Understanding credit cards
Understanding Credit Card You Should Know
A credit card is made of plastic card issued by a bank or credit card company, which gives rights to those who meet certain requirements and listed his name on the card to use it as a means of payment in credit upon the acquisition of goods or services; and or to withdraw cash in credit limits as determined by the credit card issuer.
Credit card holder name listed on the card can repay the credit at the same time 100% (full payment), it could also pay a minimum amount of 10% (minimum payment) or in between.
Credit card holders are also given considerable leeway to pay back the credit in installments with a certain interest rate and the value of the installment amounting to a certain percentage of the credit balance has been used.
Credit card including credit without collateral (unsecured loan) so it has a high risk of default. Thus, most banks with the credit card interest rate are quite high. Currently, range from 2.95% per month plus fine late mortgage payments is also great.
Credit card system
Credit card system is a type of retail transaction settlement (retail) and the credit system, which derives its name from the plastic card issued to users of the system. A credit card is different from a debit card where credit card issuer lends the consumer money and not taking money from the account. Most credit cards have the same shape and size, as specified by the ISO 7810 standard.Organization of the credit card:
- American Express
- China UnionPay
- Citi
- Diners Club
- Discover Card
- JCB
- Mastercard
- VISA
American Express
In Indonesia, American Express operations controlled by Bank Danamon and BNI Bank controlled by ever in 1998.
Magazine BusinessWeek and Interbrand rank the price of American Express in the order the 22nd largest in the world, with the price of 14.97 billion u.s. dollars. Fortune magazine also register the Amex in the list's "20 Most Proud Company " on over the world.
The case of seizure of American Express
American Express struggle occurred between Bank BNI and Bank Danamon. Both banks were claiming that American Express bank for only one course. The lawsuit was won by claiming that Bank BNI BNI Bank is the first to take control of American Express in 1998.
China UnionPay
At this point, the card UnionPay used in 104 countries and regions around the world.
UnionPay is the main Red Bank here are listed below:
- The Agricultural Bank Of China
- Bank of China (including Hong Kong Nanyang Commercial Bank subsidiary)
- Bank of communications (Co-credit card issued by HSBC)
- Ningbo Bank
- Bank of Shanghai
- Beijing Trade Bank (now Bank of Peking)
- China Construction Bank
- China Everbright Bank
- Bank Of China
- China Merchants Bank
- China Minsheng Banking Corporation
- Guangdong Development Bank
- Hua Xia Bank (credit card is co-edited with Deutsche bank)
- Banco Industrial (copublished Hang Seng credit card Bank)
- Industrial and Commercial Bank of China (ICBC)
- China Postal Savings Bank (previously known as the Office of the China Post savings and remittances)
- Shanghai Pudong Development Bank (credit card with Citibank published)
- Shenzhen Development Bank (Shenzhen Development Bank)
- Shenzhen Ping Bank
- Taizhou city commercial bank
In addition to foreign banks have ten, the right to pull out of China UnionPay debit card:
- Standard Chartered Bank
- Bank Of East Asia
- Citibank
- HSBC
- Hang Seng Bank
- Woori Bank (from May 2009)
- DBS Bank (until July 2009)
- Hana Bank (in November 2009)
- The fall of the bank (from 2010)
- OCBC Bank (a starting from 2010)
Diners Club International
Diners Club International, United States, founded Diners Club credit card company, was founded in 1950 by Frank x. McNamara, Ralph Schneider, and Matty Taylor. This company is an independent company the world's first credit card.
Today, Diners Club International is a unit of Citibank, part of Citigroup, and business has expanded its coverage became not just limited to restaurants. Diners Club in the United States and Canada is now part of a network of Mastercard.
Discover Card
Discover Card This card was originally introduced by Sears in 1985, and was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Financial Services became an independent company. Novus, a major processing center, used to be a partner with the company. Novus logo has since been retired and now Discover Network logo has replaced it.
Most cards with the Discover brand issued by Discover Bank. Discover card transactions processed through the Discover Network payment Networks. In February 2006, the company announced that it would begin offering Discover Debit cards to banks, was made possible by the Pulse payment system, which also acquired the Discovery in 2005.
JCB Co., Ltd.
JCB co., Ltd. (株式会社ジェーシービー Kabushiki Kaisha jē shī bī) (A previous company name or initials, the Japan Credit Bureau) is a credit card company based in Tokyo, Japan. This card is accepted by merchant JCB, Discover Network merchant in the United States, China, UnionPay merchant and merchant American Express in Canada.
