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number embossed onto the card (the credit card number), and they can be used in a similar
manner to pay for purchases from online vendors.
Each month, the credit card user is sent a statement indicating the purchases undertaken
with the card, and the total amount owing. The cardholder must then pay a minimum
proportion of the bill by a due date, and may choos e to pay more or indeed pay the entire
amount owing. The credit provider charges interest on the amount owing (typically, a fairly
high rate much higher than most other forms of debt). Typically, credit card issuers will
waive interest charges if the balance is paid in full each month, which allows the credit card
to serve as a form of revolving credit.
As well as profits through interest, card companies charge merchants fees for money
transfer. When the companies formally or informally prevent these fees from being passed
on to credit card users but instead require them to be spread among all customers, this raises
the possibility of a harmful market imperfection through the mechanis m of the Tragedy of
the commons, especially as some credit providers give their users incentives such as
frequent flier miles or gift certificates . Australia is currently acting to reduce this by
allowing merchants to apply surcharges for credit card users. Credit card companies
generally do provide a guarantee the merchant will be paid on legitimate transactions
regardless of whether the cons umer pays their credit card bill. However, credit card
companies generally will not pay a merchant if the consumer challenges the legitimacy of
the transaction and will fine merchants who have a large number of chargebacks.
The credit card was the successor of a variety of merchant credit schemes. The concept
of paying merchants using a card was invented in 1950 with Diners Club's invention of the
charge card, which is s imila r but required the entire bill to be paid with each statement.
Credit card s ervice was first offered in 1951.
In recent times, credit card portfolios have been exceedingly profitable to banks, largely
due to the booming economy of the late nineties. However in the case of credit cards, such
high returns go hand in hand with risk.
A secured credit card is a special type of credit card in which you must first put down a
depos it between 100% and 150% of the total amount of credit you desire. Thus if you put
down $1000, you will be given credit in the range of $500–$1000. This depos it is held in a
s pecial s avings account. The owner of the s ecured credit card is still expected to make
regular payment, as he or she would with a regular credit card, but should he or she default
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