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credit card synopsis - Once Card and PIN are received...

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ABSTRACT CREDIT CARD  The normal credit card processing goes through following life cycle. Customer requests for a credit card. Credit History of the customer is checked. If  it is good, credit card is issued.  All master databases are updated with customer’s details. A billing cycle is fixed.  It is a day when customer’s billing will be done. Credit limit is decided.  Physical credit card is sent to the customer. Card is accompanied with a card  carrier, which contains the details like customer name, address, account number,  validity of card etc.  After 2 days, PIN mailer is sent to the customer. It contains PIN which is required  to do the transactions using Credit Card. PIN Mailer is not sent with Credit Card  for security reasons. 
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Unformatted text preview: Once Card and PIN are received, customer can do the transactions. • Transactions can be of various types like credit, debit, reversal (if you return the goods purchased), chargeback (if wrong/ fraudulent transaction appears in the statement) etc. • The transactions are recorded on a table. • On the billing day, statement of transactions is generated. It can contain various messages which are basically advertisement campaigns. • The customer has an option of paying the ‘Minimum Amount Due’. In this case, the remaining amount will attract the standard interest rate. • Once the expiry date of any card is close, a new card will be generated and sent to the customer. The card will be accompanied by Card Carrier....
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