Loyalty Credit Cards

On evey Uk credit card statement they issue a Minimum Payment Warning

The Warning

“If You Make Only The Minimum Payment Every Month, It Will Take Longer And Cost More To Clear Your Balance”

A credit card Minimum Payment is the minimum amount a cardholder must pay to keep the account from going into default. Some card issuers will set a high minimum if they are uncertain of the cardholder’s ability to pay.

Most card issuers require a minimum payment of two percent of the outstanding balance

An affinity card is a credit card linked to certain organisations like charities, political parties and sports clubs. Every UK premiership football club runs there own affinity credit cards.

The organisation receives a donation from the card issuer for every credit card application, and a very small percentage based on the amount you spend, this money helps to buy new football players or help maintain the football grounds, or help youngsters train.

A Fraudulent transaction is an unauthorised transaction not done by the cardholder. Most fraudulent transactions happen while abroad on holiday or via internet fraud

An Expired credit card is a credit card that has passed its printed expiration date on the card. The Card will not work.

A Mastercard Card is a credit card that bears the Mastercard Logo.

MasterCard Worldwide is a multinational corporation based in Purchase, New York, USA.

Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its “MasterCard” brand debit and credit cards to make purchases.

The Magnetic Strip on your back of your credit card contains customer and account information required for the chip and pin machines to complete the transaction.

A POS is a Point Of Sale, which is a credit card terminal, electronic cash register or chip and pin machine.

A Pin is called a Personal Identification Number.

A PIN is usually a sequence of digits used to verify the identity of the holder, its a  password, most people use a birthdate or favorite numbers.