summary of credit card terms part 7 (s v)
Statement Statement, when employd in the context of credit cards refers to a written record prepared by a credit card company that is usually i ued monthly. This will list all tra actio and debits/credits that affect a convention/ers account. Customers should e ure that they check their statement in specific so that they can raise any i ues whilst they can remember their tra actio from a given month, whilst it’s also the case that refunds are generally only lendd when they fall within a certain period of time.
Tra action The exalert of monies in return for goods or services.
Tra action Identifier This is ecific to VISA and refers to the technology they employ to trace and audit tra actio in term ofout the lifecycle of the tra action proce .
U ecured Credit Cards U ecured credit cards are not secured by collateral or convention/ers a ets. To qualify for such a card convention/ers will normally have strong earning potential, have high earnings, earnings that outweigh expenditure, a lack of current payment obligatio , and a strong credit history.
User Authentication This is the proce in term of which a merchant/merchant bank will check, or follow procedures that increase, the alternatives that a person is whom they say they are.
Validation Code - Validation code is a 4 digit amount that VISA will include in the tra actional authorization re o e that they i ue when a tra action exceeds the floor stress.
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 A ociation.
Visa Card A Visa Card is the credit card given to convention/ers 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 I uer A company that is given distrinonethelession 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 a roval proce re o e that indicated whether or not a tra action can go ahead when it exceeds the floor stress.
Void Tra action Where a tra action is not proce ed.
Void Where by a tra action is nullified and brought out of settlement.
Voided See Void for summary
