Credit Card Consolidation The Process Explained.

When a person possesses a multitude of credit card accounts, it is easy for the debt to become quite overwhelming.

The sum of the payments on all of the credit cards can add up to be a large percentage of the persons monthly expenditures. Due to this type of situation, a person may feel like he or she is losing control of their financial situation.

When this happens, a person may choose to consolidate credit debt. When a person makes a choice to consolidate credit card debt, he or she will need to contact a non-profit service that will assist them. It is important that the consumer makes sure that any credit card consolidation service is a reputable business that will actually help them.

This can be accomplished by checking with the Better Business Bureau to find out the history of the company.

Counselors at these non-profit services can help the consumer by making a current list of creditors and the amount of debt owed each one. Then, the credit counselor will come up with a plan to propose to the creditors.

The consumer benefits by being able to consolidate credit debt. In other words, as a part of this type of plan, the consumer will end up making one single payment, instead of many different payments. In addition, the consumers overall debt responsibility should be reduced.

Credit consolidation counselors work with creditors to consolidate credit debt by proposing a reduction in or elimination of interest, and a lower monthly payment.

This allows the consumer to make headway with his or her debt and eventually pay it off. Credit consolidation counselors perform a great service to the debtor and the creditor in that they allow the consumer to repay his or her debt, and allow the creditor to recover a big portion of the debt that was originally incurred.

All in all, if a consumers debt has become unmanageable, a responsible choice is to sign up with a credit consolidation service in order to regain control of his or her financial situation. Doing nothing will not solve the problem, and in all likelihood, will just make it worse.

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What Is A Credit Card Protection Plan, And Do I Need It

Many banks offer optional credit card insurance, also known as credit card protection plans or balance protection plans. These plans offer debt protection in the event of the cardholder being unable to settle the outstanding balance. This may be as a result of death, disability or critical illness, or retrenchment.

Credit card protection plans are affordable and simple to secure, and as a credit card holder, its worth exploring this type of insurance to determine whether its worth having.

Learn more about balance protection plans below, or, if youre not yet a cardholder, explore the range of credit card options available to you.

How balance protection plans work
Just like any other type of insurance, credit card insurance covers the policyholder in the event of the unforeseen. Every time you use your credit card, youre accumulating debt. If something were to happen to you that made it impossible for you to cover that debt, how would the bank recover its money? Thats where a balance protection plan comes in.

If you have a balance protection plan in place, your credit card debt will be covered up to a set limit in some cases, as much as R150,000 per account. This amount varies from lender to lender, and may also depend upon the type of credit card you have. During a very difficult time, the burden of paying your credit card balance will be lifted from your or your familys shoulders.

How credit card protection plans pay out
Credit card protection plans insure your outstanding balance against death, disability, critical illness and retrenchment. In the case of death, a lump sum is usually paid out to cover the outstanding amount, up until the limit set by your lender again, R150,000 for example. The same applies for critical illness. If a cardholder is diagnosed with a critical disease (as defined by his or her credit card protection policy), the outstanding balance will be settled, up until the maximum amount specified by the policy.

In the event of disability, which renders the cardholder unable to earn a regular income for more than 30 days, the policy will generally pay out in instalments over a period of time for example, equal monthly instalments over 6 months. If the cardholder is retrenched, the policy will also usually pay out in monthly instalments. In the latter instance, these instalments will not generally cover the entire outstanding balance, but a portion thereof.

The specific amount of insurance provided by your policy will depend on your insurers terms. Be sure to discuss these terms with your insurer or lender.

Applying for a credit card protection plan
When you apply for a credit card, you may be asked whether youd like to take out a balance protection policy. If not, broach the subject with your lender. You can also apply for credit card protection plans online or at a bank branch.

Chase Continental Presidents Club Credit Card

There is no doubt about how important to people the credit card has become over recent years. Saving can be difficult to do but we are all happy to have debts and the credit card does enable us to have things when we want them and quite often when we need them.

When you think about it, there aren’t that many credit cards that are household names but the Chase credit card is one of them. As with other well know credit cards like Visa and MasterCard, it can be used wherever you are in the world making it a truly global credit card. But it doesn’t stop there as the company responsible for the Chase credit card also has other service cards to help with travel, vehicles, gas and a special one for students. So the Chase credit card has many uses and is a reliable companion for you everywhere you go. For many people that work long hours, the internet is often the only way they can do any personal shopping. Aside from making it easy for the customer to maintain their account online, Chase credit card lets you check your balance and pay your bills through a secure web site.

For some people, the ease with which they can go online to manage their account is the only excuse they need to own a Chase credit card. No membership fees, low APR’s and special deals make for an attractive credit card package.

