Crazy Chick's Thoughts 184 Lesson No. 2

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Did You Know?

---> 609.8 Million credit cards held by US Consumption

Average number of credit cards held by card holders.

---> 3.5 as of 2008, some US customers can even have 15 credit cards

Total US revolving debts (98% of which is made up of credit card debt): $ 852.6 Billion as of March 2010

What are credit cards?

---> Pre -approved credit which can be used for the purchase of items now and payment of them later.

Is a debit card a type of credit card? (The answer is No.)

Debit cards are:

(-) not the same as credit cards

(-) not a form of credit at all

(-) directly linked to your bank account

***Debit cards allow payment and purchase.

Obtaining a credit card:

--->Customer must submit an application form to the credit card company.

*Credit granting department - who handle the laws

*Credit limit - maximum amount they should purchase the item

Understanding The Balance/Terminologies:

1. New Balance - the total amount owned on a credit need

2. Maximum Payment Due - minimum amount to be paid

--->If this amount is paid and a balance is left on the account, additional finance charges will be included in the following month's balances.

3. Due Date - the day by which the company requires the payment to be made

4. Past Due Amount - the previous amount due which was

5. Credit Limit or Credit Line - the maximum amount of charges allowed to an account

6. Available Credit - remaining credit used to avail for purchase

7. Billing Close Date - last day for transactions to be separated on the statement.

8. Charges, Payments and Credits - the transaction which occur with the use of a credit card

9. Annual Percentage Rate (APR) - interest rate charged for amount borrowed in terms of percentage per year

10. Late Payment Fees - penalty for payment not made by the due date

11. Annual Fees - yearly charge for credit card owners.h.i.+p

Why Would Customer Call?

1. Balance Inquiry - to check their current balance

2. Make a Payment - customer wants to process their payment over the phone
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3. Card Activation

4. Replacement and Lost or Stolen

---> the customer's card is broken and would like to get a replacement.

---> the customer's has lost his card and would like to report it as lost.

5. Updating Information - change of address or phone number

Other Call Types of Customer on Credit Card:

1. Payment Options

2. Billing Statement Not Received

3. Removal of Late Fees or Interest Charges

4. Closing of Account

5. Decline Transactions

6. Unauthorized Charges On The Account

7. Disputes

8. Coupons and Discounts

9. Reward Certificates

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