Summary of Credit Card Terms - Part 4 (M-P)
By Devin Gilliland
Magnetic Stripe A magnetic stripe contained on a credit card processes transactions where the card is present. This provides identifiable information that will allow the merchant to debit their customers account via the issuer. The magnetic stripe has magnetic and physical qualities as defined by standardization benchmarks including 7813, 7810 and 7811.
Mail Order Merchant A merchant whom conducts business transaction where the credit card or debit card is not present
Mail Order Transaction A credit card or debit card transaction that occurs where the credit card or debit card is not present.
MasterCard This is a trading name of the credit card company MasterCard International Inc. which has head offices in the USA however trades throughout the world. MasterCard are amongst the biggest credit card companies in the world.
MasterCard Acquirer This is a member that enters into a merchant contract with MasterCard. This entity provides cash disbursement services to a MasterCard cardholder before placing the transaction into interchange either directly or indirectly.
MasterCard Card A credit card distributed directly or indirectly by MasterCard that has the MasterCard symbol on it. This allows the cardholder to gain goods or services from a merchant.
MasterCard Issuer An entity that has privileges to issue MasterCard credit cards.
Merchant This is a company or business that has an agreement with merchant banks where by it can originate certain transactions.
Merchant Agreement This is a contract, generally in the form of a written statement of obligations, which defines the terms under which the merchant bank and the merchant will trade, terms may include warranties, rights, responsibilities, and other terms that relate to how or whom shall do what in anticipated or potential consequences.
Merchant Bank This is a company that will enter into contracts with merchants to take deposits on their behalf in relation to credit card and debit card transactions.
Minimum Payment The minimum amount of credit that you are obliged to clear from your credit card balance upon the receipt of a credit card statement.
Online Merchant A merchant whom conducts business transaction where the credit card or debit card is not present
Online Transaction A credit card or debit card transaction that occurs where the credit card or debit card is not present.
Online Financial Transaction See Online Transaction for summary
Over Limit This relates to when a card holder has passed their designated credit limit with a transaction.
Over Limit Fee This is an obligation in the form of a fee that certain credit card holders may be required to pay when their account goes beyond their credit limit. Note that this could be an increased percentage but is more likely to be a fixed fee.
PAN See Primary Account Number for summary
Password This generally refers to a password for accessing account details and processing transaction via the internet, when the word password is used in the context of credit cards. Ensuring your password is unrelated to your circumstances or personal life, whilst also being a mixture of upper case letters, lower case letters and numbers is the best way to ensure ultimate safety for your online account. It is also recommended that your password contains at least 8 digits.
About the Author
This article is written by Devin Gilliland publisher for credit-wisdom and jetclient.com
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