Questions tagged [credit-card]

Credit cards are unstructured debt accounts linked to a plastic card that allows the holder to make purchases from retailers that accept the card. Common credit card networks in the U.S. include Visa, MasterCard, Discover, and American Express.

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I didn't use my credit card for one month and my credit score dropped 22 points. Will it be fixed in the next snapshot?

I only use my credit card to buy gas. I couldn't use it last month because the gas station's credit card system wasn't working. My FICO Score 9 dropped from 842 to 820 in this month's snapshot. I ...
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If you pay off a variable APR daily accruing credit card before the end of the month, is there interest?

Can you avoid 100% of interest on a card that accrues interest daily, by paying it off in full before the end of each billing cycle?
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1 vote
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Can a bank take money out of my account without asking, to collect old outdated debt?

Almost 2 decades ago I had identity theft and they maxed out my card. I lived with it (and terrible credit) and could not discharge it or pay it off. Some years ago this all fell off my record and is ...
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34 votes
2 answers
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How can I stop fraudulent recurring credit card transactions being forwarded to a new card?

I have a Mastercard credit card issued by a U.S.-based financial institution. Several billing cycles ago the card information was compromised and several hundred transactions were initiated. The card ...
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Does a payment receiver get a full name of a cardholder when I pay with a credit card?

What information about a cardholder does a payment receiver get when paid with credit card via direct transfer. Examples: Spotify, Netflix, etc... How's all buying digital goods process released?
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How to make sure that online/ATM/POS card payments always use one currency?

Anonymous payments through Paypal, ATMs, POS machines constantly offer me alternative currencies for my MasterCard or VISA. For example, Paypal will just bill me in the alternative currency even if I ...
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Does a non-permanent resident of the US have to close their credit cards before they leave the US?

The background is the same as in my previous question: I'm in the US on an F1 visa (and this will be the case for the next two years). I'm not sure whether I will take the path of staying in the US ...
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1 vote
1 answer
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What do the various types of APR mean on my credit card?

I am looking at APR details and want to understand how it works. I see a credit card that says: Introductory APR - 0% for 15 billing cycles Standard APR - 14.74% - 24.74% variable Balance Transfer ...
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8 votes
5 answers
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Is there a way to bypass POS Credit Card processing fees?

Summary: If you have a shop and you accept Credit/Debit cards like Visa, Mastercard, Maestro, American Express, etc., you have to pay a fee. Is there any way to keep accepting those cards without ...
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Why have I started receiving pre-approved credit card offers for strangers?

I've been living at my current address for a couple of years now. It's not unusual to get mail for the previous residents, and as such I'm fairly familiar with their names and so on. In the last ...
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What is the point of a CVV on a credit card?

According to Google: A CVV is the three- or four-digit number on your card that adds an extra layer of security when making purchases online or over the phone. It serves to verify that you have a ...
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Must the Credit Card Issuer refund Card Holder, for deposits paid to a Merchant that later bankrupt?

Presuppose that a Card Holder charged or debited her credit card, to pay deposit money to a Merchant company for a good. But then Merchant bankrupts, before Card Holder ever obtains the good. ...
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2 votes
2 answers
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If I request a chargeback on a purchase because a company went bankrupt, who foots the bill?

One reason people often cite when advising to make purchases with credit cards is the ability to issue a chargeback in case of problems. A common example would be buying airline tickets and then the ...
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3 answers
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What is happening every time I pay my credit card? Am I 'settling' with my bank, the credit card company, or another entity?

I understand that credit cards extend credit to customers. And that purchases incurred before the credit balance is due are nothing more than IOUs to the bank issuing the card (and also the card ...
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Can my wife use my income/credit card to buy products for her self-employed business (UK)

I am in full time employment in the UK (and have no other sources of income). My wife does not currently work (since having children). She will shortly be registering as self-employed/sole-trader and ...
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3 answers
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How much credit can one get with a low-paying job?

My late brother owed me a fair amount of money, mostly a mortgage currently valued over $400K. He said (in writing) that I would be paid by his widow out of his $500K life insurance. His widow is the ...
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28 votes
5 answers
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A stranger messaged someone I know via an online listing and gave them their credit card details and encouraged them to use it. Is there a scam here?

