So, here’s my intern surviving my test tasks. I’m posting her work here. I know it’s very basic, but… Don’t be hating! ;) Some of you won’t know this. Otherwise I wouldn't have to answer a bunch of stupid questions every day. So… You bettah check eet! (or be quiet about it) ;)
First a credit card category needs to be chosen. The categories include balance transfer credit cards, low interest credit cards and others. Click on this link to see the most popular credit card categories. In order to get that credit card, an account needs to be accepted by the credit provider. Also there are four major credit card networks: American Express, Discover Card, Visa, and American Express. Different banks issue each network. Once the account is approved the cardholder can use the credit card to make purchases at stores that accept that credit card. After making a purchase and signing the receipt, the credit card holder agrees to pay the card issuer. Monthly, a statement is sent to the cardholder. It indicates the purchases made and the total amount owed. A defined proportion of the sum needs to be paid by the credit card user by the date due.
Monthly, an amount needs to be paid to the credit card provider. Grace periods are about 20 to 30 days long. If the amount is not paid by the end of the grace period, then the credit card holder has to pay interest. Credit card interest rates vary from card to card. Some can even be 0% interest credit cards. Sometimes to avoid late payments, automatic withdrawals can be set up from the credit card holder’s bank account. As long as there is money in the account, late payments and interest charges can be avoided.
To avoid complications, credit cards need to be kept safe. The credit card number has to be kept private. When someone has access to either the card or the number, the security of the credit card can be at risk. If a credit card is stolen, it can be cancelled. This has to be done fast to eliminate fraud.
How Credit Cards Work
First a credit card category needs to be chosen. The categories include balance transfer credit cards, low interest credit cards and others. Click on this link to see the most popular credit card categories. In order to get that credit card, an account needs to be accepted by the credit provider. Also there are four major credit card networks: American Express, Discover Card, Visa, and American Express. Different banks issue each network. Once the account is approved the cardholder can use the credit card to make purchases at stores that accept that credit card. After making a purchase and signing the receipt, the credit card holder agrees to pay the card issuer. Monthly, a statement is sent to the cardholder. It indicates the purchases made and the total amount owed. A defined proportion of the sum needs to be paid by the credit card user by the date due.
Credit Card Interest Rates
Monthly, an amount needs to be paid to the credit card provider. Grace periods are about 20 to 30 days long. If the amount is not paid by the end of the grace period, then the credit card holder has to pay interest. Credit card interest rates vary from card to card. Some can even be 0% interest credit cards. Sometimes to avoid late payments, automatic withdrawals can be set up from the credit card holder’s bank account. As long as there is money in the account, late payments and interest charges can be avoided.
Credit Card Security
To avoid complications, credit cards need to be kept safe. The credit card number has to be kept private. When someone has access to either the card or the number, the security of the credit card can be at risk. If a credit card is stolen, it can be cancelled. This has to be done fast to eliminate fraud.
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