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Credit card skimming is causing an international problem which accounts for losses of over one billion dollars a year. In the United States this type of credit card scam is now being used although it is more commonly implimented in Latin America, Asia and Europe.

It can be easy to run a credit card scam, such as this, when you give your credit card to a store employee in order to make a purchase. When the store employee swipes your card for the purchase, it could also be swiped across a small machine in their hand called a skimmer which stores the information on your card into its own system for the store employee to use to steal from you. The information in this skimmer is used by crooks to produce counterfeit cards from the hundreds of debit and credit cards it has information on.

There are skimming rings working nearly in every corner of the world and as soon as your information is put into the skimmer, it is then downloaded into a computer and is ready to be emailed to anyone worldwide. About ten years ago it was not as easy to accomplish this fraud as it can be today, because the skimmers were large, bulky machines which had to be hidden under the counter in the store.

Some of the technological advances of the past few years has made it a possibility for these skimming machines to be hand-held and thus, invisible to the unsuspecting customer. These skimmers are easy to buy; they can be purchased over the internet at around three hundred dollars, but the machine needed to make counterfeit credit cards is a much larger investment; costing in a neighborhood from five thousand to ten thousand dollars.

Another form of skimming is done by placing a skimmer bug directly into the credit card terminals and then retrieving it later with credit card information on it. The older terminals are the only ones which can be violated in this way, and the onset of new credit card terminals has alleviated much of this bugging.

As soon as the credit card skimmers have confiscated all of the information they need from your card, they will begin to make purchases of their choice with your credit card number. Over half of credit card fraud is committed over the internet, with shopping by this method becoming more and more popular, card fraud on the internet has also increased. The internet is also used by the thieves to make certain that the card’s information is valid through the purchase of many low ticket items to be assured that the card is active.

The cardholder is one victim of this crime and is responsible for up to fifty dollars of the total amount charged on his card, however, the major victim in all of this is the merchant whose employee did the skimming. The merchant is responsible for payment of the fees for the investigation of the fraud which has taken place and he also is held one hundred percent responsible for the skimming activity and risks the loss of the merchandise. The money used by the credit card companies to offset the cost of investigating charge-back claims by their customers, comes from the investigation fees paid by consumers using credit and businesses.

Those who do this skimming scam operation know that a purchase of at least 00 must be made before a criminal investigation can begin.

Visit JSNet.org for more information on the best credit cards available and also great deals on prepaid credit cards. JSNet.org also have more of Alisdair Cosgrove’s great articles including ‘Credit Card Grace Periods‘, visit today to read more of these great credit card articles!

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Whether you are part of a small business or a large one, you probably understand the important role that business grade credit cards in conducting everyday business affairs. As a small business owner, you may already know that the right business credit card can affect your companies continued functionality than if you were part of a large corporation. In this situation, you may use the card to pay for operating costs and other necessary business expenses. As a result of such usage, you would probably like to know how choose the appropriate business credit card.

If you are interested in keeping your business on solid footing, then you will want to find the best business credit cad you can. Better still, you may find that using the credit card statement is a great way to organize and record your business expenses. Using the credit card balance statement, you can know where your money is going and who will receive payment. In addition, as mentioned before, the business credit card offers the credit access you may need to manage cash flow and other necessary expenses.

As you conduct your search for a business credit card, you should first examine the offers credit card companies that may specialize in small business credit cards. It is not uncommon to find some excellent special features that you can use to your advantage. These features could take the form of annual and quarterly account summaries or secondary cards that can be issued for use by employees.

As a business owner, employing one of these cards will allow you a way to divide your business expenses from you personal expenses, and keep them properly separate so you can make proper profit-to-loss reports.

A business’ credit history will determine, in many cases, what amount of credit will be made accessible to a given business. Of course, the more cash flow you have or the larger your business is, the more credit you may gain access to. If you’re a smaller business or just starting out, you will not gain access to the same credit lines that corporations do, but you may qualify for cash back offers and other great incentives that may help you save a little money.

Visit JSNet.org for credit card comparison of the latest deals including offers from business credit cards along with many great articles including ‘How To Protect Against Credit Card Fraud‘, visit today to read more of these great credit card articles!

