Fast Credit Card Advice

Yes, it surely does. According to the new credit card rules of 2010 gift cards can’t expire earlier than 5 years after they are issued. Inactivity fees are forbidden unless the card hasn’t been used for 12 months or more. If you want to replace your expired card you may not be charged a fee, but you may still be charged a fee to purchase or activate a new card. Issuers can charge one fee a month only, but the amount of the fee is not limited.

The Credit Card Security Code is an important security feature that provides protection against credit card fraud. Typically the code is a printed not embossed number of 3 digits (MasterCard, Visa and Discover cards) or 4 digits (AmEx cards) that locates on the back to the right of the signature strip of most MasterCard, Visa and Discover cards, and on the front above the card account number of American Express cards. Do not confuse this security code with the embossed or printed standard card account number.

There are several types of security codes, the one known as CVC1 or CVV1 is encoded on the magnetic stripe of the card and used when purchasing in person, and the other called CVC2 or CVV2 is asked for by merchants to secure "card not present transactions" made online, over the phone or by mail. This code helps confirm that you possess the credit card you are purchasing with and that the credit card account is legitimate.

The bank usually notifies you via snail mail or email whether you are approved or not and they do it within several hours to several business days. If you are approved, the notification letter will say when you should expect to receive a new card and often it takes 7-15 days for your card to arrive. If you are turned down there should be a reason ‘why’ stated in the letter. If time has passed and you still haven’t received any response from the credit card issuer, then contact the issuer directly to ask them about your card.

A foreign transaction fee also known as a currency conversion fee is charged by credit card companies when it comes to using credit cards to buy goods and services in a foreign currency. This kind of fee is associated with ATM cash withdrawals and purchases made with credit or debit cards abroad.Foreign transaction fees can run up to 3 per cent of each transaction made outside the US. Try to avoid these fees by choosing and using the right credit card when travelling.