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Credit Card Kiting
Credit card kiting refers to the use of one or more credit cards to obtain cash and purchasing power they do not have, or pay credit card balances with the proceeds of other cards. Unlike check kiting, which is illegal under nearly all circumstances, laws against credit card kiting are not completely prohibitive of the practice, thereby allowing it to be done to some degree. It is up to the banks to detect the practice and when necessary, stop it. In order for prosecution to occur in a credit card kiting scheme, a bank must prove intent to deceive. Methods Introductory rates Many credit cards offer introductory rates, which in some cases, could be as low as 0% to which balances from other cards can be transferred. In theory, this enables the endless transfer of balances between cards, and since so many offers are available, this could be carried out for a long period of time. But many banks now have become aware of this practice, and introductory rates are offered only a limited nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit car ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Check Kiting
Check kiting or cheque kiting (see spelling differences) is a form of check fraud, involving taking advantage of the float to make use of non-existent funds in a checking or other bank account. In this way, instead of being used as a negotiable instrument, checks are misused as a form of unauthorized credit. Kiting is commonly defined as intentionally writing a check for a value greater than the account balance from an account in one bank, then writing a check from another account in another bank, also with non-sufficient funds, with the second check serving to cover the non-existent funds from the first account. The purpose of check kiting is to falsely inflate the balance of a checking account in order to allow written checks to clear that would otherwise bounce. If the account is ''not'' planned to be replenished, then the fraud is colloquially known as ''paper hanging''. If writing a check with insufficient funds is done with the expectation they will be covered by payday it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Introductory Rate
An introductory rate (also known as a teaser rate) is an interest rate charged to a customer during the initial stages of a loan. The rate, which can be as low as 0%, is not permanent and after it expires a normal or higher than normal rate will apply. The purpose of the introductory rate is to market the loan to customers and to seem attractive. They are commonly used for the application of balance transfers, and they may or may not apply to cash advances. In the United States, the Fair Credit and Charge Card Disclosure Act (FCCCDA) requires that the rate that will occur following the expiration of the introductory rate be clearly disclosed to the customer. When determining qualification for a loan Sometimes, due to an introductory rate, an applicant can get approved for a mortgage based on payment history, when that applicant may have had a good payment history on the introductory rate, but may not be able to maintain such payments once this rate expires and rises. Teaser rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Advance
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Limit
A credit limit is the maximum amount of credit that a financial institution or other lender will extend to a debtor for a particular line of credit (sometimes called a credit line, line of credit, or a tradeline). This limit is based on a variety of factors ranging from an individual's ability to make interest payments, an organization's cashflow or ability to repay the credit card debt and is an obligation of the consumer to pay just like all other parts of the balance. These factors are often summarized by institutions into a credit score which they use to determine credit eligibility. A line of credit that has reached or exceeded its limit is said to be maxed out. While the line of credit is maxed out, it cannot be used for any further activity unless the consumer pays off at least some of the debt to enable it to fall below the limit, the creditor agrees to extend the limit, or the creditor A creditor or lender is a party (e.g., person, organization, company, or government ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PayPal
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee. Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015 eBay spun off PayPal to its shareholders, and PayPal became an independent company again. The company was ranked 143rd on the 2022 Fortune 500 of the largest United States corporations by revenue. History Early history PayPal was originally established by Max Levchin, Peter Thiel, and Luke Nosek in December 1998 as Confinity, a company that developed security software for hand-held de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Square (application)
Square is a financial services platform developed by Block, Inc. It is aimed at small-and medium-size businesses, allowing them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. History The inspiration for Square occurred to Jack Dorsey in 2009 when his friend Jim McKelvey was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards. At the TechCrunch Disrupt conference in May 2011, Square announced the release of two apps, Square Card Case (later rebranded Square Wallet) and Square Register. Square Wallet, before it was removed from the Apple App Store and Google Play Store in 2014, allowed customers to set up a tab and pay for their order by providing their name (or a barcode) using a stored credit, debit, or gift card. In April 2012, rival payment company Verifone claimed that the Square system was insecure and that a reasonably skilled programmer could write a replaceme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Advance
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Cards
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the other agreed charges). The card issuer (usually a bank or credit union) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. There are two credit card groups: consumer credit cards and business credit cards. Most cards are plastic, but some are metal cards (stainless steel, gold, palladium, titanium), and a few gemstone-encrusted metal cards. A regular credit card is different from a charge card, which requires the balance to be repaid in full each month or at the end of each statement cycle. In contrast, credit cards allow the consumers to build a continuing balance of debt, subject to interest being charged. A credit card diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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