A family member of mine (female, not sure if that's relevant) was contacted via a listing on Facebook for an item of clothing by a someone (male) who then sent through their credit card details. The ...
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Credit card replaced due to fraud, new card has exactly the same information as the old one. How does this address the fraud risk?

My credit card company detected fraud on my account. They contacted me about this fraud, we identified fraudulent charges. I was also told my current cards on the account would not work and I would be ...
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Can I change my payment method after I made a payment in a restaurant with a credit card?

I have different credit cards and they give me different cashback rates depending on the category. For example, I get 5% cashback from dining with credit card A but only 1% from dining with credit ...
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Am I being scammed? [pay off my debts] [closed]

I’m talking to someone who wants to pay off my credit cards. He asked which credit cards I have. I told him I didn’t feel comfortable giving out my information. He said he would give me his ...
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2 votes
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Problem with debit card getting blocked all the time due to defective "fraud protection"

I make a lot of non-local purchases using my Mastercard debit card. I buy things both out of state and in foreign countries, principally in Europe. I constantly have the problem that my card gets ...
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How do I increase my credit utilization without decreasing my credit score?

I have a Discover card with a limit of around $2000 ("Discover It"), which is very low. As a result, I end up putting my biggest purchases on debit, or use an alternative form of payment (eg....
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Closing a US credit card after becoming NRA

I lived in the US for over 6 years and had few credit cards opened. I left the US over a year ago and became a non-resident alien (I'm not a US citizen). At the moment I don't intent to return in any ...
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What happens if you do a balance transfer for more than you owe?

Say you owe $1k on credit card A. You get a new credit card, B, and ask for a balance transfer from A to B for $4k. What happens? Do you end up with a negative -$3k balance on A? Or would B typically ...
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Rules related to dispute on creditcard between Customers Bank and the Merchants Bank

I purchased certain domains with sav.com, but the merchant had site latency and the same was reported by many customers on Trustpilot.com. My credit card was charged but domains not posted on my ...
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2 votes
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When does a foreign transaction fee apply to a credit card (especially from shopping online)?

I assume if you go to another country and use a credit card, then the foreign transaction fee will always apply. What if I use a credit card to make a purchase from an online store? Does it depend on ...
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3 answers
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Is a "0% APR for 12 months" credit card essentially a free one-year loan?

If I get a credit card that features an "intro purchase APR" of 0% for the first 12 months, make several purchases with it in the first couple of months that max out my line of credit with ...
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29 votes
5 answers
5k views

Credit card numbers on the back - is it not less secure?

I got a new credit card today (replacing the old one which was worn out) and I noticed something new - all the numbers have now moved to the back of the card, leaving the front empty. Apparently it's ...
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30 votes
4 answers
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Free money loophole with rebate on CC cashback?

I went to a store and purchased a plastic bag (3 cents) and they allowed me to get $50 cashback and charged me $50.03 on my credit card. Later my credit card company gave me 5% cashback ($2.50) for ...
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Self imposed spening limit on a credit card account

I want to impose limit on my Amex account where I have 4 cards atm. That is let's say I want limit to be 5000 USD per month and when any card will spend 4000 USD than none of the cards should be ...
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3 votes
1 answer
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Just want confirmation this is a scam

I recently posted on fb in a group that helps people out, basically people donate to you for whatever you need, food, rent, etc. I feel like this is a scam, but am a little unsure So, this woman ...
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8 votes
2 answers
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What prevents one from taking a personal loan to pay off credit card debt from same bank?

I racked up a lot of credit card debt quickly after a major medical operation, and the interest is so high that even putting large amounts of my paycheck towards it monthly hasn't made a dent in the ...
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1 vote
2 answers
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Is it legal and ethical to make a purchase for an institution using a personal credit card and keep the cashback?

If I purchase a product that costs $100 for an institution using my personal credit card and the institution reimburses me with $100 after the purchase. Later my credit card company gives me $5 ...
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Question regarding credit cards and their fees

I have never owned or used a credit card before. I have only used a debit card and other non-debt/non-credit forms of payments online. I am thinking for applying for a credit card, but there are some ...
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31 votes
4 answers
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What can I do when a vendor will only refund to the same card I used if I have cancelled that card?

