HOW TO USE UNION PAY (ADVANTAGES & USES)

3D Secure / 3Ds This is an extra layer of security that helps protect you from credit card fraud. Merchants using 3D Secure will require an extra step of online authentication every time you make a credit or debit card transaction online. Flight Miles Also known as frequent flyer points, Miles are rewards points that allow you to redeem miles that you can use to redeem airline tickets, airport travel privileges, and incentives other travel-related deals and discounts, including accommodation and tours. Annual fee Sometimes called a fee, this is a fee charged by credit card issuers to maintain a credit card account. Annual Percentage Rate (APR) Also known as the annualized rate, the annual percentage rate is the annual interest you pay on your outstanding credit card balance. Authorization code This is a code issued by the credit card provider to let the merchant know that your card is valid and that you have funds to cover the transaction at the time the authorization is requested. Balance Transfer This is the process of transferring outstanding balances from a credit card to another credit account, allowing you to pay your outstanding balance in installments over a certain period of time with lower interest amount. Balance transfers are generally applied to high-interest credit cards, personal loans, revolving loans, overdraft accounts, and more. box office or via cash machines. The amount you withdraw is deducted from your credit limit or money on deposits. Cash advances are subject to a certain limit. Cardless transaction A type of transaction in which the cardholder is unable to physically provide the card to the merchant, such as a phone, online, or mail order transaction. In this case, the seller will require a bank authorization. Card payment network Card payment network providers, including Visa, MasterCard, American Express and UnionPay, provide payment facilities that enable banks and credit card issuers to establish financial partnerships with commercial establishments. Payment network providers charge banks and credit card issuers for their services, with the exception of American Express, which issues its own cards. Cashback A feature available to cardholders that allows them to receive cash, in addition to their purchases, in a debit card transaction using their credit card. Cashback rewards are also limited. Credit History This is a record of payments you've made and loans you've borrowed in the past. Credit card issuers will use this data as the basis for determining how much risk they are taking when lending you money. Credit limit/credit line Refers to the maximum amount you can charge your credit cardYour card may be declined or you may be charged a penalty fee if you exceed your credit card limit. Over time, you can increase or decrease your credit limit. Credit Score Credit score is an indicator of risk based on statistical confirmation as determined by credit card providers and credit bureaus. It represents your entire credit history by one metric. Credit scores are subject to change based on the latest information from your credit record. . This feature is beneficial for cardholders who travel frequently, as it saves them money on currency conversion fees. Financing fees These are fees you pay the lender to use the borrowed money. Interest may be charged as a percentage on your outstanding balance. Interest rates vary by credit card. Installment Plan Installment Plan is a feature available for some credit cards in which banks will pay in full for a purchase and the cardholder will pay it back in full. amount to the bank in installments. Interest-free period Also known as a grace period, this is the amount of time before your monthly due date (shown on your credit card statement) during which time No interest will be charged on goods. After the aforementioned period, the credit card holder will have to pay interest in addition to the amount due. The interest-free period changes from 2059 days. Referral Phase During the introductory period, banks may apply an introductory interest rate to the outstanding balance in your credit account. MasterCard MasterCard is a payment processing network that does not issue credit cards. MasterCard is accepted at establishments and merchants around the world. Traders Any business in which you purchase goods or services. Minimum Payment This is the balance of your credit card balance that you must pay, with the remainder of the outstanding amount subject to interest. Interest-free periods usually don't apply when you're only making a minimum paymentOnline banking Refers to all electronic systems that allow you to access a wide range of Internet banking services using personal computers or mobile devices. PIN A personal identification number or PIN is a code that allows you to perform banking transactions, including withdrawing advances on your credit card, through ATMs. You can also make purchases without signing the sales receipt with your PIN. The PIN is not shared with anyone. Payment Processing Network This is a financial network or business that exchanges money between a credit card holder and a merchant. Popular payment processing networks include MasterCard, Visa, and American Express. Refund This is payment in the form of a discount, rebate, return, or refund for a paid service or good. This is often a reward for credit card holders who regularly use a particular service, such as filling up gas at certain gas stations. Rewards Program Most credit cards in Hong Kong offer a rewards program that allows cardholders to earn points, miles or cashback when using a credit card. Some issuers will charge you for participating in rewards programs, especially those that allow you to transfer points to loyalty programs. Secured Card This is a credit card that requires the holder to make a deposit before receiving a line of credit. Use a secured card if you have little or no credit history. Over time, if you're still fasting your monthly payments, you can arrange with your bank to switch to an unsecured card. Security Code This is the four-digit code immediately after your card number, usually printed on the signature strip on the back of your card. TransUnion TransUnion is an internationally recognized credit monitoring organization that provides Hong Kong banks with credit reports gathered from a variety of sources. Your credit report will contain your payment history, current credit usage, and application data. TransUnion is not involved in the decision-making process to approve or deny credit card applications. Visa Visa, like MasterCard, is a widely accepted payment processing network worldwide.