Fraudulent User - An individual who is not the cardholder or designee and who uses a card (or, in a mail/phone order or recurring² transaction, an account number) to obtain goods or services without the cardholder’s consent.

Grace Period - A period of time during which you are allowed to pay your credit card bill without being charged a finance and/or late fee. This period is usually 10-28 days.

Introductory Rate (or Intro APR) - A temporary, lower annual percentage rate, after which the APR is raised.

Issuer - Any association member financial institution, bank, credit union or company that issues, or causes to be issued, plastic cards to cardholders.

Magnetic Stripe - A stripe of magnetic information that is affixed³ to the back of a plastic credit or debit⁴ card. This stripe contains customer and account information that is required to complete electronic financial transactions. The physical and magnetic characteristics of this stripe are specified⁵ in the International Organization for Standardization⁶ standards 7810, 7811 and 7813.

Mail/Phone Order Merchant - A merchant that transacts⁷ business by mail or phone. 

Mail/Phone Order Transaction - A transaction where a cardholder orders goods or services from a merchant by telephone, mail or other means of telecommunication⁸, and where neither the card nor the cardholder is present at the merchant outlet⁹. 

MasterCard - MasterCard International Inc. and all of its subsidiaries and affiliates¹⁰. 

MasterCard Acquirer - A member that signs a MasterCard merchant agreement or disburses¹¹ currency to a MasterCard cardholder in a cash disbursement¹², and directly or indirectly¹³ enters the resulting transaction receipt into interchange. 

MasterCard Card - A card that bears the MasterCard symbol, enabling a MasterCard cardholder to obtain goods, services or cash from a MasterCard merchant or acquirer. 

MasterCard Issuer - A member that issues MasterCard cards. 

Merchant - An entity¹⁴ that contracts with merchant banks or ISO’s to originate transactions.

Merchant Agreement - A written agreement between a merchant and a bank that contains their respective rights, duties and warranties¹⁵, with respect to acceptance of the bankcard and matters related to the bankcard activity. 

Merchant Bank - Bank that has a merchant agreement with a merchant to accept (acquire) deposits generated by bankcard transactions.

Minimum Payment - The lowest amount of money that you are required to pay on your credit card statement each month. 

Online Financial Transaction - A transaction that is authorized¹⁶, cleared and settled in a single online message.

Overlimit - This refers to a cardholder account that has surpassed its credit limit with a transaction (i.e., the cardholder’s outstanding balance is beyond his/her credit limit).

Overlimit Fee - A fee charged when your balance goes over your credit limit.

Password - A sequence of characters that allows users access to a system. Although they are supposed to be unique, experience has shown that most people’s password choices are highly insecure. Humans tend to choose short words, such as names, which are easy to guess.

Per Transaction Fees - Fees paid by the merchant to the merchant bank or other contracted party on a per-transaction basis.

PIN (Personal Identification Number) - A sequence of digits¹⁷ used to verify the identity of the holder¹ of a token. The PIN is a kind of password.

Plastic (Card) - This is a generic¹⁸ term that is used to identify any of the various cards issued to cardholders. 

Point Of Sale (POS) - Location in a merchant establishment at which the sale is consummated¹⁹ by payment for goods or services received. 

Policy - An informal, generally natural language description of desired system behavior. Policies may be defined for particular requirements, such as confidentiality²⁰, integrity, availability, safety, etc.

Posting - The process of updating individual cardholder account balances to reflect merchandise sales, instant cash, cash advances, adjustments, payments and any other charges or credits.

Primary Account Number (PAN) - The number that is embossed and/or encoded on a plastic card that identifies the issuer and the particular cardholder account. 

Prime Rate (or Prime Interest Rate) - The interest rate at which banks lend to their most creditworthy (prime) customers. The prime rate is known to change but not on a regular basis.

Processing Date - The date on which the transaction is processed by the acquiring bank.

Receipt - A hard copy document that records when a transaction took place at the point of sale. The receipt contains a description of the transaction, which usually includes the date, the merchant name/location, the primary account number, the amount and the reference number. 

Recurring Billing - Transactions for which a cardholder grants permission to the merchant to periodically charge his account number for recurring goods or services.

