if i am not wrong, Mastercard is very popular in South American countries.
to put it simple terms... they are the middle man between bank and borrower.
Last edited by raincool2005; 19th January 2007 at 11:34 PM.
me gonna apply on mon ler.... need ypur help
What are the requirements?
* Above 16 years old up to 21 years old
It's ok for 16 yr old teenager to apply.
Mastercard or VISA depends on the countries that they are strong in. I think Mastercard is more popular in msia, visa in sg.
What is important is the Bank that issues it. I ever had my OCBC Visa rejected (while at overseas) at the point of purchase but they accept Citibank Visa. If you are only using in sg...then get local banks issued card to enjoy the discount/perks. but if u are the traveller type, i suggest getting big names like citi, hsbc, standchart...
Some debit card cannot be used for online transactions, eg GO card from POSB. Usually there would't be any interest for debit card as you pay your bank almost immediate, but there might be subscription chargesThe debit protocol involves using the card at a point-of-sale terminal (POS) or ATM where the PLUS or Interlink logo is shown, with a Visa card that has the PLUS or Interlink logo on the back of the card. A PIN (personal identification number, known by its acronym) is used to identify the cardholder. The money is deducted from the attached checking account or prepaid account (which is similar with no paper check-writing capability) or, more commonly, from a current account).
The credit protocol involves using the card at a POS or a banking center where the Visa logo is shown. The cardholder's signature is generally used for identification, usually together with the cardholder's civic registration number or ID card/passport number. Holders of any Visa card may use the credit protocol even if the card is marketed as a debit card or prepaid card (basically since it has the Visa logo on the front of the card). One source of confusion is the merchant may ask "debit or credit?" even though the words are not defined that way in most dictionaries and even though the card may say "debit card" right on it, and still be available for "credit" transactions. In this way it is a misnomer that the credit cards are only for loans or that the debit protocol is only for checking accounts. Banks actually choose various backend methods of handling the accounts, making "debit" a generic synonym for "Plus/Interlink" (and the equivalent competitive networks), and "credit" a generic synonym for "Visa" (and MasterCard, American Express, Discover Card, which have similar systems).
The names of the two protocols use the arbitrary "debit" and "credit" from accounting meaning left and right, and they originally had the meanings (and still do to many people) that with credit the cardholder pays later for the purchase, and with debit the cardholder pays immediately. The truth today is that they are merely two different protocols, with which there is still considerable confusion, and even lawsuits over the definitions of products for purposes of antitrust law. Banks can use independent methods to actually recover the money paid for purchases, regardless of which protocol is used. For example, the debit protocol can be used to incur a debt to the bank, and the credit protocol can be used to take money from a checking account.
NETS is the most commonly accepted electronic payment service in Singapore. It is also a middle man between bank and merchant. Not sure what it's called in Australia.
ATM is a feature that allow you to withdraw money from the wall
To have a Credit Card, singapore law states that you need to have 30k pa salary, or certain amount in local bank. There's interest rates but usually bank give us some time to pay before they start charging interest
There's also such things as Stored-value Credit Cards, something like pre-paid sim cards
Last edited by quekky; 20th January 2007 at 12:23 PM.
-Love, some major bank
Oh yeah, in Australia- http://www.anz.com/aus/ind/everyday/.../visadebit.asp wah... so cute got three different designs. And UOB's mini debit card is cool for frequent spenders:
In CP: "Wah so cheap ah... okay I pay I pay... eh? Where is my card? I remember I place it in my wallet!"
-UOB Mini. So mini, you can't find your card.
Last edited by benjaminteo; 20th January 2007 at 01:05 PM.
Oh yeah, the GO! Card from POSB (Mastercard) can't go very far as the UOB Mini (Visa) counterpart. The catch is I have to open another account with UOB as I only have the savings account (kena cheated at a young age) since my primary school days with POSB.
Hey guys thanks for contributing the relevant informations here for everyone to read.
the shoik-ness of charging your purchases to ur CC.....priceless, the suckiness to settle ur month-end bills, invaluable.... there are some things money can't buy......but for everything else, there's master/visa card.... *lol*
Last edited by user12343; 20th January 2007 at 08:13 PM.
There's still JCB, Amex, and lotsa other 'protocols'.