we’ve increased our accuracy and have cemented our position as the UK market leader. 

          What Data is Included

          The core attributes we include in our scorecards differ for incorporated and unincorporated businesses. Let’s take a look at some of the key factors for limited companies. 

          Age since incorporation: This isn’t a highly significant factor, but has some statistical importance. The risk between a business that has five years of trading versus one with twelve years is material.

          Age of latest accounts: Unsurprisingly, lateness of filing accounts is an indicator of distress. Our data has shown that late filing of accounts is a good indicator of a company that is poorly run and signifies an increased risk of future financial business account uk no credit check on the balance sheet: This can give some indication – a specific focus on the trend over time and other current assets on the balance sheet gives useful additional context.

          P&L account reserve: Generally less important than cash issues but, unsurprisingly, profitable companies are generally a lower risk than loss-making ones.

          Shareholders’ Funds: Looking at the trend over time can be indicative of upcoming financial problems.

          Liquidity Ratio: Unsurprisingly this ratio is an important factor to predict future insolvency. What constitutes a bad business account uk no credit check will vary from sector to sector, this context is critical when making judgements.

          Shareholders’ Funds total asset ratio: This helps us determine how the business is funded. Often a high proportion of loan capital indicates an elevated credit score risk.

          County Court Judgements: These need to be contextualised by considering the judgement versus the size of the business and value of the CCJ. The number and the timing of judgements is also important. In certain circumstances, CCJs may not be a good indicator of insolvency.

          Audit Conclusions: Although often not indicative of issues due to being opaque, sometimes specific comments on an audit can be important.

          Worried about the creditworthiness of your customers?

          Our Red Flag Chase business checking account monthly fee software collects, analyses, and reports on the credit risk of every business in the UK. 

          We use information from ten leading data providers and enrich it with our sophisticated scorecards to give you instant access to a specific score on every business.

          This quality and depth of data is only available through Red Flag Alert. 

          You can even plug the data directly into your CRM using our API, so if risks materialise for your customers you’ll have the detailed information you need immediately.

          For a free client health check consultation using Red Flag Alert, please get in contact with Richard West on [email protected] or 0344 412 6699.

          Источник: https://www.redflagalert.com/articles/risk/company-credit-checks-what-you-need-to-know
          business account uk no credit check

          Business account uk no credit check -

          AllBusiness.com". AllBusiness.com. 21 December 2016. Retrieved 10 April 2017.
        • ^Luthi, Ben (7 October 2019). "Do Business Credit Cards Affect Your Personal Credit?". U.S. News & World Report. Retrieved 16 May 2021.
        • ^ abcd"Credit Cards and You – About Pre-paid Cards". Financial Consumer Agency of Canada. Archived from the original on 7 March 2007. Retrieved 9 January 2008. document: "Pre-paid Cards"(PDF). Financial Consumer Agency of Canada. Archived from the original(PDF) on 29 February 2008. Retrieved 9 January 2008.
        • ^"Buy prepaid credit cards without an ID or age limits? What could go wrong?". NetworkWorld.com Community
        • ^McDonald, Christina; Bélanger, Martine, eds. (19 October 2006), FCAC Launches Pre-paid Payment Card Guide (press release), Financial Consumer Agency of Canada, archived from the original on 12 June 2013, retrieved 17 March 2013
        • ^"FAQs". UK Cards Association. Retrieved 19 September 2012.
        • ^Cothern, Lance (26 June 2019). "What Are the Advantages of Having a Credit Card?". U.S. News & World Report. Retrieved 16 May 2021.
        • ^White, Alexandria (22 April 2021). "How does credit card travel insurance work?". CNBC. NBC Universal. Retrieved 16 May 2021.
        • ^White, Alexandria (2 December 2020). "The 3 kinds of credit card rewards programs and how they work". CNBC. NBC Universal. Retrieved 16 May 2021.
        • ^Federal Reserve Bank of Kansas City, The Economics of Payment Card Fee Structure: What Drives Payment Card Rewards?, March 2009
        • ^"Credit Card protection, assistance and savings". MasterCard.
        • ^"Card Benefits". Visa. Archived from the original on 18 August 2013.
        • ^"Retail, Entertainment and Travel Protection Benefit Guides".
        • ^"Exploring Credit Card Benefits". Discoverer. Archived from the original on 13 February 2013.
        • ^"Return Protection

          Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

          While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

          By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

          1 Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member's Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime's discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won't cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.

