Monday, September 27, 2010
Tuesday, August 17, 2010
An Instant Approval Credit Card Is What You Get
Instant approval is the method used by banks and credit card companies to take your application and instantly make a decision based on data they get from your online credit report. In most cases, instant approval means that the bank will give you a temporary approval based on your online credit information that will keep you occupied while they do more detailed research. While many people who apply for them think they will immediately be issued a card, this is not always the case. In fact, it can still take several weeks for a consumer to receive an instant approval credit card, if they do happen to get approved for the card. It is also important to make sure you have good credit before applying for an instant approval credit card. Instant approval is usually obtained online, over the phone or in-store. If you apply for instant approval credit cards online, make sure you go through banks and credit card companies that offer the highest level of internet data encryption.
Instant approval gives banks a reasonable amount of time to determine if an applicant is a good candidate. The applications are just as secure as traditional applications that are sent through the mail. Instant approval is not always a type of card in its own right; often it is a feature that is a part of other common cards, like store credit cards or rewards cards. The cards often appear to be offers that sound too good to be true, but many people are benefiting from them in their daily lives. They are credit cards that are great for people who do not want to wait up to a month for their approval. Instant approval credit cards are also available for small businesses and students and instant approval credit cards are not secured credit cards.
Instant approval credit cards sometimes need more information than what can be gained instantly, by issuers, in order to decide if they will approve your application. Instant approval credit cards are the result of the internet economy as well as consumer wants and needs. You will find instant credit card approvals advertisements are sweeping the internet, since the cards are becoming increasingly more popular among consumers. The entire process for an instant approval credit card is much speedier than applying through the postal mail or over the phone. The cards look the same as any other credit card.
Practically speaking, to search credit cards is as easy as a piece of cake as all instant approval credit cards are carefully arranged side-by-side and selected for you to make the best credit card search. It should be noted that instant approval credit card applicants that have good to excellent credit history are the most likely to be approved. For consumers with very good credit, an online application for an instant approval credit card can result in receiving a new credit card within one to two weeks after applying.
When considering which instant approval credit card to apply for, make sure to look at the various benefits offered. If you have good credit, search for guaranteed approval credit cards such as instant approval credit cards with low balance transfer rate and no annual fee card offers, and business credit cards. Now, many companies offer instant approval credit cards. There are a lot of credit card companies that present platinum credit cards, such as Visa, MasterCard and Discover, with instant approval credit card offers.
Getting an instant approval credit card can literally be as easy as typing a few keystrokes. So, beyond any shadow of doubt, everyone is free to apply online for a credit card and to live a life of leisure with instant approval credit cards like the lowest APR credit cards, no fee credit card and 0 balance transfer credit cards, if you are approved for a card. It stands to reason, if you have access to the internet, you have access to many options for instant approval credit cards. Since all of this is true, do not put it off any longer, check out the instant approval credit card and move upward to greater financial satisfaction.
Instant approval gives banks a reasonable amount of time to determine if an applicant is a good candidate. The applications are just as secure as traditional applications that are sent through the mail. Instant approval is not always a type of card in its own right; often it is a feature that is a part of other common cards, like store credit cards or rewards cards. The cards often appear to be offers that sound too good to be true, but many people are benefiting from them in their daily lives. They are credit cards that are great for people who do not want to wait up to a month for their approval. Instant approval credit cards are also available for small businesses and students and instant approval credit cards are not secured credit cards.
Instant approval credit cards sometimes need more information than what can be gained instantly, by issuers, in order to decide if they will approve your application. Instant approval credit cards are the result of the internet economy as well as consumer wants and needs. You will find instant credit card approvals advertisements are sweeping the internet, since the cards are becoming increasingly more popular among consumers. The entire process for an instant approval credit card is much speedier than applying through the postal mail or over the phone. The cards look the same as any other credit card.
Practically speaking, to search credit cards is as easy as a piece of cake as all instant approval credit cards are carefully arranged side-by-side and selected for you to make the best credit card search. It should be noted that instant approval credit card applicants that have good to excellent credit history are the most likely to be approved. For consumers with very good credit, an online application for an instant approval credit card can result in receiving a new credit card within one to two weeks after applying.
When considering which instant approval credit card to apply for, make sure to look at the various benefits offered. If you have good credit, search for guaranteed approval credit cards such as instant approval credit cards with low balance transfer rate and no annual fee card offers, and business credit cards. Now, many companies offer instant approval credit cards. There are a lot of credit card companies that present platinum credit cards, such as Visa, MasterCard and Discover, with instant approval credit card offers.
