Online Means of Payment / Types Of Credit And Debit Card To Make Online Payment For All Your Online ……..

... Making your online purchase or order is made easy with the varieties of means of payment which you are in liberty to make your choice on which one of them you are interested in and how they work to make you enjoy all your purchases or order

online or better still for your ONLINE OR WORK AT HOME BUSINESS.

Many people has never see making order or buying online or in the internet as friendly. It always appears to them like unattainable even me before I started online business. I don’t just think it is safe, bu
t one thing I believed most is testing things so one day I took a test drive, amazingly it was a success , simple and cool.

A second issue is that so many people like it but they don’t just know the magic of making payment for online buy.

There are various means of making online purchase or order nowadays, the most common of this is the use of payment cards. Such payment
cards are of two types viz:

The credit card, and

The debit card.

CREDIT CARD

Getting the right card to your purpose and ability.

There are some many type of card you can use for your order but the purpose, willingness and your ability to maintain the charges count. To make a choice for card just think about how you like to use the card and then compare the types of cards available. Some have different value for different charges while others with higher charges with additional value. So I recommend that you carefully research card rates, fees and benefits.

TYPES OF CREDIT CARD

There are different types of credit cards viz:

Charge Cards- with this type of card you are allowed to make purchase with a convenience purchasing power based on your agreement to pay the full amount of the charges due each month. A good example of charge card is the Green Card known as The American Express Card for Students.

Credit Cards- with this type of card you are eligible to make purchase with credit limit or a revolving loan base on your agreement to pay at least the minimum amount due on the amount of credit you use by the payment date.  Any balances you do not pay by that date attract a financial charge of certain amount by the next month.  A good example of the credit card is the blue card known as The American Express Credit Card for Students.

General Purpose Credit Cards – this is the world most popular use cards they are very user friendly, with general purpose credit cards you can pay for any thing any time any where and all the different types of expenses are combined in a single bill. Good examples of this type of cards are the master card, visa and American express card.

Single Purpose Credit Cards – in some economy different cards goes for purchases in different stores. Most of them are created by such stores to take payment for their customer on credit. Good examples of such cards are Kohl’s, Home Depot, BP, Shell, JC Penney, Macy’s , Gap, And Old Navy.

Premium Cards – this is a card that offers a very high credit limit, and may also charge high fees. The premium cards require a substantial income and an exclusive credit history. Good examples of premium cards are Gold and Platinum cards. They also offer cash back, reward point, travel upgrades and other rewards to cardholders.

Affinity Credit Cards – these are credit or charge cards that offer extra benefits as a result of being issued by bank in partnership with other organizations. These types of cards are associated with specific organizations and are offered to affiliates of those organizations. Affinity credit cards come in various types viz:

• Reward Affinity Credit Cards – you earn points by using this affinity card in link to the affinity partner (like football club) the point can be spent on official club merchandise.

• Travel Affinity credit cards – you earn points or frequent flyer miles to get free flights or other travel rewards by spending on credit cards that are issued by banks in association with airlines or travel companies,

• Charity affinity credit cards or cause-related affinity credit cards – with these types when you apply for and use an affinity card, the partner receives money from the bank, with out charging you. You may only pay the first time you use your affinity card.

Good example of affinity credit cards are Virgin Atlantic Credit Card, Breakthrough Breast cancer credit card, Nectar credit card, and Manchester United credit card.

Co-Branded Credit Cards – these are credit cards co-sponsored by two companies and have benefits and rewards designed especially for their joint customers. Examples of Co-branded credit cards are co- branded credit card of Chase and United Airlines and American Express Delta SkyMiles card.

Secured Credit Cards – a secured credit card is similar to regular credit cards except that you have to make a deposit with the credit card issuer. You may be required to deposit from as low as $200 to as high as $10,000. Therefore secured credit cards are credit cards guaranteed by a bank account or deposit made by the potential cardholder. The credit limit of a secured credit card is usually based on the amount of deposit ranging from 50% to 100%. A good example of secured credit card is the Capital One Secured MasterCard.

Smart Cards Or Stored-Value – stored-value refers to the dollar or naira value on a card not in an externally recorded account like the bank account (the term stored-value means that the fund and or the data are physically stored on the card in form of binary code data) and not the same as prepaid cards where money is on deposit with the issuer similar to a debit cards. Stored-value cards unlike prepaid debit cards the stored-value cards are not issued in the name of the individual account holders.

The stored value on the smart card decreases the more you use the card, the value can be topped regularly is you use the card by paying for additional value. Smart cards are popularly issues by Universities/Colleges. It gives student access to the telephone, library, laboratories, food services, photocopying, and other secured area of the campus. Examples of stored value cards include university cards and mall gift cards.

DEBIT CARDS 

Debit cards are cards that allow you to only spend what you have. Any time you use your debit card to make payment, the amount of the purchase made is automatically withdrawn from your account by a linked account called the payment processor.

Debit cards look like credit cards and can be used in many places where a credit card is used. the different between the debit and credit card is that  debit card payment amount is transferred from your account to the merchant’s account  the same day, you can’t spend beyond you account deposit or available balance and not subject to many of the consumer legal rights that is applicable to credit cards regarding returns, resolution of  errors, fraud etc.

TYPES OF DEBIT CARDS

There are two types of debit cards viz:

Check Cards (Cheque Cards) – often referred to as debit card, check cards is the most common type of a debit card it is referred to as cheque or check card because it is linked to your checking account and associated with the bank where you have your checking account. When you make payment with debit card, the purchase price is automatically deducted from you checking account and you either receive an SMS debit alert or/and you receive a monthly purchase statement from your bank analyzing payment made for your purchases, the bank charges, your payment processor charges and you account balance.

Pre-Paid Cards – the prepaid cards are re-loadable debit card similar to check cards. The difference is just that it is not linked to a checking account like the chack cards but linked to a pre-paid account where your purchases a funded from and hence referred to as pre-paid cards.

Pre-paid cards do not affect you credit since you can’t spend beyond the available balance in you prepaid card, and therefore do not require credit history. I use UBA AfriCard which happen to be a re-loadable pre-paid visa card, one thing I like about it is that your are not required to open an account before you can obtain it and you can get it the same day you apply for it and also user friendly, and so many of them out there, though they normally involve huge fee structure with monthly fees, per-transaction fees, fees for re-loading your card, etc varies with individual issuing company.

The above mentioned cards are in the form of ATM Cards. The ATM cards are used to re-load cash into the card, use to cash money from the cash dispenser called the Automatic Teller Machine (ATM) and complete other transactions in the ATM. Many ATM card can be used in selected networks, such as Cirrus, NYCE, HONOR, and STAR and so your ATM card can work in any bank, supermarket, Eatery, fuel filling station, store with facilities connected to these network.

Finally nowadays most ATM Cards are use as debit card this means you can use your ATM cards to make your online purchase and pay with the money in you bank account – checking or prepaid account.

I once tried First Bank MasterCard and it does it work I got a message that I should contact my bank to unblock it so I did and it was unblocked. You can as well call the contact number on the card if you have any issue with your card.

So any website I want to make my order or purchases I scroll to the bottom and view the types of payment processors that are available and where ever there is a logo of same logo of my card I make payment with the one I have and like.

Thanks for  reading.

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Best Regards,

I Remain…

Your Friend,

 

Nelson Ekeinde
Make Extra Money Online