Credit card and credit cardholders

Credit card is a piece of plastic about 85mm by 54mm, bearing the name and computer number of the holder and the period of availability. The holder must sign it. The best known cards in the UK are the VISA card and ACCESS; the American Express and Diners’ Club (introduced by the Diners’ Club, Inc., in 1950) are leisure or entertainment cards as no credit is permitted. VISA is an international credit card scheme which has worldwide representation. Major banks in a number of countries have issued cards through VISA. ACCESS is the name given to a credit card company jointly owned by three banks, namely, Lloyds, Midland and National Westminster. The American Express Company issues American Express card whose holders have no limit placed on the sum they spend, but all outstanding debts must be settled by a given date. Any creditworthy mature person can be a credit card holder. Before a card is issued, certain details are supplied and references (reference – a letter written by someone who knows you well, usually to a new employer, giving information about you) given. On approval a credit card is given to the holder and the cardholder is at the same time notified of the maximum credit available to him / her. The credit card can be used at any retail outlet displaying the credit card company symbol. It is usual for settlement or partial settlement to be made by the credit cardholder within 25 days of receipt of the statement.

1) What does credit card bear? 2) What must the holder sign? 3) What credit cards are the best known cards in the UK? 4) What credit cards are leisure cards and why? 5) What is known about VISA? 6) What is known about ACCESS? 7) What is known about American Express card? 8) Who can be a credit card holder? 9) What is supplied and given before a card is issued? 10) What is the cardholder notified of 11) Where can the credit card be used? 12) What is to be made by the cardholder within 25 days of receipt of the statement?

VI. Agree or disagree with the following statements.

1) Credit card is a piece of wood. 2) Credit card bears the name of the owner. 3) Credit card bears the computer number of the possessor. 4) Credit card bears the period of serviceable life. 5) The holder must subscribe credit card. 5) Holders have limit placed on the sum they can spend. 6) All debts must be settled by a given date. 7) Any solvent person can be a credit card holder. 8) Recommendations are to be given before a card is issued. 9) The cardholder is announced of the minimum credit available to him. 10) The credit card can be used far and near. 11) Retailer is someone who sells things in a shop.

VII. Translate the following words, phrases and statements from Russian into English.

Доступ; досуг; извещать; доступный; розничная торговая точка; демонстрировать; частичный; расчет; получение; зрелый; держатель; годность; развлечения; разрешать; неуплаченный; заслуживающий; кредитоспособность; отчет; пускать в обращение; снабжать; рекомендация; одобрение; подписывать.

Кредитная карточка – это выпускаемая организацией карточка, которая даёт её владельцу возможность делать покупки в кредит в тех предприятиях торговли, которые заключили с данной организацией соглашение (например, кредитная карта “Экссон” может использоваться на автозаправочных станциях). Существуют одноцелевые карточки, выпускаемые конкретными фирмами, многоцелевые карточки (например, “Америкен экспресс”, “Карт бланш”) и банковские карточки (например, “Мастеркард” и “Виза”). Владелец карточки – это лицо, которому выдана кредитная карта для использования в личных, семейных, домашних или коммерческих расчётах.

VIII. Complete the following statements.

Credit card is … 2) Credit card bears … 3) The holder must … 4) The best known cards in the UK are … 5) VISA is … 6) ACCESS is … 7) American Express card is known for its holders have … 8) Any creditworthy person can … 9) Before a card is issued … 10) The cardholder is notified of … 11) The credit card can be used … 12) The credit cardholder should make … within 25 days …