2006-11-24 07:40:56 · 6 answers · asked by alphamodel 1 in Business & Finance ➔ Credit
Your major card is used to establish that you have credit, and to verify who you are. The only time this wasn't done for me was when I applied for my sears card straight out of the military.
2006-11-24 07:49:37 · answer #1 · answered by chunkyspice4evr 2 · 0⤊ 0⤋
Unlike Visa, MasterCard, Amex, and Diner's Club, most department stores do not have a bank to back their cards; they finance this credit themselves.
In the event of a bad debt, they cannot afford to take the hit, so they require collateral (major card) so that they have some other manner of collecting if it begins going bad. They swipe it, because then they have your permission to charge your account with them to it, rather than charge it off.
Check the fine print of your cardholder agreement, I guarantee it says that you have given them permission to transfer that debt in the event of default.
2006-11-24 07:50:28 · answer #2 · answered by Goyo 6 · 0⤊ 1⤋
many companies are making hiring decisions these days including information about the applicant's credit.
a person who is in debt and has bad credit might be a bigger risk for imbezzlement. or in any case you can be sure they haven't stuck to their legal agreements when they signed their name.
many companies are now doing this.
They don't want to hire you if you have bad credit.
2006-11-24 07:48:45 · answer #3 · answered by Sufi 7 · 0⤊ 1⤋
To help prove that you are who you say you are and to help prove that you are credit worthy. I don't remember them swiping my card though. (That would make me a little nervous.)
2006-11-24 07:44:58 · answer #4 · answered by butrcupps 6 · 0⤊ 0⤋
they only swipe the card when you make a purchase.
2006-11-24 07:44:46 · answer #5 · answered by scottb03gt 4 · 0⤊ 1⤋
just to make sure of your idenity:)
2006-11-25 07:36:55 · answer #6 · answered by JoJo 1 · 0⤊ 1⤋