Summary of Credit Card Terms - Part 7 (S-V)
By Devin Gilliland
Statement – Statement, when used in the context of credit cards, refers to a written record prepared by a credit card company that is usually issued monthly. This will list all transactions and debits/credits that affect a customer's account. Customers should ensure that they check their statement in detail so that they can raise any issues whilst they can remember their transactions from a given month, whilst it is also the case that refunds are generally only provided when they fall within a certain period of time.
Transaction – The exchange of monies in return for goods or services.
Transaction Identifier –This is specific to VISA and refers to the technology they use to trace and audit transactions throughout the lifecycle of the transaction process.
Unsecured Credit Cards – Unsecured credit cards are not secured by collateral or customers assets. To qualify for such a card customers will normally have strong earning potential, have high earnings, earnings that outweigh expenditure, a lack of current payment obligations, and a strong credit history.
User Authentication –This is the process through which a merchant/merchant bank will check, or follow procedures that increase, the chances that a person is whom they say they are.
Validation Code - Validation code is a 4 digit amount that VISA will include in the transactional authorization response that they issue when a transaction exceeds the floor limit.
Variable Interest Rate – Variable interest rates vary with economic forces, and will often be a certain percentage above inflation. This form of APR calculation is also known as floating rate or floating interest rate.
VISA – Visa is a credit card company that along with MasterCard is amongst the biggest in the world. Visa is a trading name of Visa International Service Association.
Visa Card – A Visa Card is the credit card given to customers of visa which is by definition a credit card or can also be a debit card in the case of collaboration between Visa and a bank.
Visa Issuer – A company that is given distribution rights by Visa in relation to credit cards.
Visa Merchant – A merchant that accepts payments via Visa credit cards is a Visa Merchant.
Voice Authorization – This is the approval process response that indicated whether or not a transaction can go ahead when it exceeds the floor limit.
Void Transaction – Where a transaction is not processed.
Void – Where by a transaction is nullified and brought out of settlement.
Voided – See Void for summary
About the Author
This article is written by Devin Gilliland publisher for credit-wisdom and jetclient.com
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