How exactly does a VISA credit card work?
My parents got me a VISA credit card for my birthday, and I just want to know a little more about it. How does it work, really? What happens when I make a purchase? Just any general information about credit cards. I have already been on howstuffworks, so do not direct me there. It's a secured card. I think I get $1000 on it per month or something- Ask your parents to show you a credit card statement. That's a great start. Chances are they pay the bill in full each month so they never pay interest. Some dummies, actually pay a little each month, and end up paying interest and getting in debt
- You have a given line of credit on your card, generally about $500 to start. When you make a purchase, you swipe or give your card to a cashier. This initiates an electronic call to the credit company Visa who will then approve or decline the transaction based on your available credit. If approved, you will usually be asked to sign a receipt stating that you will pay the transaction. This receipt is counted into the companies daily revenue and then deposited in the bank where it or an electronic copy of it is sent to the credit company Visa, similar to how you get a check that you write back after it is cashed. This signature is kept on file in case you do not pay, as it is a legally binding contract. Once Visa has the signature, they send the payment to the company that you made the charge at the delay of some companies sending the receipt back to Visa is what causes some things to pend for a few days before posting to your account. You are then billed on your next statement. If you pay the bill by the due date, you will not pay any interest. If you let a charge stay on your bill for over a month, you begin getting finance charges on it until you pay it. This means that you end up paying more for the object then it was originally worth. If you continuously pay your bill on time, you will recieve raises to your credit line once or twice a year. If you do not pay your bill on time, you will be fined and have interest charges added to your account. ADDED: I saw your update that said you get $1000 a month, and wanted to let you know that it does not work as a limit per month. $1000 is your limit overall, meaning if you go over 1000, you will not have ANY credit available until you pay your balance down, and you will continue to get Overbalance charges each month until you do so
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- Sounds like you need a "Credit Cards 101" cl ! Here is a great article that explains all about credit cards from a very trustworthy site. creditinfocenter.com / cards / cardsetc. shtml Most importantly, treat the card as if it is cash - protect it, and do not spend more than you would if you simply were using cash, and certainly do not spend money you do not have. Good luck!
- I might be off based here but you have been given a very good explanation of a regular VISA card but is the one you got a regular Visa card or a secured Visa card? If secured then you have a set amount of money on the card and that is all you can spend period unless someone refills it, so to speak
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