A credit card is a card that’s used for payment and is issued to users, so that they can pay for their stuff depending on their promise to the card issuer to pay them for the amounts so paid in addition to the other charges. The card issuer, which is usually a bank, creates a revolving account, thereby granting a line of credit to the consumer or the cardholder, from which he or she can borrow money for payment. In other words, credit cards work as a combination of payment services and credit extensions. Complicated fee patterns in the credit card system often limit the consumer’s ability to comparison shop, in order to ensure that the credit card industry doesn’t involve price competitiveness and thereby helps to maximize profit.
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Credit cards are quite different from a charge card, the one which demands the balance to be fully paid each month. Credit cards, on the contrary, allow consumers or cardholders a continuation of the balance of debt, which is further subjected to interest being charged. Credit cards also differ from cash cards, which are often used as a direct currency by its holder.
When a consumer does purchases with the help of a credit card, the concerned bank issuing the credit card pays on behalf of the customer, thereby giving the customer a certain period of time. If someone fails to pay within the specified time limit, which is usually a month, they will have to pay an additional interest. Payments and transactions with the help of credit cards are one of the most common electronic payment modes in present-day
Credit Card Design:
Credit cards are usually small cards built of plastic, with a unique number attached to an account. These are magnetic stripe cards and consist of an EMV chip used for the card reading.
Statewide, the front side of a credit card consists of:
Issuing Bank Logo
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Card Network Logo
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Card Holder Name
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The reverse side of a credit card consists of:
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Card Security Code
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Capital One Credit Cards:
A no. of banks and financial institutions that provide provisions for good and customer-satisfactory credit cards. Capital One is one of them. Going by stats, Capital One is ranked 11th on the list of the largest banks in the United States in terms of assets. The bank has seven branches, which include 30 cafe-style locations along with 2,000 ATMs. It holds the 101st ranking of Fortune 500, 17th positions at Fortune’s 100 Best Companies to work for the list and carries out business in the United States, Canada and the United Kingdom.
Capital One credit cards, one of the leading banks in the world, in the United States, Canada and the United Kingdom and is ranked third in the list of top credit card issuers, right after JP Morgan Chase and Citigroup. As per stats derived in December 31, 2017, Capital One had an estimate of $105.293 billion in credit card loans outstanding in the United States alone and $9.469 billion in credit card loans outstanding in Canada and the United Kingdom. Moreover, credit card loans represented 45.1% of the total loans as per the latest data derived on December 31st, 2017.