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Other than the actual charge from each purchase, there are other fees associated with the use of a credit card. An increase in your credit card balance will be caused by these other costs. On your credit card statements from time to time are found the common fees of the annual fee, the APR, the late payment fee, and the finance charge. The other fees are not added as often as the finance fee which is added each month.

The credit card finance charges will be the dollar amount charged by the credit card provider for the use of their lines of credit for purchases made. The outstanding balance on your credit card plays a major role in the determination of the amount of finance charges you will have to pay while the APR on the card will play a more minor part in this determination. Your individual credit card company will have it’s own approach and policy for calculating the finance charges on your credit card.

There is a need for you to understand the way your outstanding balance is calculated, as it may be calculated within two billing cycles or during one billing cycle.

The adjusted balance, the average daily balance, and the previous balance are the three types of balances used to calculate the amount of your annual finance charges. The decision on whether the new or recent purchases you have made will be counted on the relative balance may be the common thing about these balances. After this is done the calculation of your credit card finance charges can be figured. A variation in the finance charges can be dependent on the billing cycle and based on the carry-over balance and the timing of different purchases and payments.

Operating under a minimum finance charge policy, many credit card companies are now providing their services. Differences in the card’s balance each billing cycle will not cause changes or variations in the finance charges if this type of finance charge gives the cardholder a flat rate. The credit card’s minimum finance charge will go into effect when the card has a carry-over balance that goes into the next billing cycle.

You can not avoid the credit card finance charge; it is a necessary cost that must be paid in order to keep using the credit card lines of credit to make purchases. A working knowledge of what will affect the credit card finance charges added to the balance on your card is a good thing to have. If there is an assessed amount that is not correct, you need to know what to do about it. It is important to use a little time to examine the terms and uses of your credit card in order to know what you should watch for on your monthly statements.

Your choice of a credit card is based on the most reasonable terms and rates you can find to be available to you, so it only makes good sense to be aware of any finance charges that cause an increase in the balance you have to pay.

Visit JSNet.org for more information on the best credit cards such as cash rewards credit cards along with many great articles including ‘Compare To Find The Best Credit Card‘, visit today to read more of these great credit card articles!

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Credit card offers seem to be everywhere, on TV, radio, online and in your mail. So how do you cut through the marketing spin and actually figure out the difference between the credit cards and pick the best credit cards for your needs?

In order to compare credit cards you should understand the main features found in most credit card offers.

Balance Transfer APR: APR stands for annualised percentage rate and is the equivalent annual interest rate. In this case it represents the rate you will pay on balances transferred from other credit or store cards for the duration of an introductory period such as six or twelve months. Look out for transfer fees which are upfront fees calculated as a percentage of the balance transferred.

Introductory Purchase APR: This is the interest rate that you will pay on purchases for a promotional period once you take out the card. Don’t get caught out by these intro offers, check out the small print to see that you won’t get stung if you still have balances owing when the offer period expires.

Purchase APR: This is the standard credit card APR charged on purchases. The right card for you is going to come down to how you will use the card; if you’re not going to pay your bills in fill then a low interest card will save you more than you would earn in points, however if you do pay in full then interest won’t be your main priority.

Interest free days / grace period: You may see statements such as ‘up to 55 days interest free’ advertised. This is the maximum period between making a purchase and the monthly bill due date. Cards with a long grace period mean that if you pay your bill in full before the due date each month then you won’t pay any interest. If there is no grace period the you’ll be paying interest from the day or purchase and you’ll be hit even if you pay your bill in full and on time each month.

Annual Fee: most cards have now dropped their annual fees but you may find that some premium cards do still charge an annual fee in exchange for extra features. Just make sure that the value of any extra features outweighs the annual costs of owning the card.

Rewards scheme: Rewards schemes come in all different shapes and sizes such as cash back, shopping rebates, points, airline rewards and much more. There is no point in applying for a credit card that will cost you more than it earns so work out of any rewards will earn you above and beyond what you pay the bank in interest and fees. Also choose a card that offers rewards that you want. Most rewards programs offer rewards that average around one cent in value per dollar spent so don’t spend up just to earn some extra points, it’s simply not worth it.

Next time you’re looking for a new credit card you should have a good understanding of how to compare credit card offers side by side before you apply. There is no card that is the best for everyone; you just need to pick a card that will work for you.

This article is by Richard Greenwood a keen consumer advocate helping consumers getting a better deal. Richard runs www.compareyourbank.com.au

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