Whois & Analysis for magnifymoney.com

A balance transfer is the transfer of (part of) the balance (either money or credit) in an account to another account, often held at another institution.

It is most commonly used when describing a credit card balance transfer.

Credit card interest is the principal way in which credit card issuers generate revenue.

A card issuer is a bank or credit union that gives a consumer (the cardholder) a card or account number that can be used with various payees to make payments and borrow money from the bank simultaneously.

The bank pays the payee and then charges the cardholder interest over the time the money remains borrowed.

Banks suffer losses when cardholders do not pay back the borrowed money as agreed.

As a result, optimal calculation of interest based on any information they have about the cardholder's credit risk is key to a card issuer's profitability.

Before determining what interest rate to offer, banks typically check national, and international (if applicable), credit bureau reports to identify the borrowing history of the card holder applicant with other banks and conduct detailed interviews and documentation of the applicant's finances.

A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services, based on the cardholder's promise to the card issuer to pay them for the amounts so paid plus other agreed charges.

The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance.

A savings account is a deposit account held at a retail bank that pays interest but cannot be used directly as money in the narrow sense of a medium of exchange (for example, by writing a cheque).

These accounts let customers set aside a portion of their liquid assets while earning a monetary return.

In some jurisdictions, deposits in savings accounts do not incur reserve requirements.

In finance, unsecured debt refers to any type of debt or general obligation that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.