          2 Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

          3 To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.

          4 Out-of-network ATM withdrawal fees apply except at MoneyPass ATMs in a 7-Eleven location or any Allpoint or Visa Plus Alliance ATM. Other fees such as third-party and cash deposit fees may apply.

          5 Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

          6 Sometimes instant transfers can be delayed. The recipient must use a valid debit card to claim funds. Once you are approved for a Chime Spending Account, see your issuing bank’s Deposit Account Agreement for full Pay Friends Transfers details. Please see the back of your Chime debit card for your issuing bank.See Terms and Conditions

          7 The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 1, 2021. No minimum balance required. Must have $0.01 in savings to earn interest.

          © 2013-2021 Chime. All Rights Reserved.

          Источник: https://www.chime.com/
          Apple Card and issuer Goldman Sachs ranked No. 1 in customer satisfaction among the Midsize Credit Card Issuers segment by J.D. Power.Learn more

          The simplicity of Apple.
          In a credit card.

          With Apple Card, we completely reinvented the credit card. Your information lives on your iPhone, beautifully laid out and easy to understand. We eliminated fees and built tools to help you pay less interest, and you can apply in minutes to see if you are approved with no impact to your credit score. Advanced technologies like Face ID, Touch ID, and Apple Pay give you a new level of privacy and security.
          And with every purchase you get Daily Cash back. Apple Card. It’s everything a credit card should be.

          Created by Apple.
          Powered by iPhone.

          Built for iPhone

          Apple Card lives on your iPhone, in the Wallet app. You can sign up in as little as a minute and start using it right away with Apple Pay. Your transactions, payments, and account details are all in one place, where only you can see them. You even make your payments right in the Wallet app — just select your amount, tap, and it’s done.

          No Fees

          We want to make it easier to pay down your balance, not harder. So Apple Card doesn’t have any fees. No annual, over-the-limit, foreign-transaction, or late fees. No fees. Really. And our goal is to provide interest rates that are among the lowest in the industry. Because your credit card should work for you, not against you.

          The first credit card that actually encourages you to pay less interest.

          Pay Less Interest

          Most credit cards emphasize your minimum amount due. But when you pay only your minimum each month, it costs you a lot in interest over time. Apple Card is different. When you’re ready to make a payment, Apple Card estimates the interest you’ll wind up paying, based on any payment amount you choose. And it does that in real time, so you can make an informed decision about how much of your balance to pay down.

          Unlimited
          Daily Cash back.

          Real cash you can use right away.

          Unlimited Daily Cash

          When you buy something using Apple Card, you get a percentage of your purchase back in Daily Cash. It’s real cash, so unlike rewards, it never expires or loses its value. Your cash is deposited right onto your Apple Cash card in the Wallet app — not a month from now, but every day. And there’s no limit to how much you can get. Use it to buy things in stores, on websites, and in apps. Make a payment on your Apple Card. Pay back a friend in Messages. Or send it straight to your bank account and watch it add up.

          Get 3% Daily Cash back when you shop at Apple.

          3% Daily Cash at Apple

          Apple Card gives you unlimited 3% Daily Cash back on everything you buy at Apple — whether it’s a new Mac, an iPhone case, games from the App Store, or even a service like Apple Music or Apple TV+.

          Get 2%
          Daily Cash
          back

          when you use your iPhone
          or Apple Watch to pay
          with Apple Card.

