Getting to Know Credit Card Companies
Are you planning to buy a car? Have you decided to buy a house and start a family? Are you planning to save up money on future investments? Credit cards can give you that option.
Before makinga choice, it wouldn't hurt to know more about the history of various credit card companies and brand acceptance. It's just like getting to know a person's background in life. Once you get to know them, the more secure you feel. Some of the leading credit card companies you can entrust your savings and loans to are Discover Card, American Express, and Visa.
Discover Card was originally introduced by Sears in 1985. This giant company has over 50 million card holders. Discover cards holders are mostly from the United States and the cards are accepted in any Sears or Wal-Mart branch. The brand is widely accepted in many countries such as Mexico, Costa Rica, Micronesia, the Marshall Islands, Belize, Palau, and many of the Caribbean Island nations. Discover Card is also accepted in China since it has been announced that Discover Network has formed an alliance with China UnionPay Network.
Top credit card brand American Express has been around since 1850 and was initiated in Buffalo, New York, by Henry Wells, William Fargo, and John Butterfield as an express business. According to Working Mothers, a U.S. based magazine, American Express was named one of the 100 Best Companies for working mothers living in the U.S. in 2006.
American Express has growing merchants and restaurant partners such as 7-eleven, CVS/pharmacy, McDonald's, Regal Entertainment Group, and Ritz Camera. The company is also known for its goodwill campaigns by issuing Red Card wherein the company contributes through the Global Fund in aiding African women and children suffering from HIV/AIDS, malaria, and other diseases.
Another reliable company is Visa, which means Visa International Service Association. The name was derived through a long history that dates back to 1958 when the Bank of America launched its credit card program in Fresno, California. In 1970, BankAmericard issuer banks took control of the credit card program and renamed it National Bank Americard Inc. (NBI). IBANCO, later in 1974, was founded and served as a multinational member corporation. Its function is to manage the international BankAmericard program.
IBANCO suggested that since various networks were involved, one name should be used to represent the company. The term Visa was then conceived and the name has gained universal acceptance through its products and services.
Credit card companies give you the option to save, take loans, have discounts in certain establishments or purchase things when money in cold cash is not around. Some credit card companies give you more options through their business partners, such as charging your dinner in a restaurant, purchasing hardware, going out on a vacation, and the like.
What if your specific want or need is not supported by your credit card? If you make a friend, then you can get to know more of your friend's friends. In other words, try to get to know your credit card company more, and discover the “friends” or other business establishments that the company is in partnership with so you'll get the most benefits in the end. Get to know them more and appreciate your “friends” with benefits!
Tuesday, June 9, 2009
The Language of Numbers on Your Credit Card
Ever wonder what the numbers on your credit card mean? Surprisingly, each number has a significant representation patterned in a systematic and standardized way to keep accounts organized and cardholders identifiable. It’s an intricate system with a sophisticated design to handle a masses of cardholders.
The major industry Identifier (MII) is the first number on your credit card. This number represents the entity’s category that issued your credit card. The numbers that symbolize the category of entity are from 0-9. For example under number “3” can be American Express or Diner’s club, or number “4 or 5” can be Discover Card or MasterCard.
The issuer identifier can be seen in the first 6 digits including the MII. The possible number of issuers is one million. After the first indicated number, the next three digits are defined by the three-digit country code as part of the issuer identifier. The remaining two digits are defined by the national standards body of the specific country.
The individual account identifier represents the possible account numbers the issuer has and it can be found from the seventh digit to the second to last one. The credit card's quota of numbers is 19. Since the individual account identifier starts from 7, simply subtract 7 from 19 and you get 12 digits, and 12 digits represent a trillion. This means that the issuer can have a maximum of a trillion account numbers or less.
The last number is called the check digit, which is properly obtained through the use of the Luhn algorithm, after Hans Peter Luhn. For the card that has an even number of digits, simply double every odd digit number and minus 9 if the product is greater than 9. Then, add all even digits along with the doubled-odd digits. The result must be a multiple of 10, otherwise it is not a valid card. If it turns out odd, try doubling the even numbers instead.
