Simpler Smarter Savings

The average person has just over three credit cards, and consumers are charging trillion of dollars to their credit cards each year. If an individual is looking for a new credit card, it is sometimes difficult to find the right one. Consumers need to find a low interest card, and they might want to choose a card that offers rewards to suit their needs. Some companies are larger and more popular than others; therefore, here are a few of the largest credit card companies.

1. American Express: Almost 50 million people throughout the world use American Express cards. Individuals can earn reward points and redeem for travel, merchandise or cash. Most merchants accept the card at their place of business. American Express offers merchant accounts discounts to accept their cards. In most cases, they charge $7.95 each month in which they will debit the account.

2. Visa: Visa is one of the most widely accepted cards around the world. The company has strict credit card processing rules that are implemented to protect consumers and merchant accounts from fraud. Businesses are required to process the transaction for the exact amount, and a cash back refund is not permitted. The merchant must settle the account within five days.

3. MasterCard: MasterCard was established in 1966 and is headquartered in New York. The card gives consumers a credit limit and an annual percentage rate will be established. The company provides cards if a person is trying to gain a credit history, or it provides cards for their elite members. One of the advantages of the card include 0 percent liability on unauthorized purchases. Merchants who accept MasterCard cannot impose a surcharge for credit card processing, and they cannot split sales between different cards.

4. Discover: Discover is a newer company than the other cards, but the company is becoming more popular each year. It was established in 1986, and the cards do not hold an annual fee. The company also possesses a good cash back program. Over 50 million people around the world have Discover cards. More and more merchants are beginning to accept the Discover card, and the company offers credit card processing through the Discover Network.