Reward programs to thank the Chase user are quite normal with all the various Chase credit cards. I suppose it is up to you which type of card you decide upon as they are designed to suit different types of people. Once you have accumulated enough points you can cash them in as it were, for anything that is shown in the catalogue. There is bound to be a reward just for you including trips if that is what you like. Chase credit cards know that if they look after their customers they won’t lose them; a philosophy that many companies could learn from. Ok so the gifts are great but how many companies will give you excellent customer support twenty four hours a day? This service comes into its own if there is a case of a lost or believed stolen credit card, when you need a replacement, fast!

If you are thinking about transferring your balance then this is the way to do it with a guaranteed six month zero percent interest rate which also incorporates current purchase balances as well. If you pay your bill in its entirety each month then you will not have to pay any interim interest. Apart from the catalogue gifts, Chase will also give cash rewards to holders that purchase goods with the card. Many people are put off of transferring balance because there is usually a fee but Chase has waived this charge and it can even be done securely on their web site.

Credit Card Debt Settlement

Credit card debts are like a financial black hole which can rob your good night sleep. So first we need to know how to destroy or do away credit card debts. If you are one of those who use their credit cards at every other place, then you are most likely to face huge credit card debts in future which can also lead to bankruptcy.

After using your credit card you are sure to pile up a lot of credit card debts. Now if you are unable to clear all your debts you have 2 options in front of you. They are bankruptcy or debt settlement. In debt settlement process you can negotiate with your creditors for settling at a lower amount. Here the amount which you will pay after negotiating with your creditors will be about 40-60% of the original debt you owed to them. In short you will save a lot of money from this.

Basically, you have two options. In the first case you can go ahead on your own and start the negotiation process with your creditors and settle for a lower payment. In this case you need to keep a few things in mind. It is always better to talk to your creditors in person rather than over phone. Put down the final deal on paper as you might need to produce this as a piece of documental proof later on. While sending mail communications always use registered post as this is always a safer option. Maintain the details of the people you are talking to and never show your eagerness to settle down quickly as this may go against your case.

The other option is approaching a debt settlement company. Debt settlement company will basically negotiate on your behalf with your creditors to settle for a much lower debt repayment. They will charge a certain percentage of your debt as their fees. In this case your burden comes down a lot as the company will take care of the things from your side.

The timeline of solving a case can vary from a couple of months to a few years. If you are very eager to solve your case quickly it can be done in 3-9 months of time period. In very exceptional cases the time period can stretch from 1 to 4 years. But most of the cases get solved within a years time. So its always better to start thinking of Debt Settlement early so that you dont have to face bankruptcy situation in future.

Increase Your Sales By Using Merchant Credit Card Processing Online

In the early days of the Internet, many believed that online shopping would never become popular. They claimed that shoppers prefer to see products before the make purchases, and some claimed that people would never feel comfortable buying products online. Through the years, however, this notion has been shown to be false. Today, online shopping is a core part of the world economy. Here are a few of the reasons why accepting credit card purchases are essential for running an online business.

Before credit card processors offered online services, those selling products online would have to wait for a check to arrive before shipping products. Understandably, this left many customers unsatisfied. While it is possible to make withdrawals from bank accounts, customers are reluctant to give away their account numbers. Merchant credit card processing online offer a viable alternative, but many customers simply want to avoid the hassle of setting up yet another online account. Credit cards are the most convenient means to pay for items online.

Accepting credit cards requires submitting an application to a credit card processor. Many processors require a certain volume of sales, and the application process can take a bit of time. In addition, major credit card companies will not permit sales for products they considered to be high risk. Adult content, for example, may be deemed unacceptable for many companies. Fortunately, there are providers who can deal with low-volume sites, but it may take a bit of research to find the right one for a particular site’s needs.

In the past, accepting credit cards online could be technically difficult. In the earliest days of the World Wide Web, custom coding was often required. Today, most online shopping software has plugins and other components that can make the process of integrating merchant credit card processing simple. Most processors will give users a unique number that is used for identification. By plugging this number into a payment component or plugin, users can quickly begin accepting credit cards. It is noticed that when any organization have a proper online payment options its sales increases by a larger percentage.

Different credit card processors require different fees for the merchant credit card processing online. Fortunately, these costs tend to be low. For those who generate large volumes of sales, the prices can be especially small, but even small businesses will find most prices to be reasonable. When choosing between processors, it is important to find which one offers the best rates for a particular business. Countless businesses of all sizes accept credit card transactions. While the process of applying to a credit card processor and integrating it within a website will take some time, the process is not as daunting as it once was, and most will have little trouble.