          2% Daily Cash

          The best way to use Apple Card is with Apple Pay — the secure payment technology built into iPhone, Apple Watch, iPad, and Mac and accepted at 85 percent of merchants in the United States. Apple Pay is a safer way to pay that helps you avoid touching buttons or exchanging cash. And with every purchase you make using your Apple Card with Apple Pay, you get 2% Daily Cash back. No points to calculate. No limits or deadlines. Just real cash that’s ready to spend whenever, wherever, and however you want.

          Shop with select merchants and get even more Daily Cash.

          3% Daily Cash

          Apple Card gives you unlimited 3% Daily Cash back on purchases you make at select merchants when you use Apple Card with Apple Pay.

          • Duane Reade
          • Exxon
          • Mobil
          • Nike
          • Panera Bread
          • T-Mobile
          • Uber
          • Uber Eats
          • Walgreens

          Apple Card Family

          Healthy finances.
          Family style.

          Apple Card Family

          Apple Card Family brings all the great features and benefits of Apple Card to your entire family — whether that’s your immediate family, extended family, or whoever you call family. It allows two partners to merge credit lines to form a single co-owned account, manage that account together, and build credit as equals. Participants 18 and older can choose to start building their own credit history, and teens can learn better spending habits. And, family members receive Daily Cash back on their own purchases.

          Learn more about Apple Card Family

          Goodbye, plastic.
          Hello, titanium.

          Titanium Card

          With laser etching and clean styling, Apple Card is designed with the same craftsmanship we bring to all our products. And it’s the only credit card made of titanium — a sustainable metal known for its beauty and durability. When you use the card, you’ll get 1% Daily Cash back on every purchase. Since Mastercard is our global payment network, you can use it all over the world. For apps and websites that don’t take Apple Pay yet, just enter the virtual card number stored securely in your Wallet app. And when you’re using Safari, it even autofills for you.

          Privacy and Security

          Your card.

          Your data.

          Your business.

          Privacy and Security

          Apple takes your privacy and security seriously. It’s not just a philosophy, it’s built into all our products. And Apple Card is no different. With advanced security technologies like Face ID, Touch ID, and unique transaction codes, Apple Card with Apple Pay is designed to make sure you’re the only one who can use it. The titanium card has no visible numbers. Not on the front. Not on the back. Which gives you a whole new level of security. And while Goldman Sachs uses your data to operate Apple Card, your transaction history and spending habits belong to you and you alone. Your data isn’t shared or sold to third parties for marketing or advertising.

          Pay for your
          new Apple products
          over time,
          interest‑free

          when you choose to
          check out with Apple Card Monthly Installments.

          Apple Card Monthly Installments

          You can buy a new Mac, iPhone, iPad, Apple Watch, and more with interest-free monthly payments on purchases at Apple. Just choose Apple Card Monthly Installments and then check out. Your installment automatically appears on your Apple Card statement alongside your everyday Apple Card purchases in the Wallet app. If you have an eligible device to trade in, you’ll pay even less per month. And you’ll get 3% Daily Cash back on the purchase price of each product, all up front. If you have Apple Card already, there’s no additional application. If you don’t, you can apply in as little as a minute during checkout, from the privacy of your iPhone.

          Learn more about Apple Card Monthly Installments

          Trusted partners for a different kind of credit card.

          Partnerships

          To create Apple Card, we needed an issuing bank and a global payment network. Apple Card is the first consumer credit card Goldman Sachs has issued, and they were open to doing things in a new way. And the strength of the Mastercard network means Apple Card is accepted all over the world.

          Get started
          with Apple Card.

          Apply in minutes to see if you are approved with no impact to your credit score.

          Apply now

          Wallet

          All your credit and debit cards,
          transit cards, boarding passes,
          and more. All in one place.

          Learn more

          Apple Pay

          The safer way to make
          secure,

          contactless purchases
          in stores and online.

          Learn more

          Apple Cash

          Use it to send and receive

          money in Messages and wherever

          Apple Pay is accepted.

