A Better Way to Manage Your Everyday Money - Book - Page 91
● cardholder payments.
Card issuers also determine how much credit to extend to you and have the final approval on
whether a credit card transaction you want to make is approved or denied.
Major credit card issuers include:
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American Express (also a network)
Bank of America
Capital One
Chase
Citi
Discover (also a network)
U.S. Bank
Wells Fargo
Each merchant that accepts credit cards has a merchant account at what is known as an acquirer
bank. The merchant’s acquirer account is what allows the merchant to accept credit card
payments.
Expiration date and security code
Most credit cards have an expiration date (month/year) that is displayed on the front of the card.
There are exceptions such as the Amazon Store Card which has no expiration date as the card is
used exclusively for online purchases from Amazon. For credit cards with an expiration date, as
long as your credit card account is in good standing, prior to the expiration date the credit card
company will send you new cards with a new expiration date.
Most credit cards also have a three or four digit security code (CVV - Card Verification Value,
CVC - Card Verification Code). This code is normally printed on the back of the card to the right
of the signature panel. There are exceptions like American Express which prints the security
code on the front of the card. When you are issued new cards to replace those that are expiring,
the new cards will have a new security code.
When you receive a replacement for an expiring
credit card that you use to automatically pay bills,
you will have to update the credit card expiration
date and security code for your account on the
websites of each of the bills paid with the card. In
PerNetFlow, the credit card update process is
aided by the Bills Paid With Credit Card dialog
box. Right-clicking on a bill in the dialog box
displays the bill’s Contact Info.
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