| |
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
Article Source: http://www.simplysearch4it.com/article/47409.html
| If you wish to add the above article to your website or newsletters then please include the "Article Source: http://www.simplysearch4it.com/article/47409.html" as shown above and make it hyperlinked. |
| Some other articles by Devin Gilliland | Secured Credit Cards
Credit card owners, the merchants or banks; everybody needs to be sure that every transaction is secure. For merchants, credit card transactions are becoming more secure than any other form of payment ...
How to Choose a Credit Card
Before accepting one of the tempting offers that are coming in the mail, that urge the client to accept, thorough research is ...
How to Build Your Credit Card Rating
Almost everybody knows the main advantages of owning a credit card. Credit cards are used all over the world and they are the most popular payment system these days. It is easier than ever ...
Credit Card Security
The credit card seems to be one of the most popular ways to make any kind of payment; it is easier to purchase ...
Credit Card History
The credit card is the result of many merchant credit systems. It was used for the first time in the 1920s. The first credit cards were used in ...
Credit Card Advantages
Payment through credit cards seems to be one of the best payment methods, especially for those shopping on the web. It looks like ...
|
|
| |
|
|
|
