Tuesday, January 15, 2019

Credit card

A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that the credit card issuer loans the consumer money rather than having the money removed from an account. Most credit cards are the same shape and size, as specified by the ISO 7810 standard.

Table of contents
1 How they work
2 Features
3 Security
4 Controversy
5 Credit card numbering
6 Credit card organizations
7 Collectible Credit Cards
8 External links

How they work
A credit card user is issued the card after approval from a provider (often a general bank, but sometimes from a captive bank created to issue a particular brand of credit card, such as American Express Centurion Bank), in which they will be able to make purchases from merchants supporting that credit card up to a prenegotiated credit limit. When a purchase is made, the credit card user indicates their consent to pay, usually by signing a receipt with a record of the card details and indicating the amount to be paid. More recently, electronic verification systems have allowed merchants (using a strip of magnetized material on the card holding information in a similar manner to magnetic tape or a floppy disk) to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. Some services can be paid for over the telephone by credit card merely by quoting the 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 choose 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 mechanism of the Tragedy of the commons. 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 consumer 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 similar but required the entire bill to be paid with each statement. Credit card service was first offered in 1951.

In recent times, credit card portfolios have been exceedingly profitable to banks, in lieu of the booming economy of the late nineties. However in the case of credit cards, such high returns go hand in hand with risk.

As well as convenient, accessible credit, the cards offered consumers an easy way to track expenses, which is necessary both for monitoring personal expenditure and the tracking of work-related expenses for taxation and reimbursement purposes. They have now spread worldwide, and are offered in a huge variety of permutations with differing credit limits, repayment arrangements (some cards offer interest-free periods, while others do not but compensate with much lower interest rates), and other perks (such as rewards schemes in which points "earned" for purchasing goods with the card can be reclaimed for further goods and services).

In addition, some countries such as the United States limit the amount that a consumer can be held liable for fraudulent transactions which shifts the liability to the merchant. This encourages the use of credit cards for electronic and mail order transactions, collectively called "card not present" transactions. They have spread far and wide beyond their initial market of the wealthy businessman and are now ubiquitous amongst the middle class of most Western countries.

The relatively low security of the credit card system presents many opportunities for fraud. However, this does not imply that the system is broken. The goal of the credit card companies is not to eliminate fraud, but to reduce it to manageable levels, such that the total cost of both fraud and fraud prevention is minimised. This implies that high-cost low-return fraud prevention measures will not be used if their cost exceeds the potential gains from fraud reduction. This opportunity for fraud has created a black market in stolen credit card numbers, which must generally be used quickly before the cards are reported stolen.

Three improvements to card security are being introduced to the more common credit card networks at the time of writing. An additional 3-4 digit code is now present on the back of most cards, for use in "card not present" transactions. The on-line verification system used by merchants is being enhanced to require a 4 digit Personal Identification Number (PIN) known only to the card holder, and the cards themselves are being replaced with similar-looking tamper-resistant smart cards which are intended to make forgery more difficult. The majority of smartcard (IC card) based credit cards comply with the EMV (Europay Visa MasterCard) standard.

The 3-4 digit numbers for use in "card not present" transactions are to be found in different places on the various cards, and are referred to differently by the card issuers:

VISA: last 3 digits of the number printed on the back signature panel of the card, referred to as the CVV, or Card Validation Value.

MASTERCARD: last 3 digits of the number printed on the back signature panel of the card, referred to as the CVC, or Card Validation Code.

AMERICAN EXPRESS: 4 digits long, printed on the front side of the card above the number, referred to as the CID, or Card Identification Number.

There is some controversy about credit card usage in recent years. Credit card debt has soared in recent years, particularly among young people. The major credit card companies have been accused of targeting a younger audience, in particular college students, many of whom are already in debt with college tuition and loans. Credit card usage has tripled since 2001 amongst teen-agers as well.

Since the late 1990s, lawmakers, college officials, consumer advocacy groups, and higher education practitioners, have become increasingly concerned about the rising use of credit cards among college students. A recent study has shown that both the number of students owning a credit card as well as the amount of credit card debt held by students has risen in the last couple of years. Since eighteen year-olds in most states are eligible for a card without parental consent or employment, many have been concerned that students will use credit unwisely because of their financial inexperience and suffer the long-term consequences of carrying high debt

Credit card numbering
The numbers found on credit cards have a certain amount of internal structure, and share a common numbering scheme.

The card number's prefix is the sequence of digits at the beginning of the number that determine the credit card network to which the number belongs. The card number's length is its number of digits.

The prefixes and lengths for the most common card types are:

Card Type Prefix(es) Length(s)
MasterCard 51-55 16
BankCard 560-561 16
Visa 4 13 or 16
American Express 34 or 37 15
Discover Card 6011 16
Diners Club / Carte Blanche 300-305, 36, or 38 14
JCB 35 15 or 16
In addition, the first 6 digits of the credit card number are known as the Bank Identification Number (BIN). These identify the institution that issued the card to the card holder.

