Despite the many safeguards and technology tweaks credit card companies and credit card processors have implemented over the last several years credit card fraud continues to be a major problem and millions of people across the world fall victim to it every year, even though they may have believed they were doing all the right things to keep their identity and financial information safe and secure.

In May of 2009 the credit card holder’s bill of rights act was signed which completely changed what it means legally to be a credit card holder. While this might not be the most interesting topic in the world it is important for you to know your rights as a credit card holder.

We all know what credit card numbers are, but what do they mean anyways? Credit cards generally have 16 numbers and for most of you the only time you ever pay any attention to them is when you are entering them online for a purchase.

The majority of adults in developed countries own at least one credit card. The credit card industry is a multi-billion dollar industry; companies such as Visa, American Express and MasterCard are all valued to be worth tens of billions of dollars each by investors in the stock market.

Prepaid Credit cards, also known as secured credit cards, are like a mixture of a debit card and a credit card. Prepaid cards are similar to debit cards because they require you to pay your actual money upfront to the credit card company as collateral.

An interest free credit card sounds great, does it not? Imagine being able to make purchases with your credit card, pay off your balance whenever you would like to without having to pay back any money in interest whatsoever.

APR stands for the annual percentage rate a credit card company charges their customers. The average credit card has a 15% APR meaning you will pay fifteen dollars in interest for every 100 dollars you spend yearly.

Visa is perhaps one of the most well known credit card companies in the world. What many people do not realize though is that Visa does not actually issue credit cards themselves anymore.

The name Mastercard is one known by most of the world’s population.

These days you need a credit card to rent car, book a hotel room, secure an airline reservation and a lot more. Sometimes you can use your debit card to do these kinds of things but even when that is a possibility it can involve extra fees and extra hassles.

The way that financial institutions determine credit card limits is a bit of a secret sauce thing – most people – including financial experts – have a basic idea about the process that financial institutions follow and the factors that they take into consideration but each of them is rather secretive about exactly how they do calculate an individual's credit limit and the one thing that is agreed upon is that the process can – and does – change at any time.

You head on-line to buy from an Internet merchant. You are a long way from hitting your credit card limit and you actually paid your last balance in full so you feel able to treat yourself.

For those who want to get a new credit card, especially if there is an emergency situation where you need access to credit funds quickly, the wait for approval can be quite frustrating. First you have to fill out an application and then mail it in. 

With so many credit card specific terms thrown around, there is no wonder that credit card holders and applicants do not read the application, much less privacy notices or credit card terms that come out.

For any credit card holder or prospective credit card holder, knowing the terms of their credit card agreement are very important. These terms are a form of protection for both the credit card holder and the credit card company and are straightforward so that they are easy to understand by the average person.