Credit card - Credit card organizations

A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that the credit card issuer lends the consumer money rather than having the money removed from an account. It is also different from a charge card (though this name is often used to describe credit cards by the public) in that charge cards do not extend the user credit -- the charges must be paid each month in full. In contrast, a credit car ...

Including:

• Credit card - How they work
• Credit card - The Merchant's side
• Credit card - Secured credit cards
• Credit card - Features
• Credit card - Security
• Credit card - Profits and losses
• Credit card - History
• Credit card - Controversy
• Credit card - Credit card numbering
• Credit card - Credit card organizations
• Credit card - Collectible credit cards

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Coins Banknotes Mints Designers Methods (Coining, Stamping, Milling, Hammering, Casting) Medals, Orders, Tokens,

The numbers found on credit cards have a certain amount of internal structure, and share a common numbering scheme. The card number's prefix is the sequence of digits at the beginning of the number that determine the credit card network to which the number belongs. The card number's length is its number of digits. The prefixes and lengths for the most common card types are: *As of November 8, 2004, MasterCard purchased the domestic (US) Diner's Club BIN range. Diner's Club International BIN range will remain (starting with 38), but t ...

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Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - Credit card numbering

Credit card companies do not want merchants to charge credit card users more than they charge other customers, even though the merchant pays a fee of 2 to 3 percent (merchants negotiate an exact percentage with their banks) to process credit payments. In some countries this fee may be significantly more. If customers were responsible for this fee, it would often discourage credit card usage. In many places, governments have passed laws (at the urging of the credit card industry) to make this illegal. Despite this, some retailing secto ...

See also:

Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - Controversy

Credit card issuers (banks) cover their costs (including the interest costs for the money that is paid to merchants prior to the bank being paid by customers), and earn profits, by: Interchange fees. Interchange fees are charged by the merchant's acquirer to a card-accepting merchant as component of the so-called merchant discount fee. The merchant pays a merchant discount fee that is typically 2 to 3 percent (this is negotiated), which is why some merchants prefer cash, debit cards, or even checks. The majority of this fee, cal ...

See also:

Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - Profits and losses

As well as convenient, accessible credit, the cards offer consumers an easy way to track expenses, which is necessary both for monitoring personal expenditures and the tracking of work-related expenses for taxation and reimbursement purposes. They have now spread worldwide, and are offered in a huge variety of permutations with differing credit limits, repayment arrangements (some cards offer interest-free periods, while others do not but compensate with much lower interest rates), and other perks (such as rewards schemes in which points "earned" for purchasing goods with the card can be re ...

See also:

Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - Features

The low security of the credit card system presents countless opportunities for fraud. This opportunity has created a huge black market in stolen credit card numbers, which are generally used quickly before the cards are reported stolen. The goal of the credit card companies, as they say, is not to eliminate fraud, but to "reduce it to manageable levels", such that the total cost of both fraud and fraud prevention is minimized. This implies that high-cost low-return fraud prevention measures will not be used if their cost exceeds t ...

See also:

Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - Security

The credit card was the successor of a variety of merchant credit schemes. It was first used in the 1920s, in the United States, specifically to sell fuel to a growing number of automobile owners. In 1938 several companies started to accept each other's cards. The concept of paying merchants using a card was invented in 1950 by Frank X. McNamara in order to consolidate multiple cards. The Diners Club produced the first charge card, which is similar but required the entire bill to be paid with each statement; it was followed ...

See also:

Credit card, Credit card - How they work, Credit card - The Merchant's side, Credit card - Secured credit cards, Credit card - Features, Credit card - Security, Credit card - Profits and losses, Credit card - History, Credit card - Controversy, Credit card - Credit card numbering, Credit card - Credit card organizations, Credit card - Collectible credit cards

Read more here: » Credit card: Encyclopedia II - Credit card - History