Some credit card issuers choose to restrict the card numbers they issue to those which pass a checksum test, where the final digit of the card number is used to confirm the initial digits. This has two benefits of preventing casual attempts to invent credit numbers (only one in ten will be valid), and also prevent mistakes when the card number is manually recorded. The checksum test for credit card numbers is the Luhn formula, described in Annex B to ISO/IEC 7812, Part 1.

Credit card organizations
American Express
Diners Club

Collectible Credit Cards
A growing field of numismatics, or more specifically Exonumia, credit card collectors seek to collect various embodiments of credit from the now familiar plastic cards to older paper merchant cards, and even metal tokens that were accepted as merchant credit cards. Early credit cards were made of celluloid, then metal and fibre, then paper and are now mostly plastic.

Money Matters in Kensington

1. The project has several separate, but complementary strands, which became more integrated as the project progressed.

Sound as a Pound course, provided accessible financial capability sessions, with groups of parents over 6 -8 weeks. Topics included: savings, budgeting, welfare benefits ( including major changes), borrowing, using bank accounts, credit unions, energy saving. companies

IT /Digital Inclusion provided courses on using the computer and how to explore the internet. The more informal Computer Club emerged from the courses and provided a context where students could bring their own individual learning needs and interests. This became more relevant as there is a growing trend for public services to be accessed on-line.

Community Research strand whereby a group of learners came together to find out about the agencies in the local area who could help and support parents over money matters. All of these agencies have been partners in the project, some of them making an input to the Sound as a Pound course.

Money Matters Survival Guide The final strand, bringing the other aspects together has been the production of a useful booklet, which is a record of the project’s development and a source of useful information for families. Much of the Guide has been designed through the Computer Club where parents have helped to decide the most relevant content. This booklet will be available to a wider group of parents in the community.

2. Project objectives

• To support participants to develop their ICT skills

• To increase financial awareness and capability

• To increase awareness of local agencies who can give financial support and advice

• To strengthen social networks

• To strengthen family health and well-being

3. Planned outcomes for learners

At the end of the project, learners will:

• be more in control of their family finances especially in view of the wide ranging changes to the Welfare Benefits system

• have learned to improve their budgeting skills

• be able to complete a Money Matters action plan

• be better equipped to save and borrow wisely

• have developed their digital learning skills,

• know how to access suitable websites

• be able to work independently

• be informed about support available from local agencies

• have gained confidence to access support as needed

• have formed friendship networks

• know what family facilities are available in Kensington

4. Project timetable

(from project initiation, through to delivery and final review and Celebration)

Tuesday, January 8, 2019


The number one asset for National Lending Group is our people. Our team of Loan Officers and Processing Teams simply believe in treating our customers with the out most respect and honesty every person deserves.

Our people not only provide answers to all your questions, but also everything possible to educate our customers about their loan and the lending process. Yes, we do go to your house to explain your loan and it is nice to put a face with the voice you hear on the phone. That is service and that is what the people of National Lending Group are all about. Without this, we would be just another lender.

National Lending Group will connect you with the right lender to suit your current financial needs. We will save you the time and frustration of doing it yourself. For our customers with exceptional credit we can offer competitive rates with much faster turnaround than local banks.

We also specialize in helping buyers with less than exceptional credit, including those with recent bankruptcies, foreclosures, high debt, and low credit scores. We will help you understand your credit, identify the problems, and we can even assist you in rebuilding it.

Monday, January 7, 2019


The Discover® Gas Card, issued by Discover, is designed for those with very good credit who are looking for a cash reward credit card.

Through the reward program, cardholders earn a full 5% in cash rebates for gas and auto maintenance purchases, up to 1% for general purchases, and .25% for purchases made at select warehouse clubs and discount stores.
Those who spend up to $1,500 on general purchases will receive a .25% rebate, between $1,500 and $3,000 will receive a .5% rebate, and over $3,000 will receive a full 1% rebate.*
This card also offers a variable rebate on gas and auto maintenance purchases. Those who spend up to $1,200 will receive a full 5% rebate, between $1,200 and $1,500 will receive a .25% rebate, between $1,500 and $3,000 will receive a .5% rebate, and over $3,000 will receive a 1% rebate. There is no yearly limit on the amount of rebates that can be earned, and rebates do not expire as long as the account is active within a 36 month period.
As an added bonus, cardholders can earn up to a double Cashback Bonus® for redeeming their rebates for gift certificates from participating Discover Card Partners.
Aside from the reward program, the card also provides several platinum benefits including travel accident insurance, auto rental insurance, and various fraud and security protection services.
This card has an attractive 0% introductory rate for twelve months and no annual fee. The APR for this card is reasonably low, although it is important to note that only higher qualifying applicants will receive the lowest rate available.
Finance charges applied use the "Two Cycles Average Daily Balance" method, which is a more costly method in applying finance charges for those who occasionally carry a balance, in comparison to the "Average Daily Balance" method used by most card issuers.
Therefore, those who plan to spend up to $1,200 a year on gas and auto maintenance purchases (to earn the full 5% cash rebate), plan to use their Cashback Bonus® award at participating retailers (to earn double cash rebates), and plan to pay in full each month after the introductory rate expires (to avoid costly finance charges) will benefit most from what the Discover® Gas Card has to offer.
*It is important to note that like many cash reward cards, the highest rebate offered will not apply to all purchases made with the credit card. In this case, 1% will only be applied to those purchases made after the cardholder spends over $3,000 in one year, so the overall cash rebate earned will be less than 1%, depending on the amount spent. For instance, if the cardholder were to spend $4,000, only $1,000 of this amount would be applied towards the 1% rebate. However, this does not take into account any promotional offers or the full 5% Cashback Bonus® award.

