Credit Card Applications

Credit Card Questions you might have

What is the difference between a debit card and a credit card ?

For consumers, the difference between a "debit card" and a "credit card" is that the former immediately deducts the balance from a checking or savings account, whereas the latter allows the consumer to spend money they might not actually have (but promise to pay later to the card-issuing bank).

Advantages of a credit card ?

• Buy goods now, pay later
• No cash needed
• Cash not allowed transactions like for example renting a car where a credit card is used as security or deposit
• Free Travel Insurance when buying airline tickets
• Purchase Protection
• Loss Protection
• Good exchange rates when traveling
• Build a good credit rating
• Emergencies

DisAdvantages of a credit card ?

• Temptation to Overspend
• Credit Card Fraud
• Interest Rates
• Free Travel Insurance when buying airline tickets
• Purchase Protection
• Loss Protection
• Good exchange rates when traveling
• Build a good credit rating

How to guard against credit card fraud ?

• Do sign your card as soon as you receive them.
• Keep a record of transactions and reconcile accounts monthly, just as you would your bank account.
• Keep an eye on your card during the transaction, and get it back as quickly as possible.
• Save receipts to compare with billing statements.
• Void incorrect receipts and destroy copies/carbons as soon as they're reconciled
• Use reputable websites and check for security certificates when transacting online
• Report lost or Stolen Cards as soon as posible
• Report any suspicious transaction
• Don't ever give your card to anybody else
• Leave cards or receipts lying around
• Sign a blank receipt. When you sign a receipt, draw a line through any blank spaces above the total

What is the difference between a store card and a credit card ?

While there are many similarities between a credit card and a store card like the ability to purchase on credit and normally having a certain interest free period.

The main difference is acceptance of the card. Store cards are linked to a specific store or group of stores and are not accepted outside these. A creditcard is accepted worldwide and in most retail stores around

There are store branded credit cards which act as normal credit cards, but they are affiliated to one of the major credit card companies, they are just marketed by that specific store

Pure store cards have no affiliation to a credit card company