Major credit cards
Credit cards have been used for the last fifty years, but there
are major credit card companies that have led the way. American
Express, Diners Club, Visa, and MasterCard were the initial
major credit cards, going nation-wide in the 1960's. The credit
card itself has an individual credit card number which
identifies which company or bank issued the card, and the
cardholder's individual credit card account number.
The back of your major credit cards have a magnetic stripe that
is called a magstripe. The magnetic particles that make up the
stripe can hold a lot of information. Different major credit
card companies put different information in their magstripe. The
information can be pin numbers, currency values, account limits,
or country of origin. The information on the magstripe can be
lost if the magstripe is erased by exposure to a magnet or by
the strip becoming scratched or dirty.
When looking at which major credit card to get, compare all of
the offers and look at all of the fine print. Many major cards
compete for your business by offering rebates, frequent flier
miles, gifts, low interest, and higher limits. For example, one
company may offer a low interest rate on current balances where
as another card issuer may offer some sort of bonus scheme etc.
Another way the companies may draw you in is by offering a 0
percent interest scheme for 6 months or so on balance transfers.
So, if you transfer some form of current debt you won't pay
interest for 6 months. If you have a good credit rating, you can
haggle between different cards never paying interest on what you
owe.
Be sure to use the many review sites online and shop wisely for
the major credit card that will best suit your needs.