Posts Tagged ‘banks’
Credit Card Debt
Powered by Max Banner Ads
A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder’s promise to pay for these goods and services.[1] The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card, where a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers to ‘revolve’ their balance, at the cost of having interest charged. Most credit cards are issued by local banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1. This is defined as 85.60 × 53.98 mm in size.
Credit cards are issued after an account has been approved by the credit provider, after which cardholders can use it to make purchases at merchants accepting that card.
When a purchase is made, the credit card user 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/Cardholder Not Present’ (CNP) transaction.
Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, 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 in the United Kingdom and Ireland commonly known as Chip and PIN, but is more technically an EMV card.
Other variations of verification systems are used by eCommerce merchants to determine if the user’s account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.
Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit issuer charges interest on the amount owed if the balance is not paid in full (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user’s bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.
Duration : 0:9:42
CIT Bankruptcy, 9 U.S. Banks seized by FDIC, & Main St. Bleeds. VisionVictoryManifesto.com
More lies from Obama
http://www.bloomberg.com/apps/news?pid=20601039&sid=aUuHhaDx8Hr8
160,000 for each job
http://blogs.abcnews.com/politicalpunch/2009/10/160000-per-stimulus-job-white-house-calls-that-calculator-abuse.html
To see my interview of Bradford Hansen check out VisionVictoryManifesto.com
Duration : 0:4:59
Banks and Bankruptcy
Bankruptcy Attorney Jamie Ryke of the Second Start Law firm in Michigan talks about banks and bankruptcy
Duration : 0:1:12
Obama Signs Credit Card Reform
REMARKS BY THE PRESIDENT
AT SIGNING OF
THE CREDIT CARD ACCOUNTABILITY, RESPONSIBILITY AND
DISCLOSURE ACT
Rose Garden
3:08 P.M. EDT
THE PRESIDENT: Hello, everybody. Please, have a seat — I’m sorry. It is a great pleasure to have all of you here at the White House on this gorgeous, sunny day. The sun is shining. The birds are singing. Change is in the air. (Laughter.)
This has been a historic week; a week in which we’ve cast aside some old divisions and put in place new reforms that will reduce our dependence on foreign oil, prevent fraud against homeowners, and save taxpayers money by preventing wasteful government contracts; a week that marks significant progress in the difficult work of changing our policies and transforming our politics.
But the real test of change ultimately is whether it makes a difference in the lives of the American people. That’s what matters to me. That’s what matters to my administration. That’s what matters to the extraordinary collection of members of Congress that are standing with me here, but also who are in the audience. And we’re here today because of a bill that will make a big difference: the Credit Card Accountability, Responsibility, and Disclosure Act.
Duration : 0:11:17