Getting an instant approval credit card can literally be as easy as typing a few keystrokes. So, beyond any shadow of doubt, everyone is free to apply online for a credit card and to live a life of leisure with instant approval credit cards like the lowest APR credit cards, no fee credit card and 0 balance transfer credit cards, if you are approved for a card. It stands to reason, if you have access to the internet, you have access to many options for instant approval credit cards. Since all of this is true, do not put it off any longer, check out the instant approval credit card and move upward to greater financial satisfaction.
Getting Smart on a Low - Rate Credit Card
The intense competition among credit card companies has squeezed their creative brains hard, as they try to come up with innovative features on their various credit cards. One of the most attractive -- and substantive -- features invented by the credit card companies have been the low-rate credit cards.
It is a smart move to take advantage of these cost-saving credit card offers. Potentially, you could actually get the bulk of interest savings from these low-rate credit card offers, especially when you are trying to manage your credit card debt. Indeed, there are people who would advise that you jump from one credit card to another, taking advantage of the 0% apr credit card introductory offers and save yourself a lot of money in interest charges. It would be like getting an interest-free loan every time.
However, as attractive as such offers may seem, it would not hurt to thoroughly investigate the finer details of the credit card terms. The credit card companies, after all, are there to make money, so why should they be giving away their chance to make profits with these 0% apr credit card offers? Being in the business of lending money, credit card issuers earn money by charging interest on credit card balances.
It would be prudent, therefore, to check for hidden costs in these attractive offers before you apply for a credit card. Prudence requires that you study and understand the entire offer. Despite a possible distaste for it, you should read the credit card terms, the back of the offer, and all of the fine print.
You should study these conditions every time consider new credit cards. It's not that you begrudge the credit card companies the right to impose interest and credit card fees; it's just that you would not want any surprises and would prefer to get the better end of the deal. Let us look at some of these details.
Interest rate. This will always be the most important factor when evaluating credit cards. You will have no problem finding the nominal rate because it is usually printed in big bold type in the credit card offer letter. The long and the short of interest rate is this: if you want a balance transfer as a means to save money, you'll have to make certain that your current rate in your existing credit card is significantly higher than the interest rate in the new offer for credit cards. While other considerations should also be weighed, you will agree that if this condition is not true, there is no way you will save money on the new card.
Action date. This may not be as obvious, as it is buried in smaller print. The offer from the credit card company may specify the latest day for you to take advantage of the offer. Sometimes, the offer will specify different rates for different action dates.
Effective period. You need to know how long the low rate will be applied to your credit cards. The introductory periods on credit cards, vary anywhere from three months to fifteen months, and this obviously will impact how much you can expect to save. The longer the time you're in the low rate, the more money you will save. However, if there are credit card processing fees included as a condition on the transfers, you need to calculate a break-even time, that is, you must be in the lower rate for a certain length of time before you start seeing any savings.
Application of payments. You have to make certain how payments will be applied to your credit card account. Sometimes, the credit card issuer will apply your payments to the balance you transfer from other credit cards, which is subject to the low rate offer, while new purchases which may accrue interest at a higher rate will remain untouched by your payments. However, there are cards that offer the low rate for both transfers and new purchases, which is more advantageous to you.
Allowable amount to transfer. Most credit card offers allow transfer balances up to your credit limit, which is great. This can be a little tricky, though, because they often do not specify exactly how much you can transfer. It's tricky because it is possible for you to go over the credit cards credit limit if there are transfer fees and other charges to be paid, and if you do go over that you will get hit with an over-limit fee. Discuss this area thoroughly with the account representative to be certain you don't break any rules. Remember, if the bank thinks it can charge credit card fees for something, they will.
Balance transfer fees. Now most balance transfer offers do not really impose transfer fees. Just double check to make sure; read the fine print carefully. There could be transfer fee schedules based on the amount transferred, which could be something like: a flat minimum fee for any amount; a 2% fee on the amount transferred; or, a maximum fee to serve as a ceiling. It is not saying that credit card fees are automatically onerous, but you must know so that you can calculate if indeed you will save money when comparing the credit card fees to what you currently are paying.
Different rates for different amounts transferred. There may be a varying schedule of rates for different amounts transferred. This could be present in the credit card offer letter, but then again, it may not. Some banks may graduate their interest rate such that the bigger the amount transferred, the lower will be your rate. For instance, amounts below $3,000 will be at 8.9%, $3,000 to $4,999, 7.9%; and over $5,000, the interest is 6.9%. Again you need to know this to calculate the amount you will save on the credit cards.
