First things first, have you ever wondered how students get to have credit cards? Have you ever asked yourself just how such student credit cards actually work?
Basically, companies that offer credit cards offer student credit cards to a lot of students. This is done via direct marketing or partner marketing. Examples of this method is the MBNA card as well as the LL Bean credit card.
Then, the student cardholder purchases something using the student credit card. A transaction is therefore made at a merchant participant.
This merchant then captures all the data found on the student credit card and acquires credit card approval.
This data transaction is then sent immediately to be processed by the bank merchant for appropriate routing to the bank who will be issuing the settlement.
After which, the merchant is then paid in an average of three working days. The same transaction is also posted at the account of the consumer in three working days as well.
Offers of student credit card varies
Believe it or not, being a student does not mean illegibility to have and own a credit card. The fact of the matter is that there are three...
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