If you know what the minimum payment is, you will understand why it is not enough to pay it and how dangerous it is. The minimum credit card payment is a percentage of the total to be paid for the use of the card and the outstanding monthly fees. That percentage depends on the bank and the expense made. If you only pay the minimum, you are paying interest, the debt will be pending.

Pull out the credit card and then sign the receipt – this payment method is becoming increasingly rare. The reason for this is that a large number of credit cards, including the Best Bank Mastercard, are now equipped with a function called “PIN first”.

 

Signal at card terminal for PIN request

pin code

If the “PIN first” function is activated on a credit card, the card terminal receives a signal when paying that the PIN should be entered to authorize the transaction. The terminal then automatically selects the PIN variant from the “Pay with signature” and “Pay with PIN” options.

This default setting gives card users even more security than before. Since, as with the use of ATMs, the secret number is now also asked for when making cashless payments, misuse of stolen cards by falsifying the signature is ruled out in such transactions.

 

NFC: Pay small amounts without authorization

credit pin

Only when paying for small purchases is it not necessary to enter the PIN if the payment terminal is equipped for contactless payment using NFC radio technology. The card is simply held a few centimeters away from the terminal. The radio chip integrated in the card sends the card data and at the same time issues the release of the transaction. In order to reduce the risk of misuse for the cardholder to a minimum, the limit for contactless payments without a secret number for the Best Bank Mastercard is USD 25.

 

Exception for terminals with old technology

credit cards

The traditional authorization of payment by signature is only used in exceptional cases – namely, when payment is made at an older type of terminal that is not equipped for entering a PIN. Because more and more shops, restaurants and service providers are switching to modern terminals, the PIN procedure has become the standard.

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