Late payment condition. You should really be careful with this condition imposed on credit cards. The advantages of the low-rate credit card offer could suddenly terminate and end up costing you hundreds of dollars if you do not read the terms and conditions. Contract provisions like this usually go to the superfine print area, and could read something like, "However, if a minimum monthly payment is not received by the close of the first billing cycle following the payment due date, your promotional APR balances will be 24.9%." That's a jump to the stratosphere from a very low rate credit card offer, and that is for being late once! This is where you realize that it is costly to be late on any of your credit cards. The bottom line is that when you opt to take the low rate offer, make your payments on time.
Interest rate after intro period. You must know what the rate will be when the introductory period is over. Hopefully, the bank will raise the rate to a fair level, but if you comparison shop, you will find that some rates can reach close to 20%. That can be painfully high. You need to know this rate after the promotion period phases out, to be more realistic in your estimate of savings. This assumes that you will not switch to new low-rate credit cards. If the bank tries to gouge you, you probably will. There are so many other offers on credit cards to choose from out there.
It is a smart move to take advantage of these cost-saving credit card offers. Potentially, you could actually get the bulk of interest savings from these low-rate credit card offers, especially when you are trying to manage your credit card debt. Indeed, there are people who would advise that you jump from one credit card to another, taking advantage of the 0% apr credit card introductory offers and save yourself a lot of money in interest charges. It would be like getting an interest-free loan every time.
However, as attractive as such offers may seem, it would not hurt to thoroughly investigate the finer details of the credit card terms. The credit card companies, after all, are there to make money, so why should they be giving away their chance to make profits with these 0% apr credit card offers? Being in the business of lending money, credit card issuers earn money by charging interest on credit card balances.
It would be prudent, therefore, to check for hidden costs in these attractive offers before you apply for a credit card. Prudence requires that you study and understand the entire offer. Despite a possible distaste for it, you should read the credit card terms, the back of the offer, and all of the fine print.
You should study these conditions every time consider new credit cards. It's not that you begrudge the credit card companies the right to impose interest and credit card fees; it's just that you would not want any surprises and would prefer to get the better end of the deal. Let us look at some of these details.
Interest rate. This will always be the most important factor when evaluating credit cards. You will have no problem finding the nominal rate because it is usually printed in big bold type in the credit card offer letter. The long and the short of interest rate is this: if you want a balance transfer as a means to save money, you'll have to make certain that your current rate in your existing credit card is significantly higher than the interest rate in the new offer for credit cards. While other considerations should also be weighed, you will agree that if this condition is not true, there is no way you will save money on the new card.
Action date. This may not be as obvious, as it is buried in smaller print. The offer from the credit card company may specify the latest day for you to take advantage of the offer. Sometimes, the offer will specify different rates for different action dates.
Effective period. You need to know how long the low rate will be applied to your credit cards. The introductory periods on credit cards, vary anywhere from three months to fifteen months, and this obviously will impact how much you can expect to save. The longer the time you're in the low rate, the more money you will save. However, if there are credit card processing fees included as a condition on the transfers, you need to calculate a break-even time, that is, you must be in the lower rate for a certain length of time before you start seeing any savings.
Application of payments. You have to make certain how payments will be applied to your credit card account. Sometimes, the credit card issuer will apply your payments to the balance you transfer from other credit cards, which is subject to the low rate offer, while new purchases which may accrue interest at a higher rate will remain untouched by your payments. However, there are cards that offer the low rate for both transfers and new purchases, which is more advantageous to you.
Allowable amount to transfer. Most credit card offers allow transfer balances up to your credit limit, which is great. This can be a little tricky, though, because they often do not specify exactly how much you can transfer. It's tricky because it is possible for you to go over the credit cards credit limit if there are transfer fees and other charges to be paid, and if you do go over that you will get hit with an over-limit fee. Discuss this area thoroughly with the account representative to be certain you don't break any rules. Remember, if the bank thinks it can charge credit card fees for something, they will.
Balance transfer fees. Now most balance transfer offers do not really impose transfer fees. Just double check to make sure; read the fine print carefully. There could be transfer fee schedules based on the amount transferred, which could be something like: a flat minimum fee for any amount; a 2% fee on the amount transferred; or, a maximum fee to serve as a ceiling. It is not saying that credit card fees are automatically onerous, but you must know so that you can calculate if indeed you will save money when comparing the credit card fees to what you currently are paying.
