-4
votes
1answer
70 views

Do I need to repay back my line of credit in the form of monthly payments?

When I take a line of credit, do I start making monthly payments, like with a mortgage? Or do I make a lump sum (principal + interest) payment at the end of the term of the line of credit? Or is there ...
1
vote
4answers
194 views

Why hasn't public key encryption or one time password been introduced to battle online card fraud?

With all the identity theft and card fraud in the world. Even though some One time password measures have been put in place in the banking system where the cardholder verifies the transaction with a ...
11
votes
3answers
3k views

How can banks afford to offer credit card rewards?

I understand Visa and MasterCard make money on transaction fees, but how much (if any) of those fees do banks see? Do banks make money on people who pay their bills on time, or are reward programs ...
6
votes
4answers
421 views

Can I cancel a credit card without negatively affecting my credit?

Some background: I have no debt, have never carried a balance on the card, and have never used more than 10-15% of the credit limit per month. I'd much prefer to pay with debit/cash, but I got the ...
9
votes
4answers
412 views

What's a Letter of Credit? Are funds held in my bank for the amount in question?

Can someone easily cash one? Is it used for business only, or is there an advantage to consumers using them as well?