Sunday, February 16, 2014

How do credit cards work?

You as a client go to your bank, requesting the issuance of a credit card, you will find the customer service officer bank asks, about the point of that work has your salary and what the questions are common, they were not employees, will ask the customer service officer bank guarantees on which gives This credit, either you're a client trusted since they have a long time, and your account by the large sums of money or reasonable, at least, or it will ask you to connect and deposit a certain amount, say ten thousand, for example, Faattiyk almost 80% of the deposit at a credit card, any eight thousand. This traditional introduction in which all of the numbers or percentages is to simplify and only bring the idea is not exactly what you'll find at your bank.

After fulfilling several points, the customer service officer bank gave you an order form the card, and will be the determining credit limit granted to you in the card is a point that must not overtake the withdrawals of cash from automated teller machines (ATM) or purchases of POS (POS) or through Internet, for example, if the ceiling is, for example, ten thousand, when your purchases and withdrawals up to this limit will be denied any other process to come unless you pay a fraction of what you used whole or in accordance with the method of your dealings with the bank.

The card will be issued to you during a certain time period varies from bank to bank and from one country to another, and you need to activate it until it is received by calling gives him a certain Mzzv bank or find the back of the card is printed. Here may be acquired credit card enables you to withdraw cash or buy on credit or installments. Beware of this card it is a double edged sword, Yes, it is enables you to withdraw cash overdrafts without have exaggerated in your cover those withdrawals, and yes is let you purchase without being in your pocket money, but beware of misuse, lack of a money material your hand and they'll get to later be a motivation for some of the wasteful purchase as long as the collection will be later, or until soft.

Beware also of the loss of the card or the fact, however, strangers, even for a few seconds, I have a friend suffered a scam strange, When was the process of shopping and his family, the employee achievement the store (Casher) photographed the card by his mobile phone in a way very fast, less than seconds in the absence of My friend, who was not expected to occur, it has been made that the employee fraudster using the card that got the numbers, and the number confirmatory printed the back of the card and was able to use it over the Internet for several months without notice my friend because of that employee's crook was buying goods simple request period, and the strange that this was a crook employee has more than one hundred other card for other clients, under the condition that many months without paying attention to most of the owners of the cards are withdrawn from their cards. Recently been discovered is that the fraudster, but after the loss of money.

We come to the method of use, when you come to a shop to buy some of your needs through credit card, you give the card to the seller who enters the machine and enter the desired amount, and here you have to be sure that the amount is correct, and is only seconds and graduated small paper from the machine shows that the process is acceptable or unacceptable, in the event of acceptance of the process, the seller gives you that small piece of paper in order to sign and return it to him again where putting in the space he has in front of him, which Snddouk money.

What happened in those few seconds that passed during the development of the card in the machine? What has happened is that the machine sent data card and the amount required to repay the Bank Information Center to check the viability of your card to pay this amount, and if you have not got beyond the credit limit you are allowed to do, comes the reply from the Bank Information Center to accept the process.

We made a diagram explaining the modus operandi of the card as you'll see here:

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Pictures Source: Flicker

 















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