Questions about credit card accounts?

Question

ok I just got my first card ... and my bank automatically gave me a sweep account

could someone please let me know exactly what a sweep account does and/or what its for? I have no idea and im kinda lost

Answer 1

Never get a CITI bank card. They block it every 48 hours to prevent fraud, then you must call them to get it reinstated, or wait until they call you at 8 am to ask you the previous 5 purchases that may have been made by yourself or your spouse. If you do not know the answers, card is shut off. Just as they discriminate against military personnel that must move often and will not allow them an active card unless they have proof of residence for the past year.

Answer 2

A sweep account is actually a combination of two or more accounts at a bank or financial institution. It is useful in managing a steady cash flow between a cash account where scheduled payments are made from and an investment account where the cash is able to accrue a higher return.

Many banks and financial institutions offer a sweep account service for personal customers and small business owners. It has also become part of the arsenal of services offered by credit card companies.

Answer 3

Sweep Account: A bank account that, at the close of each business day, automatically transfers amounts that exceeds (or falls short of) a certain level into a higher-interest earning account.

I think you have secured credit card and bank otomaticly open a account for money for deposit you made.

Please dont forget to vote my answer.

Koray

Answer 4

I've had credit cards for 5 years and have never heard of a sweep account.

Answer 5

Sounds like what my bank calls 'overdraft protection'. That means if my checking account is overdrawn, the automatically charge my credit card (in $50.00) increments to cover the overdraft. This is treated as a cash advance. There is a fee for each transfer and interest is charged from day one even if the balance is paid in full every month.

Answer 6

the only way to Reduce Credit Card Debt is by consolidating your bills into a monthly payment, this is called debt consolidation.
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is an online ebook :

you can read it for free at:

http://umgarticles.atspace.com/debt-consolidation.htm

Answer 7

--Automated link between your checking account and an investment account without customer intervention
--Excess cash above a predetermined balance in your checking account is automatically invested into a money market mutual fund
--Income is earned daily and dividends are automatically deposited into your checking account each month

Answer 8

Stop the account-cut up card and RUNNNNNNNNNN!

Answer 9

wait send me the number then ill be able to tell u lol jk idk