Zero Percent APR Credit Cards Online

Zero Percent APR Credit Cards Online

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The Story of the Credit Card Industry

The credit card industry is a mysterious world in which most credit card owners do not understand how it works. When deciding whether or not owning a credit card would benefit you in any way, doubt can sometimes occur due to all of the stories you may hear about debt. However, the state of the credit card industry tell a different story, one that involves success and a thriving industry.

Popular credit card companies that we hear of include MasterCard and Visa which does not even begin to cover the full story of the credit card industry. There are other players in the industry and some beginners who are attracted to the credit card market. An example of a new player is Silicon Valley who now provides online and mobile credit card facilities. According to Business Insider, the leading players are currently not in harm’s way as they are not responsible for payments to process. However, with new technology and new innovative ideas, the traditional credit card machines may be at risk of continuing to be part of the credit card industry’s success. Innovation of today’s world often involves the internet. Online systems such as PayPal are in the credit card market and are here to stay.

Like all markets, there is always some form of skepticism. In the credit card industry the skepticism is coming from Britain, where people are questioning the treatment of the few credit card owners who do play a leading role in the stories of debt. 30 million may seem like a positive number when it comes to statistics -it is the amount of people in Britain who own a credit card. However, the Financial Conduct Authority claimed that 9 million of these credit card holders were in debt which harms the competition in Britain’s credit card industry. Therefore, the successful story of the credit card industry seems to be having some dilemmas. The internet is clearly in the future for the industry but the solution to debt will determine the future of the next chapter in the credit card industry.

Posted in Uncategorized | Tags: Credit Card Industry, Market, Online Credit |

Secured Credit Cards

It is hard to avoid credit cards and having one can come in handy. Also the responsible use of credit cards builds a good credit rating, which will allow you to apply for loans and mortgages.

However what are the options if you have never had a credit or suffer from a poor credit history. The best option here would be a secured credit card so that you can establish and re-establish credit.

Secured Credit Cards

You will need to have a cash collateral deposit for a secured credit card and this is also the credit line you have.

This is the limit that is on the card and the maximum that you will be able to charge up to. You can add to the deposit so that you have access to more credit. The bank at times can even reward you when you make good payments and add to your credit without the need of deposits.

You will need to still shop around for a secured credit card so that you do not have to pay high charges.

Try and find a secured card that does not have an application fee. A secured card will usually have an annual fee. You should check all the fine print before you sign, so you know all the fees attached.

Even though secured credit cards can be kind and have low fees, there are some that take advantage because of the customer’s situation. This is when you need to take note of all the fees and extras that could be charged. Read all of the terms and if you have a question then you should ask.

Pay attention to the interest rates, fees and the required deposit.

The main reason that you will opt for a secured credit card is so that you are able to build a credit history that is positive. Ensure that the issuer of the secured credit card reports to the major credit bureaus. After a secured credit card you will want to have an unsecured credit card, but this will take about a year. You will need to ensure though that you make all the repayments and on time for the secured card before you can think about an unsecure one.

The best thing to do when you have a secured credit card is to buy a few things and pay these off in full every month. Keep in mind that secured credit cards will have a higher interest rate and annual fees, so you do not one any longer than you need to.

Top 5 Credit Card Trends in 2014

Top 5 Credit Card Trends in 2014

With the advance of technology, credit card trends in 2014 will start to become noticeably different and we may start to say goodbye to swiping our cards.

So what can we expect in terms of credit card trends for the year 2014?

1. More EMV Chip Cards

The EMV Chip Card is being rolled out and is designed to cut down on fraud. The chip on the card is read instead of the magnetic strip. Whilst these are already being issued in South Africa, not everyone has one.

If the credit card you are using features the old magnetic strip, it is advised that you apply for a replacement chip card from your credit card provider in order to enhance the security of your purchasing experience.

2. Location-specific Retail Advertising Using Your Smartphone

A notable credit card trend in 2014 brings smartphones into the mix. Geo-location technology will be used with your smartphone so that it is able to spot when you are in or near a store and send you promotions based on the location that you are in.

3. Mobile Smartphone Payments

Mobile smartphone apps that allow consumers to check their accounts on the go and pay by scanning their phone at a checkout will start to change how we pay in 2014. This will start to become prominent as consumers are looking for convenience, which could in fact make debit and credit card terminals redundant.

credit card machines

4. Rewards to Encourage Healthier Credit Records

Previously, consumers with excellent credit records were given the most generous credit card rewards like interest-free introductory periods and various creative perks. However, 2014 may see even those with bad credit being rewarded with benefits such as lower interest.

5. Point-Based Credit Card Rewards

There are quite a few reward schemes in place, but the rewards on offer may change in 2014. Current credit card reward schemes may change to become point-based instead of cash-back reward schemes, as reward points are more flexible.

The full extent of these predicted credit cards trends for 2014 is likely to soon be realised in the industry.  In light of these changes, consumers should expect to be informed by their credit providers about any changes that take place and how they are able to take advantage of these.

Credit Card Pitfalls

Credit Card Pitfalls

Credit Cards are a great thing to have as they allow you to buy now and pay for your purchases later. Although it is a way for you to have instant money in your wallet, there are some common pitfalls of credit cards today that we may not all be aware of.

