All About Credit Cards Here

When you set up shop and allow for payments via debit and charge cards, there are numerous advantages- including spontaneous shoppers, and consumers who will buy more when they can put it on a chargecard, but there are also a few disadvantages as well. One issue many retailers discover when they first start accepting chargecards is not only will they be responsible for paying the various fees associated with accepting credit or debit cards as payment, but accepting chargecards means you also have to deal with the occasional chargecard account dispute.

One common dispute will result in what’s called a charge back. charge card charge backs happen when a customer disputes a charge made on their credit card account, and your charge card company transfers the liability to you and requires that you pay the cash back. There are two main reasons why a charge back occurs-
Fraud
Poor Customer Service

If a cardholder decides to dispute a transaction they find on their charge card statement because they say the card has been stolen or someone used the card without their permission, then the retailer is responsible to recover that money. The cardholder’s chargecard will be refunded and the retailer is out the cash from that sale.

If your company is not providing quality customer service, a customer may not receive their ordered items or they might receive defective items- in which case they’re going to dispute the purchase and you will be required to pay that money back when the lender submits the charge back to your company lender account.

There are many levels of protection provided to retailers who accept chargecard accounts as payment. Technology provides us with a secure over the internet environment that encrypts the charge card account details and personal information of the cardholder as it’s transmitted over the internet. Technology also provides various card verification methods that ensure that the person submitting the order has the card in hand- and hopefully, they’re the owner of the charge card account account.

Unfortunately though, there is no fool proof protection to avoid all types of credit card account fraud, and a customer can submit a charge back up to six months after the date of purchase.

To minimize the number of charge backs you get hit with, be sure your on the computer shopping cart or website takes the necessary steps to verify the identity of the person placing the order. There are many different ways to try and avoid fraudulent activity over the internet, including address verification, security code checking and for internet transactions- you can use Verified by Visa and MasterCard’s SecureCode.

Another step you can take to minimize the number of charge backs you receive is to ensure that you are providing high levels of customer service. Make sure each customer is getting the items they order, and use processes that ensure that only quality items are being shipped. Take time to make sure items are shipped in proper packaging as well, to minimize damages that could occur during transit of orders.

For in person transactions, you can help minimize the charge backs by requiring that customers sign their receipt and having your cashiers actually take the time to compare the signature with the signature on the back of the card. You may be surprised at the number of retailers that skip this step! If the signatures match, the customer will not be able to submit a dispute that results in a charge back at a later date, so it’s well worth the extra thirty seconds or so to compare the signatures. If the cashier doesn’t believe the signature’s match, he or she can require that the customer use another form of payment.
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Credit Card Rates credit cards

One of the biggest downfalls of using credit cards to make purchases is the interest rate. If you carry a balance from month to month on your card, you can expect to pay more for your purchases than if you paid cash. But some charge cards offer phases where you don’t have to pay interest at all. What does 0% APR actually mean, and when can it come in handy?

0% APR means that there are no interest charges applied to purchases during a 0% time period. These periods can vary in length, but competition has urged most card issuers to offer a year of 0% interest. If you know that you will be able to pay off your balance within that time period, 0% APR credit cards can be a good thing for you. If you’re not so sure, watch out; interest rates are raising, and you’ll get hit with them once your promotional period is up.

So when is it a good idea to apply for a 0% interest card?

If you’ve got a situation where you’ll be making a lot of one-time purchases, a 0% APR credit card can really make life easier. Consider moving expenses. You’ll need to hire movers, pay a deposit or rent at your new address, and probably make deposits on utilities. If you’re replacing some furniture and other items, add on a few extra expenses. Instead of using a regular credit card to pay off those purchases plus interest, think about opening a 0% interest charge card. That way, you’ll have up to a year to pay off the purchase price without paying extra. You can always cancel the card once the balance is paid off.

Holidays are also good times to indulge in some guilt-free shopping. Use a 0% interest credit card to pay for gifts for your friends and family and entertaining expenses. As long as you can pay off the balance before the holiday rolls around again, you’ll have saved a good amount of money on interest.

Emergencies happen, and it’s like adding insult to injury (sometimes literally) to have to pay interest on medical bills and car repairs. If you’ve been hit with big expenses like these, you might want to get a 0% interest card and use it to pay. Another alternative is to transfer your existing balance from other cards to the 0% card. But watch out for balance transfer fees. You want to make sure that you’re actually saving money by transferring your balance.

When shopping for a 0%APR card, be sure to do your homework. Some cards have hefty fees for enrollment, or even monthly membership fees. You don’t want charges like that to minimize the money you’ll save with 0%APR. There are plenty of good cards out there. Some card issuers even extend special 0% offers to their loyal customers. Check with your bank and your card company to see if they have a deal that’s right for you.

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Credit Card Rates credit card