Saturday, January 5, 2019

Binary Options Trade

The binary options are based on the kind of “Yes/No” proposal (option) and they have the advantage to propose a fixed and predetermined return on investment, which is known in advance. The binary options are an ideal way to enter the complex world of financial trading because they are simple to understand and to trade: indeed, none previous experience of trading is required.

Thanks to the binary options, everyone can trade online and take advantage of excellent opportunities of the financial markets !

On the PlanetOption ™ trading platform, a binary option shows two-possible market movements, which depend on the trading tool which you will be able to choose:

High/Low Tool : You just have to decide if the price of the asset will RAISE or GO DOWN
One Touch Tool : You just have to decide if the asset will REACH or NOT REACH the stock exchange price.
Boundary Tool : You just have to decide if the price of the asset will remain the same or not in the RANGE of the current target.
Profit-making Positions
A binary option in a profit-making position expires ” in the money ” and supplies a fixed and known in advance ROI. For example, a 500€ investment on an High option EUR / USD, bought to a price of 1,4407, will bring a 925€ return (+85 %) if the price is upper to 1,4407 when it expires. The profit is not modified by the variation compared to the exceeded purchase price at its expiration (e.g. 1,4408 and 1,4459 will bring the same profit).

Otherwise, if the price at its expiration is lower than the purchase price (1,4407 in the previous example,) then the option expires ” out of the money ” and the investment is lost.

Useful Features
To help you to make the right decisions of trading at the right time, PlanetOption ™ supplies you background information over all the assets negotiated on its platform as well as real time graphs or historical data.

PlanetOption ™ also allows you to realize an “early closure” on all the options negotiated on the platform. This feature allows the trader to close the options before the expiration deadline: in other words, thanks to this feature, you can minimize the risks of losses or then protect the already realized profits!

Fast Trading
After having registered and realized a first money deposit on the PlanetOption™ platform, you will be able to start trading in a few minutes on the trading page -requires no uploads-, following 3 very simple steps :

1. Choose the financial option you want to trade from the drop-down menu.

2. For instance, for an Up/Down option : Select “Up” if you think the price will be inferior to the current price when expires.

3. Enter the amount you wish to invert and click on the button “Buy”.

Thursday, January 3, 2019

Welcome to Paul Financial Consulting

Paul Financial Consulting is a Professional firm of Accountants based in Lewisham, South East London offering accounts, taxation and business advisory support services to a wide range of small businesses and individuals.

At Paul Financial Consulting, our mission is to add value to your business and our commitment allows us to offer high quality, low cost accounting services, whilst providing personal attention to every single clients’ needs. Whether you are starting a new business or expanding an existing one, we have technical expertise to find the best possible solutions with the aim of minimising your tax liability.

Please visit the services tab at the top to view the range of services we provide and if you require any further information, please do not hesitate to contact us for a no obligation consultation.

Wednesday, January 2, 2019

Bank of America Visa Signature® WorldPoints™ Rewards

The Bank of America Visa Signature® WorldPoints™ Rewards, issued by FIA Card Services, N.A., is designed for those with excellent credit who plan to take advantage of the reward program that it offers.
Cardholders earn one point for every dollar spent on general purchases, which can be redeemed for a variety of benefits including merchandise, gift certificates, cash rebates, and travel rewards. There is no limit to the amount of points that may be earned per year; however, points do expire in five years.
This card has no annual fee, and the APR for purchases and balance transfers is very low. There is also a 0% introductory APR for balance transfers and cash advance checks for the first twelve billing cycles.
Aside from the reward program, cardholders can expect common benefits such as fraud protection services, online access, and a personal concierge service.
Therefore, those who plan to take advantage of the introductory offer, the very low APR for purchases and balance transfers, the reward program, and the various benefits and services may find the Bank of America Visa Signature® WorldPoints™ Rewards to be a suitable option.