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FAQ

What’s the difference between a debit card and a credit card?

Debit card allows a cardholder to keep his/her money on it. A person can pay for his/her purchases by making noncash payments, withdraw cash at ATMs or transfer money to someone. A credit card implies a certain credit line to that a cardholder has access. It’s the sum of money that he/she can spend when paying for the purchases using this type of card. Later on, a cardholder of a credit card will have to pay off the debt and the interest on top of it. A credit card allows to electronically pay for the purchases its cardholder makes. As a rule, issuers charge cardholders of credit cards certain fees in case they transfer money to someone or use an ATM to withdraw any sums in cash.

Many emitting banks offer their clients both credit and debit cards. As a rule, credit and debit cards have a different design. Besides, there are different symbols on the face of the cards.

What is the number of a credit card?

It’s a unique number that every credit card has. This is the number according to which a card is identified in payment system. The number is always printed or embossed on the face of a card. It plays a very important role in terms of payments you make. You need to always enter the number of your card when transferring money to someone or paying for the purchases made in online shops.
The number of a card consists of 16 or 15 digits that are embossed in blocks. The number of the card provides information about the payment system, the emitting bank, type and status of the card, information about its cardholder and other data. Sometimes, there may be more digits in the number of a card. It means that the card was issued according to a different program.

How do I check the balance of a credit card?

The easiest way to check the balance of a credit card is to use online banking or the official application of the emitting bank. If you can’t do it, you can check the balance of your card at any ATM. You also can request the information by sending AMS (according to the format specified by the emitting bank) or by calling to call center.

You can choose any of the options mentioned above depending on which one is the most convenient for you.

How do I decrease the debt on my credit card?

Emitting banks offer a number of options in terms of how you can decrease the debt on your credit card. The easiest and the most convenient way is to transfer money to your credit card from your account or a debit card using online banking. You also can add funds to your credit card via an ATM using cash or at a cash department. Some emitting banks have additional options. For example, a cardholder may be allowed to add funds to his/her account at partner shops (using cash) or by carry out a cash transfer.

Is it possible to add funds to a credit card from a different credit card?

We don’t recommend you adding funds to your credit card from a different credit card (that also belongs to you). The thing is that payment systems and emitting banks consider such like operations to be a transfer of money to someone. As a rule, cardholders are charged a certain fee for carrying out such like transfers. Besides, if there is implied a grace period, it’ll be over once you carry out this operation. That’s why you’d better add funds to your credit card choosing other options. For example, you can add funds from your bank account.

Can I withdraw money from my credit card in cash?

As a rule, a credit card is designed so that you can make payments without using cash. Sometimes, there is no Cash Advance feature. Emitting banks charge cardholders a certain fee for carrying out this operation and it also may influence your grace period (it’ll be over). That’s why you’d better not withdraw money in cash from your credit card.
Some banks issue credit cards that are designed so that you can withdraw money from them in cash. If you want to know if your bank has such like cards, you should visit its official website.

How to carry out a chargeback process?

Chargeback is the process the aim of which is to cancel a transaction that was carried out on your credit card. You can file a complaint in the following cases: money was withdrawn from your account twice, the transaction was carried out in the wrong way, you didn’t get the item you paid for etc.

In order to request a chargeback, you need to send an application to the emitting bank that issued your card. You should also attach the documents that prove that the payment should be cancelled to your application. The bank will carry out its own investigation and, if it comes to the conclusion that there are all the grounds for a chargeback, you’ll get your money back.

How do I close a credit card?

Before you can close a credit card, you should pay the balance you have on it in full. Besides, you should also pay the card maintenance fee (for the month you’re going to close your account) or the annual fee (for the current year). You should tur off all the services on a fee-paying basis. For example, SMS notifications.

After that, you need to come to your bank and fill in the application stating that you want to close your card. Give the application and your credit card to the representative of the bank. If everything is fine and the bank doesn’t have any claims against you, your credit card will be closed. The procedure lasts for 1-2 months. Once it’s over, you’ll receive an official document stating that your card is closed.

How many credit cards can I have at one and the same time?

As a rule, you’re free to have as many cards as you want. There are no limits in terms of how many cards a person can get at the same time. You can get several credit cards and use each of them for a certain purpose. For example, you can have one card to ay for your everyday purchases, a different card to pay for the purchases when travelling and one more card to pay for the purchases you make online etc. However, you need to remember that you’ll have to decrease debts on all the cards you have. That’s why you should take into consideration your financial possibilities when applying for a credit card.

How old should a person be to get a credit card?

Many banks start approving credit cards for those who are 18 years old. This is the age when a person turns out to need a “tool” like that. Besides, people of this age can have income which means that they can pay on time. Some emitting banks approve credit cards for those who are at least 21 years old or even older. If you want to know how old should a person who applies for a credit card be, you can visit the official website of an emitting bank or contact its call center managers.
How do I increase the credit line implied by my credit card?

Many emitting banks allow their clients to increase the credit lines they have access to. In order to qualify for an increase of your credit line, you should make purchases with your card and pay off on time. If your emitting bank sees that you’re a trustworthy cardholder who never fails to pay off, a decision to increase your credit line may be made. Your bank will notify you of such like a decision. If you want to know whether it’s possible to increase the credit line you have access to, you should call the customer support service of your bank.

What is cash back and how does it work in terms of a credit card?

Cash back is the sum of money you get back (from the total sum spent on the purchases with your card). Cash back may be credited directly to your account or you can get your cash back in the form of points. You can use these points to buy something from the bank’s partners. Cash back may help you save some money.

The majority of credit cards imply a cash back at the standard rate that applies for all the purchases a cardholder makes. Some banks have cards with bonus categories (for the purchases in which you get more rewards) or offer you to earn more rewards by making purchases at the stores of their partners. As a rule, you get cash back every week or every month. You can use online banking or the official application of your bank to find out more about cash back offers and keep the schedule of payments under control.

How does having a credit card influence a credit history?

Credit card, like any other forms of credits and loans, influences your credit history. All operations you carry out with your credit card appear in your credit history (transactions, late payments and adding funds operations). If you pay off on time, your credit score increases. If you often make late payments your credit score becomes worse. When you close your credit card, the bank also mentions it in your credit history. In order to find out more about your credit history, you need to contact your credit bureau.

How is the minimal payment a cardholder should make each month determined?

Minimal payment is the minimal sum you should pay each month thus decreasing your debt. You need to make minimal payments each month. Otherwise, your emitting bank will charge you penalty fee. You also can pay off your debt in full.

Minimal payment includes 3 sums of money. The first sum is determined by your bank. It’s a part of your total debt. The second sum is determined on the basis of the interest rate that applies for as long as you use your card. Finally, there is the 3rd sum that includes maintenance fees and various services on a fee-paying basis like SMS notifications.

What is a prepaid card?

Prepaid card is a card that’s either issued by a bank or other organization that’s not tied to its own account. A prepaid card can be used to keep some sums of money on it that its cardholder or the organization that issued it transfer on to it. Such like cards have certain limits in terms of the sum that a person or an organization can keep on it. These cards don’t imply a credit line. You can use a repaid card for the same purposes you use your debit or credit card.

It’s quite easy to qualify for a prepaid card since such like cards are unembossed.

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