Can you walk me through the background process of credit cards?

Question

Accepted Answer

The background process of credit cards involves application, approval, issuance, usage, billing, and payment.

Application: Customer applies for a credit card with a financial institution.
Approval: The financial institution reviews the customer's credit history and other factors to approve or deny the application.
Issuance: If approved, the credit card is issued to the customer.
Usage: The customer uses the credit card to make purchases or transactions.
Billing: The financial institution generates a monthly statement detailing the transactions made with the credit card.
Payment: The customer is required to make at least the minimum payment by the due date to avoid interest charges.
Fraud detection: Fraud analysts monitor transactions for any suspicious activity to prevent fraud.

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