Cash back, or cashback, often refers to the cash benefit paid to a credit card user after a certain amount is charged on their credit card.The cash back reward is offered by card issuers as a loyalty program to encourage the cardholder to use their card more frequently.
A chargeback protects cardholders from unsatisfactory sales and service by letting the cardholder demand a "refund" directly from the credit card issuer.If a customer successfully disputes a credit card charge, the account will be credited for the disputed amount via a chargeback.
A credit card is issued by a financial institution that lets you borrow money to make a purchase.According to a recent Experian report, the average American holds 4 credit cards.
The Credit Card Accountability, Responsibility, and Disclosure Act is better known as the Credit CARD Act.The law's main purpose is to prevent certain business practices in the credit card industry that were considered unfair or even deceptive to consumers. The act was signed into law in May 2009 and took effect in phases.
A credit card balance is the total amount of money owed on a credit card account.Whenever a purchase is made, the balance increases.
The Fair Credit Billing Act (FCBA) is an amendment to the Truth in Lending Act.The FCBA is meant to protect consumers from unfair or inaccurate billing practices by providing a system for consumers to contest inaccurate credit card bills.
The term swipe fees, also known as interchange fees, refers to the hidden cost paid by merchants to card-issuing banks and credit card companies for processing credit card and debit card transactions. For example, when you use your debit card or credit card at a store or online, there is a hidden fee that is charged by the card-issuing banks to process this transaction.