 

Credit Card Pitfalls

  • Making Late Payments on Your Credit Card

When using a credit card to make purchases, you are expected to pay the amount owed back to your credit card provider each month. If you make late payments, you will notice that it will actually start costing you more. You will accrue late payment fees as well as a higher interest rate.

The late fee will generally be a certain percentage of the amount of the total balance. Also if you miss payments or make late payments, this will reflect in your credit report and your credit score will be affected.

  • Credit Card Charges and Fees

There are numerous charges and fees associated with using credit cards, with many ‘hidden’ fees that you may not even be aware of. Each time you use your credit card there will generally be a fee attached to the transaction. In order to use your credit card responsibly, it is best to ensure that you are aware of all the fees that come with using your credit card and not just the interest rate.

  • Paying the Minimum on Your Credit Card

Paying the minimum amount due on your credit card may seem attractive as it means that you will not have to pay a large amount all at once and are still able to use your card. However, the problem with doing this is that it will take you a lot longer to pay off your debt. Also, the addition of credit card interest will result in you spending a lot more money than you originally owed.

  • Having Too Many Credit Cards

Having many credit cards may seem like a normal thing to do, but in actual fact credit card companies can actually punish you for this. Juggling several credit cards can affect your credit score and may cause your interest rates to increase.

  • Using your Credit Card for Cash Withdrawals

If you take a cash advance or withdraw cash from your credit card, the interest on this will be much higher than a regular purchase. This then allows the interest to accumulate from the start of that transaction. It is best not to withdraw at all from your credit card.

As flexible as your credit card may be, there are also many pitfalls of having one. If you are certain that you need a credit card, you should always read the fine print of all your credit card options so you know what you will be paying in the long run.

The Credit and Debit Card Terminal Options

The Credit and Debit Card Terminal Options

Credit and Debit Card Terminal

A business is able to increase their sales by having a credit and debit card machine. This type of a point of sale (POS) terminal has already become a more popular form of payment instead of paying with cash.

In order to have payments processed when customers use a credit or debit card, your business will need a merchant account usually with a financial institution such as a bank, and the equipment needed to process such payments.

What you Need

Before implementing debit and credit card terminals in your business, first talk to your merchant account server to see which account is the best one for you.

After you have settled on the type of account that you will open between your business and server, you will need to consider the type of connection and the varying types of card terminals (fixed, portable or mobile) that is best suited to your business’ needs.

The Connection Types

The connection type that you choose will depend on how you will be using your credit and debit card machine. It will also depend on what you have already available and what you are willing to install into your business.

  1. The first connection type is the shared phone line, which allows the card machine and your phone to run off the same single line. However, this will also mean that you are not able to use the phone and card machine at the same time.

  2. The second connection type involves two separate phone lines, which means that the card machine and phone run off two separate lines so that they are both able to work at the same time. However, keep in mind that if two card machines are running off the same line then they will not be able to work at the same time.

  3. The third connection type is broadband, which is a faster way for the payments to be processed. The card machine will need to be plugged into your router meaning that you will not need a phone line to run the card machine.

  4. The fourth type of connection is the mobile GPRS network where a SIM card is used in the card machine, which then creates a portable card machine so that you can process payments whilst on the go.

Now that you know what the connection types are on offer to you, the next thing to look at is the various card machine options.

The Different Card Machines

  1. Fixed Card Machines

Fixed card machines are usually positioned in a set location such as on the countertop in a business. These countertop card machines need to be connected to a power supply and to either a phone or broadband line. The fixed card machine can exclude a PIN pad, which is where the amount needs to be entered into the machine first before it is given to the customer.  Fixed card machines with a PIN pad allows for the amount to be entered into the main terminal and the customer to enter their PIN on a separate PIN device.

  1. Portable Card Machines

Portable card machines can be carried around within a limited area to process payments. Although it has a limited reach, portable card machines work well for processing payments in businesses like in a café where the machine needs to be taken to the customer. There is a base for the charging of the card machine and the data is transmitted wirelessly usually using Bluetooth.

  1. Mobile Card Machines

For mobile businesses that need to process credit and debit cards, mobile card machines are ideal as they don’t require a phone or broadband line. Instead these mobile card machines use a GPRS SIM card and can be charged allowing for you to carry and use the device wherever you go.

  1. Use your Tablets and Smartphones.

It is now possible to transform your tablets and smartphones into credit and debit card processing systems. This allows for payments to be made wirelessly and is also ideal for mobile businesses. The device that you will use needs to have an IOS or Android operating system, as well as a card reader that is able to plug into your device. Once you have downloaded the correct app, you can start processing payments with your merchant account server and the credit or debit card.

In order to determine which machine is best suited to your needs, first consider the type of connection and power supply that is available during your business operations. You also need to consider how you will use the machine, whether it be at a till point or whilst you are on the move. Once you’ve determined your best options from these selections you can now move to purchase a credit card terminal

Card machines are able to increase the number of sales for a business and also make it more convenient and effective for both the customer and business.

Sources:

http://en.wikipedia.org/wiki/Credit_card_terminal

http://www.instantpaydayloanssouthafrica.co.za/

http://vehiclefinance-calculator.co.za/

http://car-insurancequotessouthafrica.co.za/

Portable Card Machines