          Learn more

          Источник: https://www.apple.com/apple-card/

          The future of business is yours to shape.

          Tools that connect every side of your business.

          Commerce

          Sell in-person, online, or from anywhere. Take secure payments from customers, clients, and more.

          View POS options

          Customers

          Keep customers coming back to your business with personal touches and rewards.

          Try email marketing

          Banking

          Manage your payments, business banking, and cash flow — all in one place. No monthly fees, no minimums.

          See banking solutions

          Staff

          Take care of your team with tools to schedule, manage and pay your staff - all from one place.

          Explore Square Payroll

          Square, Inc. is a financial services company, not a bank. Banking services are provided by Square’s banking affiliate, Square Financial Services, Inc. or Sutton Bank; Members FDIC. Loans are subject to approval.

          Hardware for selling anywhere.

          Accept every kind of payment.

          Get business insights from business experts.

          Join our email list to receive advice from other business owners, support articles, tips from industry experts, and more.

          Nice to meet you.

          We think businesses are as unique as the people who run them. Get individualized content on the topics you care about most by telling us a little more about yourself.

          A business toolkit. For every business.

          Virtual Terminal

          Take payments over the phone and easily key them in on your computer instead of a mobile device.

          Gift Cards

          Offer eGift Cards to increase cash flow while your business is closed or affected by social distancing.

          Marketing

          Send a free email to let customers know about changing business hours and how to best support your business.

          Dashboard and Analytics

          Run real-time reports from any device and see how your business is doing from anywhere.

          Retail POS

          Get the point of sale designed for retailers. Your inventory syncs across all your sales, online and in person.

          Restaurant POS

          From full service to counter service, run your restaurant faster with a POS built for restaurants of all types and sizes.

          Appointments POS

          Get bookings and payments in one place. Schedule private and remote sessions while your business is affected by social distancing.

          Square Checking

          A checking account with no monthly fees that gives you instant access to the sales you process through Square.

          Payroll

          Save time with our full-service payroll. Import timecards with a click and pay employees automatically.

          Checkout Links

          Create payment links, buy buttons, or QR codes. Share them almost anywhere online and start selling without a website.

          Point of Sale

          Everything you need, right at your fingertips. Our customizable software makes it easy to run your business, no matter the type or size.

          Omnichannel

          Omnichannel commerce is changing the way businesses of all sizes market and sell their products and services. But what is omnichannel?

          Resources to keep you moving forward.

          Talking Squarely

          Our podcast with real stories from business owners as they navigate what’s next.

          Future-proof your business

          Stay ahead of industry trends with insights from our Future of Commerce report.

          Keeping up cash flow

          Cash or credit—each has advantages. Which is better for your business?

          Start selling with Square.

          Create your free account in minutes and join the millions of businesses using Square.

          Источник: https://squareup.com/us/en
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          Visa USA". Archived from the original on 26 August 2013. Retrieved 28 August 2013.
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          Business Credit Cards for Bad Credit

          Business credit cards offer small business owners access to a flexible line of credit along with a convenient and safe way to pay for business expenses. Many offer cash back rewards and other perks. But if your credit scores aren’t high you may find it more difficult to qualify. Here we’ll discuss credit cards for bad credit.

          In a Federal Reserve Bank of Chicago study, over 97% of businesses with poor or below-average financial health were unable to access traditional business bank loans or financing, so it’s no surprise that many business owners look to credit cards or lines of credit to access working capital. Secured business credit cards or small business credit cards for poor credit can be good options for business owners with poor or fair credit who need a small amount of capital now. Even with a low credit limit, these cards can help you build business credit.

          First, let’s clarify what qualifies as “bad” credit. Most business credit card issuers require good to excellent credit. That often means a 680 FICO score or above. A few, however, are more flexible and may allow personal credit scores in the mid-600s or lower. There are limited business credit card options for business owners with bad credit, so we’ve included credit cards for fair credit here as well.