Founded in 1961 as the Japan Credit Bureau, JCB established the dominance of the credit card market while buying Japan Osaka Credit Bureau in 1968, and the cards are currently issued in 20 different countries. As much as 69.26 million JCB cardmembers worldwide to use their cards to buy more than the US $62.7 billion of goods and services annually in 190 countries around the world. [1] JCB also operates a network of membership lounges targeting East Asian tourists in Europe, Asia, and North America.
Since 1981, JCB has been aggressively expanding its business overseas. JCB cards issued in 20 countries totaling nearly 9 million, in most countries JCB affiliated with financial institutions to license them to issue JCB-branded cards. All international operations are conducted through its subsidiaries that are 100% registered, JCB International Credit Card Co., Ltd.
In the United States, JCB is not a major credit card networks such as Visa, Mastercard, Discover, or American Express. While the brand was especially welcomed by tourism-related businesses such as airlines, rental cars, hotels, specialty retailers of Japan and a number of convenience stores, the company is gaining wider acceptance when on a date August 23, 2006, JCB announced an alliance with the Discover Network. The two companies signed a long-term agreement which produced card acceptance brand Discover Network in the sales point terminal JCB in Japan and JCB cards on the Discover Network in the United States. This partnership began operation in 2011.
The United States local JCB accounts issued by the JCBUSA but is only available to residents of California, Connecticut, Illinois, Nevada, New York, New Jersey, Oregon, Washington, and Hawaii.
Mastercard
Mastercard Worldwide was a membership organization (a kind of cooperation with members companies) owned by more than 25,000 financial institutions that issued the cards. Mastercard is a brand of credit card promulgated by such companies. The company was first established by United California Bank, Wells Fargo, Crocker National Bank, and the Bank of California, with the aim to compete with BankAmericard issued by Bank of America. BankAmericard VISA credit cards are now issued by Visa International. Now a competitor of VISA.
In 1966, the Group's banking business in California formed a group called the Interbank Card Association (ICA). Members of the United California Bank, Wells Fargo, Crocker National Bank, and the Bank of California. With the help of Marine Midland Bank (now HSBC Bank USA from New York City, and aim to compete with credit cards belonging to Bank of America, a bank-the bank in cooperation with ICA, to issue a credit card's "Master Charge: The Interbank Card ". During the First National City Bank of New York credit card combines The Everything Card to the Master Charge in 1969, the credit card was given a significant boost.
In 1979, "Master Charge: The Interbank Card " is named that is quite well known, Mastercard. At the beginning of the era of the 1990s, Mastercard bought credit card Access in the United Kingdom, and stop the use of the name "Access ". In 2002, Mastercard International merged with Europay International, a credit card issuer Association of Europe, which for many years issued the card under the name Eurocard.
In 2006, Mastercard International is renamed with a new name, Mastercard Worldwide. This was done in order to show the scale of the operation that is more global. In addition, the company introduced a new logo by adding a third circle for two circles that had been used in the past (a Mastercard logo is better known, resembling a Venn diagram, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce
Shareholders
Mastercard shareholders were:
- Ajay Banga President & CEO
- Robert Reeg: President-Global Marketing Operations
- Alfredo Gangotena: Chief Marketing Officer-Global Marketing
- Gary Flood: President-Products & Servicing
- Noah Hanft: General Counsel, Chief Franchise Officer, and Corporate
- Chris McWilton: President-Marketing United States
- Michael Michl: Chief Administration Officer
- Wendy Murdock: Chief Franchise Officer
- Javier Perez: President-Head Of Mastercard Europe
- Vicky Bindra: President-the head of the Bureau of Asia/Pacific, Africa, and the Middle East
- Christopher Thom: Chief Risk Officer-Risk Management
- Stephanie Voquer: Chief Human Resources Officer
Banks that held the shares are:
- Europay España, S.A.
- HSBC
- Clarima Banca
- Capital One
- Banamex (Citigroup Division)
- Citigroup
- Royal Bank of Scotland
- Bank of America
- Westpac Banking Corporation
- Southern Bank Berhad
- Bank of Montreal
- Banque Fédérative du Crédit Mutuel
- Deutscher Sparkassen-und Giroverband
- Orient Corporation
- Bank AL Habib
- Banco Mercantil
- Banesco
Visa Inc.
The Visa International Service Association or usually called the VISA credit card company was established in 1958. This company is the largest credit card company in the world.
Currently, VISA is a part of Citibank, a business unit of Citigroup. The company is owned by more than 21,000 financial institutions that issued the cards. Its headquarters is located in San Francisco, California, United States.
Source: wikipedia
#Tags : #What is a credit card #Understanding credit cards #What is the function of a credit card #American Express #China UnionPay #Citi #Diners Club #Discover Card #JCB #Mastercard
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