Visa Credit

It is important to remember that when you do use your Visa credit card, you are in fact borrowing the money, rather than spending your own. You will then have to pay it back, via your monthly bills sent to you by your bank or other finance company. Unless you pay off your complete balance by your next statement date, you will then be charged interest on this money. The typical interest rate (APR) at the time of writing is around 20% per year. This is an important distinction between Visa credit and Visa debit (see separate listing). With a debit card, you are spending your own money, which is withdrawn from your personal bank account.

Real world use of credit cards is becoming more simple and convenient all the time. Originally, you needed to physically hand over the card your plastic credit card to the retailer, who would make an imprint of your details on carbonised paper, via the embossed information on the front of the card. Then you had to sign the copy, whereupon the sales staff would check that the signature matched with the signature on the back of the card. You then got a copy of the carbonised receipt as proof of purchase. A further copies were sent to the bank (for processing the payment), and a final copy was retained by the retailer as proof of transaction. This unwieldy and time consuming practice was simplified by the introduction of a magnetic strip to the back of the card. The information could then by “swiped”, but you still had to sign and ensure the signatures matched. Fraud was still a big problem for the banks though: the decision as to whether signatures “match” is not a precise process and many villains got to be very adept at forging handwriting. Next, the four digit PIN number was introduced to cut down on this kind of crime. Next came the microchip, as a supplement to the magnetic strip. They were more durable and difficult to copy information from – magnetic strips could be easily read illicit card readers and the information stolen to make further fraudulent payments.

Today, with the introduction of contactless payments, you don’t necessarily even need the physical card to make payments. You can use your card or even your mobile phone or watch to make contactless payments. On Apple phones or devices, this can be simply set up via your iTunes account. Some mobile phone providers such as Vodafone also provide this service. Once activated, you can simply hold your device next to the reader and the payment is done. This is probably the most secure payment method yet devised: your card information is substituted by a randomised Device Account Number so that your identity and Visa card details remain completely protected. There is however, a maximum limit of £30 per transaction when using this method.

Online payments are quick and easy too. Just register your details with the site, and make payments via the “Banking” or “Make a Deposit” links on your chosen online bingo site. And how do you choose the best bingo sites to use your Visa credit card? Just make sure you read the comprehensive site reviews here at Busy Bee!