The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?
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How Do Credit Cards Work?
– canadianfinanceblog.com
Plastic is becoming one of the most popular ways to pay. And no wonder: It’s convenient and relatively safe.With credit cards, you don’t need to carry around wads of cash, and if your credit card is stolen, you aren’t liable for purchases. If your cash is stolen, it’s gone.
But how do credit cards work?
The Technical Transaction
Each credit card as information embedded somewhere on the card. This information might be in a magnetic strip, or in a small chip in the card. Your account number, bank information, and other items are stored on the card, and can be accessed by the right terminal.
Once your card is used with the terminal, an “acquirer” is contacted. The acquirer makes it a point to collect requests for authorization as well as guarantee payment.
As part of the process, communication is made with your card issuer, verifying that you have the funds in your account. The approval or denial is relayed back through the system. If your transaction is approved, the funds are reserved for the merchant and deducted from your available balance…
Software engineer Pablo Guana nearly refused a job with Facebook when the company redirected him to Vancouver from Silicon Valley because his United States visa application was rejected.
