Universal Default And How It Affects Your Credit

Definition of Universal Default Universal Default is a term used in the credit industry to describe a practice where a credit card issuer raises the interest rate or takes other adverse actions on a cardholder’s account based on the cardholder’s behavior with other creditors. In other words, if you have …

The Minimum Monthly Payment On Credit Cards

Definition of Minimum Monthly Payment The minimum monthly payment is the smallest amount of money that a credit card holder is required to pay each month in order to keep their account in good standing. It is typically a percentage of the total balance owed on the credit card, usually …

Over-Limit Fees And How They Affect Your Finances

Definition of Over-Limit Fees An over-limit fee is a charge imposed by credit card issuers when a cardholder exceeds their credit limit. When a cardholder makes a purchase or incurs a charge that exceeds their available credit, the credit card company may impose an over-limit fee as a penalty. This …

Returned Payment Fee Definition Causes and How to Avoid

Returned Payment Fee Definition A returned payment fee is a charge imposed by a financial institution when a payment made by a customer is returned due to insufficient funds or other reasons. This fee is typically applied to transactions such as checks, electronic transfers, or automatic bill payments that are …

Recurring Billing: All You Need to Know

Recurring Billing: All You Need to Know Recurring billing is a payment model that allows businesses to automatically charge customers on a regular basis for products or services. It is a convenient and efficient way to collect payments, especially for subscription-based businesses. How Does Recurring Billing Work? Recurring billing works …

Luhn Algorithm for Credit Card Identity Verification

Overview of Luhn Algorithm The Luhn Algorithm is a widely used method for credit card identity verification. It was developed by a computer scientist named Hans Peter Luhn in the 1950s and is still used today to ensure the accuracy of credit card numbers. How does the Luhn Algorithm work? …

Late Fee Definition How They Work and How to Avoid Them

Late Fee Definition A late fee is a penalty charged by a lender or service provider when a payment is not made by the due date. It is a way for companies to encourage timely payments and compensate for the additional administrative costs associated with late payments. Late fees can …

Issuer Identification Number IIN Definition and Examples

Issuer Identification Number (IIN) Definition and Examples The Issuer Identification Number (IIN) is a unique numeric code that is assigned to a financial institution or organization that issues credit or debit cards. It is the first six digits of a card number and is used to identify the card issuer. …

Discover the Power of the Knuckle-Buster

Discover the Power Are you ready to unlock the true potential of your business? Look no further than the Knuckle-Buster. This revolutionary tool is designed to take your operations to the next level. With the Knuckle-Buster, you’ll experience a new level of efficiency and productivity. Say goodbye to manual processes …