How to Get Fast Cash

The plastic cards issued to the users are used for payment or cash advance. What came first in this field is Charga plate. In this type the person had to pay the full balance money along with interest every month. The new generation device i.e. the “Credit card” allows the person to revolve the money with the interest being charged. These cards are mainly issued by the banks. The cards look like a thin rectangular plastic card similar to the shape and size of Charga plate. A credit card is ISO 7801 standard certified.

Now comes the part of the card holders i.e. a person willing to have a card needs to look out for some features to get the benefit. The credit cards are based on rates, promotions and balance transfer options. The cards are of two to three types under each category.

The Rate based credit card includes zero percent, low percent and fixed rate credit cards, where rate of interest is zero, low (not a two digit number) and a certain fixed amount respectively.

The Business credit cards are of two types namely Business reward card where rewards are given on item purchase. The other type is Business line of credit card used for business transaction.

The third type is Reward and rebate based card. Here in airline credit card points are to be accumulated by the regular passengers, which offer them a free trip or seating upgrade in the future. In case of cash back credit cards a cash back is offered at the end of a year based on the annual expenditure. Third type is hotel/travel reward credit card which allows redemption in the traveling or lodging in a particular chain of hotels.

The fourth type is Cash back credit card in which cash is returned based on the accumulated points and the annual expenditure of a person.

Some features of the credit card which makes it so easy for the consumers to use are:

1.    Credit cards are acknowledged world wide.

2.    These are available with credit limit variety, compensation package and other bonuses.

The modern credit card has descended from various merchant schemes. In 1930s and late 1940s Charga plates have been used but were not in use for very long due to the introduction of credit cards. These had owner’s signature, name, card number and address of the user etc.

Keeping a card has its own advantages like:

1.    You don’t need to carry a large sum of money i.e. only a thin piece of plastic card makes it possible for you to make the payment.

2.    Some times the credit cards are used as ATM cards from which you can withdraw as per your requirement.

3.    The card cannot be accessed by an outsider unless the secret code of the card holder is known.

4.    Money transfer takes place from an account to another.

Now let us see the disadvantages of a credit card:

1.    The card holder will have to pay more interest on the amount of money kept in the account.

2.    The companies are targeting mainly the college students who are already over-burdened with college tuition fees.

3.    A number of fraud cases have come into light due to the poor card security.

So far we have seen the advantages, disadvantage and many other properties of a credit card. Now we will see the process of transaction using the card. It consists of five steps.

They are: Authorization—here a customer pays for the purchase he has made to the merchant. Here the receiver compares credit card, confirms no and the depositor receives a copy of the money he has deposited.

Batching—here the transaction details contains the documents of the depositor’s slip.

Clearing and settlement—here the issuer gets paid for the transaction.

Funding—the acquirer is paid by the merchant for the transaction process he performed.

Chargeback—if there is any problem in the transaction for the merchant the deposited money is held.

For a credit card the security is must. So we have a latest kind of security. When another person tries to access the account of a different person then a security message is sent to the owner of the card. If the owner wishes to stop misuse of the card then he has to tell the bank about the losing of the card then the bank will take some steps and then whoever has taken the card is put behind bars.

Although we saw that the credit card has advantage of its kind that cannot be cut short but some disadvantages are also present. The explanation may prompt a person to take a credit card but he/she should always take note of every thing very minutely and then think about taking the card for his/ her use. No doubt, if you compare credit cards, you are sure to get the best deal.

Herman White is the Manager of leading bank. With an experience of nearly of 15 years in credit card department, he is a leading consultant and is excellent for advice when you are looking to compare credit cards.

It is not easy to select the top three Visa credit cards as comparison is normally done based on certain components, such as APR, cash back rewards, cash advance, paying off balance monthly and or carrying balance on amounts owed. As such the top three cards will change based on what criteria is used. Using the clearing monthly balance criteria the three listed below came out on top, however if cash advance was used another set would be tops.

According to www.bankrate.com, an online company that rates credit cards, the top three Visa credit cards based on paying off balance monthly were:

• Simmons First National Bank

• SunTrust Bank

• Farmers and Mechanics Bank

The Visa credit cards were rated on:

• Purchase APR

• Annual Fees

• Late fees

• Over limit fees

• Grace period

• Cash advance APR

• Fees and conditions

Simmons and SunTrust are personal platinum cards, while Farmers and Mechanics Bank is a personal classic. All three had fixed purchase APR of 8.95%, 8.99% and 9.9% respectively. Cash advance APR was also fixed at 12.95%, 19.99% and 19.99%.

None of these Visa cards had an annual fee. Based on the clean balance monthly comparison, these cards charged a late and over limit fee as follows:

• Simmons First National Bank – $29 each

• SunTrust Bank – $39 each

• Framers and Mechanics Bank – $39 each

Of the three, Simmons and SunTrust had a twenty-five day grace period after billing. Farmers and Mechanics Bank offers a twenty day grace period which seemed to be standard. It was also interesting to note that many other Visa cards in the same category had longer grace periods, with many offering up to thirty days.

These cards were based on a national survey for the USA

To apply for these and other Visa credit cards, Eric Wasselman recommends Find Credit Cards. Please see http://www.findcreditcards.org/issuer/visa.php for more information.