Tag: MasterCard

Visa Credit Card History And Its Protocol

Visa Credit Card History And Its ProtocolHistory of Visa Credit Card begins in the mid-September 1958, when Bank of America initiated it’s BankAmericard program in the Fresno, California, to provide the system across the state. Where, the actual launching of the visa card happened in 1976. It was named after BankAmericacard. The Bank of America is the issuer of BankAmericacard which also have other international names. It was before the Visa brand introduction. In fact, Visa cards also incorporated the motif of the BankAmericacard in their designs. The gold and blue logos of Visa cards represent the golden color of California hills and the blue color of the sky.

There are different brands of credit cards in the market today. One popular brand is the Visa credit card. However, there are also visa cards that are offered as a debit card, this is a different matter altogether. It is the shortened name of the company VISA or Visa International Service Association based in San Francisco, California. It is a joint economic venture of twenty one thousand financial institutions. They are issuing and marketing Visa products.

The alliance of various banks in Canada such as Canadian Imperial Bank of Commerce, Bank of Nova Scotia, Royal Bank of Canada, and Toronto Dominion Bank issued Visa cards in the name of Chargex. French Visa which is currently issued is still using the BankAmericacard logo. It was called Carte Bleue in France which means blue card. The only issuer of BankAmericacard in United Kingdom was Barclaycard.

There are three types of Visa cards. The debit cards which is paid through a savings or checking accounts. The Credit cards which is paid monthly with appropriate interest’s rates. The prepaid cards which is paid through cash accounts and without check writing privileges.

There are two protocols that were developed to standardize consumer services. Visa International Association created the debit and credit protocols basing from the type of Visa cards they marketed.

Visa Credit cards uses credit protocols. The cards can be used at banking centers or POS (point-of-sale terminal) after showing the Visa logo. It contains the signature of the card holder for identification. Credit protocol may be utilized by Visa card holders even if it is being marketed as prepaid cards or debit cards. The reason is the imprinted Visa logo on the card’s front surface.

The users are sometimes confused by the word credit and debit. Well, the words do not necessarily depend on what the dictionary said about it. It is because debit card may still be used for credit transactions. In this case, misnomer occurs that credit cards are only used for loans while debit protocols are used for checking accounts only. The banks actually select several backend methods to handle the accounts. They make “debit” as the generic synonym of Plus/interlink, while “credit” as the generic synonym of Visa and other cards having similar systems including American Express, MasterCard, and Discover Card.

The associations include the following rules regarding the development of Visa Credit cards:

  • For security purposes upon every transactions. The cardholders are identified through their signatures upon using their Visa credit cards.
  • It will explain how a bank denies a transaction and how cooperation takes place in a bank to prevent fraud.
  • It will ensure a standard protection from fraud and false identification that are not discriminatory.

The founder of the VISA Company, Dee Hock believed that using the word Visa will be recognized instantly in various languages and countries. Besides, it also denotes universal acceptance. However, the consumers must know the rules to avoid conflicts in end when using their Visa Credit cards. History of Visa Credit Card and its Protocol is offered as a general point of view and for better and in-depth knowledge, you should consult Visa Inc.

Save


MBNA Smart Cash MasterCard Credit Card Canada – MBNA Smart Cash Credit Card Review

MBNA Smart Cash MasterCard Credit Card Canada - MBNA Smart Cash Credit Card ReviewDo you like earning rewards on all of your everyday shopping need? MBNA Smart Cash MasterCard® Credit Card Canada is one of the best cash back credit card that let you save on your most common purchases. Household shopping is an essential and common between employees and business class where it offers up to 5% cash back on gas and groceries, that’s the reason saying MBNA Smart Cash MasterCard Credit Card Canada as a credit card for all may not be wrong. MBNA Smart Cash Credit Card Review supports household shoppers, here’s are some card details;

  • Get up to 5% cash back on eligible gas and grocery purchases for the first 6 months.
  • Get up to 2% cash back on eligible gas and grocery purchases thereafter*
  • Get up to 1% cash back for all other eligible purchases*
  • 1.99% promotional annual interest rate* (AIR) on balance transfers* for the first 10 full months
  • If eligible, you will be considered for an upgrade to a Smart Cash World MasterCard® credit card
  • No annual fee

