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How Rewards Card Programs Work

How Rewards Card Programs Work

  1. Exchange Receipts – The most common methodology that most rewards cards work by is exchanging receipts. Once you have reached a certain spending amount, you may be eligible to exchange the receipts for goods and services from your card provider’s partner redemption outlets.
  2. Get Freebies and Discounts – Credit cards aimed at reaping rewards are usually tied to several retailers or shops. For one, a bank issued credit card may offer you some amazing reward perks or discounts if you purchase goods or services at their selected partner restaurants. If you, for example, are also fond of visiting your vet, you may reap more rewards if you use a particular card that is tied in to that vet clinic. All expenses you incur at this clinic, whether service or product oriented, will be subject for their rewards program unless otherwise specified. The value of your reward also depends on how much you actually spent. So, if you are a loyal patron of a certain retailer, make sure that you get a rewards card that’s specifically linked to them. There are a lot of these cards offering diverse program incentives, but most of them are normally based around an optimum annual expenditure value. For example, if you have a yearly spend of $12,000, you need to reach that amount, so you can really feel justice in the rewards you receive. However, if you use your card sparingly, there’s a big chance you’ll just end up paying more than what you actually get rewarded for.
  3. Accumulate Points For Regular Expenditures – You will also earn more points or rewards for recurring expenses. If you have to pay for certain bill on a monthly basis, why not charge it on your card instead? This way, you will build up more rewards points, but you should also be careful and ask them if there’s an expiration date for your accumulated points and everything will just go to waste once any unused points go beyond their redemption period or not.
  4. Rewards Cards Often Carries High Interest Rates – Be very careful when you make your credit card payments. No matter who your provider is, most rewards cards impose high interest rates. Aside from this, some card issuers may even penalize cardholders by cutting back their incentives if they are habitually paying late.
  5. Know How To Redeem Your Privilege Points – Call your provider’s customer services on how you can redeem or use your earned points for rewards on your Rewards Card. This is the surest way to stick to the rules of reward redemption. By doing so, you’ll be instructed whether there’s a need for you to manually transfer your points to a separate redemption card or if you need to search through various online catalogs just to exchange them for specific goodies. However, most of the time, the customer service personnel can take care of this hassle for you, so make sure you give them a call.
Credit Card Traps You Should Avoid

Credit Card Traps You Should Avoid

  • Repeated usage. What’s amazing with using credit cards is that you do not have to fill out forms over and over again. Thus, impulse buying through these are quite high. If you want to avoid this trap, leave the card behind and bring along a few cash to tide you over during the day.
  • Take note of cut offs and payment schedule. A cut off is the deadline set by card issuing company as a cap for credit recognition in a particular payment cycle. A schedule is the allowance given to card users to pay their dues and avoid paying additional surcharges. There is a gap in between; thus, your computed balance is different with the official balance. Don’t argue with regards to differences; instead, mind the deadlines to avoid penalties and sink further into credit pits.
  • Encourages spending habits. Some people have the wrong notion that it is a privilege to own a credit card and makes them cool to other people each time they use it. However, such incorrect notions and reasons are ways to fall into credit and debt traps for which you might need to seek the help of title loan companies for when payment due dates come.
  • Too much dependence. It is already stressful to own one credit card, how much more if you have more than two of these? Monitoring and paying your dues can add more stress as card companies have different policies and procedures; thus, you have several things to consider when monitoring your spending. There is nothing wrong with maintaining more than one; provided you can pay it and you do not rely on it for your daily survival.
  • Availing of promos. Do not make the mistake of availing promo offers especially if you do not need the items. For example, why avail of one day sale on grocery items when your cupboards and refrigerators are still loaded with groceries and food items that will last for more than a week? Why buy additional pair of shoes when you still have one pair that you haven’t used yet?

 

Credit Card Processing

Credit Card Processing

While the whole process of swiping the card takes not more than a few seconds, there are quite a few factors which affect the money transfer process. So choosing a proper processor is a must to make the complete process secure and fast. It should also be hassle free without any hidden charges or any other fees. Payment processing speed and security could be a deal breaker with the customer if it is not up to the mark. Accepting credit card is not enough, you should also look for a merchant account services. A few payment processing companies have a high merchant account rate but provide mediocre merchant services.

A proper Credit Card processor provides support to every aspect of your business starting from merchant account processing by providing you with merchant processing account. The processing of credit cards and debit cards with a fast response from both the front-end and backend is the key to a proper business merchant processing. The charges may vary according to the payment gateway, but you can find yourself relieved of the hassles you otherwise had to take. They take care of the details of cards along many devices like mobile device, POS, etc., and verify the data according the card holders name. The transfer request is sent almost immediately for crediting the same amount to the merchant’s account.

These companies are already developing their commitment towards the security of transfers. Even the small businesses are relying more on the cashless transaction, thus the small business merchant support is also being provided by many such processors. They accept credit card payments and process them taking utmost care to provide security and speed.

To assure the merchant of the security and speed of the processing, the companies are engaging their efforts in making the payment gateway more encrypted. Thus any chances of forgery or hacking are obliterated. With the latest 128-bit SSL algorithm, only the merchant and customer have the right to know the required part of the transaction, I. e. PIN number or identification number on the part of customer and another PIN number for the merchant. This classified information provide the base of the secure mode of payment.

Benefits of Using Credit Card Machines

Benefits of Using Credit Card Machines

Prior to the existence of these machines, there was only so much you could do with a credit card or a debit card. One would have to draw money from the bank and then use it to pay for a meal at a restaurant or a ticket to watch a movie. Since the inception of credit card machines, the old school routine of constantly drawing money from the bank has been removed. Instead, one can simply go directly to a point of purchase and make a transaction without being anywhere near a bank.

The biggest advantage of using these machines is security for both the customer and the business. By using a credit card machine, one is transferring data to a service provider that authorises the payment and then sends it to the businesses account with no chance of fraud or miscalculation involved. Since the payments are done using telephonic technology, businesses are less prone to being robbed or attacked for money as it will be intangible and already in an account.

The design and usability of a credit card machine is also advantageous. The machine is not large and can easily fit in one’s hand, allowing it be used anywhere whether you’re sitting at a restaurant table or standing in a queue. The credit card machine is also easy to use and can transfer funds from ones account to another almost instantly. The machine is much like that of an ATM. Simply enter your code and confirm the purchase you wish to make. It’s more simple and efficient as opposed to scrounging around your purse trying to find a couple of coins.

These marvelous machines have proven to be a valuable point of sale for both businesses and customers. They provide security, efficiency and so much more that greatly improve transaction methods. It also encourages the use of credit or debit cards, reducing the customer’s dependency on physical money.