Different rates for different amounts transferred. There may be a varying schedule of rates for different amounts transferred. This could be present in the credit card offer letter, but then again, it may not. Some banks may graduate their interest rate such that the bigger the amount transferred, the lower will be your rate. For instance, amounts below $3,000 will be at 8.9%, $3,000 to $4,999, 7.9%; and over $5,000, the interest is 6.9%. Again you need to know this to calculate the amount you will save on the credit cards.
Late payment condition. You should really be careful with this condition imposed on credit cards. The advantages of the low-rate credit card offer could suddenly terminate and end up costing you hundreds of dollars if you do not read the terms and conditions. Contract provisions like this usually go to the superfine print area, and could read something like, "However, if a minimum monthly payment is not received by the close of the first billing cycle following the payment due date, your promotional APR balances will be 24.9%." That's a jump to the stratosphere from a very low rate credit card offer, and that is for being late once! This is where you realize that it is costly to be late on any of your credit cards. The bottom line is that when you opt to take the low rate offer, make your payments on time.
Interest rate after intro period. You must know what the rate will be when the introductory period is over. Hopefully, the bank will raise the rate to a fair level, but if you comparison shop, you will find that some rates can reach close to 20%. That can be painfully high. You need to know this rate after the promotion period phases out, to be more realistic in your estimate of savings. This assumes that you will not switch to new low-rate credit cards. If the bank tries to gouge you, you probably will. There are so many other offers on credit cards to choose from out there.
Thursday, August 12, 2010
How to Stop Credit Card Fraud
If you are a merchant, particularly someone who sells products online, the chances of your business being exposed to credit card fraud is highly likely. For many businesses, credit card fraud is a cost that they apportion into doing business and they may even account for it in how the price products - similar to how a business may account for bad or doubtful debts. In the UK for example, government published statistics reveal that credit card fraud has went up from £83.3m 10 years ago to £504.8m just before the introduction of the chip and pin scheme. Chip and pin is a system where by a number is assigned to each credit card, meaning a thief has to do more than just fake a signature to complete a purchase with someone else's credit card. This has been said to have reduced fraud by 13% since its introduction.
With so many different types of credit card fraud, it is important to have a strategy to address each one. This article offers an insight into prevention methods for well known techniques of committing credit card fraud.
Card Not Present Fraud
CNP fraud is among the fastest rising category of fraud. The main reason for this is that it is becoming much harder to commit fraud in person, especially with the introduction of Chip and Pin. As online credit card fraud increases there are some measures that all merchants can take to ensure their associated costs of being exposed to online credit card fraud can be reduced.
● Call back customers to confirm orders. Although this is also a cost center, it could be used as a technique when the transaction appears somewhat out with the ordinary
● Pay attention to transactions where the delivery address and cardholder address are different
● AVS or CSC verification doesn't remove risks 100% but it removes the ability for fraud to be done base solely on acquiring account details with out having the credit card in person.
Card Present Fraud
Card Present Fraud has become increasingly hard to commit, and as a result it is no longer associated with being a white collar crime as is often the case with CNP fraud. Despite this, face to face or swiped card fraud can still be an issue which retail merchants still have to deal with. Following certain protocols can help to limit the chances of you being affected, and ensure that your business is refunded by following the correct procedures.
● Train employees to be on the look out for people who appear nervous or uncomfortable. They should not confront then based on that alone, but they should certainly be discreetly vigilant when they do.
● Check that the card number that is embossed matches the card number on the receipt. Pay particular attention to the last 4 digits if this has to be done discreetly and promptly. If they are different then it is important to act. In situations like this it is likely that skimming has taken place.
Finally, large orders from overseas countries with US Billing address are almost always fraud so it's better to have these customers pay via western union or bank wire. Many times fraudsters will order a large order using a stolen credit card and by the time you've discovered the card is stolen you already shipped the order.
With so many different types of credit card fraud, it is important to have a strategy to address each one. This article offers an insight into prevention methods for well known techniques of committing credit card fraud.
Card Not Present Fraud
CNP fraud is among the fastest rising category of fraud. The main reason for this is that it is becoming much harder to commit fraud in person, especially with the introduction of Chip and Pin. As online credit card fraud increases there are some measures that all merchants can take to ensure their associated costs of being exposed to online credit card fraud can be reduced.
● Call back customers to confirm orders. Although this is also a cost center, it could be used as a technique when the transaction appears somewhat out with the ordinary
● Pay attention to transactions where the delivery address and cardholder address are different
● AVS or CSC verification doesn't remove risks 100% but it removes the ability for fraud to be done base solely on acquiring account details with out having the credit card in person.
