Credit Card. Basic Knowledge about Credit Card A Credit card is a plastic card that provides a cardholder electronic access to his / her bank account.

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Presentation transcript:

Credit Card

Basic Knowledge about Credit Card

A Credit card is a plastic card that provides a cardholder electronic access to his / her bank account. It can be used to withdraw funds or to make purchases using money in the bank account. Since a credit card is essentially linked to a checking account (saving / current), it is also known as a Checking Card. A balance in the checking account is must for the use of credit card.

A credit card is a payment card which allows the cardholder to pay for goods and services on the basis of line of credit granted to him / her by the issuing bank. A debit card essentially creates a revolving account from which cardholder can borrow money for payment to merchant (and also withdraw cash). A debit card is not linked to a bank account but is linked to the bank / financial institution which have issued it.

How the Credit Card transaction works? The process can be divided into two parts viz. authorization and Clearing & Settlement.

Authorization A credit card holder finalizes the goods to be bought and presents his card to the merchant. Merchant processes the card and while processing it seeks authorization from the Merchant Bank giving it information on transaction information. Merchant Bank submits the authorization request to Credit Card Network (MasterCard or VISA). Credit Card Network sends the request to the Card Issuer which is ICICI bank. Card Issuer either approves or declines the transaction. If it authorizes, the Credit Card Network forwards this authorization to merchant bank. Merchant bank forwards this response to the Merchant and Merchant once receiving this authorization completes the transaction.

Clearing and Settlement The merchant deposits the transaction receipt with the merchant bank, which credits the Merchant’s account and submits this transaction to Credit Card Network for settlement. Credit card Network pays the Merchant Bank and debits the account of Card Issuer. The Card Issuer posts the transaction to the account of Card holder. The cardholder received monthly statement from the Issuer. The Cardholder pays as per the conditions.

What is the Size of the Credit Card? ISO/IEC 7810 is the international standard which defines the shape and size of the I-Cards. In most countries, it defines ATM cards, credit cards, debit cards etc. as ID-1 which corresponds to 85.60×53.98 mm.

What is a Swipe Card? Swipe card or magistrate or Magnetic stripe card has a band of magnetic material on the card and is capable of storing data. It was first developed by IBM for a US Government security system. IBM engineer Forrest Parry is known to have discovered Swipe Card, thanks to his wife (search Google). The data on the strips can be read by the most point-of- sale hardware.

What does the Credit Card Number denote? The credit Card Numbers are governed by the ISO/IEC 7812 which is a numbering system for the identification of issuers of cards that require an issuer identification number (IIN) to operate in international, inter- industry and/or intra-industry interchange. The Length of the number is from 14 to 19. The first 6 digits are known as the Issuer Identification Number (IIN). Out of them, the first 2 or more digits identify the Card network. For example- The card number that begins with 34, 35, 36 or 37 is an American Express Card; another which begins with 51,52,53,54 or 55 is a MasterCard and the number which becomes with 4 is a Visa card.

What is Floor Limit and Card Limit? Floor limit is the discretion to the merchant establishment up to which it can accept the card for payment. The Card limit is the limit up to which a holder can use the card. This is restored on making the previous payments. Hot Card v/s Hot List: A hot card is a lost or stolen card. A hot list is the list of caution against the use of a credit card by a defaulter holder.credit card Source: / /

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