Reference Number - Number assigned to each monetary²¹ transaction in a descriptive billing system. Each reference number is printed on the monthly statement to aid in retrieval of the document, should it be questioned by the cardholder. 

Refund²² – The creation of a credit to a cardholder account, usually as a result of a product return or to correct an error.

Retail²³ Merchant - A merchant that provides goods and/or services in the retail industry, but that is not a mail/phone merchant, a recurring services merchant or a T&E merchant.

Sales Draft - A paper record that evidences the purchase of goods or services by a cardholder.

Secured Credit Cards - Credit cards that require collateral²⁴ (property, such as a house, car or deposit of money) for approval. Generally, secured credit cards are for people with no credit or poor credit who are trying to build or rebuild their credit history.

Service Charge - A component²⁵ of some finance charges, such as the fee for triggering an overdraft²⁶ checking account into use.

Settlement - The reporting of settlement amounts owed by one member to another, or to a card issuing concern, as a result of clearing. Settlement is the actual buying and selling of transactions between the merchants, processors and acquirers; along with the card-issuing entities²⁷. 

Settlement Bank - A bank, including a correspondent or intermediary bank, that is both located in the country where a member’s settlement currency is the local currency, and is authorized to execute settlement of interchange on behalf of the member or the member’s bank. 

Smart Card - A plastic card containing a computer chip with memory and CPU capabilities²⁸. Such a card may be used for identification or to store information, financial amounts or other forms of data. Also called an integrated circuit card or a chip card. 

Standard Floor Limit - A floor limit that varies by merchant type. This refers to a currency limit on transactions, above which authorization²⁹ requests are required. 

Statement - A written record prepared by a financial institution, usually once a month, listing all transactions for an account, including deposits, withdrawals³⁰, checks, electronic transfers, fees and other charges, and interest credited or earned. The statement is usually mailed to the customer. 

Stored-value Card - A stored-value card is a credit-card-sized device that is implanted with a computer chip with stored money value. A reloadable stored-value card can be reused by transferring a dollar value to it from an automated³¹ teller³² machine or other device. A disposable card cannot be reloaded.

Transaction - (1) Any agreement between two or more parties that establishes a legal obligation. (2) The act of carrying out such an obligation. (3) All activities affecting a deposit account that are performed at the request of the account holder. (4) All events that cause some change in the assets, liabilities or net worth of a business. (5) An action between a cardholder and a merchant or a cardholder and a member that results in activity on the cardholder account.

Transaction Identifier - A unique 15-character value that VISA assigns to each transaction and returns to the acquirer in the authorization response. VISA uses this value to maintain an audit³³ trail throughout the lifecycle of the transaction and all related transactions, such as reversals, adjustments, confirmations³⁴ and chargebacks.

Unsecured Credit Cards - Credit cards that are not secured by collateral. Customers qualify for such cards based on their credit history, their financial strength and their earnings³⁵ potential. 

User Authentication³⁶ - Process of validating³⁷ that a user is who s/he represents her/himself to be.

Validation³⁸ Code - A unique 4-character value that VISA includes as part of the CPS/ATM program in each authorization response. This code ensures that key authorization fields are preserved in the clearing or settlement record. 

Variable Interest Rate - With variable-rate cards, the APR changes when interest rates or other economic indicators³⁹ change. Also known as a floating rate.

Visa - Visa International Service Association and all of its subsidiaries and affiliates.

Visa Card - A card that bears the Visa symbol and which enables a Visa cardholder to obtain goods, services or cash from a Visa merchant or acquirer. 

Visa Issuer - A member that issues Visa Cards. 

Visa Merchant - A merchant that displays the Visa symbol and accepts all Visa cards.

Voice Authorization - An approval response that is obtained through interactive⁴⁰ communication between an issuer and an acquirer, their authorizing⁴¹ processors or stand-in processing or through telephone, facsimile or telex⁴² communications. 

Void Transaction - A deletion of the transaction information.

Void(ed) - Nullifies a transaction that has been recorded for settlement, but has not yet been settled. This removes the transaction from the batch⁴³ of transactions to be settled.

 

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