Basic Elements of Credit Card (1)

Application

In most cases, citizens with full civil capacity and a certain direct source of financial resources may apply to the issuing bank for a credit card. Sometimes, legal persons can also be the applicant.

The object who claimed the credit card that can be divided into units and individuals.

The application is usually done by filling out a credit card application form, which generally includes the name of the applicant, basic information, economic or source of income, guarantor and his basic situation. And submit a certain number of documents copies and certificates, etc. to the card issuing bank. After the customer completes the application form truthfully according to the contents of the application form, the relevant credit certificate is submitted at the same time as the completed application is submitted. Application forms are accompanied by a credit card contract, the applicant authorizes the issuing bank or relevant department to investigate the relevant information, as well as the submission of a statement of the authenticity of the information, the card issuing bank's privacy policy, etc., and must have the applicant's autograph

Review

After receiving the application form and related materials from the applicant, the issuing bank shall examine the applicant's creditworthiness. The contents of the review mainly include whether the contents of the application form are true, the applicant's unit should also assess its creditworthiness, and the individual should also examine the guarantor's relevant situation.

Usually, the bank will examine the applicant's various information and economic situation on the basis of the application information to determine whether the credit card is issued to the applicant. Factors are considered as the applicant's past credit history, the applicant's known assets, professional characteristics, etc. The specific factors and processes of the card issuer audit are trade secrets, which are generally difficult for the outside world to understand. The standards of each issuing bank are also different, so the same materials may be issued in different banks different lines of credit, different types of credit cards, and even some bank audit spasses, and some banks refuse to issue the case.

Issuing

After the successful application for a credit card, the issuing bank will open a separate credit card account for the cardholder at the issuing bank for purchase, consumption and withdrawal.

Open the card

Since the credit card application is passed and the card is mailed by post, there is no guarantee that the recipient will be the applicant. In order to protect applicants and banks from brush theft, the credit card is set up before the official opening procedure. Card opening is mainly by telephone or network. Checking the relevant personal information provided when the application in line with the completion of the card opening procedures. At this point, the applicant becomes the card holder and you can officially begin using it after signing it behind the card. You need to set up a password for the card usually after the credit card is opened.

After the credit card is accepted by the credit card merchant or bank, the validity of the credit card and the identity of the cardholder are reviewed.

Identification

At least the following information is available on the credit card:

Front: Card issuer name and logo, credit card (organization logo) and holographic anti-counterfeiting mark, card number, English or pinyin name, activation date (generally calculated to month), valid date (generally calculated to month), the newly issued card front with a chip, chip account and card magnetic stripe account is a relatively separate two accounts.

Back: card magnetic strip, cardholder signature bar (must be signed when enabled), service hotline, card number at the last four or all card numbers (to prevent counterfeiting), credit card security code (on the signature bar on the back of the credit card, immediately followed by the card number at the end of the four digits, for credit card activation, password management, television, telephone and internet transactions, etc.).

Authorized

Merchants and banks confirm that the credit card is valid and contact the bank according to the contract with the issuing bank to request authorization. Authorization is the amount that can be used to further confirm the cardholder's identity. Authorization is generally made when the amount of use specified in the contract is exceeded.

Upon receipt of the authorization notice, the issuing bank issues an authorization order to answer whether or not to agree to the transaction based on the deposit balance of the cardholder's deposit account and the agreement that the bank allows overdrafts.

Use

Credit cards are usually limited to the cardholder's own use, and lending to others is generally a breach of the use contract.

Pin card

Before the credit card is sold, the account balance must be cleared and the card must complete the full process of selling the card within 45 days of the application.