Credit Card Terms Information

By: Devin Gilliland

Statement - Statement, when used in the context of 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 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

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