Card Present Fraud
Card Present Fraud has become increasingly hard to commit, and as a result it is no longer associated with being a white collar crime as is often the case with CNP fraud. Despite this, face to face or swiped card fraud can still be an issue which retail merchants still have to deal with. Following certain protocols can help to limit the chances of you being affected, and ensure that your business is refunded by following the correct procedures.
● Train employees to be on the look out for people who appear nervous or uncomfortable. They should not confront then based on that alone, but they should certainly be discreetly vigilant when they do.
● Check that the card number that is embossed matches the card number on the receipt. Pay particular attention to the last 4 digits if this has to be done discreetly and promptly. If they are different then it is important to act. In situations like this it is likely that skimming has taken place.
Finally, large orders from overseas countries with US Billing address are almost always fraud so it's better to have these customers pay via western union or bank wire. Many times fraudsters will order a large order using a stolen credit card and by the time you've discovered the card is stolen you already shipped the order.
Know the Different Types of Credit Card Frauds
Credit card fraud is one of the biggest loss concerns in a bank. The frauds are usually performed by a group of people either using counterfeit credit cards to cheat unsuspecting merchants or in collaboration with the merchants to cheat the banks. This group of people who performed fraud is known as fraud syndicates.
Types of frauds
There are many types of frauds that have identified by the banks. To ease the efforts of fighting fraud, they are classified into various categories by their natures
1. Counterfeit cards
Counterfeit credit card transactions are one of the biggest fraud reasons in the industry. It make up about 40% of all money lost through credit card frauds. The syndicates used various methods to obtain card information to create counterfeit cards. The illegally created counterfeit cards will have all the information of the genuine credit cards in their magnetic stripes. One of the known methods used is card skimming whereby information contained on magnetic stripes of cards recorded into chips illegally installed into EDC machines or through wire tapping technology.
2. Lost or stolen cards
Lost and stolen credit card fraud formed 20% or the second highest fraud reason. In most cases, the genuine cards are stolen from cardholders in their workplace, gymnasium and unattended vehicles.
3. Mail order or telephone order Fraud
Mail order or telephone order fraud accounts for 10% or is the third highest fraud reason. Usually the fraud syndicates use shady telemarketers and deceptive internet sites to obtain credit card information from the genuine cardholders. In this kind of fraud, the three digits the syndicates need the security number or card verification code (CVC2) which is printed at the back of the genuine card to complete the fraud transactions.
4. Non-receipt Fraud
Non-receipt fraud occurs when the credit cards are intercepted by the syndicates when they are on the way to the cardholders which are usually by courier or registered mails. This fraud reason accounts for about 7% of the total fraud transactions.
4. Other fraud reasons
The balance 23% of fraud transactions made up of the following fraud reasons not exhaustive:
a. Fraudulent applications
b. No cardholder signatures
c. Unauthorized transactions
d. Invalid transactions
Types of frauds
There are many types of frauds that have identified by the banks. To ease the efforts of fighting fraud, they are classified into various categories by their natures
1. Counterfeit cards
Counterfeit credit card transactions are one of the biggest fraud reasons in the industry. It make up about 40% of all money lost through credit card frauds. The syndicates used various methods to obtain card information to create counterfeit cards. The illegally created counterfeit cards will have all the information of the genuine credit cards in their magnetic stripes. One of the known methods used is card skimming whereby information contained on magnetic stripes of cards recorded into chips illegally installed into EDC machines or through wire tapping technology.
2. Lost or stolen cards
Lost and stolen credit card fraud formed 20% or the second highest fraud reason. In most cases, the genuine cards are stolen from cardholders in their workplace, gymnasium and unattended vehicles.
3. Mail order or telephone order Fraud
Mail order or telephone order fraud accounts for 10% or is the third highest fraud reason. Usually the fraud syndicates use shady telemarketers and deceptive internet sites to obtain credit card information from the genuine cardholders. In this kind of fraud, the three digits the syndicates need the security number or card verification code (CVC2) which is printed at the back of the genuine card to complete the fraud transactions.
4. Non-receipt Fraud
Non-receipt fraud occurs when the credit cards are intercepted by the syndicates when they are on the way to the cardholders which are usually by courier or registered mails. This fraud reason accounts for about 7% of the total fraud transactions.
4. Other fraud reasons
The balance 23% of fraud transactions made up of the following fraud reasons not exhaustive:
a. Fraudulent applications
b. No cardholder signatures
c. Unauthorized transactions
d. Invalid transactions
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