Results: *** The Secret Genius of Modern Life *** Bank & Credit Cards

A Brief History of the Credit Card. Before VISA and Mastercard, many Department Stores, Shops and Oil Companies issued Charge Cards. These were convenient but you were required to pay the entire balance each month, they did not offer credit initially. Did you know that the earliest form of credit was found in 5000 year old Mesopotamian texts, as Clay Tablets were used as earthern credit cards?

The Evolution of Credit Cards and Bank Cards, from strip to chip. The magnetic strips originally used to process transactions were overly accessible, as Clubs and Government Departments also used them. Anyone could buy a system to create their own cards. Skimming and Card Fraud became extreme. The chip and PIN system was first launched in France in 1992 and gradually adopted in other European countries in 1994 it reduced card fraud by 80%. The UK adopted the chip and PIN in 2003. In Canada, the transition to chip and PIN started in 2008 and the major Canadian banks and credit card issuers had completed the migration by 2012. In the USA, the transition to chip and PIN was slower. In 2011, the major credit card issuers announced their plans to adopt the technology and the migration began in 2015, as of 2021, many smaller merchants in the USA still do not accept chip and PIN payments. How do you pay.... ?

The chip and PIN system involves the use of a microchip embedded in the card itself, which stores the cardholder's account information. This chip is designed to be much more secure than the traditional magnetic stripe on the back of the card, which can easily be skimmed or copied by fraudsters. To complete a transaction using a chip and PIN card, the cardholder must insert their card into a compatible card reader and enter a personal identification number (PIN). The card reader communicates with the chip on the card to authenticate the transaction and ensure that the cardholder has authorized the purchase. Today, most payment terminals support chip and PIN in North America. Did you ever have a Bank or Credit Card skimmed and been a victim of fraud?

How the Cards are made: the manufacturing process consists of multiple steps: first the plastic core and laminate materials are compounded and cast into sheet form; then the core is the printed with appropriate information; next the laminates are applied to the core; and finally the assembled sheet is cut into individual cards. embossing, and quality control. New generations of credit cards will carry integrated computer chips, containing a variety of useful information. Have you ever worked with Bank and Credit Cards?

The Dark Side of Rewards on Credit Cards in America. When a customer pays with a credit card, the store must pay a fee to its merchant bank to process the transaction. The merchant bank, in turn, pays a fee to the network and a fee to the card issuer called an "interchange fee." The issuer, meanwhile, pays its own fee to the network and delivers rewards to the consumer—rewards are funded by interchange fees. Both merchant fees and interchange fees are set by the network; while many countries cap these fees, the United States does not. In Canada Merchants who decide to pass interchange fees on to their customers have to give them 30 days notice. The fee itself is also capped at 2.4% and merchants have to clearly let their customers know at the time of purchase that the fee is being charged. Some merchants offer discounts for Cash Payments. Do you have Rewards on any of your Credit Cards?