Credit Card

A credit card is a form of payment where goods and services are being bought on credit. When purchasing something with a credit card, funds will need to be transferred to the credit card provider before the payment becomes due. Failure to do this can result in high interest payments.

Checks - Debit card payments can be made using contactless where the card is tapped against a reader (this has limits to prevent fraud). Higher amounts need to verified with a pin (this is called Chip and Pin)

Issues - Fraud and theft.

Timing of payments - Payments are usually taken from the credit card account the same or next day but won't affect the payees bank account until they settle the credit card. It is best to clear a credit card in full every month to avoid high interest.

Money is usually transferred into the receivers account the day after the payment is deducted.

Discrepancies - Discrepancies can be picked up by looking at till receipts and bank statements. Any discrepancy should be queried with the credit card company immediately.