          You’re 3X more likely to get approved for a business credit card with MatchFactor.

          You’re 3X more likely to get approved for a business credit card with MatchFactor.

          Instantly see your top options for business loans and credit cards based on your business needs using Nav's MatchFactor.

          Get matched

          The Best Business Credit Cards for Bad Credit

          Here are credit cards to consider if your credit scores are less than perfect:

          Best credit card for limited credit: Capital One® Spark® 1% Classic for Business

          The Capital One® Spark® Classic 1% for Business is a popular card for those with less than perfect credit.

          Pros:

          • Unlimited 1% cash back on every purchase with no minimums or expiration date
          • No annual fee

          Cons:

          The Capital One® Spark® 1% Classic for Business may be a good fit for businesses that want to build credit. Benefits include 0% fraud liability protection, no foreign transaction fees, free employee cards and no spending limit.

          *All information about the Capital One® Spark® 1% Classic for Business has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.

          Best credit card for fair credit: Capital on Tap Business Credit Card

          The Capital on Tap Business Credit Card is a solid unsecured business credit card with rewards, and may be available to those with fair credit.

          Pros:

          • Soft inquiry
          • Cash back rewards

          Cons:

          • APR may be high (based on credit history)

          Capital on Tap Business Credit Card offers credit limits ranging from $1,000 up to $50,000. This card also offers an attractive rewards program: 1.5% unlimited cashback with no annual fee. 1 – 2% unlimited cashback with no annual fee.

          APRs ranging from 9.99% – 34.99% Variable depending on credit scores. Personal guarantee required.

          Secured Business Credit Cards

          A secured business credit card is another option for business owners with bad credit. These are much easier to qualify for than unsecured credit cards. A secured card requires a cash deposit to be held as a security deposit. (Typically you’ll get it back when you close the account.) This is a way for credit card companies to minimize the risk of a high risk borrower. Secured cards usually allow borrowers to charge up to the amount of their security deposit, though some will let your balance exceed your credit limit if you manage it responsibly.

          Best low-cost secured card: Wells Fargo Business Secured Credit Card

          The Wells Fargo Business Secured Card is a low-cost business secured credit card with an option to graduate to an unsecured card.

          Pros:

          • Rewards: Choose between cash back or rewards points.
          • Low interest: Prime rate + 11.90% APR on purchases
          • Build business credit: Wells Fargo reports your payment and usage behavior to the Small Business Financial Exchange.

          Cons:

          • You must open a Wells Fargo business checking or savings account prior to applying.

          The Wells Fargo Business Secured Credit Card allows cardholders to secure a credit line between $500 – $25,000, depending on how much you are willing to deposit. With this card, the amount of your credit line is equal to the amount you deposit. There is no annual fee. And best of all, you may be eligible to upgrade to an unsecured credit card over time.

          This card offers a choice of rewards:

          • Cash back: 1.5% cash back on eligible purchases or
          • Points: 1 point on every $1 spent and receive 1,000 bonus points every billing cycle when you spend at least $1,000 on qualifying purchases 1 point for every dollar spent:

          *All information about the Wells Fargo Business Secured Card has been collected independently by Nav. This card is not currently available through Nav. To see what business credit cards are available, please visit the Nav Credit Card Marketplace.

          Best personal secured card: Citi® Secured Mastercard®

          While the focus here is on business credit cards, a personal credit card may help you build credit if used properly.

          Pros:

          • On time payments can help build credit
          • Access to your free FICO score online

          Cons:

          • No rewards or intro offer

          The Citi® Secured Mastercard® is a no annual fee credit card that can help with building credit when used responsibly. A security deposit (minimum of $200) is required. Once approved, your credit limit will be equal to your security deposit. With Citi’s Flexible Payment Due Dates, you can choose any available due date in the beginning, middle or end of the month, then manage your account 24/7 online, by phone, or in the mobile app.