MBNA Smart Cash Credit Card Review

If you like earning rewards on your everyday purchases then MBNA Smart Cash Credit Card may be your best deal. You will earn 5% cash back every time you visit the grocery store or fill up at the gas station – one of the highest cash back earning rates in Canada. MBNA Smart Cash MasterCard® Credit Card let you entitles cash back rewards at this special rate for the first six months on all gas and grocery purchases then after it drops to standard two per cent rate after initial promotional period of 6 months. The MBNA Smart Cash Credit Card also offers 1% cash back on all other purchases. Once your earnings reach $50 MBNA will cut and mail a cheque to you as a cardholder.

Here are two awards that MBNA Smart Cash Credit Card won last year:

  1. Best of Finance 2015; 3-Peat Winner for “Best Cash Back Credit Card
  2. Best of Finance 2015; Runner Up for “Best Cash Back Credit Card in Canada

There is nothing that don’t holds disadvantages with the advantages, MBNA Smart Cash MasterCard Credit Card Canada may also offer you some features that you don’t like, it’s up to you to find out your favorite features that suits you before taking decision to get the right credit card according to your need. Here’s are some pros and cons of having this credit card;

Pros

  • No annual fee
  • Receive 5% cash back on gas and groceries for the first six months.
  • Earn 2% cash back standard rate on gas and groceries after six months.
  • 1.99% intro Balance Transfer Rate for the first 10 months.
  • Receive a cheque by mail for your earnings reach $50

Cons

  • Your cash back earnings will drop 3% after initial 6 month promotional period as cash back drop at standard 2% cash back.
  • 1% earning rate on other purchase types is lower than similar cashback cards in the market.
  • It doesn’t include any built-in insurance benefits or retailer discounts.
  • Rewards can only be cashed out at a minimum of 50 dollar.

Conclusions and Suggestions

There is no doubt about the MBNA Smart Cash MasterCard being the best Canadian Cash Back Credit Card but taking decision is a real challenge especially when market offers variety of cash back credit cards and if you compare; 5% cashback on all gas and grocery purchases within the first 6 months is one of the top features of the MBNA Smart Cash MasterCard Credit Card Canada that makes it one of the best cashback credit cards with no annual fee among its competitors, as this rate just come down to standard 2% cash back after 6 months, to enjoy full benefits of this offer you should confirm your card’s intro period should cover the holiday season and special occasions when your spending increased a lot because this way you can earn more cash back. Moreover, 1.99% balance transfer rate for the first 10 months is another top features of this card but before activating this feature you should keep in mind; it will waive the initial grace period on new purchases; being charged interest right away will wipe out your cashback earnings.

*For more information, updates and how they did it; cash back earnings on food, gas, travel and other things, you should click here to read the landing page that holds official credit card offer for; MBNA Smart Cash MasterCard® Credit Card.


turbotax
Turbo Tax Canada is #1 Best Selling Tax Software in Canada!

Refresh Financial Canada
Save Money, Build Credit and Change Your Financial Future in Canada!

Canada Auto Finance - Canada Car Loans Get Approved For a Car, Truck, SUV or Minivan Loan at Canada Auto Finance Today!

Canadian Best Mortgage Rates
Compare Canadian Mortgage Rates From Banks and The Top Brokers Free!

Canada Foreclosures and Bank-Owned Homes at Massive Discounts
Canada Foreclosures and Bank-Owned Homes at Massive Discounts!

Meet Christian Singles!
Pay down your debt! These no annual fee credit cards can help you in reducing your credit card debt. Compare and find the best MBNA Canada credit cards of your choice:
MBNA Platinum Plus MasterCard
MBNA TrueLine MasterCard



  • Archives

  • Copyright © 1996-2010 eLoan Canada. All rights reserved.
    © eLoan Canada | Bad Credit Personal Loan Canada | Car Loan Canada | Free Stuff Canada
    iDream theme by Templates Next | Powered by WordPress