Smart Ways To Use A Credit Card

Aren’t you sick and tired of hearing how “bad” credit cards are and that we should all just cut them up and start living on cash again. Although this sounds nice in some ways, the reality is that we live in a consumer society and credit cards have become a major part of life. The problem is when people don’t know how to use credit cards. Credit card debt is no joke and it can suck you in like quick sand. You can blame credit card companies all you want but in the end its your responsibility to be smart with your money and your cards.

Credit cards do have a positive role to play in personal finance. If you are smart with it, it can help you better manage and spend your money and it can give you the financial leverage when you need it most. Here are 3 smart uses for credit.

1. Emergencies

I do not recommend or encourage anyone to live on credit. its a recipe for disaster. Instead, the best way to use your credit cards is to use it as backup. We all have financial disasters that usually hit at the most inconvenient times. If you don’t have life savings to fall back on then it can really hit you hard. Having a card as a backup can really be a lifesaver and at a fee of about $50 a year, it’s well worth the security that it provides in case you need it.

2. Controlling Your Spending

One of the reasons why so many people fall deeper and deeper into debt is because they get caught with their pants down – so to speak. They spend and spend and then fail to make the minimum payments. When interest starts kicking in, its usually already too late and you start sinking. The smart way to use your card however is to pay it off in full every month. Its a great way to control your spending and to now exactly how much you are spending on what. It works really well if you dedicate specific expenses to a specific card – like your groceries. However, the secret is to pay it off in full every month.

3. Large Purchases

One of the reasons why businesses like to use credit cards is because it allows you to conveniently make large purchases – even on the internet. We can all get cards with relatively high credit limits and if you have to make large purchases for say a building project or if you buy a lot of stuff online, then its ideal. Once again, the secret is to clear this debt each and every month. On large purchases, the interest can be just as large so make sure you wipe the slate clean every month.

Instant Decision Credit Card Faster Approval For Instant Use

For receiving a credit card fast you can take help of the instant decision credit card . It will enable you to get a temporary credit card for being used for the online shopping purposes. Getting a credit card approved fast is not that easy and therefore, you can easily get one through this procedure and get temporary relief.

Generally, these are online procedures and to apply for it you will just have to fill a simple online form. While choosing the best card you can go through and compare all other offers for credit cards that are available online. These credit card agencies too conduct a kind of evaluation of the proofs provided by you but that is swift and consumes less time to make the whole procedure fast. It will not let you wait long for receiving the card like other credit cards. These use to have different companies or departments to check and verify your credit score fast. Then they decide on your capacity or eligibility to open an account. As soon as these procedures finish, the credit cards are being delivered to the applicants.

There are certain minimum conditions based on which the eligibility of the borrowers is being judged. An age of 18, a bank account and a good salary is essential for getting these credit cards instantly. In addition to that it is necessary for the applicant to convince the company that he will be using this credit card for his personal purposes only. However, if you can show a good credit score that that will be an added benefit for you.

You should adopt or agree with the term and conditions of a particular credit cards agency only after going through these properly. A hasty decision may create problems for you later on. Hence, after following all these procedures you will be able to avail the instant decision credit card.

Andy Copper has been associated with Instant Business Credit Card. Having completed his Masters in Finance from Yale University, School of Management.To find instant decision credit card, credit cards, cheap credit cards, access card credit instant visit

What Do The Numbers Indicate On Credit Cards

Ever wondered what the numbers on your cards indicate? Well you might have written them down at several points, either as reference or as a security measure in case of theft, but did you ever sit down to think what they might mean? Heres the answer.

The first number on your credit card denotes the system of the card. Is it a visa, master, or entertainment card? If the number is 3, it means it could be an American Express or Diners Club card or any other entertainment or travel card. Whereas a card with 4 as the first digit denotes that the card is a Visa card and a 5 means it is a MasterCard. A card that starts with the number 6 means it is a Discover card.

The number on the card also denotes the system of the card. For instance, a Diners Club card starts with 38 while, an American Express card number starts with 37. The third and fourth numbers denote the currency used on the card while the rest of the numbers till the 11th give you the information on account number. The digits from 12 to 14 is the credit card number and the last digit, the 15th is a check digit. This is the configuration in an American Express card.

A Visa and a MasterCard are similar in concept with some variations. They basically provide the same details, though the numbers and rules vary slightly. These numbers offer complete information on the users account and one must keep a photocopy of the card with the number or write the number down safely in case of card theft at any point in time. This reference number needs to be quoted to block your cards from being misused.

If you think this is all there is to a card, you are mistaken. The back of a card is even more configured with information and codes. The magnetic strip you see on the back of your cards (also called the magstripe) is made of iron-based magnetic particles. It is however plastic like in appearance. The card is often swiped at a business center or a store when you make a purchase and it is the magstripe that needs to be read by the magstripe reader.

