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All you need to know about credit cards

 

In the world around us today, in almost every family, there is at least one member, who owns and uses a credit card. A credit card is not only useful because it saves you the hassle of carrying real money around all the time; it is also beneficial in the cases where there is no alternative, other than making a transaction through your credit card. These could include situations where you need to purchase airline tickets as well as occasion where you need to verify a Paypal account.


One of the most important factors that increase the popularity of credit cards all around the world is the fact that they are a boon in case of emergencies. In case you feel the need for money on a day when you are not carrying money, a credit card can act as a true friend in need.


Most of the major credit card companies all around the world offer reward points which you can exchange for articles while on a shopping spree. So, if you are shopping with your credit card, it can prove to be a lot more advantageous than if your paying for it with cash. If this interests you and you want to carry on using more of your credit card, it is imperative that you some of the more useful facts about credit cards and how you can use them to a greater advantage.


According to a statistic that was brought about through a survey, almost eighty percentage of American households hold and use a credit card on a regular basis.


It is also important to know that if you are using an unsigned credit card, while shopping, then the shop keeper can legally demand to see your documents of identification to confirm your identity. The correct procedure which has been documented by the government to protect merchants against frauds through incorrect credit usage begins when a customer uses an unsigned credit card to pay for his purchases. The shop keeper should, in these cases ask for the customer’s government identification documents. Once, this is shown, the customer is asked to sign on the credit card and it has to be ascertained that the signature of the customer matches the signature of the government identity documents.


A legal clause also decrees that in case a customer refuses to sign the credit card in such a situation, the purchase can be refused by the merchant. However, there is also another part of this decree. This states that if your credit card is signed already before the time of purchase, you cannot be forcibly asked to show your government identification papers.




A well-spread myth that surrounds credit cards all around the words is the fact that a credit card purchase can only be done if the purchase amount is above a “minimum amount”. However, according to most of the major credit card companies all around the world, there is nothing called the “minimum amount”. Credit card companies such as Visa or MasterCard have destroyed this myth by putting this on record that merchants cannot, under any circumstances, refuse a transaction if the credit card presented is valid and legal, and stating that refusing a transaction because the purchase amount is below the minimum amount is against the polities of the company.



Visa, in a recently framed agreement has announced that merchants will not be allowed to place an estimated tip on hold through your credit card. A situation to explain this fact can take place in a restaurant. If you are dining out with your family and are paying through your credit card, the restaurant cannot, under any circumstances, estimate the “tip” that you would wish to leave. It is important that you are aware of this newest law by which the merchants are forbidden to place any value as an estimated “tip” through their authorization. So the next time you go out to dine with your family make sure you double check the amount that you sign against in your copy of the credit card transaction receipt.



Another thing that as a customer you should be aware of is the fact that while using your credit card you can always change the items that you have purchased. There have been cases where merchants have refused to take back a purchase on grounds of customer dissatisfaction only because the transaction was made through a credit card. However, all credit card users should be aware that they have special rights provided by the credit card company that enables them to return a purchase in cases of dissatisfaction, even if the transaction was carious out using a credit card.


Once you are aware of these rules, regulations and rights, you can be more confident about using your credit cards well and sensibly.

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