Validate Credit Card Number
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A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.
Validate Credit Card Number
How to Validate Credit Card Number - Luhn algorithm
Credit card: Types of credit card and validation
Information technology has changed the modern day economic theory as buying and selling become easier than before. Normally, Credit card is a payment card which is issued to users or cardholders to enable the owner to pay a merchant for goods and services anywhere and anytime. On the owner's permission to the card issuer (bank or company) to pay them for the amounts along with extra charges as per norms. Normally issuer (bank or company) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance for anyone.
There are hundreds of credit cards spread across dozens of credit card issuers around the globe. The types of credit cards on the market range from basic to top premium credit cards.
Standard Credit Cards
Standard credit cards are also called "plain-vanilla" credit cards because they offer no frills or rewards. They're also uncomplicated and relatively easy to understand.
Balance Transfer Credit Cards
While many credit cards come with the ability to transfer balances, a balance transfer credit card is one that offers a low introductory rate on balance transfers for a period of time.
Rewards Credit Cards
The name indicates, rewards cards are those that offer rewards on credit card purchases. There are three basic types of rewards cards: cashback, points, and travel.
Student Credit Cards
Student credit cards are those specifically designed for college students with the understanding that these young adults often have little or no credit history. A first-time credit card applicant would generally have an easier time getting approved for a student credit card than another type of credit card.
Charge cards do not have a preset spending limit and balances must be paid in full at the end of each month. Charge cards typically do not have a finance charge or minimum payment since the balance is to be paid in full. Late payments are subject to a fee, charge restrictions, or card cancellation depending on your card agreement.
Secured Credit Cards
Secured credit cards are an option for people who don't have a credit history or who have damaged credit. Secured cards require a security deposit to be placed on the card. The credit limit on a secured credit card is typically equal to the deposit made on the card, but it could be more in some cases.
Subprime Credit Cards
Subprime credit cards are one of the worst credit card products. These credit cards are geared toward applicants who have a bad credit history and typically have high interest rates and fees. While approval is often quick, even for those with bad credit, the terms are often confusing. Despite the unattractiveness of subprime credit cards, some consumers continue to apply for the cards because they cannot get credit elsewhere.
Prepaid cards require the cardholder to load money onto the card before the card can be used. Purchases are withdrawn from the card's balance. The spending limit does not renew until more money is loaded onto the card. Prepaid cards do not have finance charges or minimum payments since the balance is withdrawn from the deposit.
Limited Purpose Cards
Limited purpose credit cards can only be used at specific locations. Limited purpose cards are used like credit cards with a minimum payment and finance charge. Store credit cards and gas credit cards are examples of limited purpose credit cards.
Retail Credit Card Reviews
Best Gas Rewards Credit Cards
Business Credit Cards
Business credit cards are designed specifically for business use. They provide business owners with an easy method of keeping business and personal transactions separate. There are standard business credit and charge cards available.
The ease in swiping a credit card for a purchase has its pros and cons. It may either help when handled properly or become a detriment. If you are able to pay your bills on time every month and not carry over a balance, credit cards are a great convenience. The cards can also land you deep in debt. This often occurs if you're unaware of the terms of the credit card agreement, and if you carry too many cards.
Pros of Credit Card:
You can use them practically everywhere, especially overseas. They can boost your purchasing power because they can be used to buy goods and services over the phone, through the mail and online.
They provide financial backup in the event of an emergency, such as an unexpected healthcare cost, job loss or auto repair.
They allow you to purchase items and pay them off in monthly installments. They offer discounts at stores and rewards. For instance, when you make purchases using the credit card you can collect points; these points accumulate and can be used to get free items, such as airline tickets.
Some cards may offer cash back as an incentive to use the card.
They can help build your credit history.
They keep a record of your expenses, helping you to monitor your financial activities.
They help raise your credit score, such as the FICO credit score, when you pay balances down by the due date. This improved credit history paves the way for lower rates borrowing rates on other loans, including a mortgage.
Credit cards allow you the right to dispute billing errors and defective merchandise.
They allow you withhold payments.
Cons of Credit Card:
Credit cards can have their disadvantages, though, especially when they're used in an unwise manner.
Some consumers feel compelled to spend more money than they have.
Consumers may continuously roll over a balance for several months.
When you default on credit card payments, you are charged with late fees and interest, increasing your debt load.
Carrying a large amount of credit cards also isn't too favorable in the eyes of lenders.
Acquiring too much credit card debt can ruin your credit score.
Studies have indicated credit card debt as a significant factor in consumer bankruptcies.
Credit card fraud is a possibility.
Avoiding Credit Card Pitfalls
In order to avoid the pitfalls of credit cards and maximize their benefits do the following:
1. Keep track of your purchases by closely reviewing your monthly statements.
2. Have a budget and avoid overspending.
3. Make an effort to pay off credit card balances at the end of the month.
4. Make purchases with reliable companies and take extra precautions when making purchases online.
5. Report stolen cards immediately to the credit card company.
Most often credit cards can provide convenience but they can also land you in debt through unwise choices or through no fault of your own, such as an emergency. In order to overcome the risks of credit card use, avoid accumulating too may and pay the debt off on time, read terms and conditions carefully and take measures to avoid fraud.
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