The system is quite complex; however, it took a practical mind to think of how to organize, identify, and verify accounts. Next time you pull out your credit card, take the time to appreciate the system and understand it.
Ever wonder what the numbers on your credit card mean? Surprisingly, each number has a significant representation patterned in a systematic and standardized way to keep accounts organized and cardholders identifiable. It’s an intricate system with a sophisticated design to handle a masses of cardholders.
The major industry Identifier (MII) is the first number on your credit card. This number represents the entity’s category that issued your credit card. The numbers that symbolize the category of entity are from 0-9. For example under number “3” can be American Express or Diner’s club, or number “4 or 5” can be Discover Card or MasterCard.
The issuer identifier can be seen in the first 6 digits including the MII. The possible number of issuers is one million. After the first indicated number, the next three digits are defined by the three-digit country code as part of the issuer identifier. The remaining two digits are defined by the national standards body of the specific country.
The individual account identifier represents the possible account numbers the issuer has and it can be found from the seventh digit to the second to last one. The credit card's quota of numbers is 19. Since the individual account identifier starts from 7, simply subtract 7 from 19 and you get 12 digits, and 12 digits represent a trillion. This means that the issuer can have a maximum of a trillion account numbers or less.
The last number is called the check digit, which is properly obtained through the use of the Luhn algorithm, after Hans Peter Luhn. For the card that has an even number of digits, simply double every odd digit number and minus 9 if the product is greater than 9. Then, add all even digits along with the doubled-odd digits. The result must be a multiple of 10, otherwise it is not a valid card. If it turns out odd, try doubling the even numbers instead.
The system is quite complex; however, it took a practical mind to think of how to organize, identify, and verify accounts. Next time you pull out your credit card, take the time to appreciate the system and understand it.
Credit Card Applications - The Steps Are Easy
Thinking of getting an account for your savings? Before applying for a credit card, take note of these tips and vital information so you'll understand more about credit card applications.
Make sure you find out the credit card that best suits your needs. Once you've made a choice on your credit card program, go to the website of the credit card establishment. Some credit card providers issue the customer a questionnaire that assesses their needs as a potential credit card user. After the assessment, the company recommends a credit card to suit the applicant's needs.
Once you've reached the desired site, go to the application form's link, located on the top or bottom of the web page. Contact customer support if you have any questions.
The application forms may vary depending on your credit card plan. Usually the application forms require basic information such as your full name, address, date of birth, city, state, job description, contact numbers, social security number, and home zip code numbers. There may be optional services or offers to sign up for as well.
After giving the information needed, you are given the option to comply with the terms and conditions indicated for the credit card plan. Make sure you read and fully understand the information. Don't jump into the dark without lighting up the place with knowledge and understanding. If you fully understand the terms, you're more than ready to confirm your application.
The credit card establishment that you applied for will confirm your application via e-mail, telephone, or by letter to your home address. If you have any questions regarding issues, problems, or inquiries, you can always contact your credit card company by telephone or through their website.
Thinking of getting an account for your savings? Before applying for a credit card, take note of these tips and vital information so you'll understand more about credit card applications.
Make sure you find out the credit card that best suits your needs. Once you've made a choice on your credit card program, go to the website of the credit card establishment. Some credit card providers issue the customer a questionnaire that assesses their needs as a potential credit card user. After the assessment, the company recommends a credit card to suit the applicant's needs.
Once you've reached the desired site, go to the application form's link, located on the top or bottom of the web page. Contact customer support if you have any questions.
The application forms may vary depending on your credit card plan. Usually the application forms require basic information such as your full name, address, date of birth, city, state, job description, contact numbers, social security number, and home zip code numbers. There may be optional services or offers to sign up for as well.
After giving the information needed, you are given the option to comply with the terms and conditions indicated for the credit card plan. Make sure you read and fully understand the information. Don't jump into the dark without lighting up the place with knowledge and understanding. If you fully understand the terms, you're more than ready to confirm your application.
The credit card establishment that you applied for will confirm your application via e-mail, telephone, or by letter to your home address. If you have any questions regarding issues, problems, or inquiries, you can always contact your credit card company by telephone or through their website.
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