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Are credit cards boon or bane?

Before a person opts for a credit card, it is important for people to know if credit card usage is a boon or otherwise. The answer to this question is primarily dependent on the way a person uses his or her credit card. When a holiday in a foreign land is opted for, one will realise the advantages of having a credit. It is also a safer option to use credit cards in comparison to carrying traveller’s cheques or money. If the dues are paid on time, then it is a safe option to use credit cards. However, the fact is that credit card firms prefer people who make more purchases and delay payments. Many people fear buying goods online by swiping their credit cards. The very thought of burglars attempting to rob information on the credit card is frightening.

In such scenarios, cards that have disposable numbers are more popular with the customers as well as to the businesses. The credit card issuing firms come up with random numbers that are intended for onetime usage. The validity of these numbers remains with a website from where a purchase is made and they are valid for only a short duration. This feature increases the difficulty level for robbers as the information obtained proves to be of little help to them. Both the consumers as well as the online retailers benefit from this feature provided by disposable cards. The level of risk gets reduced considerably with regard to the credit card information or the transaction details. Retailers can verify and validate a transaction immediately. Hence, they need not worry about charge backs due to fraud.

However, the major drawback of disposable credit cards is that they are not feasible for a few transactions. Almost all the retailers require that the card is shown during the retrieval of an item after a purchase is made. This holds true in case of hotel and car rentals as well as theatre and airline. Sometimes, the card numbers expire when another payment has to be made. But, for many people, a disposable card number is a safer online shopping option.

The methods to lower the interest applicable on your credit card:

The one factor hated by most people with regard to credit cards is the interest. Interests are added to an account every month which gets charged for borrowing. It is a method to mint money by adding interests to account holders. Without these interests, the credit card issuing firms would get very little income. However, with a consumer’s point of view, the credit card interests could sometimes be hard hitting. Sometimes, it is very difficult for many people to pay even minimal amounts. It is a matter of concern when the interests keep rising. One method to counter high credit card interests is to negotiate with the providers. Negotiating with a provider could either lower the interest rates or a credit card with low interest could be selected.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.