          What does it take to qualify for a business credit card with bad credit?

          There are two primary qualifications most business credit cardissuers consider:redit 

          1. Credit
          2. Income or revenue

          Credit: In most cases, a personal credit check will be required— even for business credit cards. It’s a good idea to check your credit reports and scores from the major consumer credit bureaus— Equifax, Experian and TransUnion— so you understand your creditworthiness. (There are more than 138 places to get your credit score for free.) This can also help you identify problem areas in your credit history where your credit can be improved. For example, high debt utilization is often a problem for consumers and business owners. If your debt ratio is too high, it could be weighing on your scores, and you’ll want to focus on paying down those balances.

          In addition to minimum credit score requirements, some issuers will not approve your application if you have too many recent inquiries, high balances on other credit cards or no credit history.

          Income: Issuers will often have minimum income requirements (and they may not disclose those) but the good news is that most will allow you to include income from all sources and not just the business. That means these cards may be available to startups as well as more established businesses.

          How to apply for a business credit card with bad credit

          Unless you get appealing credit card offers in the mail, you’ll most likely shop for a credit card online. Most issuers make it easy to apply online and get a decision very quickly. You’ll want to have the following information handy when you apply:

          • Your Social Security Number
          • Employer Identification Number (EIN) or Taxpayer Identification Number (TIN)
          • Business information: address and phone number

          Note while a few issuers require you to have a formal business entity (such as an LLC or S corp) to apply for most business credit cards, in most cases these cards are also available to sole proprietors, independent contractors and freelancers.
          If you get rejected for a card you want, you may want to reach out to the card issuer. Some have a reconsideration department that will review your application to determine whether there are other factors that may help you qualify.

          Can I use my EIN to get a credit card?

          If you have an employer identification number (EIN) you may need to supply it when you apply for a small-business credit card. But you will almost always need provide a Social Security number as well.

          How to get a business credit card with bad credit

          The most important thing to keep in mind when you apply is to narrow your search to cards for which you are most likely to qualify. Applying for multiple cards in a short period of time can result in multiple credit inquiries on your report. These can impact your credit scores, so be careful to apply for cards for which you’re more likely to get.

          100+ business credit cards in one click

          100+ business credit cards in one click

          Business credit cards can make sure you always have emergency cash on hand. Browse your top business credit card matches for free and apply in minutes!

          Find my top options

          If you get a business credit card, try to use it for business purchases so you can separate your business and personal finances. This will make it easier to keep track of your business spending for tax purposes.

          Alternatives to business credit cards for bad credit

          While many traditional small business loans (such as bank loans or SBA loans) require good credit, there are some types of business financing that may be more credit flexible or may not check personal credit at all. While there are some business loans for bad credit these financing options tend to be focused on other factors such as revenues or time in business. They include:

          • Vendor accounts
          • Online loans
          • Business cash advances
          • Crowdfunding

          For the above types of financing, revenues may be more important than credit history. A business bank account may be required so make sure you open and use one as soon as possible.

          You’re 3X more likely to get approved for a business credit card with MatchFactor.

          You’re 3X more likely to get approved for a business credit card with MatchFactor.

          Instantly see your top options for business loans and credit cards based on your business needs using Nav's MatchFactor.

          Get matched

          This article was originally written on May 10, 2018 and updated on September 3, 2021.

          Rate This Article

          This article currently has 119 ratings with an average of 4.5 stars.

          Gerri Detweiler

          Education Director for Nav

          Gerri Detweiler is Education Director for Nav. Known as a financing and credit expert, she has been interviewed in more than 4000 news stories, and answered over 10,000 credit questions online. Her articles have been widely syndicated on sites such as MSN, Forbes, and MarketWatch. She is the author or coauthor of five books, including Finance Your Own Business: Get on the Financing Fast Track. She has testified before Congress on consumer credit legislation.

          Источник: https://www.nav.com/resource/business-credit-cards-bad-credit/
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