A “prepaid credit card” is not a true credit card, since no credit is offered by the card issuer: the cardholder spends money which has been “stored” via a prior deposit by the cardholder or someone else, such as a parent or users. HOwever, it carries a credit card brand such as perceive, visa, mastercard, american express, or jcb and can be used in similar ways just as though it were a credit card. UNlike debit cards, prepaid credit cards customarily do not require a pin. AN exemptions are prepaid credit cards with an emv chip. THese cards do require a pin if the payment is tempered via chip and pin engine room. AFter buying the card, the cardholder loads the account with any amount of money, up to the predetermined card limit and then uses the card to make purchases the same way as a typical credit card. PRepaid cards can be issued to minors above 13 since there is no credit line solicitous. THe main advantage over secured credit cards see above section is that the cardholder is not necessary to come up with $500 or more to open an account. WIth prepaid credit cards purchasers are not charged any care but are often charged a buy fee plus monthly fees after an despotic time period. MAny other fees also usually apply to a prepaid card. LOw opening credit card rates are limited to a fixed term, usually between 6 and 12 months, after which a higher rate is charged. AS all credit cards charge fees and worry, some consumers become so indebted to their credit card caterer that they are driven to bankruptcy. SOme credit cards often levy a rate of 20 to 30 percent after a payment is missed. IN other cases, a fixed charge is levied without change to the worry rate. IN some cases general default may apply: the high default rate is applied to a card in good class by missing a payment on an unrelated account from the same purveyor. THis can lead to a snowball effect in which the consumer is drowned by instantaneously high interest rates. FUrther, most card holder treaties enable the issuer to arbitrarily raise the concern rate for any reason they see fit. FIrst premier bank at one point offered a credit card with a 79. 9% business rate; however, they suspended this card in february 2011 because of habitual defaults. MErchants that accept credit cards must pay networking fees and depreciate fees on all credit card dialogues. IN some cases sellers are barred by their credit contracts from passing these fees immediately to credit card buyers, or from setting a minimum traffic amount no longer barred in the united states, united kingdom or Ozstraylia. THe result is that traders are induced to charge all buyer comprising those who do not use credit cards higher prices to cover the fees on credit card negotiations. THe stimulus can be strong because the merchant’s fee is a percentage of the sale price, which has a disproportionate effect on the profitability of firms that have primarily credit card negotiation, unless paid for by raising prices ordinarily. IN the united states in 2008 credit card companies annexed a total of $48 billion in latticing fees, or an average of $427 per family, with an average fee rate of about 2% per transaction. FOr traders, a credit card commerce is often more secure than other forms of payment, such as cheques, because the issuing bank commits to pay the middleman the moment the traffic is commissioned, at any rate of whether the web browser errors on the credit card payment except for legitimate conflicts, which are argued below, and can result in charges back to the broker. IN most cases, cards are even more secure than cash, because they discourage theft by the go-between’s workers and reduce the amount of cash on the facts.
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