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Thursday, 20 October 2016

Basic facts you need to know before making Payments by charged cards firegan.com

Basic facts you need to know before making Payments by charged cardsCharged cards are plastic card issued by a financial institution such as a bank. it allows the holder to charge the sum due for the purchase of goods or services to an account. this reduces the need to hold large amounts of cash for transactions purposes and provides the holder with credit until the amount is payable.
example of charge cards include : American express, Dinner clubs and cards issued by major banks to their customers. A charge card has the following properties below:
  1. Holders name
  2. Amount number
  3. card number
  4. expiry date
  5. holders signature
  6. security number
some credit cads as well as charge cards can be combined with a pin (personal identification number) code for easy cash withdrawal up to a maximum limit 24 hours that is a day, 7 days that is a week at the AUTOMATED TELLER MACHINES (ATMs) or bank branched at a holders convince. you push in you card, press you pin code, press the button for the amount you want to withdraw and the machine will dispense it automatically in the local currency notes together with a receipt which shows the amount withdrawn, date and time

PAYMENT BY CREDIT CARD:

This is another financial instrument issued by a bank or financial institution. it serves as a means for purchasing consumer goods and services on credit up to a fixed limit from the retailer. the bank or financial institution financing the credit card advance the amount due to the retailers and collects it from the card holder later.

CONCLUSION

The greatest risk is when you carry large sum of money with you is that the money can be stolen from you and you may never recover from it. if your charge card is lost or stolen, the bank or issuing financial institution can stop honouring it if you report in time and as well issue new one to you


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