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HIGH RISK CREDIT CARD PROCESSING – FREQUENTLY ASKED QUESTIONS

The merchant account provider or the issuing bank has a team of technical experts working behind the scene. These experts are highly trained professionals in respective businesses. They help the customers who face problems while using the credit card. Any kind of queries can be made to them and the will surely come out with a solution. Here are some of the frequently asked questions about the credit card.

1. Explain credit card or what is a credit card?

A credit card is a small card made of plastic. It is rectangular in shape and is very light. It has a magnetic strip at the back side of the card which is used for reading the information that the card bears. BY using the credit card, a customer can easily make purchases on credit but up to a certain limit.

2. Explain in brief, the types of credit card.

The type of credit card also depends upon the card issuing company. There are many types of credit card used for different business purposes. The credit cards can be categorised in two major types. The first one can be called as a charge card. A customer can make purchase goods or commodities using the charge card but the payment has to be made at the end of the month. The second type of card is the credit card. Here, the customer can make purchases on credit but the due amount has to be paid within a stipulated time period along with some interest.

3. Which is the best type of credit card?

No credit card is bad. It all depends upon the user as how the card is being utilised and which type of credit card is best suitable for the needs. People may choose those credit cards which have a very low Annual Percentage Rate (APR). However, the best type of credit card cannot be explained as it purely depends upon the card holder.

4. What is Annual Percentage Rate for credit cards?

This is a certain percentage of amounts that is charged by the credit card issuing companies. It is like an income for those companies, but in return they provide huge services to the customers. The short form of the Annual Percentage Rate is APR. The APR is also calculated at the end of each financial year as per the outstanding balances of the customers.

5. What are the processes for applying for a credit card?

Applying for a credit card is very simple. A customer or a user has to fill out the application form and then submit it to the bank or the financial institutions. There are certain important steps and formalities that have to be fulfilled by the customer while applying for a credit card. The credit card can also be applied through online services.

6. What does a secure credit card do?

A secure card can be obtained if the application for the regular credit card is denied or rejected. The reason may be due to low credit rating. Here, a certain amount has to be deposited on the bank account and a credit facility is given only on that amount. This amount or money is kept for security reason. 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.