Credit cards and charge cards

 

Cards are also referred to as plastic money.

A credit card is a plastic card with which the card holder borrows money from the bank or another credit company and purchases goods and services up to a certain limit without immediate payment. The supplier gets paid immediately by the bank or the credit company. The card holder then pays off his debt in arrears, often by instalments and is charged interest on his debt if he doesn’t pay it in full.

A charge card is a specific type of a credit card for which a fee is payable but which does not allow the user to take out a loan - he or she has to pay off the total amount charged at the end of each month. So the credit will be offered only in between purchasing and receiving the bank statement.

Both credit and charge cards are used to pay for goods and services and can be cashed in local currency. Cash can be received with over-the-counter transactions or in cash dispensers.

The card bears the name of the issuing company and its type (e.g. Barclaycard - Visa), its number which is the account number, the date “Valid from”, the expiry date, and the name of the card holder.

When a card is used, it will be “swiped” through an electronic payment terminal and the imprint of it will be taken. Or a sales voucher will be made out, which the customer will be asked to sign. The staff member will compare the signatures on the card and on the sales voucher.

The sales voucher will be made out in three copies, and the top copy will be given to the customer.

The voucher will be filled in the local currency. This amount will be converted into the customer’s national currency when the credit or the charge card company gets its copy of the sales voucher. That’s why the customers must take into account the official current rate of exchange as well as the commission charged at a bank or bureau de change which will be deducted from the amount of foreign currency the customer will finally get.

When the card is used, its holder will be asked for his or her passport or other identification document.

Both a charge and a credit card have the expiry date which is the end of the period when the holder can use them. When the card is out of date, the holder must obtain a new one.

 

СOMPREHENSION QUESTIONS

 

1. What is a credit card?

2. What is a charge card? In what way does it differ from a credit
card?

3. What way can cash be withdrawn from the card?

4. What kind of information appears on the front of the card?

5. How are the cards used?

6. Will the amounts the customer pays by credit card be the same
as in the bank statement or different from them? Why?

7. How can a staff member avoid a card fraud?

8. What is the card expiry date?

ACTIVE VOCABULARY

 

arrear		задолженность
in arrears		в виде задолженностей
to bear (bore, borne)		иметь, нести на себе
to borrow		занимать, получать заем
bureau de change		обменный пункт
buying rate		курс покупки
cash card		карта наличных
cash dispenser		банкомат, автоматическая касса
сashing facilities		средства обналичивания
cheque book		чековая книжка
cheque card		чековая карточка
to clear		оплачивать по чекам, произ-водить расчет по чекам, производить клиринг чеков
clearance		осуществление расчетов по чекам, клиринг чеков
coin		монета
commonplace		обычный, часто использу-емый
to compare		сравнивать
to convert		конвертировать
to countersign		ставить вторую подпись (на чеке), скреплять подписью
countersignature		подпись, удостоверяющая другую подпись (на чеке)
current		текущий
to deduct		вычитать, отнимать, удерживать
denomination		достоинство (денежных знаков)
dispenser		автомат (торговый)
draft		переводный вексель, тратта
to draw cash (drew, drawn)		брать, снимать (деньги со счета)
encashment		обналичивание, получение наличными, инкассация
to exceed		превышать
exchange rate		обменный курс (валюты)
to expire		истекать (о сроке)
expiry		истечение срока
figure		цифра
forged		подделанный, фальшивый
forgery		подлог, подделка
to guarantee		гарантировать
hard currency		твердая валюта
imprint		оттиск, отпечаток, распечатка
in effect		на практике
instal(l)ment		очередной взнос, перио-дический взнос (при рас-срочке)
by instal(l)ments		в рассрочку, частями
law		закон
loan		заем
to make up (the difference) (made, made)		компенсировать (разницу)
note		банкнота
obliged		обязанный
operating language		рабочий язык
otherwise		в противном случае
over-the-counter transaction		финансовая операция через операциониста
to owe		быть должным, задолжать
to pay off (paid, paid)		выплачивать полностью, рассчитываться, покрывать (долг)
payable		подлежащий уплате
to pickpocket		красть, обкрадывать (о кар-манных ворах)
police record		запись об обращении в полицию
to produce		представить
sales advice		сопроводительная справка -извещение (выдаваемая при продаже)
sales voucher		торговый ваучер
selling rate		курс продажи
to state		указывать
sticker		наклейка
to swipe		ударять с силой, нажимать с усилием, пропускать с нажимом
to take into account		принимать во внимание, учитывать
top		верхний
totally		полностью
travel desk		cтойка турбюро (в отеле)
value		ценность, стоимость

VOCABULARY DRILL

Fill in the blanks:

the transaction		balance		the exchange rate
countersignatures		a debt		a cheque card
the payee		currency		a traveller’s cheque
a sales voucher		a loan		forgery
sticker		cash		dispensers

1. When a customer writes out a cheques, he must put down the name of....

2.... is the value of the money compared to the currency of another country.

3. When you pay by card you will be asked to sign....

4. The buyers of traveller’s cheques are recommended not to put... on their cheques in advance.

5. According to the law travellers are obliged to change their money for the local....

6. The staff members are recommended to examine the cheques and cheque cards carefully to avoid....

7. With Eurocheque dispensers a customer can check his....

8. It’s convenient to pay in... when you purchase cheap goods or want to leave a tip.

9. When a customer pays by cheque, he is asked to produce....

10. With a charge card the customers are not allowed to take out...

11.... is a bank draft for personal use of the customer.

12. Eurocheques are accepted in almost all sales outlets
in European tourist areas even if they don’t display the Eurocheque....

13. A credit card holder pays off his... in arrears.

14. A commission will be charged on traveller’s cheques by the bank for....

15. The holders of Eurocheques can draw cash from....

GRAMMAR DRILLS