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  Category: Articles » Finance » Credit » Article
 

Summary of Credit Card Terms - Part 5 (P-P)




By Devin Gilliland

Per Transaction Fee – Fee in which the merchant pays to the merchant bank in order to process a transaction. When charged as a per transaction fee this will generally be a fixed fee, regardless of the size of the transaction. This is why certain retailers allot a minimum amount of expenditure before they will process a transaction.

Personal Identification Number – A numerical sequence that is used as a means of identifying the owner of a credit card or bank account, it is also known as a PIN number for short.

PIN – See Personal Identification Number for summary

Phone Merchant – A merchant whom conducts business transaction where the credit card or debit card is not present

Phone Transaction – A credit card or debit card transaction that occurs where the credit card or debit card is not present.

Point of Sale – The physical location at which a credit card or debit card transaction is processed. This is also known as POS or EPOS which stands for Electronic Point of Sale.

POS – See Point of Sale for summary

Policy – Policy, when used in the context of credit cards; can have broad definition such as to define and describe the behaviour of a merchant or merchant bank, either through obligations they have undertaken or being privileged to, and also referring to conventions/written statements whether informal/formal that govern certain decision making aspects and that provide a framework to approach differing situations with the same formulaic approach.

Posting – The term posting, when used in the context of credit cards, refers to the updating of a card holders account details to reflect adjustments that occur through debit and credit entries to the card holders account. These could include, but are not necessarily limited to, apportionment of APR, yearly fees, refunds and cash advances.

Primary Account Number – Primary Account Number or PAN is the number embossed on the credit card or debit card that identifies the owner of the card and also provides imperative information for card not present transactions.

Prime Interest Rate – The rate at which banks, credit card companies and financial institutions choose to lend money to their most trustworthy customers in terms of providing credit terms. To qualify for the prime interest rate it would be generally be the case that the customer, whether a person or entity, has sufficient assets to outweigh current liabilities, whilst also having assets on a sufficient scale to make their borrowing close to irrelevant as a percentage. A prime interest rate is said not to vary often, however interest rates (governed by The Bank of England in the UK) governed by economic powers may cause the cost of borrowing to increase or decrease in which circumstances the bank will pass this onto their prime interest rate worthy customers.

Processing Date – The date at which a transaction is initiated, when used in the context of credit cards.
 
 
About the Author
This article is written by Devin Gilliland publisher for credit-wisdom and jetclient.com

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