Sometimes you may encounter problems with your card at stores or even at the ATMs where the reader fails to accept your card. This could in all likelihood be due to a dirty or damaged magstripe. In fact, even if your card has been exposed to magnets, it can damage the magnetized strip. So do take good care of your credit card and keep it protected from damages.

Advantages of Credit Card Payment Solutions for Business

Consumers today often prefer to pay via credit or debit card. It is vitally important for any business to they make it easy for customers to pay for goods and services. To get set up to receive credit card payments a business needs to research reliable credit card payment solutions. These are also known as merchant payment solutions. These services are necessary because businesses cannot accept credit or debit cards without going through a third party card processing company. Optimal vision payment solutions can be a real asset for a business in need of advanced options.

What to Look for When Researching Payment Processors:

There are many companies that offer Credit Card Payment Solutions to the business community. It is important to note that these services vary greatly. Selecting the best solution for a particular business requires due diligence in researching specific aspects of services provided. It is smart to compare services to see which company offers the highest quality with lots of extras.

Flexibility:

When comparing vision payment solutions with other top services one important factor to look at is flexibility. Businesses competing for every consumer dollar require multiple payment options that are simple to set up and implement. Customers want to pay quickly and easily. It is widely known in the merchant world that consumers are quick to abandon their intended purchases when they come across obstacles to payment.

Advanced card payment solutions include online credit card processing:

Credit cards are a great convenience to consumers and many prefer paying with plastic. Merchants should be able to set up traditional merchant card processing for brick and mortar as well as online processing. Some consumers still prefer to pay by check. Select payment services that provide e-check and direct bank transfers.

Service Fee:

Another thing businesses look for in a good payment processor is affordable service rates. There are some fees associated with setting up and managing an account. Find out what the fees are and seek out vendors that offer competitive rates. Avoid those that tack on high service charges to every transaction. These will add up quickly. Monthly service charges should be reasonable. These fees fluctuate so be sure to discuss how much they charge based on estimated volume.

Security:

Each time a customer uses their card to purchase something whether it be online or offline they are trusting their personal information is protected. Credit card payment solutions always involve security risks. The best payment processing companies will have strong security measures in place to protect consumers against fraud and theft.

Finding the best credit card payment solutions should be easy once a business does their due diligence. The best card processing service provides advanced options, affordability and great security.

Credit Card Processing How the System Works

Establishing a merchant account for your business enterprise is the wisest financial decision you will ever make for the growth, expansion and success of your business. Once you’ve set up a merchant account, you can accept credit and debit cards payments from your clients for your products and / or services. You can also arrange to accept online and mobile banking payments for your products and / or services.

A merchant account opens up new avenues for your business; therefore, giving your business many more opportunities to flourish. But, have you ever understood how the credit card processing system works? Have you tried to perceive the complexities of the players involved in the process and the intricacies of the system?

While it is not entirely essential for you to know the inside and outside of the card processing system because your Merchant Service Provider will do the needful for you; it is good for you to acquaint yourself with the system on a general basis.

The Participants Involved in a Card Transaction

A typical credit or debit card transaction involves the following players:

The customer
The merchant
The payment gateway
The customer’s credit card issuer
The credit card interchange
The processor at the acquiring bank
The merchant’s acquiring bank

The Route the Money Takes from the Customer to the Merchant

Let’s take an example to understand how the card processing system works.

Suppose that a customer walks into a clothing store and she finds a bag that catches her eye. She immediately proceeds to the payment counter and makes a payment of $100 towards her purchase with her cards.

The cashier at the merchant’s store accepts the cards and uses a card swiping machine to set the process into motion.

The $100 amount makes its first stop at the payment gateway where the payment is first authorized with a minor deduction in the amount.

Now, $99 travels to the appropriate processor and after a minor deduction is submitted to the card interchange as $98.5.

Once the transaction gets a clear at the interchange, it moves on to the issuing bank with a further deduction where the issuing bank verifies the availability of funds in the customer’s credit / debit card.

If the transaction is declined, it makes its journey back to the customer from here.

If the transaction is approved, $98 reaches the processor at the acquiring bank, just one step closer to the merchant account.

Once authorized, $97.5 gets deposited into the merchant’s account, which is now at the merchant’s disposal.

(The figures and fees involved in card processing are based on the number of players in the process, merchant type, card type and risk factors)

In the present age, quite a number of payments are made electronically, especially with the extensive use of credit and debit cards and online funds transfer. Although typical card processing takes seven participants, the entire transaction amazing takes a maximum of five seconds for approval.