I paid for a conference with a credit card (about 10 months in advance before the event). The amount was taken from my card in a few weeks. About 3 months later, I cancelled this credit card as I ...
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11 votes
5 answers
6k views

Does paying off all credit accounts worsen your score?

I am 60. I have a mortgage that's nearly paid off. I have also paid off all my cards, and my oldest cards were closed from lack of utilization. In order to protect my age of credit, do I need to not ...
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1 vote
1 answer
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How does a credit card company receive credit card bill payments? [closed]

If I make a payment to my credit card, how does that transaction actually happen behind the scenes? Does money from my checking account get transferred into the credit card issuer's checking account? ...
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3 votes
3 answers
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What's the difference between a soft and hard credit check?

I understand that hard credit checks negatively impact a person's credit score. Why would it work this way, because it's seen as a negative thing to be applying for credit cards too often? Even then ...
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Can I subtract credits/returns/refunds from statement balance and incur no interest?

My question is basically the Indian version of this US-based question. Another duplicate possible is this one, but it doesn't have any country tag associated with it, so I cannot go with it. This ...
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7 votes
3 answers
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Credit card charge off : Can creditor take away the electrician's toolbox and the car even if the car was paid off a long time ago?

Here is the situation: Suppose a person owes a credit card company $10,000, can't pay it any longer, and after 6 months, the credit card company decides to charge off this credit card. Suppose that ...
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2 votes
0 answers
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How does “Velocity Banking” actually work?

I’ve seen this mentioned a few times now in various financial articles, but it smells like some kind of “system” a gambling addict would come up with to “beat the house”. Doing a web search on it, I ...
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4 votes
2 answers
478 views

Is it a good idea to apply for a credit card with no annual fee, and use it only to get the welcome bonus? [duplicate]

Many credit cards have no annual fee and some welcome bonuses. For example, after one spends over a certain amount in the first say three months, the credit card user gets $200 reward. I am thinking ...
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3 votes
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Are there any consequences to letting an Amex repayment Direct Debit transfer fail, if a manual repayment is done before the due date?

I don't have enough money in my account to cover a Direct Debit Amex repayment scheduled for today. However, that repayment is set to come out of my account 10 days before the payment due date, by ...
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0 votes
1 answer
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Can I get a replacement credit card to overseas if I didn't activate the credit card account?

I'm overseas. I apply for a new credit card. I already have one credit card from this bank. My address is the address on file. US residential. There's no one there right now. They mail the card. I ...
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1 vote
1 answer
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How do credit card companies get funds to lend for consumers

Credit card companies need funds to pay to the service providers on behalf of the end consumers and consumers pay back later. So credit card company is lending money to the consumers. Where do they ...
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1 answer
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selling old electronics for a loss and form 1099-K

Let's say I sold a drone that I paid $10,000 for a year ago for $5,000 on eBay and that the buyer pays via a credit card. Starting in 2022 you're supposed to get a Form 1099-K whenever you make credit ...
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Implications of changing address of my credit card temporarily? [closed]

A gym that I attend requires a yearly contract with the option of breaking it if moving out of the state. A change address of a credit card can be accepted as a proof. Is it possible to change the ...
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1 answer
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When shopping online, I prefer bank transfer to credit card for privacy reasons. Is privacy really better with traditional bank transfers?

I shop online relatively often, because online shopping is much more efficient than brick-and-mortar retail. Unfortunately, I therefore also leave behind numerous data traces, which would not be ...
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How does the rental company charge an empty debit/credit card with €0 credit limit? (Transferwise)

Can anyone help me to figure out which way a rental company uses to bypass the credit/debit card limits up to several thousand of euros. It happened the first time around 5 days after returning a ...
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1 vote
1 answer
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Does overpaying credit card to pay a much larger sum than your credit limit to get cashback negatively impact credit score?

I am an immigrant and the concept of credit cards is fairly new to me, I understand it enough and know that using more than 30% percent of your credit card can hamper or negatively impact my credit ...
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