CREDIT CARD

EMV, stands for Europay, Mastercard, and Visa. It’s a global specification for secure payment cards, developed by EMVCo, a collaboration between Europay, Mastercard, and Visa. EMV cards use integrated circuit cards (ICCs), chips that store digital information, ensuring the cards are more difficult to counterfeit and fraudster proof. Here are the key features of EMV […]

Definition: A deceased alert is a notification or message sent to indicate that a person has passed away. It is typically generated by a healthcare provider or other authorized source. Purpose: To inform family members, friends, and other designated individuals of the death of a loved one. To facilitate the necessary arrangements and processes related […]

Visa Card Visa Card is a widely used payment card network that is accepted at millions of merchants worldwide. It is one of the three major credit card networks, along with Mastercard and American Express. Key Features: Wide Acceptance: Visa cards are accepted at a vast majority of merchants, including department stores, restaurants, gas stations, […]

Definition: A credit card authorized user is an individual who has been approved to use a credit card issued by a bank or other financial institution, but does not own the card. Instead, the card is owned by the primary cardholder, who has authorized the user to make purchases on their behalf. Key Points: Authorized […]

Revolving Credit Revolving credit is a type of credit that allows borrowers to borrow money as needed up to a certain limit. Examples of revolving credit include credit cards and open-end loans. Key Features of Revolving Credit: Access to credit: Revolving credit reports provide lenders with a snapshot of a borrower’s credit history, including their […]

Mastercard Card The Mastercard card is a widely-used credit and debit card network founded in 1952 by a group of 26 banks. It is the second largest network in the world, with over 2 billion cards issued. Key Features: Widely accepted: Mastercard cards are accepted at millions of merchants worldwide, including department stores, restaurants, and […]

Definition: An expired card is a payment card that has reached its maximum validity period and can no longer be used for transactions. The expiration date is typically printed on the front of the card. Causes: Card expiration: Cards expire at a specific date, usually printed on the card. Card damage: Damage to the card, […]

The Permanent Account Number (PAN) is a unique 9-digit number assigned to each Indian citizen by the Income Tax Authorities. It is used to track and identify taxpayers and is required to be quoted on various documents, including tax returns, bank statements, and invoices. Format: The PAN is a 9-digit number in the format XXXXXXXXXX, […]

The average daily balance method calculates average daily balance for a loan account by taking the sum of all the daily balances in a particular month and dividing the sum by the number of days in the month. Formula: Average daily balance = Total balance for the month / Number of days in the month […]

In the context of credit card funding, there are various aspects to consider: Types of Credit Card Funding: Personal Loans: Many issuers offer personal loans specifically designed for credit card funding. These loans often have lower rates than traditional personal loans and are specifically targeted at credit card issuers. Line of Credit: Some issuers offer […]